XML 85 R32.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Mortgage Loans Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations | Debt and finance lease obligations are composed of the following at December 31, 2019 and 2018:
|  |  |  | December 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  |  |  | Contractual |  |  |  |  |  |  | Contractual |
|  | Maturity |  | Balance |  |  | interest rates |  |  | Balance |  |  | interest rates |
Description |  | dates |  | outstanding |  |  | weighted-average |  |  | outstanding |  |  | weighted-average |
Fixed-rate mortgage |  | Jun 2026 |  | $ | 46,679,000 |  |  | 3.9% |  |  | $ | 47,674,000 |  |  | 3.9% |
Finance lease obligation |  | Sep 2050 |  |  | 5,665,000 |  |  | 5.3% |  |  |  | 5,696,000 |  |  | 5.3% |
Unsecured credit facilities (a): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  | Sep 2021 | (b) |  | 106,000,000 |  |  | 3.2% |  |  |  | 100,000,000 |  |  | 3.8% |
Term loan |  | Sep 2022 |  |  | 50,000,000 |  |  | 3.3% |  |  |  | 50,000,000 |  |  | 3.8% |
Fixed-rate (c): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term loan |  | Feb 2021 |  |  | 75,000,000 |  |  | 3.6% |  |  |  | 75,000,000 |  |  | 3.6% |
Term loan |  | Feb 2022 |  |  | 50,000,000 |  |  | 3.0% |  |  |  | 50,000,000 |  |  | 3.0% |
Term loan |  | Sep 2022 | (d) |  | 50,000,000 |  |  | 2.8% |  |  |  | 50,000,000 |  |  | 2.8% |
Term loan |  | Apr 2023 |  |  | 100,000,000 |  |  | 3.2% |  |  |  | 100,000,000 |  |  | 3.2% |
Term loan |  | Sep 2024 |  |  | 75,000,000 |  |  | 3.7% |  |  |  | 75,000,000 |  |  | 3.3% |
Term loan |  | Jul 2025 |  |  | 75,000,000 |  |  | 4.6% |  |  |  | 75,000,000 |  |  | 4.6% |
|  |  |  |  | 633,344,000 |  |  | 3.5% |  |  |  | 628,370,000 |  |  | 3.6% |
Unamortized issuance costs |  |  |  |  | (2,769,000 | ) |  |  |  |  |  |  | (3,536,000 | ) |  |  |  |
|  |  |  | $ | 630,575,000 |  |  |  |  |  |  | $ | 624,834,000 |  |  |  |  |
| (a) | During the first quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio.
| (b) | The revolving credit facility is subject to a one-year extension at the Company’s option.
| (c) | The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.
| (d) | The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s leverage ratio at December 31, 2019.
Schedule of Mortgage Loans Payable Repaid | During 2018, the Company repaid the following mortgage loans payable:
|  |  |  | Principal payoff |
Property |  | Repayment date |  | amount |
East River Park |  | August 10, 2018 |  | $ | 18,772,000 |
Colonial Commons |  | August 24, 2018 |  | $ | 24,108,000 |
Shoppes at Arts District |  | August 24, 2018 |  | $ | 8,114,000 |
The Point |  | September 6, 2018 |  | $ | 27,003,000 |
Summary of the Remaining Unsecured Term Loans | The details of the remaining unsecured term loans are as follows:
Amount |  |  | Maturity date |  | Interest range
$ | 75,000,000 |  |  | February 2021 |  | LIBOR + 130 bps to 190 bps
$ | 50,000,000 |  |  | February 2022 |  | LIBOR + 130 bps to 190 bps
$ | 50,000,000 |  |  | September 2022 |  | LIBOR + 130 bps to 190 bps
$ | 100,000,000 |  |  | April 2023 |  | LIBOR + 165 bps to 225 bps
$ | 75,000,000 |  |  | September 2024 |  | LIBOR + 170 bps to 225 bps
Schedule of Principal Payments on Mortgage Loan Payable, Finance Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility | Scheduled principal payments on a mortgage loan payable, finance lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2019, due on various dates from 2021 to 2050, are as follows:
