Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EQUITY ONE, INC. | ' |
Entity Central Index Key | '0001042810 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 119,396,497 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
ASSETS | ' | ' | ||
Income producing | $3,099,509,000 | $2,986,776,000 | ||
Less: accumulated depreciation | -346,866,000 | -304,651,000 | ||
Income producing properties, net | 2,752,643,000 | 2,682,125,000 | ||
Construction in progress and land held for development | 88,655,000 | 108,711,000 | ||
Properties held for sale | 24,710,000 | 219,504,000 | ||
Properties, net | 2,866,008,000 | 3,010,340,000 | ||
Cash and cash equivalents | 26,724,000 | 27,416,000 | ||
Cash held in escrow and restricted cash | 41,142,000 | 442,000 | ||
Accounts and other receivables, net | 15,669,000 | 14,320,000 | ||
Investments in and advances to unconsolidated joint ventures | 80,680,000 | [1] | 72,171,000 | [1] |
Loans receivable, net | 72,241,000 | 140,708,000 | ||
Mortgage loan receivable, fair value | 72,200,000 | 142,200,000 | ||
Goodwill | 6,576,000 | 6,714,000 | ||
Other assets | 236,838,000 | 230,557,000 | ||
TOTAL ASSETS | 3,345,878,000 | 3,502,668,000 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' | ||
Mortgage notes payable | 396,374,000 | 425,755,000 | ||
Unsecured senior notes payable | 731,136,000 | 731,136,000 | ||
Term loan | 250,000,000 | 250,000,000 | ||
Unsecured revolving credit facilities | 90,000,000 | 172,000,000 | ||
Total notes payable, Gross | 1,467,510,000 | 1,578,891,000 | ||
Unamortized premium on notes payable, net | 4,649,000 | 6,432,000 | ||
Total notes payable | 1,472,159,000 | 1,585,323,000 | ||
Other liabilities: | ' | ' | ||
Accounts payable and accrued expenses | 52,197,000 | 55,248,000 | ||
Tenant security deposits | 8,273,000 | 8,401,000 | ||
Deferred tax liability | 11,726,000 | 12,016,000 | ||
Other liabilities | 168,887,000 | 196,379,000 | ||
Liabilities associated with properties held for sale | 13,947,000 | 18,271,000 | ||
Total liabilities | 1,727,189,000 | 1,875,638,000 | ||
Redeemable noncontrolling interests | 3,031,000 | 22,551,000 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | ' | ' | ||
Common stock, $0.01 par value – 150,000 shares authorized, 117,549 and 116,938 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 1,175,000 | 1,169,000 | ||
Additional paid-in capital | 1,691,664,000 | 1,679,227,000 | ||
Distributions in excess of earnings | -285,470,000 | -276,085,000 | ||
Accumulated other comprehensive income (loss) | 589,000 | -7,585,000 | ||
Total stockholders’ equity of Equity One, Inc. | 1,407,958,000 | 1,396,726,000 | ||
Noncontrolling interests | 207,700,000 | 207,753,000 | ||
Total equity | 1,615,658,000 | 1,604,479,000 | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,345,878,000 | $3,502,668,000 | ||
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 117,548,729 | 116,938,373 |
Common stock, shares outstanding (in shares) | 117,548,729 | 116,938,373 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Real Estate Revenue, Net [Abstract] | ' | ' | ' | ' | ||
Minimum rent | $63,640 | $57,936 | $187,097 | $170,071 | ||
Expense recoveries | 18,972 | 17,191 | 57,912 | 50,689 | ||
Percentage rent | 989 | 943 | 3,701 | 3,677 | ||
Management and leasing services | 587 | 499 | 1,485 | 1,803 | ||
Total revenue | 84,188 | 76,569 | 250,195 | 226,240 | ||
COSTS AND EXPENSES: | ' | ' | ' | ' | ||
Property operating | 22,488 | 20,770 | 67,649 | 60,891 | ||
Depreciation and amortization | 21,004 | 19,162 | 66,436 | 60,722 | ||
General and administrative | 9,579 | 10,078 | 28,155 | 31,916 | ||
Total costs and expenses | 53,071 | 50,010 | 162,240 | 153,529 | ||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 31,117 | 26,559 | 87,955 | 72,711 | ||
OTHER INCOME AND EXPENSE: | ' | ' | ' | ' | ||
Investment income | 1,453 | 1,583 | 5,866 | 4,610 | ||
Equity in income of unconsolidated joint ventures | 716 | 469 | 1,766 | 129 | ||
Other income (expense) | 38 | -9 | 199 | 43 | ||
Interest expense | -16,923 | -17,522 | -50,860 | -51,604 | ||
Amortization of deferred financing fees | -606 | -627 | -1,815 | -1,829 | ||
Gain on extinguishment of debt | ' | ' | 107 | 352 | ||
Impairment loss on goodwill and income producing properties | 1,213 | ' | 3,875 | ' | ||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 14,582 | 10,453 | 39,343 | 24,412 | ||
Income tax benefit (expense) of taxable REIT subsidiaries | 382 | -381 | 361 | -140 | ||
INCOME FROM CONTINUING OPERATIONS | 14,964 | 10,072 | 39,704 | 24,272 | ||
DISCONTINUED OPERATIONS: | ' | ' | ' | ' | ||
Operations of income producing properties | 638 | 3,271 | 3,495 | 9,071 | ||
(Loss) gain on disposal of income producing properties | -187 | ' | 36,672 | 14,269 | ||
Impairment loss on income producing properties | -2,576 | -2,445 | -2,704 | -9,818 | ||
Income tax benefit (expense) of taxable REIT subsidiaries | 212 | -97 | -648 | -277 | ||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | -1,913 | 729 | 36,815 | 13,245 | ||
NET INCOME | 13,051 | 10,801 | 76,519 | 37,517 | ||
Net income attributable to noncontrolling interests - continuing operations | -2,480 | -2,730 | -7,655 | -8,183 | ||
Net income attributable to noncontrolling interests - discontinued operations | ' | -6 | -62 | -19 | ||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $10,571 | $8,065 | $68,802 | $29,315 | ||
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | ' | ' | ' | ' | ||
Continuing operations (in usd per share) | $0.10 | $0.06 | $0.27 | $0.13 | ||
Discontinued operations (in usd per share) | ($0.02) | $0.01 | $0.31 | $0.12 | ||
Earnings per common share - Basic (in usd per share) | $0.09 | [1] | $0.07 | $0.58 | $0.25 | [1] |
Number of Shares Used in Computing Basic Earnings per Share (in shares) | 117,538 | 114,699 | 117,320 | 113,359 | ||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | ' | ' | ' | ' | ||
Continuing operations (in usd per share) | $0.10 | $0.06 | $0.27 | $0.13 | ||
Discontinued operations (in usd per share) | ($0.02) | $0.01 | $0.31 | $0.12 | ||
Earnings per common share - Diluted (in usd per share) | $0.09 | $0.07 | $0.58 | $0.25 | [1] | |
Number of Shares Used in Computing Diluted Earnings (Loss) per Share (in shares) | 117,804 | 114,998 | 117,627 | 113,681 | ||
[1] |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
NET INCOME | $13,051 | $10,801 | $76,519 | $37,517 | ||||
OTHER COMPREHENSIVE INCOME: | ' | ' | ' | ' | ||||
Net amortization of interest rate contracts included in net income | 16 | 16 | 47 | 48 | ||||
Net unrealized gain (loss) on interest rate swaps | -1,858 | [1] | -3,375 | [1] | 5,505 | [1] | -9,397 | [1] |
Net loss on interest rate swap reclassified from accumulated other comprehensive income into interest expense | 818 | 873 | 2,622 | 2,014 | ||||
Other comprehensive (loss) income | -1,024 | -2,486 | 8,174 | -7,335 | ||||
COMPREHENSIVE INCOME | 12,027 | 8,315 | 84,693 | 30,182 | ||||
Comprehensive income attributable to noncontrolling interests | -2,480 | -2,736 | -7,717 | -8,202 | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $9,547 | $5,579 | $76,976 | $21,980 | ||||
[1] | This amount includes our share of an unconsolidated joint venture's net unrealized losses of $51 and $89 for the three and nine months ended September 30, 2012, respectively. There were no net unrealized gains or losses from unconsolidated joint ventures for the three and nine months ended September 30, 2013. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Net unrealized gain (loss) on interest rate swaps | ($3,375) | [1] | $5,505 | [1] | ($9,397) | [1] |
Majority-Owned Subsidiary, Unconsolidated [Member] | ' | ' | ' | |||
Net unrealized gain (loss) on interest rate swaps | ($51) | $0 | ($89) | |||
[1] | This amount includes our share of an unconsolidated joint venture's net unrealized losses of $51 and $89 for the three and nine months ended September 30, 2012, respectively. There were no net unrealized gains or losses from unconsolidated joint ventures for the three and nine months ended September 30, 2013. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
BALANCE (beginning of period) at Dec. 31, 2012 | $1,604,479 | $1,169 | $1,679,227 | ($276,085) | ($7,585) | $1,396,726 | $207,753 |
BALANCE, shares (beginning of period) at Dec. 31, 2012 | 116,938,373 | 116,938,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 611,000 | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | 7,859 | 6 | 7,853 | ' | ' | 7,859 | ' |
Stock issuance costs | -93 | ' | -93 | ' | ' | -93 | ' |
Share-based compensation expense | 4,852 | ' | 4,852 | ' | ' | 4,852 | ' |
Restricted stock reclassified from liability to equity | 51 | ' | 51 | ' | ' | 51 | ' |
Net income, excluding $224 of net income attributable to redeemable noncontrolling interests | 76,295 | ' | ' | 68,802 | ' | 68,802 | 7,493 |
Dividends paid on common stock | -78,187 | ' | ' | -78,187 | ' | -78,187 | ' |
Distributions to noncontrolling interests | -7,540 | ' | ' | ' | ' | ' | -7,540 |
Revaluation of redeemable noncontrolling interest | -226 | ' | -226 | ' | ' | -226 | ' |
Purchase of subsidiary shares from noncontrolling interest | -6 | ' | ' | ' | ' | ' | -6 |
Other comprehensive income | 8,174 | ' | ' | ' | 8,174 | 8,174 | ' |
BALANCE, (end of period) at Sep. 30, 2013 | $1,615,658 | $1,175 | $1,691,664 | ($285,470) | $589 | $1,407,958 | $207,700 |
BALANCE, shares (end of period) at Sep. 30, 2013 | 117,548,729 | 117,549,000 | ' | ' | ' | ' | ' |
Condensed_Consoldiated_Stateme
Condensed Consoldiated Statement of Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' |
Net income (loss) attributable to redeemable noncontrolling interest | $224 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $76,519 | $37,517 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Straight line rent adjustment | -1,827 | -3,126 |
Accretion of below market lease intangibles, net | -8,889 | -9,476 |
Equity in income of unconsolidated joint ventures | -1,766 | -129 |
Income tax expense of taxable REIT subsidiaries | 287 | 417 |
Provision for losses on accounts receivable | 1,922 | 601 |
Amortization of premium on notes payable, net | -1,882 | -2,063 |
Amortization of deferred financing fees | 1,815 | 1,840 |
Depreciation and amortization | 70,312 | 67,968 |
Share-based compensation expense | 4,651 | 5,214 |
Amortization of derivatives | 47 | 48 |
Gain on sale of real estate | -36,672 | -14,269 |
Loss on extinguishment of debt | 575 | 373 |
Operating distributions from joint ventures | 53 | 2,043 |
Impairment loss on goodwill and income producing properties | 6,579 | 9,818 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Accounts and other receivables | -2,839 | 86 |
Other assets | -8,613 | 16,206 |
Accounts payable and accrued expenses | 5,244 | 4,360 |
Tenant security deposits | -850 | 539 |
Other liabilities | -1,055 | -1,456 |
Net cash provided by operating activities | 103,611 | 116,511 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -60,000 | -226,985 |
Additions to income producing properties | -10,694 | -15,276 |
Acquisition of land held for development | 0 | -7,500 |
Additions to construction in progress | -33,593 | -55,015 |
Deposits for the acquisition of income producing properties | -4,918 | 0 |
Proceeds from sale of real estate and rental properties | 216,652 | 33,166 |
(Increase) decrease in cash held in escrow | -40,892 | 89,780 |
Purchase of below market leasehold interest | -25,000 | 0 |
Increase in deferred leasing costs and lease intangibles | -5,998 | -5,436 |
Investment in joint ventures | -9,770 | -14,102 |
Repayments of advances to joint ventures | 135 | 618 |
Distributions from joint ventures | 3,077 | 567 |
Investment in loans receivable | -12,000 | -19,258 |
Repayment of loans receivable | 91,586 | ' |
Net cash provided by (used in) investing activities | 108,585 | -219,441 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -33,099 | -44,046 |
Net repayments under revolving credit facilities | -82,000 | -76,000 |
Repayment of senior debt borrowings | ' | -10,000 |
Proceeds from issuance of common stock | 7,859 | 86,490 |
Borrowings under term loan | 0 | 250,000 |
Payment of deferred financing costs | ' | -2,697 |
Stock issuance costs | -93 | -813 |
Dividends paid to stockholders | -78,187 | -76,109 |
Purchase of noncontrolling interests | -18,917 | 0 |
Distributions to redeemable noncontrolling interests | -911 | -708 |
Distributions to noncontrolling interests | -7,540 | -7,496 |
Net cash (used in) provided by financing activities | -212,888 | 118,621 |
Net (decrease) increase in cash and cash equivalents | -692 | 15,691 |
Cash and cash equivalents at beginning of the period | 27,416 | 10,963 |
Cash and cash equivalents at end of the period | 26,724 | 26,654 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Cash paid for interest (net of capitalized interest of $2,236 and $3,806 in 2013 and 2012, respectively) | 55,160 | 57,886 |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Income producing properties | 61,709 | 228,646 |
Intangible and other assets | 7,270 | 57,364 |
Intangible and other liabilities | -8,979 | -39,303 |
Cash paid for income producing properties | 60,000 | 226,985 |
Non-cash investing information: | ' | ' |
Investment in loan receivable (See Note 7) | ' | 0 |
Assumption of mortgage notes payable | ' | ($19,722) |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Capitalized interest | $2,236 | $3,806 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
Organization | |
We are a real estate investment trust, or REIT, that owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. We were organized as a Maryland corporation in 1992, completed our initial public offering in May 1998, and have elected to be taxed as a REIT since 1995. | |
As of September 30, 2013, our consolidated property portfolio comprised 144 properties, including 121 retail properties and seven non-retail properties totaling approximately 15.3 million square feet of gross leasable area, or GLA, 10 development or redevelopment properties with approximately 1.7 million square feet of GLA upon completion, and six land parcels. As of September 30, 2013, our consolidated shopping center occupancy was 92.4% and included national, regional and local tenants. Additionally, we had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.4 million square feet of GLA. | |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Equity One, Inc. and its wholly-owned subsidiaries and those other entities in which we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Equity One, Inc. and its subsidiaries are hereinafter referred to as "the consolidated companies," the "Company," "we," "our," "us" or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. Certain operations have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented. Information in these notes to the condensed consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. | |
The condensed consolidated financial statements included in this report are unaudited. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three and nine month periods ended September 30, 2013 and 2012 are not necessarily indicative of the results that may be expected for a full year. | |
Our unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q. Accordingly, these unaudited condensed consolidated financial statements do not contain certain information included in our annual financial statements and notes. The condensed consolidated balance sheet as of December 31, 2012 was derived from audited financial statements included in our 2012 Annual Report on Form 10-K but does not include all disclosures required under GAAP. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission (the "SEC") on February 28, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration of Credit Risk | |
A concentration of credit risk arises in our business when a nationally-based or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of September 30, 2013, Publix Super Markets was our largest tenant and accounted for approximately 1.3 million square feet, or approximately 8.0%, of our GLA and approximately $9.8 million, or 4.1%, of our annual minimum rent. As of September 30, 2013, we had outstanding receivables from Publix Super Markets of approximately $337,000. | |
Recent Accounting Pronouncements | |
In December 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” Under ASU 2011-11, disclosures are required to provide information to help reconcile differences in the offsetting requirements under GAAP and International Financial Reporting Standards ("IFRS"). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the ASU requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which clarifies the instruments and transactions that are subject to the offsetting disclosure requirements established by ASU No. 2011-11. Derivative instruments accounted for in accordance with the derivatives and hedging topic of the FASB Accounting Standards Codification, repurchase agreements, reverse repurchase agreements, securities borrowing, and securities lending transactions are subject to the disclosure requirements of ASU No. 2011-11. ASU No. 2011-11 and ASU No. 2013-01 were effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption and implementation of these ASUs did not have a material impact on our results of operations, financial condition or cash flows. | |
In July 2012, the FASB issued ASU No. 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard)." ASU No. 2012-02 is intended to reduce the cost and complexity of testing indefinite-lived intangible assets, other than goodwill, for impairment. It allows companies to perform a "qualitative" assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary, similar in approach to the goodwill impairment test. ASU No. 2012-02 was effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU No. 2013-02 requires entities to disclose information about the amounts reclassified out of accumulated other comprehensive income by component. Disclosure is also required regarding significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting periods. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU No. 2013-02 was effective for reporting periods beginning after December 15, 2012. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. ASU No. 2013-04 also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. ASU No. 2013-04 is effective for fiscal years, and interim periods within those years, after December 15, 2013. We are currently evaluating the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-10, "Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2013-10 permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges. ASU No. 2013-10 was effective on July 17, 2013 and applies prospectively to qualifying new or redesignated hedging relationships entered into on or after the effective date. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists and is intended to eliminate diversity in practice. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Acquisitions | ' | |||||||||||||
Acquisitions | ||||||||||||||
The following table provides a summary of acquisition activity during the nine months ended September 30, 2013: | ||||||||||||||
Date Purchased | Property Name | City | State | Square Feet | Purchase | |||||||||
Price | ||||||||||||||
(in thousands) | ||||||||||||||
September 5, 2013 | Manor Care (1) | Bethesda | MD | 41,123 | $ | 13,000 | ||||||||
September 5, 2013 | 5335 CITGO (1) | Bethesda | MD | 18,128 | 6,000 | |||||||||
September 5, 2013 | 5471 CITGO (1) | Bethesda | MD | 14,025 | 4,000 | |||||||||
June 5, 2013 | Westwood Towers (2) | Bethesda | MD | 211,020 | 25,000 | |||||||||
May 7, 2013 | Bowlmor Lanes (1) | Bethesda | MD | 27,000 | 12,000 | |||||||||
Total | $ | 60,000 | ||||||||||||
______________________________________________ | ||||||||||||||
(1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. | ||||||||||||||
(2) | The purchase price allocation was completed in the third quarter and we recognized certain measurement period adjustments that impacted the provisional accounting, resulting in the reallocation of $5.9 million from net intangible assets and liabilities to real estate assets. | |||||||||||||
During the three and nine months ended September 30, 2013, we did not recognize any material measurement period adjustments related to prior or current year acquisitions other than those related to Westwood Towers as noted above. | ||||||||||||||
In conjunction with the acquisitions of Manor Care, 5335 CITGO, and 5471 CITGO, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which, for a maximum of 180 days, allow us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition dates, the third party intermediaries are the legal owner of the properties; however, we control the activities that most significantly impact each property and retain all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of these VIEs and consolidated the properties and their operations as of the respective acquisition dates. | ||||||||||||||
We expensed transaction-related costs in connection with completed or pending property acquisitions of $650,000 and $1.4 million during the three and nine months ended September 30, 2013, respectively, and $1.2 million and $2.6 million during the three and nine months ended September 30, 2012, respectively, which are included in general and administrative costs in the condensed consolidated statements of income. |
Dispositions
Dispositions | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Dispositions [Abstract] | ' | |||||||||||||||
Dispositions | ' | |||||||||||||||
Dispositions | ||||||||||||||||
The following table provides a summary of disposition activity during the nine months ended September 30, 2013: | ||||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | |||||||||||
Feet | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Income producing property sold | ||||||||||||||||
September 25, 2013 | Regency Crossing | Port Richey | FL | 85,864 | $ | 6,550 | (1) | |||||||||
September 18, 2013 | Paulding Commons | Hiram | GA | 209,676 | 18,150 | |||||||||||
August 16, 2013 | Willowdaile Shopping Center | Durham | NC | 95,601 | 5,200 | |||||||||||
August 7, 2013 | Village at Northshore | Slidell | LA | 144,638 | 9,450 | |||||||||||
July 19, 2013 | The Galleria | Wilmington | NC | 92,114 | 3,760 | |||||||||||
July 1, 2013 | CVS Plaza | Miami | FL | 18,214 | 4,400 | |||||||||||
June 27, 2013 | Providence Square | Charlotte | NC | 85,930 | 2,000 | |||||||||||
June 18, 2013 | Medical & Merchants | Jacksonville | FL | 156,153 | 12,000 | (2) | ||||||||||
June 18, 2013 | Meadows | Miami | FL | 75,524 | 15,242 | |||||||||||
June 18, 2013 | Plaza Alegre | Miami | FL | 88,411 | 20,633 | |||||||||||
June 7, 2013 | Chestnut Square | Brevard | NC | 34,260 | 6,000 | |||||||||||
May 1, 2013 | Madison Centre | Madison | AL | 64,837 | 7,350 | |||||||||||
April 4, 2013 | Lutz Lake Crossing | Lutz | FL | 64,985 | 10,550 | |||||||||||
April 4, 2013 | Seven Hills | Spring Hill | FL | 72,590 | 7,750 | |||||||||||
March 29, 2013 | Middle Beach Shopping Center | Panama City Beach | FL | 69,277 | 2,350 | |||||||||||
March 22, 2013 | Douglas Commons | Douglasville | GA | 97,027 | 12,000 | |||||||||||
March 22, 2013 | North Village Center | North Myrtle Beach | SC | 60,356 | 2,365 | |||||||||||
March 22, 2013 | Windy Hill Shopping Center | North Myrtle Beach | SC | 68,465 | 2,635 | |||||||||||
February 13, 2013 | Macland Pointe | Marietta | GA | 79,699 | 9,150 | |||||||||||
January 23, 2013 | Shoppes of Eastwood | Orlando | FL | 69,037 | 11,600 | |||||||||||
January 15, 2013 | Butler Creek | Acworth | GA | 95,597 | 10,650 | |||||||||||
January 15, 2013 | Fairview Oaks | Ellenwood | GA | 77,052 | 9,300 | |||||||||||
January 15, 2013 | Grassland Crossing | Alpharetta | GA | 90,906 | 9,700 | |||||||||||
January 15, 2013 | Mableton Crossing | Mableton | GA | 86,819 | 11,500 | (3) | ||||||||||
January 15, 2013 | Hamilton Ridge | Buford | GA | 90,996 | 11,800 | |||||||||||
January 15, 2013 | Shops at Westridge | McDonough | GA | 66,297 | 7,550 | |||||||||||
229,635 | ||||||||||||||||
Outparcels sold | ||||||||||||||||
September 10, 2013 | Willowdaile - Subway | Durham | NC | 2,384 | $ | 700 | ||||||||||
June 21, 2013 | Canyon Trails - Jack in the Box | Goodyear | AZ | 4,000 | 1,980 | |||||||||||
May 23, 2013 | Canyon Trails - Chase Pad | Goodyear | AZ | 4,200 | 3,850 | |||||||||||
6,530 | ||||||||||||||||
Total | $ | 236,165 | ||||||||||||||
______________________________________________ | ||||||||||||||||
(1) We provided financing to the buyer in the form of a $4.3 million loan receivable. See Note 7 for further discussion. | ||||||||||||||||
(2) We provided financing to the buyer in the form of an $8.5 million loan receivable, and the related gain on disposal of $1.0 million was deferred at September 30, 2013. See Note 7 for further discussion. | ||||||||||||||||
(3) $2.8 million of mortgage debt secured by this property was repaid at closing. | ||||||||||||||||
As part of our strategy to upgrade and diversify our portfolio and recycle our capital, we are currently evaluating opportunities to sell certain non-core properties. Although we have not committed to a disposition plan with respect to certain of these assets, we may consider disposing of such properties if pricing is deemed to be favorable. If the market values of these assets are below their carrying values, it is possible that the disposition of these assets could result in impairments or other losses. Depending on the prevailing market conditions and historical carrying values, these impairments and losses could be material. See Note 21 for additional discussion of the status of those dispositions under contract and the related financial statement impact. | ||||||||||||||||
Discontinued Operations | ||||||||||||||||
We report properties held-for-sale and operating properties sold in the current period as discontinued operations. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The results of these discontinued operations are included in a separate component of income/loss on the condensed consolidated statements of income under the caption discontinued operations. This reporting has resulted in certain reclassifications of financial statement amounts. | ||||||||||||||||
As of September 30, 2013, we classified three properties located in our West Coast, North Florida and South Florida regions as held for sale. The operations of these properties are included in discontinued operations in the accompanying condensed consolidated statements of income for all the periods presented and the related assets and liabilities are presented as held for sale in our condensed consolidated balance sheets at September 30, 2013 and December 31, 2012. | ||||||||||||||||
The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2013 and 2012 are shown below. These include the results of operations through the date of sale for each property that was sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held for sale as of September 30, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rental revenue | $ | 1,792 | $ | 7,499 | $ | 10,424 | $ | 23,622 | ||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 608 | 2,249 | 3,493 | 6,869 | ||||||||||||
Depreciation and amortization | 340 | 1,727 | 2,129 | 5,378 | ||||||||||||
Operations of income producing properties | 844 | 3,523 | 4,802 | 11,375 | ||||||||||||
Interest expense | (206 | ) | (570 | ) | (630 | ) | (2,027 | ) | ||||||||
(Loss) gain on disposal of income producing properties | (187 | ) | — | 36,672 | 14,269 | |||||||||||
Impairment loss on income producing properties | (2,576 | ) | (2,445 | ) | (2,704 | ) | (9,818 | ) | ||||||||
Loss on extinguishment of debt | — | — | (682 | ) | (725 | ) | ||||||||||
Income tax benefit (expense) | 212 | (97 | ) | (648 | ) | (277 | ) | |||||||||
Other income | — | 318 | 5 | 448 | ||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | |||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | |||||||||
(Loss) income from discontinued operations attributable to Equity One, Inc. | $ | (1,913 | ) | $ | 723 | $ | 36,753 | $ | 13,226 | |||||||
Investments_in_Joint_Ventures
Investments in Joint Ventures | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investments in Joint Ventures | ' | ||||||||||||||
Investments in Joint Ventures | |||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | September 30, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,746 | $ | 8,587 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,526 | 3,491 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 634 | 634 | ||||||||||
Madison 1235 Realty LLC | 1 | NY | 20.10% | 820 | 1,000 | ||||||||||
Talega Village Center JV, LLC (3) | 1 | CA | 50.50% | 2,842 | 2,909 | ||||||||||
Vernola Marketplace JV, LLC (3) | 1 | CA | 50.50% | 6,321 | 6,972 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 20,296 | 20,385 | ||||||||||
Equity One JV Portfolio, LLC (4) | 4 | FL, MA | 30.00% | 33,025 | 27,589 | ||||||||||
Total | 80,210 | 71,567 | |||||||||||||
Advances to unconsolidated joint ventures | 470 | 604 | |||||||||||||
Investments in and advances to unconsolidated joint | $ | 80,680 | $ | 72,171 | |||||||||||
ventures | |||||||||||||||
______________________________________________ | |||||||||||||||
(1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. | |||||||||||||||
(2) The investment balance as of September 30, 2013 and December 31, 2012 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
(3) Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(4) The investment balance as of September 30, 2013 and December 31, 2012 is presented net of a deferred gain of approximately $404,000 for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
Equity in income of unconsolidated joint ventures totaled $716,000 and $1.8 million for the three and nine months ended September 30, 2013, respectively, and totaled $469,000 and $129,000, respectively, for the same periods in 2012. Management fees and leasing fees earned by us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying condensed consolidated statements of income, totaled approximately $587,000 and $1.5 million for the three and nine months ended September 30, 2013, respectively, and $497,000 and $1.8 million for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||
At September 30, 2013 and December 31, 2012, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $247.0 million and $292.0 million, respectively, of which our aggregate proportionate share was $60.8 million and $65.8 million, respectively. In June 2013, we made an investment of $4.1 million in one of our unconsolidated joint ventures in connection with the repayment of indebtedness by the joint venture. Although we have not guaranteed the debt of these joint ventures, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) on certain of the loans of the joint ventures. | |||||||||||||||
In September 2013, Equity One JV Portfolio, LLC, our joint venture with the New York Common Retirement Fund, acquired three newly-developed parcels adjacent to a shopping center which the venture acquired during 2012. The joint venture funded the purchase price of $15.8 million through partner contributions, of which our proportionate share was $4.7 million. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
Included within our consolidated operating properties at September 30, 2013 are three properties, Manor Care and two outparcels, which are owned by the subsidiary of a Section 1031 like-kind exchange intermediary. The agreement governing the operation of this entity provides us with the power to direct the activities that most significantly impact the entity's economic performance. The entity was deemed a VIE primarily because it does not have sufficient equity at risk for it to finance its activities without additional subordinated financial support from other parties. Additionally, we determined that the equity investors do not possess the characteristics of a controlling financial interest. Therefore, we concluded that we are the primary beneficiary of the VIE as a result of our having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits, that could be potentially significant to the VIE. | |
Our consolidated operating properties at December 31, 2012 included two consolidated joint venture properties, Danbury Green and Southbury Green, that were held through VIEs for which we were the primary beneficiary. These entities were established to own and operate real estate property, and our involvement with these entities was through our majority ownership and controlling interest in the properties which provided us with the power to direct the activities that most significantly impacted the entities' economic performance. At inception, we determined that the interests held by the other equity investors in these entities were not equity investments at risk pursuant to the Consolidation Topic of the FASB ASC and, therefore, concluded that these entities were VIEs because they may not have had sufficient equity at risk for them to finance their activities without additional subordinated financial support. In May 2013, we acquired the interests held by the other equity investors for a purchase price of $18.9 million and now own the entirety of the equity investments in these entities. These entities are no longer considered VIEs, although we continue to consolidate the properties due to our ongoing controlling financial interests. See Note 12 for further discussion. | |
In addition to Danbury Green and Southbury Green, our consolidated operating properties at December 31, 2012 also included a consolidated property, Clocktower Plaza Shopping Center, which was owned at the time by a qualified intermediary. Legal ownership of Clocktower Plaza Shopping Center was transferred to us by the qualified intermediary during the first quarter of 2013, and, as such, the entity is no longer considered a VIE. | |
The majority of the operations of these VIEs are funded with cash flows generated from the properties. We have not provided financial support to any of these VIEs that we were not previously contractually required to provide; our contractual commitments consist primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience. | |
As of September 30, 2013, we also hold interests in other VIEs where we are not the primary beneficiary. See Note 7 for further discussion. |
Loans_Receivable
Loans Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Loans Receivable | ' |
Loans Receivable | |
Centro Mezzanine Loan | |
In July 2011, we invested in a $45.0 million junior mezzanine loan that bore interest at 8.46% per annum plus one month LIBOR (subject to a 0.75% per annum LIBOR floor) and had an initial stated maturity date of July 9, 2013. In July 2013, the borrower exercised its right to extend the maturity date of the loan to July 9, 2014, but ultimately prepaid the loan without penalty in August 2013. | |
Westwood Mortgage Loan and Mezzanine Loan | |
In October 2012, we purchased a $95.0 million mortgage loan secured by the Westwood Complex, a 22-acre site located in Bethesda, Maryland that consists of 214,767 square feet of retail space, a 211,020 square foot apartment building, and a 62-unit assisted living facility. The loan bears interest at 5.0% per annum and has a stated maturity date of January 15, 2014. Concurrent with the loan transaction, we also entered into a purchase contract to acquire the complex for an aggregate purchase price of $140.0 million. The purchase contract contemplates closing dates for the various parcels that comprise the complex that are the earlier of January 15, 2014 or upon the seller's identification of a property (or properties) which it can purchase with the proceeds from the sale of the parcels. To the extent that the closing dates under the purchase contract occur prior to January 15, 2014, the parties have also agreed that the applicable portions of the mortgage loan collateralized by such parcels will be repaid on the respective closing dates. Based on our initial assessment of the structure of the transaction at its inception, we determined that the entities that owned the various parcels comprising the Westwood Complex were VIEs and that we held variable interests in these entities through the purchase contract and our investment in the mortgage loan; however, we concluded that we were not the primary beneficiary of these entities as we did not have the power to direct the activities that most significantly impact their economic performance. We have continued to determine that the entities that own the parcels within the complex that we have yet to legally acquire are VIEs and that we are not the primary beneficiary of these entities for the aforementioned reason. In connection with our acquisition of five of the Westwood parcels in 2013, the borrower repaid $40.7 million of the mortgage loan, and the entities holding these five parcels are no longer considered VIEs, as we consolidate the properties through our direct ownership interest. As of September 30, 2013, the remaining portion of the mortgage loan was performing, and the carrying amount of the loan was $54.4 million, which also reflects our current maximum exposure to loss related to our investment in the loan. | |
In March 2013, we also funded a $12.0 million mezzanine loan to an entity that indirectly owns a portion of the Westwood Complex. The loan is secured by the entity's indirect ownership interests in the complex, bears interest at 5.0% per annum, and was scheduled to mature on the earlier of June 1, 2013 or our acquisition of certain parcels comprising the complex pursuant to the aforementioned purchase contract. During May 2013, the loan agreement was amended to extend the maturity date to the earlier of January 15, 2014 or our acquisition of the parcels indirectly securing the mezzanine loan. In connection with our acquisition of five of the Westwood parcels in 2013, the borrower repaid $5.8 million of the mezzanine loan. We have determined that the borrower is a VIE and that we hold a variable interest in the entity through our investment in the loan; however, we have concluded that we are not the primary beneficiary of the entity because we do not have the power to direct the activities that most significantly impact its economic performance. As of September 30, 2013, the loan was performing, and the carrying amount of the loan was $6.3 million, which also reflects our current maximum exposure to loss related to our investment in the mezzanine loan. | |
At inception and as of September 30, 2013, we had and continue to have the ability and intention to hold both of the loans to maturity. Although the seller may initiate the sale transactions under the purchase contract and accelerate the maturity date of portions of the loans, we do not intend to sell the loans, and we believe that we will recover our cost basis in the loans to the extent that the maturity date is accelerated. | |
Loans Provided in Connection with Dispositions | |
In June 2013, we disposed of Medical & Merchants, one of our neighborhood shopping centers located in Jacksonville, Florida, for a gross sales price of $12.0 million and provided financing to the buyer in the form of an $8.5 million loan receivable. The loan is secured by a mortgage interest in the property and a full recourse guaranty from the principal of the buyer. The loan presently bears interest at 9.0% per annum and matures on December 18, 2013. Additionally, the buyer may repay the loan at any time prior to the maturity date without penalty. As a result of the transaction, we deferred the related gain on the disposition of $1.0 million, net of transaction costs, which is reflected as a reduction to the carrying amount of the loan. | |
In September 2013, we disposed of Regency Crossing, one of our neighborhood shopping centers located in Port Richey, Florida, for a gross sales price of $6.6 million and provided financing to the buyer in the form of a $4.3 million loan receivable. The loan is secured by a mortgage interest in the property and a full recourse guaranty from the principal of the buyer, bears interest at 5.0% per annum, and matures on December 15, 2013. Additionally, the buyer may repay the loan at any time prior to the maturity date without penalty. The loss on the sale of approximately $84,000 was immediately recognized in the condensed consolidated statement of income. | |
As of September 30, 2013, the Medical & Merchants and Regency Crossing loans were performing, and their carrying amounts were $7.2 million and $4.3 million, respectively, which also reflects our current maximum exposure to loss related to these loans. At inception and as of September 30, 2013, we had and continue to have the ability and intention to hold the loans to maturity. Although the sellers may prepay the loans, we do not intend to sell the loans, and we believe that we will recover our cost basis in the loans to the extent that the maturity dates are accelerated. |
Other_Assets
Other Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Other Assets | |||||||||
The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 118,031 | $ | 129,250 | |||||
Leasing commissions, net | 36,535 | 35,432 | |||||||
Prepaid expenses and other receivables | 29,869 | 24,357 | |||||||
Straight-line rent receivable, net | 21,568 | 20,059 | |||||||
Deferred financing costs, net | 8,968 | 10,777 | |||||||
Deposits and mortgage escrow | 14,038 | 5,195 | |||||||
Furniture and fixtures, net | 4,285 | 2,519 | |||||||
Fair value of interest rate swap | 1,137 | — | |||||||
Deferred tax asset | 2,407 | 2,968 | |||||||
Total other assets | $ | 236,838 | $ | 230,557 | |||||
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
Borrowings | |
Mortgage Notes Payable | |
At September 30, 2013, the weighted-average interest rate of our fixed rate mortgage notes payable was 6.01%. Included in liabilities associated with properties held for sale are mortgage notes payable of $13.3 million and $16.2 million at September 30, 2013 and December 31, 2012, respectively, with weighted average interest rates of 6.90% and 6.85%, respectively. | |
During the nine months ended September 30, 2013, we prepaid a mortgage loan of $24.0 million which bore interest at a rate of 6.88%. | |
As part of our ongoing strategy to dispose of properties in our secondary markets, we have engaged in marketing efforts related to the sale of Brawley Commons located in Charlotte, North Carolina. The property is encumbered by a $6.5 million mortgage loan which matured on July 1, 2013 and remains unpaid. We are in discussions with the lender to resolve this matter, likely by means of a sale of the property to a third party or a transfer of the title to the lender. During the default period, we are operating the property on behalf of the lender and remitting any profits generated by the property to the lender. During the three and nine months ended September 30, 2013, we recognized an impairment loss of $1.1 million and $1.2 million, respectively, to adjust the carrying value of the property to its estimated fair value. | |
Unsecured Senior Notes | |
At September 30, 2013, the weighted-average interest rate of our unsecured senior notes was 5.02%. | |
Unsecured Revolving Credit Facilities | |
Our primary credit facility is with a syndicate of banks and provides $575.0 million of unsecured revolving credit. As of September 30, 2013, we had drawn approximately $90.0 million against the facility, which bore interest at a weighted-average rate of 1.32% per annum. As of December 31, 2012, we had drawn approximately $172.0 million against the facility, which bore interest at a rate of 1.77% per annum. The facility also includes a facility fee applicable to the lending commitments thereunder, which fee was 0.25% per annum as of September 30, 2013. The facility expires on September 30, 2015, with a one year extension at our option, subject to certain conditions. | |
We also have a $15.0 million unsecured credit facility with City National Bank of Florida, for which there was no drawn balance as of September 30, 2013 and December 31, 2012. The facility bears interest at LIBOR plus 1.55% per annum and expires November 8, 2013. In October 2013, the facility was renewed and decreased to provide $5.0 million of unsecured credit. The new facility bears interest at LIBOR plus 1.25% per annum and expires November 7, 2014. | |
As of September 30, 2013, giving effect to the financial covenants applicable to these credit facilities, the maximum available to us thereunder was approximately $430.3 million, net of outstanding letters of credit with an aggregate face amount of $2.0 million, of which $90.0 million was drawn. | |
Term Loan and Interest Rate Swaps | |
At times, we use derivative instruments, including interest rate swaps, to manage our exposure to variable interest rate risk. In this regard, we enter into derivative instruments that qualify as cash flow hedges and do not enter into such instruments for speculative purposes. As of September 30, 2013, we had interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective fixed interest rate under the loan agreement of 3.17% per annum. The swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The swap agreements mature on February 13, 2019, which is the maturity date of the term loan. At September 30, 2013, the fair value of our interest rate swaps consisted of an asset of $1.1 million, which is included in other assets, and a liability of $174,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. At December 31, 2012, the fair value of our interest rate swaps was a liability of $7.0 million, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify $3.2 million as an increase to interest expense. |
Other_Liabilities
Other Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities | ' | |||||||
Other Liabilities | ||||||||
The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 158,777 | $ | 185,477 | ||||
Prepaid rent | 9,722 | 10,687 | ||||||
Other | 388 | 215 | ||||||
Total other liabilities | $ | 168,887 | $ | 196,379 | ||||
In May 2013, we executed a lease amendment with the tenant at our retail condominium at 1175 Third Avenue in New York City, New York, which included the purchase of a significant portion of the below market leasehold interest held by the tenant under the terms of the original lease agreement. Pursuant to the terms of the amendment, we paid the tenant $25.0 million in exchange for increased rents during a new ten-year base term and a reset of the rent payable during the option periods subsequent to the initial ten-year base term to prevailing market rental rates at such times. The $25.0 million payment has been reflected as a reduction of the unamortized below market lease intangible liability we recognized when we acquired the retail condominium, and the remaining portion of the liability will be amortized over the new ten-year base term. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We elected to be taxed as a REIT under the Internal Revenue Code (the "Code"), commencing with our taxable year ended December 31, 1995. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our REIT taxable income as defined under the Code. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our taxable REIT subsidiaries ("TRSs"), which include IRT Capital Corporation II ("IRT"), DIM Vastgoed, N.V. ("DIM"), Southeast US Holdings, BV, MCC Redondo Beach II, LLC and C&C Delaware, Inc. Accordingly, the only provision for federal income taxes in our condensed consolidated financial statements relates to our consolidated TRSs. | |
Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays virtually no taxes in the Netherlands. As of September 30, 2013, DIM had federal and state net operating loss carry forwards of $5.1 million and $4.1 million, respectively, which begin to expire in 2027. As of September 30, 2013, IRT had federal and state net operating loss carry forwards of $1.5 million and $1.2 million, respectively, which begin to expire in 2030. | |
We believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for the tax liabilities are adequate for all years still subject to tax audit, which include all years after 2008. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interests | ' | |||||||
Noncontrolling Interests | ||||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Danbury 6 Associates LLC (1) | $ | — | $ | 7,720 | ||||
Southbury 84 Associates LLC (1) | — | 11,242 | ||||||
Vestar/EQY Canyon Trails LLC (2) | 2,042 | 2,600 | ||||||
Walden Woods Village, Ltd. (3) | 989 | 989 | ||||||
Total redeemable noncontrolling interests | $ | 3,031 | $ | 22,551 | ||||
EQY-CSC, LLC (CapCo) | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,082 | 1,100 | ||||||
Vestar/EQY Talega LLC (4) | 145 | 147 | ||||||
Vestar/EQY Vernola LLC (5) | 328 | 361 | ||||||
Total noncontrolling interests included in total equity | $ | 207,700 | $ | 207,753 | ||||
______________________________________________ | ||||||||
(1) In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | ||||||||
(2) This entity owns Canyon Trails Towne Center. | ||||||||
(3) This entity owns Walden Woods Shopping Center. | ||||||||
(4) This entity holds our interest in Talega Village Center JV, LLC. | ||||||||
(5) This entity holds our interest in Vernola Marketplace JV, LLC. | ||||||||
Noncontrolling interests represent the portion of equity that we do not own in certain entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions under the Consolidation Topic of the FASB ASC. | ||||||||
In October 2011, we acquired a 60% controlling financial interest in two VIEs, Danbury 6 Associates LLC and Southbury 84 Associates LLC. We determined that we were the primary beneficiary of these entities and, accordingly, consolidated their results as of the acquisition date. Upon consolidation, we recorded $19.0 million of noncontrolling interests which represented the estimated fair value of the preferred equity interests, which were entitled to a cumulative 5% annual preferred return, held by the noncontrolling interest holders. Because the operating agreements contained certain provisions that would potentially require us to redeem the noncontrolling interests at the balance of the holders' contributed capital as adjusted for any unpaid preferred returns due to them pursuant to the operating agreements, we initially recorded the $19.0 million of noncontrolling interests associated with these ventures in the mezzanine section of our condensed consolidated balance sheets and reflected such interests at their redemption value at each subsequent balance sheet date. In March 2013, we received formal notice from the noncontrolling interest holders electing to have their interests redeemed on a specified date during the second quarter of 2013 (at which time we reclassified the interests to other liabilities as mandatorily redeemable financial instruments pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC) and subsequently acquired their interests for a purchase price of $18.9 million during May 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following summarizes the calculation of basic EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Income from continuing operations | $ | 14,964 | $ | 10,072 | $ | 39,704 | $ | 24,272 | |||||||||
Net income attributable to noncontrolling interests | (2,480 | ) | (2,730 | ) | (7,655 | ) | (8,183 | ) | |||||||||
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | |||||||||||||
Allocation of continuing income to participating securities | (221 | ) | (267 | ) | (829 | ) | (820 | ) | |||||||||
Income from continuing operations available to common stockholders | 12,263 | 7,075 | 31,220 | 15,269 | |||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | ||||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | ||||||||||
(Loss) income from discontinued operations available to common | (1,913 | ) | 723 | 36,753 | 13,226 | ||||||||||||
stockholders | |||||||||||||||||
Net income available to common stockholders | $ | 10,350 | $ | 7,798 | $ | 67,973 | $ | 28,495 | |||||||||
Weighted average shares outstanding — Basic | 117,538 | 114,699 | 117,320 | 113,359 | |||||||||||||
Basic earnings (loss) per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.06 | $ | 0.27 | $ | 0.13 | |||||||||
Discontinued operations | (0.02 | ) | 0.01 | 0.31 | 0.12 | ||||||||||||
Earnings per common share — Basic | $ | 0.09 | * | $ | 0.07 | $ | 0.58 | $ | 0.25 | ||||||||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Income from continuing operations | $ | 14,964 | $ | 10,072 | $ | 39,704 | $ | 24,272 | |||||||||
Net income attributable to noncontrolling interests | (2,480 | ) | (2,730 | ) | (7,655 | ) | (8,183 | ) | |||||||||
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | |||||||||||||
Allocation of continuing income to participating securities | (221 | ) | (267 | ) | (829 | ) | (820 | ) | |||||||||
Income from continuing operations available to common stockholders | 12,263 | 7,075 | 31,220 | 15,269 | |||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | ||||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | ||||||||||
(Loss) income from discontinued operations available to common stockholders | (1,913 | ) | 723 | 36,753 | 13,226 | ||||||||||||
Net income available to common stockholders | $ | 10,350 | $ | 7,798 | $ | 67,973 | $ | 28,495 | |||||||||
Weighted average shares outstanding — Basic | 117,538 | 114,699 | 117,320 | 113,359 | |||||||||||||
Stock options using the treasury method | 266 | 299 | 307 | 237 | |||||||||||||
Executive Incentive Plan shares using the treasury method | — | — | — | 85 | |||||||||||||
Weighted average shares outstanding — Diluted | 117,804 | 114,998 | 117,627 | 113,681 | |||||||||||||
Diluted earnings (loss) per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.06 | $ | 0.27 | $ | 0.13 | |||||||||
Discontinued operations | (0.02 | ) | 0.01 | 0.31 | 0.12 | ||||||||||||
Earnings per common share — Diluted | $ | 0.09 | * | $ | 0.07 | $ | 0.58 | $ | 0.25 | ||||||||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||||||||||
The computation of diluted EPS for both the three and nine months ended September 30, 2013 did not include 1.6 million and 1.4 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $23.03 to $26.66 and $23.52 to $26.66, respectively, because the option prices were greater than the average market prices of our common shares during these respective periods. The computation of diluted EPS for both the three and nine months ended September 30, 2012 did not include 1.9 million shares of common stock issuable upon the exercise of outstanding options, at prices ranging from $21.64 to $26.66 for both periods, because the option prices were greater than the average market prices of our common shares during these respective periods. | |||||||||||||||||
The computation of diluted EPS for both the three and nine months ended September 30, 2013 and 2012 did not include the 11.4 million joint venture units held by Liberty International Holdings Limited ("LIH"), which are convertible into our common stock. The LIH shares are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. These convertible units were not included in the diluted weighted average share count because their inclusion is anti-dilutive. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Payments | ' | |||||||||||||||
Share-Based Payments | ||||||||||||||||
The following table presents stock option activity during the nine months ended September 30, 2013: | ||||||||||||||||
Shares Under Option | Weighted- | |||||||||||||||
Average Exercise Price | ||||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding at January 1, 2013 | 3,521 | $ | 20.73 | |||||||||||||
Granted | — | $ | — | |||||||||||||
Exercised | (493 | ) | $ | 16.45 | ||||||||||||
Forfeited or expired | — | $ | — | |||||||||||||
Outstanding at September 30, 2013 | 3,028 | $ | 21.43 | |||||||||||||
Exercisable at September 30, 2013 | 2,780 | $ | 21.72 | |||||||||||||
The following table presents information regarding restricted stock activity during the nine months ended September 30, 2013: | ||||||||||||||||
Unvested | Weighted-Average | |||||||||||||||
Shares | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Unvested at January 1, 2013 | 975 | $ | 17.11 | |||||||||||||
Granted | 66 | $ | 22.4 | |||||||||||||
Vested | (127 | ) | $ | 17.37 | ||||||||||||
Forfeited | (2 | ) | $ | 20.34 | ||||||||||||
Unvested at September 30, 2013 | 912 | * | $ | 17.45 | ||||||||||||
______________________________________________ | ||||||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. | ||||||||||||||||
During the nine months ended September 30, 2013, we granted 66,015 shares of restricted stock that are subject to forfeiture and vest over periods from 2 to 3 years. The total grant-date value of the 126,874 shares of restricted stock that vested during the nine months ended September 30, 2013 was $2.2 million. | ||||||||||||||||
Share-based compensation expense charged against earnings is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Restricted stock expense | $ | 1,449 | $ | 1,403 | $ | 4,480 | $ | 4,602 | ||||||||
Stock option expense | 105 | 243 | 358 | 794 | ||||||||||||
Employee stock purchase plan discount | 5 | 3 | 14 | 10 | ||||||||||||
Total equity-based expense | 1,559 | 1,649 | 4,852 | 5,406 | ||||||||||||
Restricted stock classified as a liability | 39 | 17 | 78 | 34 | ||||||||||||
Total expense | 1,598 | 1,666 | 4,930 | 5,440 | ||||||||||||
Less amount capitalized | (111 | ) | (72 | ) | (278 | ) | (226 | ) | ||||||||
Net share-based compensation expense | $ | 1,487 | $ | 1,594 | $ | 4,652 | $ | 5,214 | ||||||||
As of September 30, 2013, we had $7.7 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our Amended and Restated Equity One 2000 Executive Incentive Compensation Plan. This expense is expected to be recognized over a weighted-average period of 1.4 years. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
We review operating and financial data for each property on an individual basis; therefore each of our individual properties is a separate operating segment. We have aggregated our operating segments in six reportable segments based primarily upon our method of internal reporting which classifies our operations by geographical area. Our reportable segments by geographical area are as follows: (1) South Florida – including Miami-Dade, Broward and Palm Beach Counties; (2) North Florida – including all of Florida north of Palm Beach County; (3) Southeast - including Georgia, Louisiana, Mississippi, North Carolina and Virginia; (4) Northeast – including Connecticut, Maryland, Massachusetts and New York; (5) West Coast – including California and Arizona; and (6) Non-retail – which is comprised of our non-retail assets. | ||||||||||||||||
We assess a segment’s performance based on net operating income (“NOI”). NOI excludes investment and other income, acquisition costs, general and administrative expenses, interest expense, amortization of deferred financing fees, depreciation and amortization expense, gains (losses) from extinguishments of debt, income (loss) of unconsolidated joint ventures, income tax (expense) benefit from taxable REIT subsidiaries, gains (losses) on sales of real estate, impairments, and (income) loss attributable to noncontrolling interests. NOI is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income from continuing operations before tax and discontinued operations, which, to calculate NOI, is adjusted to add back depreciation and amortization, general and administrative expense, interest expense, amortization of deferred financing fees, and impairment losses, and to exclude straight line rent adjustments, accretion of below market lease intangibles (net), revenue earned from management and leasing services, investment income, gain (loss) on sale of real estate, equity in income (loss) of unconsolidated joint ventures, gain (loss) on extinguishment of debt, and other income. NOI includes management fee expense recorded at each operating segment based on a percentage of revenue which is eliminated in consolidation. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with income from continuing operations before tax and discontinued operations as presented in our condensed consolidated financial statements. NOI should not be considered as an alternative to net income attributable to Equity One, Inc. as an indication of our performance or to cash flows as a measure of liquidity or our ability to make distributions. We consider NOI to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core operations of our properties. | ||||||||||||||||
The following table sets forth the financial information relating to our continuing operations presented by segments and includes a reconciliation of NOI to income from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
South Florida | $ | 22,063 | $ | 22,040 | $ | 68,400 | $ | 66,210 | ||||||||
North Florida | 9,517 | 9,296 | 28,500 | 28,706 | ||||||||||||
Southeast | 10,327 | 10,085 | 31,006 | 30,453 | ||||||||||||
Northeast | 18,856 | 12,738 | 55,178 | 35,866 | ||||||||||||
West Coast | 18,043 | 17,524 | 53,154 | 50,177 | ||||||||||||
Non-retail | 727 | 240 | 1,388 | 526 | ||||||||||||
Total segment revenue | 79,533 | 71,923 | 237,626 | 211,938 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 844 | 1,072 | 1,626 | 2,813 | ||||||||||||
Accretion of below market lease intangibles, net | 3,224 | 3,075 | 9,458 | 9,686 | ||||||||||||
Management and leasing services | 587 | 499 | 1,485 | 1,803 | ||||||||||||
Total revenue | $ | 84,188 | $ | 76,569 | $ | 250,195 | $ | 226,240 | ||||||||
Net operating income (NOI): | ||||||||||||||||
South Florida | $ | 14,743 | $ | 14,549 | $ | 46,095 | $ | 44,235 | ||||||||
North Florida | 6,476 | 6,480 | 19,122 | 20,131 | ||||||||||||
Southeast | 7,208 | 7,186 | 21,674 | 21,591 | ||||||||||||
Northeast | 13,797 | 9,003 | 39,382 | 24,859 | ||||||||||||
West Coast | 11,567 | 11,443 | 34,826 | 32,973 | ||||||||||||
Non-retail | 617 | 47 | 990 | 118 | ||||||||||||
Total NOI | 54,408 | 48,708 | 162,089 | 143,907 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 844 | 1,072 | 1,626 | 2,813 | ||||||||||||
Accretion of below market lease intangibles, net | 3,224 | 3,075 | 9,458 | 9,686 | ||||||||||||
Management and leasing services | 587 | 499 | 1,485 | 1,803 | ||||||||||||
Elimination of intersegment expenses | 2,637 | 2,445 | 7,888 | 7,140 | ||||||||||||
Investment income | 1,453 | 1,583 | 5,866 | 4,610 | ||||||||||||
Equity in income of unconsolidated joint ventures | 716 | 469 | 1,766 | 129 | ||||||||||||
Other income (expense) | 38 | (9 | ) | 199 | 43 | |||||||||||
Gain on extinguishment of debt | — | — | 107 | 352 | ||||||||||||
Less: | ||||||||||||||||
Depreciation and amortization expense | 21,004 | 19,162 | 66,436 | 60,722 | ||||||||||||
General and administrative expense | 9,579 | 10,078 | 28,155 | 31,916 | ||||||||||||
Interest expense | 16,923 | 17,522 | 50,860 | 51,604 | ||||||||||||
Amortization of deferred financing fees | 606 | 627 | 1,815 | 1,829 | ||||||||||||
Impairment loss on goodwill and income producing properties | 1,213 | — | 3,875 | — | ||||||||||||
Income from continuing operations before tax and discontinued | $ | 14,582 | $ | 10,453 | $ | 39,343 | $ | 24,412 | ||||||||
operations | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
South Florida | $ | 695,503 | $ | 692,764 | ||||||||||||
North Florida | 314,923 | 316,364 | ||||||||||||||
Southeast | 334,661 | 337,945 | ||||||||||||||
Northeast | 913,806 | 894,658 | ||||||||||||||
West Coast | 807,798 | 801,167 | ||||||||||||||
Non-retail | 61,592 | 33,525 | ||||||||||||||
Corporate assets | 192,885 | 206,741 | ||||||||||||||
Properties held for sale | 24,710 | 219,504 | ||||||||||||||
Total assets | $ | 3,345,878 | $ | 3,502,668 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
As of September 30, 2013, we had provided letters of credit having an aggregate face amount of $2.0 million as additional security for financial and other obligations. | |
As of September 30, 2013, we have invested an aggregate of approximately $181.8 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $85.4 million to complete, based on our current plans and estimates, which we anticipate will be expended over the next three years. These obligations, comprising principally construction contracts, are generally due as the work is performed and are expected to be financed by funds available under our credit facilities, proceeds from property dispositions and available cash. | |
We are subject to litigation in the normal course of business; however, we do not believe that any of the litigation outstanding as of September 30, 2013 will have a material adverse effect on our financial condition, results of operations or cash flows. |
Environmental_Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2013 | |
Environmental Remediation Obligations [Abstract] | ' |
Environmental Matters | ' |
Environmental Matters | |
We are subject to numerous environmental laws and regulations. The operation of dry cleaning and gas station facilities at our shopping centers are the principal environmental concerns. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations and we have established procedures to monitor dry cleaning operations. Where available, we have applied and been accepted into state sponsored environmental programs. Several properties in the portfolio will require or are currently undergoing varying levels of environmental remediation. We have environmental insurance policies covering most of our properties which limits our exposure to some of these conditions, although these policies are subject to limitations and environmental conditions known at the time of acquisition are typically excluded from coverage. Management believes that the ultimate disposition of currently known environmental matters will not have a material effect on our financial position, liquidity or operations. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we had interest rate swap agreements with a notional amount of $250.0 million that are measured at fair value on a recurring basis. At September 30, 2013, the fair value of our interest rate swaps consisted of an asset of $1.1 million, which is included in other assets, and a liability of $174,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. At December 31, 2012, the fair value of our interest rate swaps was a liability of $7.0 million, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. The net unrealized (loss) gain on our interest rate swaps was $(1.9) million and $5.5 million for the three and nine months ended September 30, 2013, respectively, and is included in accumulated other comprehensive income (loss). The fair value of the interest rate swaps is based on the estimated amount we would receive or pay to terminate the contract at the reporting date and is determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||
The following table presents our hierarchy for those assets/(liabilities) measured and recorded at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||
Interest rate swap: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 1,137 | $ | — | $ | 1,137 | $ | — | |||||||||||||
Classified as a liability in accounts payable and | $ | (174 | ) | $ | — | $ | (174 | ) | $ | — | |||||||||||
accrued expenses | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Interest rate swaps classified as a liability in accounts | $ | (6,954 | ) | $ | — | $ | (6,954 | ) | $ | — | |||||||||||
payable and accrued expenses | |||||||||||||||||||||
Valuation Methods | |||||||||||||||||||||
The valuation of interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis of the expected cash flows of the derivative financial instrument. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of September 30, 2013, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments are not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety are classified in Level 2 of the fair value hierarchy. The unrealized (loss) gain recognized in other comprehensive income (“OCI”) is attributable to the net change in unrealized gains related to the interest rate swaps that remain outstanding at September 30, 2013, none of which were reported in the condensed consolidated statements of income because they are documented and qualify as hedging instruments. | |||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 5,400 | $ | — | $ | — | $ | 5,400 | $ | 1,218 | |||||||||||
Operating properties held for sale | 15,013 | — | 15,013 | — | 518 | ||||||||||||||||
Development properties held and used | 4,390 | — | — | 4,390 | 2,520 | ||||||||||||||||
Total | $ | 24,803 | $ | — | $ | 15,013 | $ | 9,790 | $ | 4,256 | |||||||||||
(1) Total losses exclude impairments related to properties sold during the nine months ended September 30, 2013. | |||||||||||||||||||||
On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, result primarily from values established by Level 3 valuations. The carrying value is considered impaired when the total projected undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the asset as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuations of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
During the three and nine months ended September 30, 2013, we recognized impairment losses of $1.1 million and $1.2 million on an operating property located in the Southeast region. The estimated fair value related to the impairment assessment was primarily based on a discounted cash flow analysis and, therefore, is classified within Level 3 of the fair value hierarchy. We did not recognize any impairments related to operating properties during the three and nine months ended September 30, 2012. | |||||||||||||||||||||
During the three and nine months ended September 30, 2013, we recognized an impairment loss of $518,000 on a property held for sale located in the West Coast region. The estimated fair value related to the impairment assessment was based upon the expected sales price as determined by an executed contract after adjusting for costs to sell and, therefore, is classified within Level 2 of the fair value hierarchy. During the nine months ended September 30, 2012, we recognized an impairment loss of $1.9 million on a property held for sale located in the South Florida region, which is included in discontinued operations. | |||||||||||||||||||||
During the nine months ended September 30, 2013, we recognized an impairment loss of $2.5 million on a land parcel located in the West Coast region. The estimated fair value related to the impairment assessment was based on a recent appraisal and, therefore, is classified within Level 3 of the fair value hierarchy. We did not recognize any impairments related to development properties during the three and nine months ended September 30, 2012. | |||||||||||||||||||||
During the three and nine months ended September 30, 2013, we recognized impairment losses of $2.1 million and $2.2 million, respectively, related to properties that were sold, which are included in discontinued operations in the accompanying consolidated statements of income. During the three and nine months ended September 30, 2012, we recognized impairment losses of $2.4 million and $7.9 million, respectively, related to properties that were sold, which are included in discontinued operations in the accompanying consolidated statements of income. | |||||||||||||||||||||
We also perform annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, result from values established by Level 3 valuations. We estimate the fair value of the reporting unit using discounted projected future cash flows, which approximate a current sales price. If the results of this analysis indicate that the carrying value of the reporting unit exceeds its fair value, impairment is recorded to reduce the carrying value of the goodwill to fair value. During the three and nine months ended September 30, 2013, we recognized a goodwill impairment loss of $138,000. We did not recognize any goodwill impairment losses during the three and nine months ended September 30, 2012. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments, Owned, at Fair Value [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The estimated fair values of financial instruments have been determined by us using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. We have used the following market assumptions and/or estimation methods: | |
Cash and Cash Equivalents, Accounts and Other Receivables, Accounts Payable and Accrued Expenses and Unsecured Revolving Credit Facilities (classified within Levels 1, 2 and 3 of the valuation hierarchy) – The carrying amounts reported in the balance sheets for these financial instruments approximate fair value because of their short maturities. | |
Loans Receivable (classified within Level 2 of the valuation hierarchy) – The carrying value of the loans receivable of $72.2 million at September 30, 2013 approximates fair value due to their short maturities. At December 31, 2012, the estimated fair value was approximately $142.2 million and was estimated using a discounted cash flow analysis based on the current interest rates at which similar loans would be made. The carrying amount of these loans receivable, including accrued interest was $140.7 million at December 31, 2012. | |
Mortgage Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated at September 30, 2013 and December 31, 2012 was approximately $444.0 million and $494.4 million, respectively, calculated based on the net present value of payments over the term of the loans using estimated market rates for similar mortgage loans and remaining terms. The carrying amount (principal and unaccreted premium) of these notes, including notes associated with properties held for sale, was $416.6 million and $451.1 million at September 30, 2013 and December 31, 2012, respectively. | |
Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated at September 30, 2013 and December 31, 2012 was approximately $770.2 million and $765.1 million, respectively, calculated based on the net present value of payments over the terms of the notes using estimated market rates for similar notes and remaining terms. The carrying amount (principal net of unamortized discount) of these notes was $729.4 million and $729.1 million at September 30, 2013 and December 31, 2012, respectively. | |
Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated at September 30, 2013 and December 31, 2012 was approximately $247.3 million and $255.2 million, respectively, calculated based on the net present value of payments over the term of the loan using estimated market rates for similar notes and remaining terms. The carrying amount of this loan was $250.0 million at both September 30, 2013 and December 31, 2012. | |
The fair market value calculations of our debt as of September 30, 2013 and December 31, 2012 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations use a market rate spread over the risk free interest rate. This spread is determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate is used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate is subjective in nature, recent market data gathered suggest that the composite rates used for mortgages, senior notes and term loans are consistent with current market trends. | |
Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – At September 30, 2013, the fair value of our interest rate swaps consisted of an asset of $1.1 million, which is included in other assets, and a liability of $174,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. At December 31, 2012, the fair value of our interest rate swaps was a liability of $7.0 million, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. See Note 18 above for a discussion of the method used to value the interest rate swaps. | |
Redeemable Noncontrolling Interests (classified within Level 3 of the valuation hierarchy) – The carrying amount of the redeemable noncontrolling interests of $3.0 million and $22.6 million at September 30, 2013 and December 31, 2012, respectively, approximates their fair value as determined by discounted cash flow analyses. | |
Investments In and Advances to Unconsolidated Joint Ventures (classified within Level 3 of the valuation hierarchy) – The carrying amount of the investments in and advances to unconsolidated joint ventures of $80.7 million and $72.2 million at September 30, 2013 and December 31, 2012, respectively, approximates their fair value as determined by discounted cash flow analyses. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Many of our wholly-owned subsidiaries have guaranteed our indebtedness under the unsecured senior notes and the revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to the guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 200,422 | $ | 1,394,793 | $ | 1,270,926 | $ | (133 | ) | $ | 2,866,008 | |||||||||
Investment in affiliates | 2,690,675 | — | — | (2,690,675 | ) | — | ||||||||||||||
Other assets | 200,130 | 115,750 | 954,214 | (790,224 | ) | 479,870 | ||||||||||||||
Total Assets | $ | 3,091,227 | $ | 1,510,543 | $ | 2,225,140 | $ | (3,481,032 | ) | $ | 3,345,878 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,669,359 | $ | 131,755 | $ | 435,485 | $ | (764,440 | ) | $ | 1,472,159 | |||||||||
Other liabilities | 13,910 | 91,269 | 161,821 | (25,917 | ) | 241,083 | ||||||||||||||
Liabilities associated with properties | — | 32 | 13,915 | — | 13,947 | |||||||||||||||
held for sale | ||||||||||||||||||||
Total Liabilities | 1,683,269 | 223,056 | 611,221 | (790,357 | ) | 1,727,189 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 3,031 | — | 3,031 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,407,958 | 1,287,487 | 1,610,888 | (2,690,675 | ) | 1,615,658 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,091,227 | $ | 1,510,543 | $ | 2,225,140 | $ | (3,481,032 | ) | $ | 3,345,878 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||
As of December 31, 2012 | Inc. | Subsidiaries | Guarantor | Entries | ||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 265,998 | $ | 1,483,187 | $ | 1,261,288 | $ | (133 | ) | $ | 3,010,340 | |||||||||
Investment in affiliates | 2,691,302 | — | — | (2,691,302 | ) | — | ||||||||||||||
Other assets | 212,259 | 89,418 | 972,366 | (781,715 | ) | 492,328 | ||||||||||||||
Total Assets | $ | 3,169,559 | $ | 1,572,605 | $ | 2,233,654 | $ | (3,473,150 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 143,703 | $ | 451,090 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 18,487 | 113,539 | 161,266 | (21,248 | ) | 272,044 | ||||||||||||||
Liabilities associated with properties | 3,216 | 15,055 | — | — | 18,271 | |||||||||||||||
held for sale | ||||||||||||||||||||
Total Liabilities | 1,772,833 | 272,297 | 612,356 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | 22,551 | ||||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,726 | 1,300,308 | 1,598,747 | (2,691,302 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,559 | $ | 1,572,605 | $ | 2,233,654 | $ | (3,473,150 | ) | $ | 3,502,668 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 7,398 | $ | 42,791 | $ | 33,999 | $ | — | $ | 84,188 | ||||||||||
Equity in subsidiaries' earnings | 31,149 | — | — | (31,149 | ) | — | ||||||||||||||
Total costs and expenses | 11,226 | 22,210 | 19,792 | (157 | ) | 53,071 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 27,321 | 20,581 | 14,207 | (30,992 | ) | 31,117 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (16,717 | ) | (1,856 | ) | 2,883 | (845 | ) | (16,535 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 10,604 | 18,725 | 17,090 | (31,837 | ) | 14,582 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT | — | 228 | 154 | — | 382 | |||||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 10,604 | 18,953 | 17,244 | (31,837 | ) | 14,964 | ||||||||||||||
Loss from discontinued operations | (33 | ) | (1,600 | ) | (324 | ) | 44 | (1,913 | ) | |||||||||||
NET INCOME | 10,571 | 17,353 | 16,920 | (31,793 | ) | 13,051 | ||||||||||||||
Other comprehensive loss | (1,024 | ) | — | — | — | (1,024 | ) | |||||||||||||
COMPREHENSIVE INCOME | 9,547 | 17,353 | 16,920 | (31,793 | ) | 12,027 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,480 | ) | — | (2,480 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 9,547 | $ | 17,353 | $ | 14,440 | $ | (31,793 | ) | $ | 9,547 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
Comprehensive Income | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
for the three months ended September 30, 2012 | Subsidiaries | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 7,239 | $ | 37,481 | $ | 31,849 | $ | — | $ | 76,569 | ||||||||||
Equity in subsidiaries' earnings | 28,237 | — | — | (28,237 | ) | — | ||||||||||||||
Total costs and expenses | 11,274 | 19,224 | 19,512 | — | 50,010 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 24,202 | 18,257 | 12,337 | (28,237 | ) | 26,559 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (16,642 | ) | (1,092 | ) | 1,840 | (212 | ) | (16,106 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,560 | 17,165 | 14,177 | (28,449 | ) | 10,453 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax expense of taxable REIT | — | (120 | ) | (261 | ) | — | (381 | ) | ||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,560 | 17,045 | 13,916 | (28,449 | ) | 10,072 | ||||||||||||||
Income (loss) from discontinued operations | 581 | (185 | ) | 118 | 215 | 729 | ||||||||||||||
NET INCOME | 8,141 | 16,860 | 14,034 | (28,234 | ) | 10,801 | ||||||||||||||
Other comprehensive (loss) income | (2,562 | ) | — | 76 | — | (2,486 | ) | |||||||||||||
COMPREHENSIVE INCOME | 5,579 | 16,860 | 14,110 | (28,234 | ) | 8,315 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,736 | ) | — | (2,736 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 5,579 | $ | 16,860 | $ | 11,374 | $ | (28,234 | ) | $ | 5,579 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the nine months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 22,113 | $ | 126,764 | $ | 101,318 | $ | — | $ | 250,195 | ||||||||||
Equity in subsidiaries' earnings | 126,956 | — | — | (126,956 | ) | — | ||||||||||||||
Total costs and expenses | 33,475 | 67,722 | 61,475 | (432 | ) | 162,240 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 115,594 | 59,042 | 39,843 | (126,524 | ) | 87,955 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (52,741 | ) | (5,479 | ) | 10,902 | (1,294 | ) | (48,612 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 62,853 | 53,563 | 50,745 | (127,818 | ) | 39,343 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax (expense) benefit of taxable REIT | — | (561 | ) | 922 | — | 361 | ||||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 62,853 | 53,002 | 51,667 | (127,818 | ) | 39,704 | ||||||||||||||
Income (loss) from discontinued operations | 6,159 | 31,239 | (871 | ) | 288 | 36,815 | ||||||||||||||
NET INCOME | 69,012 | 84,241 | 50,796 | (127,530 | ) | 76,519 | ||||||||||||||
Other comprehensive income | 7,964 | — | 210 | — | 8,174 | |||||||||||||||
COMPREHENSIVE INCOME | 76,976 | 84,241 | 51,006 | (127,530 | ) | 84,693 | ||||||||||||||
Comprehensive income attributable to | — | — | (7,717 | ) | — | (7,717 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 76,976 | $ | 84,241 | $ | 43,289 | $ | (127,530 | ) | $ | 76,976 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the nine months ended September 30, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 21,929 | $ | 111,996 | $ | 92,703 | $ | (388 | ) | $ | 226,240 | |||||||||
Equity in subsidiaries' earnings | 97,935 | — | — | (97,935 | ) | — | ||||||||||||||
Total costs and expenses | 34,770 | 60,298 | 58,557 | (96 | ) | 153,529 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 85,094 | 51,698 | 34,146 | (98,227 | ) | 72,711 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (56,821 | ) | (3,485 | ) | 12,359 | (352 | ) | (48,299 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 28,273 | 48,213 | 46,505 | (98,579 | ) | 24,412 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax (expense) benefit of taxable REIT | — | (244 | ) | 104 | — | (140 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 28,273 | 47,969 | 46,609 | (98,579 | ) | 24,272 | ||||||||||||||
Income (loss) from discontinued operations | 1,332 | (2,777 | ) | 14,006 | 684 | 13,245 | ||||||||||||||
NET INCOME | 29,605 | 45,192 | 60,615 | (97,895 | ) | 37,517 | ||||||||||||||
Other comprehensive (loss) income | (7,625 | ) | — | 290 | — | (7,335 | ) | |||||||||||||
COMPREHENSIVE INCOME | 21,980 | 45,192 | 60,905 | (97,895 | ) | 30,182 | ||||||||||||||
Comprehensive income attributable to | — | — | (8,202 | ) | — | (8,202 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 21,980 | $ | 45,192 | $ | 52,703 | $ | (97,895 | ) | $ | 21,980 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the nine months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (50,222 | ) | $ | 83,557 | $ | 70,276 | $ | 103,611 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (60,000 | ) | — | (60,000 | ) | ||||||||||||||
Additions to income producing properties | (1,149 | ) | (5,977 | ) | (3,568 | ) | (10,694 | ) | ||||||||||||
Additions to construction in progress | (556 | ) | (24,712 | ) | (8,325 | ) | (33,593 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (4,918 | ) | — | — | (4,918 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 67,527 | 143,597 | 5,528 | 216,652 | ||||||||||||||||
Increase in cash held in escrow | (40,892 | ) | — | — | (40,892 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,586 | 91,586 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (498 | ) | (3,260 | ) | (2,240 | ) | (5,998 | ) | ||||||||||||
Investment in joint ventures | — | — | (9,770 | ) | (9,770 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 135 | 135 | ||||||||||||||||
Distributions from joint ventures | — | — | 3,077 | 3,077 | ||||||||||||||||
Advances to subsidiaries, net | 186,016 | (106,123 | ) | (79,893 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 205,530 | (81,475 | ) | (15,470 | ) | 108,585 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,579 | ) | (2,082 | ) | (27,438 | ) | (33,099 | ) | ||||||||||||
Net repayments under revolving credit facilities | (82,000 | ) | — | — | (82,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 7,859 | — | — | 7,859 | ||||||||||||||||
Stock issuance costs | (93 | ) | — | — | (93 | ) | ||||||||||||||
Dividends paid to stockholders | (78,187 | ) | — | — | (78,187 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (18,917 | ) | (18,917 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (7,540 | ) | (7,540 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (911 | ) | (911 | ) | ||||||||||||||
Net cash used in financing activities | (156,000 | ) | (2,082 | ) | (54,806 | ) | (212,888 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (692 | ) | — | — | (692 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 26,724 | $ | — | $ | — | $ | 26,724 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Non- | Consolidated | |||||||||||||||||
for the nine months ended September 30, 2012 | Inc. | Guarantor | ||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (107,380 | ) | $ | 84,051 | $ | 139,840 | $ | 116,511 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (153,750 | ) | (226,985 | ) | |||||||||||||
Additions to income producing properties | (4,375 | ) | (8,677 | ) | (2,224 | ) | (15,276 | ) | ||||||||||||
Acquisition of land held for development | — | (7,500 | ) | — | (7,500 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (53,800 | ) | (533 | ) | (55,015 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 6,514 | 25,235 | 33,166 | ||||||||||||||||
Decrease (increase) in cash held in escrow | 90,845 | (1,811 | ) | 746 | 89,780 | |||||||||||||||
Investment in loans receivable | — | — | (19,258 | ) | (19,258 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,541 | ) | (2,363 | ) | (1,532 | ) | (5,436 | ) | ||||||||||||
Investment in joint ventures | — | — | (14,102 | ) | (14,102 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 618 | 618 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (132,148 | ) | 59,285 | 72,863 | — | |||||||||||||||
Net cash used in investing activities | (46,484 | ) | (81,587 | ) | (91,370 | ) | (219,441 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,316 | ) | (2,464 | ) | (40,266 | ) | (44,046 | ) | ||||||||||||
Net repayments under revolving credit facilities | (76,000 | ) | — | — | (76,000 | ) | ||||||||||||||
Repayment of senior debt borrowings | (10,000 | ) | — | — | (10,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 86,490 | — | — | 86,490 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (2,697 | ) | — | — | (2,697 | ) | ||||||||||||||
Stock issuance costs | (813 | ) | — | — | (813 | ) | ||||||||||||||
Dividends paid to stockholders | (76,109 | ) | — | — | (76,109 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (7,496 | ) | (7,496 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (708 | ) | (708 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 169,555 | (2,464 | ) | (48,470 | ) | 118,621 | ||||||||||||||
Net increase in cash and cash equivalents | 15,691 | — | — | 15,691 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 26,654 | $ | — | $ | — | $ | 26,654 | ||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our September 30, 2013 unaudited condensed consolidated balance sheet date for potential recognition or disclosure in our condensed consolidated financial statements. | |
In October 2013, we closed on the acquisition of shopping centers in Pleasanton, California and Westport, Connecticut for an aggregate purchase price of $85.2 million, which included the assumption of approximately $35.7 million of indebtedness with a weighted average interest rate of 5.73% and maturity dates through June 2019. During the fourth quarter of 2013, we expect to close on the acquisition of an outparcel adjacent to Kirkman Shoppes in Orlando, Florida for $3.0 million, subject to the satisfaction of closing conditions. Additionally, subject to the satisfaction of closing conditions, we expect to acquire the two remaining parcels within the Westwood Complex for an aggregate gross purchase price of $80.0 million (approximately $19.5 million of an additional cash investment when considering our existing financing) no later than January 15, 2014, thereby bringing our total investment in the Westwood Complex to $140.0 million. The consummation and timing of these acquisitions are subject to the satisfaction of various closing conditions. | |
In October 2013, our NYCRF joint venture, in which we own a 30% interest, acquired a 129,000 square foot shopping center in Hackensack, New Jersey for a purchase price of $47.8 million. The acquisition was funded by a $24.0 million mortgage loan, which bears interest at 4.54% and has a maturity of 10 years, and through partner contributions of which our proportionate share was $7.8 million. | |
Subsequent to September 30, 2013, two properties located in the Southeast region with a net book value of $10.3 million met the criteria to be classified as held for sale. We expect to realize a net loss of approximately $973,000 in connection with the sale of these properties which we anticipate will close during the fourth quarter of 2013, subject to the satisfaction of closing conditions. Additionally, we have another two properties in our Southeast and West Coast regions under contract for an estimated gross sales price of $27.4 million, which are in various stages of due diligence but have not met the criteria to be classified as held for sale. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
A concentration of credit risk arises in our business when a nationally-based or regionally-based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of September 30, 2013, Publix Super Markets was our largest tenant and accounted for approximately 1.3 million square feet, or approximately 8.0%, of our GLA and approximately $9.8 million, or 4.1%, of our annual minimum rent. As of September 30, 2013, we had outstanding receivables from Publix Super Markets of approximately $337,000. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Summary of Income Producing Property Acquisition Activity | ' | |||||||||||||
The following table provides a summary of acquisition activity during the nine months ended September 30, 2013: | ||||||||||||||
Date Purchased | Property Name | City | State | Square Feet | Purchase | |||||||||
Price | ||||||||||||||
(in thousands) | ||||||||||||||
September 5, 2013 | Manor Care (1) | Bethesda | MD | 41,123 | $ | 13,000 | ||||||||
September 5, 2013 | 5335 CITGO (1) | Bethesda | MD | 18,128 | 6,000 | |||||||||
September 5, 2013 | 5471 CITGO (1) | Bethesda | MD | 14,025 | 4,000 | |||||||||
June 5, 2013 | Westwood Towers (2) | Bethesda | MD | 211,020 | 25,000 | |||||||||
May 7, 2013 | Bowlmor Lanes (1) | Bethesda | MD | 27,000 | 12,000 | |||||||||
Total | $ | 60,000 | ||||||||||||
______________________________________________ | ||||||||||||||
(1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. |
Dispositions_Tables
Dispositions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Dispositions [Abstract] | ' | |||||||||||||||
Summary of Disposition Activity | ' | |||||||||||||||
The following table provides a summary of disposition activity during the nine months ended September 30, 2013: | ||||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | |||||||||||
Feet | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Income producing property sold | ||||||||||||||||
September 25, 2013 | Regency Crossing | Port Richey | FL | 85,864 | $ | 6,550 | (1) | |||||||||
September 18, 2013 | Paulding Commons | Hiram | GA | 209,676 | 18,150 | |||||||||||
August 16, 2013 | Willowdaile Shopping Center | Durham | NC | 95,601 | 5,200 | |||||||||||
August 7, 2013 | Village at Northshore | Slidell | LA | 144,638 | 9,450 | |||||||||||
July 19, 2013 | The Galleria | Wilmington | NC | 92,114 | 3,760 | |||||||||||
July 1, 2013 | CVS Plaza | Miami | FL | 18,214 | 4,400 | |||||||||||
June 27, 2013 | Providence Square | Charlotte | NC | 85,930 | 2,000 | |||||||||||
June 18, 2013 | Medical & Merchants | Jacksonville | FL | 156,153 | 12,000 | (2) | ||||||||||
June 18, 2013 | Meadows | Miami | FL | 75,524 | 15,242 | |||||||||||
June 18, 2013 | Plaza Alegre | Miami | FL | 88,411 | 20,633 | |||||||||||
June 7, 2013 | Chestnut Square | Brevard | NC | 34,260 | 6,000 | |||||||||||
May 1, 2013 | Madison Centre | Madison | AL | 64,837 | 7,350 | |||||||||||
April 4, 2013 | Lutz Lake Crossing | Lutz | FL | 64,985 | 10,550 | |||||||||||
April 4, 2013 | Seven Hills | Spring Hill | FL | 72,590 | 7,750 | |||||||||||
March 29, 2013 | Middle Beach Shopping Center | Panama City Beach | FL | 69,277 | 2,350 | |||||||||||
March 22, 2013 | Douglas Commons | Douglasville | GA | 97,027 | 12,000 | |||||||||||
March 22, 2013 | North Village Center | North Myrtle Beach | SC | 60,356 | 2,365 | |||||||||||
March 22, 2013 | Windy Hill Shopping Center | North Myrtle Beach | SC | 68,465 | 2,635 | |||||||||||
February 13, 2013 | Macland Pointe | Marietta | GA | 79,699 | 9,150 | |||||||||||
January 23, 2013 | Shoppes of Eastwood | Orlando | FL | 69,037 | 11,600 | |||||||||||
January 15, 2013 | Butler Creek | Acworth | GA | 95,597 | 10,650 | |||||||||||
January 15, 2013 | Fairview Oaks | Ellenwood | GA | 77,052 | 9,300 | |||||||||||
January 15, 2013 | Grassland Crossing | Alpharetta | GA | 90,906 | 9,700 | |||||||||||
January 15, 2013 | Mableton Crossing | Mableton | GA | 86,819 | 11,500 | (3) | ||||||||||
January 15, 2013 | Hamilton Ridge | Buford | GA | 90,996 | 11,800 | |||||||||||
January 15, 2013 | Shops at Westridge | McDonough | GA | 66,297 | 7,550 | |||||||||||
229,635 | ||||||||||||||||
Outparcels sold | ||||||||||||||||
September 10, 2013 | Willowdaile - Subway | Durham | NC | 2,384 | $ | 700 | ||||||||||
June 21, 2013 | Canyon Trails - Jack in the Box | Goodyear | AZ | 4,000 | 1,980 | |||||||||||
May 23, 2013 | Canyon Trails - Chase Pad | Goodyear | AZ | 4,200 | 3,850 | |||||||||||
6,530 | ||||||||||||||||
Total | $ | 236,165 | ||||||||||||||
______________________________________________ | ||||||||||||||||
(1) We provided financing to the buyer in the form of a $4.3 million loan receivable. See Note 7 for further discussion. | ||||||||||||||||
(2) We provided financing to the buyer in the form of an $8.5 million loan receivable, and the related gain on disposal of $1.0 million was deferred at September 30, 2013. See Note 7 for further discussion. | ||||||||||||||||
(3) $2.8 million of mortgage debt secured by this property was repaid at closing. | ||||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | ' | |||||||||||||||
The components of income and expense relating to discontinued operations for the three and nine months ended September 30, 2013 and 2012 are shown below. These include the results of operations through the date of sale for each property that was sold during 2013 and 2012 and the operations for the applicable period for those assets classified as held for sale as of September 30, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rental revenue | $ | 1,792 | $ | 7,499 | $ | 10,424 | $ | 23,622 | ||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 608 | 2,249 | 3,493 | 6,869 | ||||||||||||
Depreciation and amortization | 340 | 1,727 | 2,129 | 5,378 | ||||||||||||
Operations of income producing properties | 844 | 3,523 | 4,802 | 11,375 | ||||||||||||
Interest expense | (206 | ) | (570 | ) | (630 | ) | (2,027 | ) | ||||||||
(Loss) gain on disposal of income producing properties | (187 | ) | — | 36,672 | 14,269 | |||||||||||
Impairment loss on income producing properties | (2,576 | ) | (2,445 | ) | (2,704 | ) | (9,818 | ) | ||||||||
Loss on extinguishment of debt | — | — | (682 | ) | (725 | ) | ||||||||||
Income tax benefit (expense) | 212 | (97 | ) | (648 | ) | (277 | ) | |||||||||
Other income | — | 318 | 5 | 448 | ||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | |||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | |||||||||
(Loss) income from discontinued operations attributable to Equity One, Inc. | $ | (1,913 | ) | $ | 723 | $ | 36,753 | $ | 13,226 | |||||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | ' | ||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | September 30, | December 31, | ||||||||||
2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,746 | $ | 8,587 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,526 | 3,491 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 634 | 634 | ||||||||||
Madison 1235 Realty LLC | 1 | NY | 20.10% | 820 | 1,000 | ||||||||||
Talega Village Center JV, LLC (3) | 1 | CA | 50.50% | 2,842 | 2,909 | ||||||||||
Vernola Marketplace JV, LLC (3) | 1 | CA | 50.50% | 6,321 | 6,972 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 20,296 | 20,385 | ||||||||||
Equity One JV Portfolio, LLC (4) | 4 | FL, MA | 30.00% | 33,025 | 27,589 | ||||||||||
Total | 80,210 | 71,567 | |||||||||||||
Advances to unconsolidated joint ventures | 470 | 604 | |||||||||||||
Investments in and advances to unconsolidated joint | $ | 80,680 | $ | 72,171 | |||||||||||
ventures | |||||||||||||||
______________________________________________ | |||||||||||||||
(1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. | |||||||||||||||
(2) The investment balance as of September 30, 2013 and December 31, 2012 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
(3) Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(4) The investment balance as of September 30, 2013 and December 31, 2012 is presented net of a deferred gain of approximately $404,000 for both periods associated with the disposition of assets by us to the joint venture. |
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Composition of Other Assets | ' | ||||||||
The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 118,031 | $ | 129,250 | |||||
Leasing commissions, net | 36,535 | 35,432 | |||||||
Prepaid expenses and other receivables | 29,869 | 24,357 | |||||||
Straight-line rent receivable, net | 21,568 | 20,059 | |||||||
Deferred financing costs, net | 8,968 | 10,777 | |||||||
Deposits and mortgage escrow | 14,038 | 5,195 | |||||||
Furniture and fixtures, net | 4,285 | 2,519 | |||||||
Fair value of interest rate swap | 1,137 | — | |||||||
Deferred tax asset | 2,407 | 2,968 | |||||||
Total other assets | $ | 236,838 | $ | 230,557 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Composition of Other Liabilities | ' | |||||||
The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 158,777 | $ | 185,477 | ||||
Prepaid rent | 9,722 | 10,687 | ||||||
Other | 388 | 215 | ||||||
Total other liabilities | $ | 168,887 | $ | 196,379 | ||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Summary of Noncontrolling Interests | ' | |||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Danbury 6 Associates LLC (1) | $ | — | $ | 7,720 | ||||
Southbury 84 Associates LLC (1) | — | 11,242 | ||||||
Vestar/EQY Canyon Trails LLC (2) | 2,042 | 2,600 | ||||||
Walden Woods Village, Ltd. (3) | 989 | 989 | ||||||
Total redeemable noncontrolling interests | $ | 3,031 | $ | 22,551 | ||||
EQY-CSC, LLC (CapCo) | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,082 | 1,100 | ||||||
Vestar/EQY Talega LLC (4) | 145 | 147 | ||||||
Vestar/EQY Vernola LLC (5) | 328 | 361 | ||||||
Total noncontrolling interests included in total equity | $ | 207,700 | $ | 207,753 | ||||
______________________________________________ | ||||||||
(1) In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | ||||||||
(2) This entity owns Canyon Trails Towne Center. | ||||||||
(3) This entity owns Walden Woods Shopping Center. | ||||||||
(4) This entity holds our interest in Talega Village Center JV, LLC. | ||||||||
(5) This entity holds our interest in Vernola Marketplace JV, LLC. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders | ' | ||||||||||||||||
The following summarizes the calculation of basic EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Income from continuing operations | $ | 14,964 | $ | 10,072 | $ | 39,704 | $ | 24,272 | |||||||||
Net income attributable to noncontrolling interests | (2,480 | ) | (2,730 | ) | (7,655 | ) | (8,183 | ) | |||||||||
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | |||||||||||||
Allocation of continuing income to participating securities | (221 | ) | (267 | ) | (829 | ) | (820 | ) | |||||||||
Income from continuing operations available to common stockholders | 12,263 | 7,075 | 31,220 | 15,269 | |||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | ||||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | ||||||||||
(Loss) income from discontinued operations available to common | (1,913 | ) | 723 | 36,753 | 13,226 | ||||||||||||
stockholders | |||||||||||||||||
Net income available to common stockholders | $ | 10,350 | $ | 7,798 | $ | 67,973 | $ | 28,495 | |||||||||
Weighted average shares outstanding — Basic | 117,538 | 114,699 | 117,320 | 113,359 | |||||||||||||
Basic earnings (loss) per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.06 | $ | 0.27 | $ | 0.13 | |||||||||
Discontinued operations | (0.02 | ) | 0.01 | 0.31 | 0.12 | ||||||||||||
Earnings per common share — Basic | $ | 0.09 | * | $ | 0.07 | $ | 0.58 | $ | 0.25 | ||||||||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||||||||||
Summary of Calculation of Diluted EPS and Reconciliation of Net Income Available to Shareholders | ' | ||||||||||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Income from continuing operations | $ | 14,964 | $ | 10,072 | $ | 39,704 | $ | 24,272 | |||||||||
Net income attributable to noncontrolling interests | (2,480 | ) | (2,730 | ) | (7,655 | ) | (8,183 | ) | |||||||||
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | |||||||||||||
Allocation of continuing income to participating securities | (221 | ) | (267 | ) | (829 | ) | (820 | ) | |||||||||
Income from continuing operations available to common stockholders | 12,263 | 7,075 | 31,220 | 15,269 | |||||||||||||
(Loss) income from discontinued operations | (1,913 | ) | 729 | 36,815 | 13,245 | ||||||||||||
Net income attributable to noncontrolling interests | — | (6 | ) | (62 | ) | (19 | ) | ||||||||||
(Loss) income from discontinued operations available to common stockholders | (1,913 | ) | 723 | 36,753 | 13,226 | ||||||||||||
Net income available to common stockholders | $ | 10,350 | $ | 7,798 | $ | 67,973 | $ | 28,495 | |||||||||
Weighted average shares outstanding — Basic | 117,538 | 114,699 | 117,320 | 113,359 | |||||||||||||
Stock options using the treasury method | 266 | 299 | 307 | 237 | |||||||||||||
Executive Incentive Plan shares using the treasury method | — | — | — | 85 | |||||||||||||
Weighted average shares outstanding — Diluted | 117,804 | 114,998 | 117,627 | 113,681 | |||||||||||||
Diluted earnings (loss) per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.06 | $ | 0.27 | $ | 0.13 | |||||||||
Discontinued operations | (0.02 | ) | 0.01 | 0.31 | 0.12 | ||||||||||||
Earnings per common share — Diluted | $ | 0.09 | * | $ | 0.07 | $ | 0.58 | $ | 0.25 | ||||||||
* Note: EPS does not foot due to the rounding of the individual calculations. |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||
The following table presents stock option activity during the nine months ended September 30, 2013: | ||||||||||||||||
Shares Under Option | Weighted- | |||||||||||||||
Average Exercise Price | ||||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding at January 1, 2013 | 3,521 | $ | 20.73 | |||||||||||||
Granted | — | $ | — | |||||||||||||
Exercised | (493 | ) | $ | 16.45 | ||||||||||||
Forfeited or expired | — | $ | — | |||||||||||||
Outstanding at September 30, 2013 | 3,028 | $ | 21.43 | |||||||||||||
Exercisable at September 30, 2013 | 2,780 | $ | 21.72 | |||||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||||||
The following table presents information regarding restricted stock activity during the nine months ended September 30, 2013: | ||||||||||||||||
Unvested | Weighted-Average | |||||||||||||||
Shares | Price | |||||||||||||||
(In thousands) | ||||||||||||||||
Unvested at January 1, 2013 | 975 | $ | 17.11 | |||||||||||||
Granted | 66 | $ | 22.4 | |||||||||||||
Vested | (127 | ) | $ | 17.37 | ||||||||||||
Forfeited | (2 | ) | $ | 20.34 | ||||||||||||
Unvested at September 30, 2013 | 912 | * | $ | 17.45 | ||||||||||||
______________________________________________ | ||||||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. | ||||||||||||||||
Share-Based Compensation Expense | ' | |||||||||||||||
Share-based compensation expense charged against earnings is summarized as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Restricted stock expense | $ | 1,449 | $ | 1,403 | $ | 4,480 | $ | 4,602 | ||||||||
Stock option expense | 105 | 243 | 358 | 794 | ||||||||||||
Employee stock purchase plan discount | 5 | 3 | 14 | 10 | ||||||||||||
Total equity-based expense | 1,559 | 1,649 | 4,852 | 5,406 | ||||||||||||
Restricted stock classified as a liability | 39 | 17 | 78 | 34 | ||||||||||||
Total expense | 1,598 | 1,666 | 4,930 | 5,440 | ||||||||||||
Less amount capitalized | (111 | ) | (72 | ) | (278 | ) | (226 | ) | ||||||||
Net share-based compensation expense | $ | 1,487 | $ | 1,594 | $ | 4,652 | $ | 5,214 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Financial Information Relating to Operations Presented by Segments | ' | |||||||||||||||
The following table sets forth the financial information relating to our continuing operations presented by segments and includes a reconciliation of NOI to income from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
South Florida | $ | 22,063 | $ | 22,040 | $ | 68,400 | $ | 66,210 | ||||||||
North Florida | 9,517 | 9,296 | 28,500 | 28,706 | ||||||||||||
Southeast | 10,327 | 10,085 | 31,006 | 30,453 | ||||||||||||
Northeast | 18,856 | 12,738 | 55,178 | 35,866 | ||||||||||||
West Coast | 18,043 | 17,524 | 53,154 | 50,177 | ||||||||||||
Non-retail | 727 | 240 | 1,388 | 526 | ||||||||||||
Total segment revenue | 79,533 | 71,923 | 237,626 | 211,938 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 844 | 1,072 | 1,626 | 2,813 | ||||||||||||
Accretion of below market lease intangibles, net | 3,224 | 3,075 | 9,458 | 9,686 | ||||||||||||
Management and leasing services | 587 | 499 | 1,485 | 1,803 | ||||||||||||
Total revenue | $ | 84,188 | $ | 76,569 | $ | 250,195 | $ | 226,240 | ||||||||
Net operating income (NOI): | ||||||||||||||||
South Florida | $ | 14,743 | $ | 14,549 | $ | 46,095 | $ | 44,235 | ||||||||
North Florida | 6,476 | 6,480 | 19,122 | 20,131 | ||||||||||||
Southeast | 7,208 | 7,186 | 21,674 | 21,591 | ||||||||||||
Northeast | 13,797 | 9,003 | 39,382 | 24,859 | ||||||||||||
West Coast | 11,567 | 11,443 | 34,826 | 32,973 | ||||||||||||
Non-retail | 617 | 47 | 990 | 118 | ||||||||||||
Total NOI | 54,408 | 48,708 | 162,089 | 143,907 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 844 | 1,072 | 1,626 | 2,813 | ||||||||||||
Accretion of below market lease intangibles, net | 3,224 | 3,075 | 9,458 | 9,686 | ||||||||||||
Management and leasing services | 587 | 499 | 1,485 | 1,803 | ||||||||||||
Elimination of intersegment expenses | 2,637 | 2,445 | 7,888 | 7,140 | ||||||||||||
Investment income | 1,453 | 1,583 | 5,866 | 4,610 | ||||||||||||
Equity in income of unconsolidated joint ventures | 716 | 469 | 1,766 | 129 | ||||||||||||
Other income (expense) | 38 | (9 | ) | 199 | 43 | |||||||||||
Gain on extinguishment of debt | — | — | 107 | 352 | ||||||||||||
Less: | ||||||||||||||||
Depreciation and amortization expense | 21,004 | 19,162 | 66,436 | 60,722 | ||||||||||||
General and administrative expense | 9,579 | 10,078 | 28,155 | 31,916 | ||||||||||||
Interest expense | 16,923 | 17,522 | 50,860 | 51,604 | ||||||||||||
Amortization of deferred financing fees | 606 | 627 | 1,815 | 1,829 | ||||||||||||
Impairment loss on goodwill and income producing properties | 1,213 | — | 3,875 | — | ||||||||||||
Income from continuing operations before tax and discontinued | $ | 14,582 | $ | 10,453 | $ | 39,343 | $ | 24,412 | ||||||||
operations | ||||||||||||||||
Financial Information Relating to Assets Presented by Segments | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
South Florida | $ | 695,503 | $ | 692,764 | ||||||||||||
North Florida | 314,923 | 316,364 | ||||||||||||||
Southeast | 334,661 | 337,945 | ||||||||||||||
Northeast | 913,806 | 894,658 | ||||||||||||||
West Coast | 807,798 | 801,167 | ||||||||||||||
Non-retail | 61,592 | 33,525 | ||||||||||||||
Corporate assets | 192,885 | 206,741 | ||||||||||||||
Properties held for sale | 24,710 | 219,504 | ||||||||||||||
Total assets | $ | 3,345,878 | $ | 3,502,668 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The following table presents our hierarchy for those assets/(liabilities) measured and recorded at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||
Interest rate swap: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 1,137 | $ | — | $ | 1,137 | $ | — | |||||||||||||
Classified as a liability in accounts payable and | $ | (174 | ) | $ | — | $ | (174 | ) | $ | — | |||||||||||
accrued expenses | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||
Interest rate swaps classified as a liability in accounts | $ | (6,954 | ) | $ | — | $ | (6,954 | ) | $ | — | |||||||||||
payable and accrued expenses | |||||||||||||||||||||
Fair Value, Assets Measured on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 5,400 | $ | — | $ | — | $ | 5,400 | $ | 1,218 | |||||||||||
Operating properties held for sale | 15,013 | — | 15,013 | — | 518 | ||||||||||||||||
Development properties held and used | 4,390 | — | — | 4,390 | 2,520 | ||||||||||||||||
Total | $ | 24,803 | $ | — | $ | 15,013 | $ | 9,790 | $ | 4,256 | |||||||||||
(1) Total losses exclude impairments related to properties sold during the nine months ended September 30, 2013. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 200,422 | $ | 1,394,793 | $ | 1,270,926 | $ | (133 | ) | $ | 2,866,008 | |||||||||
Investment in affiliates | 2,690,675 | — | — | (2,690,675 | ) | — | ||||||||||||||
Other assets | 200,130 | 115,750 | 954,214 | (790,224 | ) | 479,870 | ||||||||||||||
Total Assets | $ | 3,091,227 | $ | 1,510,543 | $ | 2,225,140 | $ | (3,481,032 | ) | $ | 3,345,878 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,669,359 | $ | 131,755 | $ | 435,485 | $ | (764,440 | ) | $ | 1,472,159 | |||||||||
Other liabilities | 13,910 | 91,269 | 161,821 | (25,917 | ) | 241,083 | ||||||||||||||
Liabilities associated with properties | — | 32 | 13,915 | — | 13,947 | |||||||||||||||
held for sale | ||||||||||||||||||||
Total Liabilities | 1,683,269 | 223,056 | 611,221 | (790,357 | ) | 1,727,189 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 3,031 | — | 3,031 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,407,958 | 1,287,487 | 1,610,888 | (2,690,675 | ) | 1,615,658 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,091,227 | $ | 1,510,543 | $ | 2,225,140 | $ | (3,481,032 | ) | $ | 3,345,878 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||
As of December 31, 2012 | Inc. | Subsidiaries | Guarantor | Entries | ||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 265,998 | $ | 1,483,187 | $ | 1,261,288 | $ | (133 | ) | $ | 3,010,340 | |||||||||
Investment in affiliates | 2,691,302 | — | — | (2,691,302 | ) | — | ||||||||||||||
Other assets | 212,259 | 89,418 | 972,366 | (781,715 | ) | 492,328 | ||||||||||||||
Total Assets | $ | 3,169,559 | $ | 1,572,605 | $ | 2,233,654 | $ | (3,473,150 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 143,703 | $ | 451,090 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 18,487 | 113,539 | 161,266 | (21,248 | ) | 272,044 | ||||||||||||||
Liabilities associated with properties | 3,216 | 15,055 | — | — | 18,271 | |||||||||||||||
held for sale | ||||||||||||||||||||
Total Liabilities | 1,772,833 | 272,297 | 612,356 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | 22,551 | ||||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,726 | 1,300,308 | 1,598,747 | (2,691,302 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,559 | $ | 1,572,605 | $ | 2,233,654 | $ | (3,473,150 | ) | $ | 3,502,668 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 7,398 | $ | 42,791 | $ | 33,999 | $ | — | $ | 84,188 | ||||||||||
Equity in subsidiaries' earnings | 31,149 | — | — | (31,149 | ) | — | ||||||||||||||
Total costs and expenses | 11,226 | 22,210 | 19,792 | (157 | ) | 53,071 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 27,321 | 20,581 | 14,207 | (30,992 | ) | 31,117 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (16,717 | ) | (1,856 | ) | 2,883 | (845 | ) | (16,535 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 10,604 | 18,725 | 17,090 | (31,837 | ) | 14,582 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT | — | 228 | 154 | — | 382 | |||||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 10,604 | 18,953 | 17,244 | (31,837 | ) | 14,964 | ||||||||||||||
Loss from discontinued operations | (33 | ) | (1,600 | ) | (324 | ) | 44 | (1,913 | ) | |||||||||||
NET INCOME | 10,571 | 17,353 | 16,920 | (31,793 | ) | 13,051 | ||||||||||||||
Other comprehensive loss | (1,024 | ) | — | — | — | (1,024 | ) | |||||||||||||
COMPREHENSIVE INCOME | 9,547 | 17,353 | 16,920 | (31,793 | ) | 12,027 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,480 | ) | — | (2,480 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 9,547 | $ | 17,353 | $ | 14,440 | $ | (31,793 | ) | $ | 9,547 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
Comprehensive Income | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
for the three months ended September 30, 2012 | Subsidiaries | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 7,239 | $ | 37,481 | $ | 31,849 | $ | — | $ | 76,569 | ||||||||||
Equity in subsidiaries' earnings | 28,237 | — | — | (28,237 | ) | — | ||||||||||||||
Total costs and expenses | 11,274 | 19,224 | 19,512 | — | 50,010 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 24,202 | 18,257 | 12,337 | (28,237 | ) | 26,559 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (16,642 | ) | (1,092 | ) | 1,840 | (212 | ) | (16,106 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,560 | 17,165 | 14,177 | (28,449 | ) | 10,453 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax expense of taxable REIT | — | (120 | ) | (261 | ) | — | (381 | ) | ||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 7,560 | 17,045 | 13,916 | (28,449 | ) | 10,072 | ||||||||||||||
Income (loss) from discontinued operations | 581 | (185 | ) | 118 | 215 | 729 | ||||||||||||||
NET INCOME | 8,141 | 16,860 | 14,034 | (28,234 | ) | 10,801 | ||||||||||||||
Other comprehensive (loss) income | (2,562 | ) | — | 76 | — | (2,486 | ) | |||||||||||||
COMPREHENSIVE INCOME | 5,579 | 16,860 | 14,110 | (28,234 | ) | 8,315 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,736 | ) | — | (2,736 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 5,579 | $ | 16,860 | $ | 11,374 | $ | (28,234 | ) | $ | 5,579 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the nine months ended September 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (50,222 | ) | $ | 83,557 | $ | 70,276 | $ | 103,611 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (60,000 | ) | — | (60,000 | ) | ||||||||||||||
Additions to income producing properties | (1,149 | ) | (5,977 | ) | (3,568 | ) | (10,694 | ) | ||||||||||||
Additions to construction in progress | (556 | ) | (24,712 | ) | (8,325 | ) | (33,593 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (4,918 | ) | — | — | (4,918 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 67,527 | 143,597 | 5,528 | 216,652 | ||||||||||||||||
Increase in cash held in escrow | (40,892 | ) | — | — | (40,892 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,586 | 91,586 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (498 | ) | (3,260 | ) | (2,240 | ) | (5,998 | ) | ||||||||||||
Investment in joint ventures | — | — | (9,770 | ) | (9,770 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 135 | 135 | ||||||||||||||||
Distributions from joint ventures | — | — | 3,077 | 3,077 | ||||||||||||||||
Advances to subsidiaries, net | 186,016 | (106,123 | ) | (79,893 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 205,530 | (81,475 | ) | (15,470 | ) | 108,585 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,579 | ) | (2,082 | ) | (27,438 | ) | (33,099 | ) | ||||||||||||
Net repayments under revolving credit facilities | (82,000 | ) | — | — | (82,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 7,859 | — | — | 7,859 | ||||||||||||||||
Stock issuance costs | (93 | ) | — | — | (93 | ) | ||||||||||||||
Dividends paid to stockholders | (78,187 | ) | — | — | (78,187 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (18,917 | ) | (18,917 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (7,540 | ) | (7,540 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (911 | ) | (911 | ) | ||||||||||||||
Net cash used in financing activities | (156,000 | ) | (2,082 | ) | (54,806 | ) | (212,888 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (692 | ) | — | — | (692 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 26,724 | $ | — | $ | — | $ | 26,724 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Non- | Consolidated | |||||||||||||||||
for the nine months ended September 30, 2012 | Inc. | Guarantor | ||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (107,380 | ) | $ | 84,051 | $ | 139,840 | $ | 116,511 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (153,750 | ) | (226,985 | ) | |||||||||||||
Additions to income producing properties | (4,375 | ) | (8,677 | ) | (2,224 | ) | (15,276 | ) | ||||||||||||
Acquisition of land held for development | — | (7,500 | ) | — | (7,500 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (53,800 | ) | (533 | ) | (55,015 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 6,514 | 25,235 | 33,166 | ||||||||||||||||
Decrease (increase) in cash held in escrow | 90,845 | (1,811 | ) | 746 | 89,780 | |||||||||||||||
Investment in loans receivable | — | — | (19,258 | ) | (19,258 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,541 | ) | (2,363 | ) | (1,532 | ) | (5,436 | ) | ||||||||||||
Investment in joint ventures | — | — | (14,102 | ) | (14,102 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 618 | 618 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (132,148 | ) | 59,285 | 72,863 | — | |||||||||||||||
Net cash used in investing activities | (46,484 | ) | (81,587 | ) | (91,370 | ) | (219,441 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,316 | ) | (2,464 | ) | (40,266 | ) | (44,046 | ) | ||||||||||||
Net repayments under revolving credit facilities | (76,000 | ) | — | — | (76,000 | ) | ||||||||||||||
Repayment of senior debt borrowings | (10,000 | ) | — | — | (10,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 86,490 | — | — | 86,490 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (2,697 | ) | — | — | (2,697 | ) | ||||||||||||||
Stock issuance costs | (813 | ) | — | — | (813 | ) | ||||||||||||||
Dividends paid to stockholders | (76,109 | ) | — | — | (76,109 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (7,496 | ) | (7,496 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (708 | ) | (708 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 169,555 | (2,464 | ) | (48,470 | ) | 118,621 | ||||||||||||||
Net increase in cash and cash equivalents | 15,691 | — | — | 15,691 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 26,654 | $ | — | $ | — | $ | 26,654 | ||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Sep. 30, 2013 |
sqft | |
properties | |
Real Estate Properties [Line Items] | ' |
Number of properties | 144 |
Square feet of gross leasable area | 15,300,000 |
Percentage of core portfolio | 92.40% |
Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Square feet of gross leasable area | 3,400,000 |
Shopping Centers [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 121 |
Shopping Centers [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 18 |
Development Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 10 |
Square feet of gross leasable area | 1,700,000 |
Non-Retail Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 7 |
Land Parcels [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 6 |
Office Buildings [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (Publix Super Markets [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
sqft | |
Publix Super Markets [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Largest tenant accounted gross leasable area, square feet | 1,300,000 |
Largest tenant accounted gross leasable area, percentage of total area | 8.00% |
Annual minimum rent, gross leasable area | $9,800,000 |
Percentage of annual minimum rent, gross leasable area | 4.10% |
Outstanding receivables | $337,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Transaction-related costs, property acquisitions | $650 | $1,200 | $1,400 | $2,600 |
Maximum [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Like-kind exchange agreement days, maximum | ' | ' | '180 days | ' |
Acquisitions_Summary_of_Income
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
sqft | ||
Business Acquisition [Line Items] | ' | |
Square Feet | 15,300,000 | |
Purchase Price | $60,000 | |
Bethesda [Member] | Manor Care [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Date Purchased | 5-Sep-13 | |
Square Feet | 41,123 | |
Business Combination, Consideration Transferred | 13,000 | |
Bethesda [Member] | 5335 Citgo [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Date Purchased | 5-Sep-13 | |
Square Feet | 18,128 | |
Business Combination, Consideration Transferred | 6,000 | |
Bethesda [Member] | 5471 Citgo [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Date Purchased | 5-Sep-13 | |
Square Feet | 14,025 | |
Business Combination, Consideration Transferred | 4,000 | |
Bethesda [Member] | Westwood Towers [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Date Purchased | 5-Jun-13 | |
Square Feet | 211,020 | [1] |
Business Combination, Consideration Transferred | 25,000 | [1] |
Bethesda [Member] | Bowlmor Lanes [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Date Purchased | 7-May-13 | |
Square Feet | 27,000 | [1] |
Business Combination, Consideration Transferred | $12,000 | [1] |
Purchase Price Allocation Adjustments [Member] | Westwood Towers [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | '5.9 | |
[1] | The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. |
Dispositions_Summary_of_Dispos
Dispositions (Summary of Disposition Activity) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
properties | Outparcels Sold [Member] | Outparcels Sold [Member] | Outparcels Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
sqft | Willowdaile - Subway Outparcel [Member] | Canyon Trails - Jack in the Box [Member] | Canyon Trails - Chase Pad [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Paulding Commons [Member] | Willowdale Shopping Center [Member] | Village At Northshore [Member] | Galleria [Member] | C V S Plaza [Member] | Providence Square [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Meadows [Member] | Plaza Alegre [Member] | Chestnut Square [Member] | Madison Centre [Member] | Lutz Lake [Member] | Seven Hills [Member] | Middle Beach Shopping Center [Member] | Douglas Commons [Member] | North Village Center [Member] | Windy Hill Shopping Center [Member] | Macland Pointe [Member] | Shoppes Of Eastwood [Member] | Butler Creek [Member] | Fairview Oaks [Member] | Grassland Crossing [Member] | Hamilton Ridge [Member] | Shopes at Westridge [Member] | Mableton Crossing [Member] | Mableton Crossing [Member] | ||||||
Durham [Member] | Goodyear [Member] | Goodyear [Member] | Mortgage Loans on Real Estate [Member] | Port Richey [Member] | Hiram [Member] | Durham [Member] | Slidell [Member] | Wilmington [Member] | Miami [Member] | Charlotte [Member] | Mortgage Loans on Real Estate [Member] | Jacksonville [Member] | Miami [Member] | Miami [Member] | Brevard [Member] | Madison [Member] | Lutz [Member] | Spring Hill [Member] | Panama City Beach [Member] | Douglasville [Member] | North Myrtle Beach [Member] | North Myrtle Beach [Member] | Marietta [Member] | Orlando [Member] | Acworth [Member] | Ellenwood [Member] | Alpharetta [Member] | Buford [Member] | McDonough [Member] | Mableton [Member] | ||||||||||
sqft | sqft | sqft | 5% Loan Receivable Due December 15, 2013 [Member] | sqft | sqft | sqft | sqft | sqft | sqft | sqft | 6% Loan Receivable Due September 18, 2013 [Member] | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||
Acquisitions And Dispositions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long Lived Assets Held-for-sale, Gain (Loss) on Sale | ' | ' | ' | ' | ' | ' | ($84,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Date Sold | ' | ' | 10-Sep-13 | 21-Jun-13 | 23-May-13 | ' | ' | ' | 25-Sep-13 | 18-Sep-13 | 16-Aug-13 | 7-Aug-13 | 19-Jul-13 | 1-Jul-13 | 27-Jun-13 | ' | ' | 18-Jun-13 | 18-Jun-13 | 18-Jun-13 | 7-Jun-13 | 1-May-13 | 4-Apr-13 | 4-Apr-13 | 29-Mar-13 | 22-Mar-13 | 22-Mar-13 | 22-Mar-13 | 13-Feb-13 | 23-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | ' | 15-Jan-13 | ' | ||
Square Feet | 15,300,000 | ' | 2,384 | 4,000 | 4,200 | ' | ' | ' | 85,864 | 209,676 | 95,601 | 144,638 | 92,114 | 18,214 | 85,930 | ' | ' | 156,153 | 75,524 | 88,411 | 34,260 | 64,837 | 64,985 | 72,590 | 69,277 | 97,027 | 60,356 | 68,465 | 79,699 | 69,037 | 95,597 | 77,052 | 90,906 | 90,996 | 66,297 | ' | 86,819 | ' | ||
Gross Sales Price | 236,165,000 | ' | 700,000 | 1,980,000 | 3,850,000 | 229,635,000 | ' | ' | 6,550,000 | 18,150,000 | 5,200,000 | 9,450,000 | 3,760,000 | 4,400,000 | 2,000,000 | ' | ' | 12,000,000 | [1] | 15,242,000 | 20,633,000 | 6,000,000 | 7,350,000 | 10,550,000 | 7,750,000 | 2,350,000 | 12,000,000 | 2,365,000 | 2,635,000 | 9,150,000 | 11,600,000 | 10,650,000 | 9,300,000 | 9,700,000 | 11,800,000 | 7,550,000 | ' | 11,500,000 | [2] | 6,530,000 |
Loans receivable, net | 72,241,000 | 140,708,000 | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred gain on disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt repaid by buyer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,800,000 | ' | ' | ||
Number of properites held for sale | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | We provided financing to the buyer in the form of an $8.5 million loan receivable, and the related gain on disposal of $1.0 million was deferred at SeptemberB 30, 2013. See Note 7 for further discussion. | |||||||||||||||||||||||||||||||||||||||
[2] | $2.8 million of mortgage debt secured by this property was repaid at closing. |
Dispositions_Components_of_Inc
Dispositions (Components of Income and Expense Relating to Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Rental revenue | $1,792 | $7,499 | $10,424 | $23,622 |
Property operating expenses | 608 | 2,249 | 3,493 | 6,869 |
Depreciation and amortization | 340 | 1,727 | 2,129 | 5,378 |
Operations of income producing properties | 844 | 3,523 | 4,802 | 11,375 |
Interest expense | -206 | -570 | -630 | -2,027 |
(Loss) gain on disposal of income producing properties | -187 | ' | 36,672 | 14,269 |
Impairment loss on income producing properties | -2,576 | -2,445 | -2,704 | -9,818 |
Loss on extinguishment of debt | ' | ' | -682 | -725 |
Income tax expense of taxable REIT subsidiaries | 212 | -97 | -648 | -277 |
Other income (loss) | ' | 318 | 5 | 448 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | -1,913 | 729 | 36,815 | 13,245 |
Net income attributable to noncontrolling interests - discontinued operations | ' | -6 | -62 | -19 |
Income from discontinued operations attributable to Equity One, Inc. | ($1,913) | $723 | $36,753 | $13,226 |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 144 | ' | ||
Total | $80,210 | [1] | $71,567 | [1] |
Advances to unconsolidated joint ventures, Investment Balance | 470 | [1] | 604 | [1] |
Investments in and advances to unconsolidated joint ventures | 80,680 | [1] | 72,171 | [1] |
Vestar [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Noncontrolling interest ownership percentage | 5.00% | ' | ||
Madison 2260, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Cost method investment, ownership percentage | 8.60% | [1] | ' | |
Cost method investment balance | 634 | [1] | 634 | [1] |
Madison 1235, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Cost method investment, ownership percentage | 20.10% | [1] | ' | |
Cost method investment balance | 820 | [1] | 1,000 | [1] |
GRI-EQY I, LLC [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Net of deferred gains associated with the disposition of assets | 3,300 | 3,300 | ||
GRI-EQY I, LLC [Member] | Georgia, South Carolina & Florida [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 10 | [1],[2] | ' | |
Equity Method Investment, Ownership Percentage | 10.00% | [1],[2] | ' | |
Equity method investment balance | 12,746 | [1],[2] | 8,587 | [1],[2] |
G&I Investment South Florida Portfolio, LLC [Member] | Florida [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 3 | [1] | ' | |
Equity Method Investment, Ownership Percentage | 20.00% | [1] | ' | |
G&I Investment South Florida Portfolio, LLC [Member] | Florida [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Equity method investment balance | 3,526 | [1] | 3,491 | [1] |
Talega Village Center JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Effective interest rate, noncontrolling interest | 48.00% | ' | ||
Talega Village Center JV, LLC [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1],[3] | ' | |
Equity Method Investment, Ownership Percentage | 50.50% | [1],[3] | ' | |
Equity method investment balance | 2,842 | [1],[3] | 2,909 | [1],[3] |
Vernola Marketplace JV, LLC [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1],[3] | ' | |
Equity Method Investment, Ownership Percentage | 50.50% | [1],[3] | ' | |
Equity method investment balance | 6,321 | [1],[3] | 6,972 | [1],[3] |
Parnassus Heights Medical Center [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Equity Method Investment, Ownership Percentage | 50.00% | [1] | ' | |
Equity method investment balance | 20,296 | [1] | 20,385 | [1] |
Equity One JV Portfolio, LLC (NYCRF) [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Net of deferred gains associated with the disposition of assets | 404 | 404 | ||
Equity One JV Portfolio, LLC (NYCRF) [Member] | Florida & Massachusetts [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 4 | [1],[4] | ' | |
Equity Method Investment, Ownership Percentage | 30.00% | [1],[4] | ' | |
Equity method investment balance | $33,025 | [1],[4] | $27,589 | [1],[4] |
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method | |||
[2] | The investment balance as of SeptemberB 30, 2013 and DecemberB 31, 2012 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||
[3] | Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||
[4] | The investment balance as of SeptemberB 30, 2013 and DecemberB 31, 2012 is presented net of a deferred gain of approximately $404,000 for both periods associated with the disposition of assets by us to the joint venture. |
Investments_in_Joint_Ventures_2
Investments in Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Unconsolidated Joint Venture [Member] | Unconsolidated Joint Venture [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Leasing Fees [Member] | Leasing Fees [Member] | Leasing Fees [Member] | Leasing Fees [Member] | Contribution Related to JV Debt Repayment [Member] | Contribution Related to Acquisition by JV [Member] | ||||||
properties | Unconsolidated Joint Venture [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in income of unconsolidated joint ventures | $716,000 | $469,000 | $1,766,000 | $129,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees paid associated with these joint ventures, which are included in management and leasing services revenue | ' | ' | ' | ' | ' | ' | ' | ' | 587,000 | 497,000 | 1,500,000 | 1,800,000 | ' | ' |
Mortgage debt | ' | ' | ' | ' | ' | 247,000,000 | 292,000,000 | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated joint venture debt, entity pro-rata share | ' | ' | ' | ' | ' | 60,800,000 | 65,800,000 | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 4,700,000 |
Number of properties required to be purchased | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Loans receivable, net | 72,241,000 | ' | 72,241,000 | ' | 140,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase option, property | ' | ' | ' | ' | ' | ' | ' | $15,800,000 | ' | ' | ' | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 9 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Danbury And Southbury [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
entity | Danbury And Southbury [Member] | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Number of variable interest entities | ' | ' | ' | 3 | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Nature of VIE | ' | ' | ' | ' | '2 |
Purchase of subsidiary shares from noncontrolling interest | $18,917 | $0 | $18,900 | ' | ' |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jul. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2012 | ||
sqft | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Real Estate [Member] | Retail Site [Member] | Apartment Building [Member] | Assisted Living Facility [Member] | Mezzanine Loan [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Nine Percent Loan Receivable Due December 18, 2013 [Member] | 6% Loan Receivable Due September 18, 2013 [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | Income Producing Property Sold [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Westwood Complex [Member] | ||||
Mezzanine Loan [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Junior Mezzanine Loan [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Mortgage Loans on Real Estate [Member] | Performing Financing Receivable [Member] | Mortgage Loans on Real Estate [Member] | Performing Financing Receivable [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Scenario, Forecast [Member] | ||||||
acre | sqft | sqft | units | Mezzanine Loan [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Nine Percent Loan Receivable Due December 18, 2013 [Member] | Jacksonville [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | Port Richey [Member] | ||||||||||||||||
Mortgage Loans on Real Estate [Member] | sqft | Mortgage Loans on Real Estate [Member] | sqft | ||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loans receivable, net | $72,241,000 | ' | $140,708,000 | ' | ' | $12,000,000 | $95,000,000 | ' | ' | ' | ' | ' | $45,000,000 | $6,300,000 | ' | ' | $7,200,000 | ' | $4,300,000 | ' | ' | $8,500,000 | ' | $4,300,000 | ' | ' | |
Interest rate on loan receivable over the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
One month, LIBOR floor percentage on loan receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mezzanine loan interest rate | 6.88% | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Real estate investment property | 2,752,643,000 | ' | 2,682,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | |
Loan amount, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Square Feet | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | 22 | 214,767 | 211,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,153 | ' | 85,864 | ' | |
Number of units in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repayment of loans receivable | 91,586,000 | ' | ' | 5,800,000 | ' | ' | ' | 40,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross sales price | 236,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,635,000 | ' | ' | 12,000,000 | [1] | ' | 6,550,000 | ' |
Investment in loan receivable | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred gain on disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | |
[1] | We provided financing to the buyer in the form of an $8.5 million loan receivable, and the related gain on disposal of $1.0 million was deferred at SeptemberB 30, 2013. See Note 7 for further discussion. |
Other_Assets_Composition_of_Ot
Other Assets (Composition of Other Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total other assets | $236,838 | $230,557 |
Other Assets [Member] | ' | ' |
Lease intangible assets, net | 118,031 | 129,250 |
Leasing commissions, net | 36,535 | 35,432 |
Prepaid expenses and other receivables | 29,869 | 24,357 |
Straight-line rent receivable, net | 21,568 | 20,059 |
Deferred financing costs, net | 8,968 | 10,777 |
Deposits and mortgage escrow | 14,038 | 5,195 |
Furniture and fixtures, net | 4,285 | 2,519 |
Fair value of interest rate swap | ' | 0 |
Deferred tax asset | 2,407 | 2,968 |
Total other assets | $236,838 | $230,557 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | |
Fixed Rate Mortgage Loans [Member] | Senior Notes [Member] | Term Loan And Interest Rate Swaps [Member] | Term Loan [Member] | Other Assets [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Brawley Commons [Member] | Brawley Commons [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Scenario, Forecast [Member] | City National Bank Of Florida [Member] | City National Bank Of Florida [Member] | ||||
Liabilities, Assets Held for Sale [Member] | Liabilities, Assets Held for Sale [Member] | Unsecured Revolving Credit Facilities [Member] | Term Loan [Member] | Original Unsecured Credit Facility [Member] | Unsecured Revolving Credit Facilities [Member] | ||||||||||||||
First Draw [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of at period end | ' | ' | ' | 6.01% | 5.02% | ' | ' | ' | 6.90% | 6.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | $396,374,000 | ' | $425,755,000 | ' | ' | ' | ' | ' | $13,300,000 | $16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans prepaid without penalty | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans prepaid without penalty, weighted-average interest rate | 6.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate, amount of encumbrances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 6,500,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | 142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | 33,099,000 | 44,046,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facilities | 90,000,000 | ' | 172,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | 90,000,000 | 172,000,000 | ' | ' | ' | ' |
Line of credit facility, interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.32% | ' | ' | ' | ' | ' | ' |
Drawings against amended facility, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.77% | ' | ' | ' | ' |
Facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' |
Term Loan Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | ' | ' | 5,000,000 |
Margin, percentage above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.55% | 1.25% |
Availability under credit facility | 430,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate face amount of letters of credit pledged | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Nov-13 | ' |
Term loan | 250,000,000 | ' | 250,000,000 | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.17% | ' | ' |
Term loan expiration date | ' | ' | ' | ' | ' | 13-Feb-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cash flow hedge, gain (loss) to be reclassified during next 12 months | -3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Liabilities_Composition_
Other Liabilities (Composition of Other Liabilities) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | |
Other Liabilities Disclosure [Abstract] | ' | ' | ' |
Lease intangible liabilities, net | $158,777,000 | ' | $185,477,000 |
Prepaid rent | 9,722,000 | ' | 10,687,000 |
Other | 388,000 | ' | 215,000 |
Total other liabilities | 168,887,000 | ' | 196,379,000 |
Purchase of below market leasehold interest | ' | $25,000,000 | ' |
Lease expiration date | '10 years | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income tax (expense) benefit from continuing operations | $382,000 | ($381,000) | $361,000 | ($140,000) |
Income tax expense of taxable REIT subsidiaries | -212,000 | 97,000 | 648,000 | 277,000 |
Dim Vastgoed N V [Member] | ' | ' | ' | ' |
Federal net operating loss carry forwards | 5,100,000 | ' | 5,100,000 | ' |
State net operating loss carry forwards | 4,100,000 | ' | 4,100,000 | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | 31-Dec-27 | ' |
I R T Capital Corporation [Member] | ' | ' | ' | ' |
Federal net operating loss carry forwards | 1,500,000 | ' | 1,500,000 | ' |
State net operating loss carry forwards | $1,200,000 | ' | $1,200,000 | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | 31-Dec-30 | ' |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Redeemable noncontrolling interests | $3,031 | $22,551 | ||
Total noncontrolling interests included in stockholders' equity | 207,700 | 207,753 | ||
Danbury Green [Member] | ' | ' | ||
Redeemable noncontrolling interests | 0 | [1] | 7,720 | [1] |
Southbury Green [Member] | ' | ' | ||
Redeemable noncontrolling interests | 0 | [1] | 11,242 | [1] |
Vestar/EQY Canyon Trails LLC [Member] | ' | ' | ||
Redeemable noncontrolling interests | 2,042 | [2] | 2,600 | [2] |
Walden Woods Village Ltd [Member] | ' | ' | ||
Redeemable noncontrolling interests | 989 | [3] | 989 | [3] |
CapCo [Member] | ' | ' | ||
Total noncontrolling interests included in stockholders' equity | 206,145 | 206,145 | ||
DIM [Member] | ' | ' | ||
Total noncontrolling interests included in stockholders' equity | 1,082 | 1,100 | ||
Vestar/EQY Talega LLC [Member] | ' | ' | ||
Total noncontrolling interests included in stockholders' equity | 145 | [4] | 147 | [4] |
Vestar/EQY Vernola LLC [Member] | ' | ' | ||
Total noncontrolling interests included in stockholders' equity | $328 | [5] | $361 | [5] |
[1] | In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | |||
[2] | This entity owns Canyon Trails Towne Center. | |||
[3] | This entity owns Walden Woods Shopping Center. | |||
[4] | This entity holds our interest in Talega Village Center JV, LLC. | |||
[5] | This entity holds our interest in Vernola Marketplace JV, LLC. |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2011 | Jun. 30, 2013 | 31-May-13 | Sep. 30, 2013 | |
Danbury And Southbury [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
entity | ||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition percentage acquired | ' | ' | 60.00% | ' | 40.00% | ' |
Number of variable interest entities | ' | ' | ' | ' | ' | 3 |
Total noncontrolling interests included in stockholders' equity | ' | ' | $19,000,000 | ' | ' | ' |
Percentage of preferred return on advances | ' | ' | 5.00% | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interest | $18,917,000 | $0 | ' | $18,900,000 | ' | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Exercise Price | ' | ' | ' | 21.64 |
Class A Joint Venture Shares [Member] | ' | ' | ' | ' |
Earnings Per Share: | ' | ' | ' | ' |
Common stock not included in the calculation of EPS, shares | 11,400,000 | 11,400,000 | 11,400,000 | 11,400,000 |
Joint ventures shares, conversion to one share of company common stock | 1 | ' | 1 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Earnings Per Share: | ' | ' | ' | ' |
Common stock not included in the calculation of EPS, shares | 1,600,000 | 1,900,000 | 1,400,000 | 1,900,000 |
Minimum [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Exercise Price | 23.03 | 21.64 | 23.52 | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Exercise Price | 26.66 | 26.66 | 26.66 | 26.66 |
Earnings_Per_Share_Summary_of_
Earnings Per Share (Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Income (loss) from continuing operations | $14,964 | $10,072 | $39,704 | $24,272 | ||
Net income attributable to noncontrolling interests - continuing operations | -2,480 | -2,730 | -7,655 | -8,183 | ||
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | ||
Allocation of continuing income to restricted shares awards and to Class A common stockholder, Basic | 12,263 | 7,075 | 31,220 | 15,269 | ||
Income