|  | Mortgage Loan |  |  | Finance Lease |  |  | Revolving |  |  | Term |  |  |  |  |  |  | Unamortized |  |  |  |  |
Year |  | Payable |  |  | Obligation |  |  | Credit Facility |  |  | Loans |  |  | Total |  |  | Issuance Costs |  |  | Total |
2020 |  | $ | 1,034,000 |  |  | $ | 33,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,067,000 |  |  | $ | (767,000 | ) |  | $ | 300,000 |
2021 |  |  | 1,074,000 |  |  |  | 35,000 |  |  |  | 106,000,000 |  | (a) |  | 75,000,000 |  |  |  | 182,109,000 |  |  |  | (648,000 | ) |  |  | 181,461,000 |
2022 |  |  | 1,116,000 |  |  |  | 37,000 |  |  |  | - |  |  |  | 150,000,000 |  |  |  | 151,153,000 |  |  |  | (499,000 | ) |  |  | 150,654,000 |
2023 |  |  | 1,160,000 |  |  |  | 39,000 |  |  |  | - |  |  |  | 100,000,000 |  |  |  | 101,199,000 |  |  |  | (274,000 | ) |  |  | 100,925,000 |
2024 |  |  | 1,206,000 |  |  |  | 41,000 |  |  |  | - |  |  |  | 75,000,000 |  |  |  | 76,247,000 |  |  |  | (207,000 | ) |  |  | 76,040,000 |
Thereafter |  |  | 41,089,000 |  |  |  | 5,480,000 |  |  |  | - |  |  |  | 75,000,000 |  |  |  | 121,569,000 |  |  |  | (374,000 | ) |  |  | 121,195,000 |
|  | $ | 46,679,000 |  |  | $ | 5,665,000 |  |  | $ | 106,000,000 |  |  | $ | 475,000,000 |  |  | $ | 633,344,000 |  |  | $ | (2,769,000 | ) |  | $ | 630,575,000 |
| (a) | The revolving credit facility is subject to a one-year extension at the Company's option.
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at December 31, 2019 and December 31, 2018:
December 31, 2019
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 2 |  |  | $ | 136,000 |  |  | 2020-2023 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 6 |  |  | $ | 7,180,000 |  |  | 2021-2025 |  | Accounts payable and accrued liabilities
December 31, 2018
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 7 |  |  | $ | 8,871,000 |  |  | 2019-2024 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 2 |  |  | $ | 1,576,000 |  |  | 2025 |  | Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity 2019, 2018 and 2017, respectively:
|  |  |  | (Loss) gain recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Years ended December 31, |
Cash flow |  | Derivative |  | 2019 |  |  | 2018 |  |  | 2017 |
Qualifying |  | Interest rate swaps |  | $ | (13,090,000 | ) |  | $ | 2,185,000 |  |  | $ | 2,492,000 |
|  |  |  | Gain (loss) recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Years ended December 31, |
|  | Classification |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Continuing Operations |  | $ | 1,196,000 |  |  | $ | 667,000 |  |  | $ | (2,345,000 | )

X
- Definition Schedule of mortgage loans payable repaid. + References No definition available. + Details
Name: | cdr_ScheduleOfMortgageLoansPayableRepaidTableTextBlock
Namespace Prefix: | cdr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of principal payments on mortgage loans payable and secured revolving credit facilities. + References No definition available. + Details
Name: | cdr_ScheduleOfPrincipalPaymentsOnMortgageLoansPayableAndSecuredRevolvingCreditFacilitiesTableTextBlock
Namespace Prefix: | cdr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of the remaining unsecured term loans. + References No definition available. + Details
Name: | cdr_SummaryOfRemainingUnsecuredTermLoansTableTextBlock
Namespace Prefix: | cdr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration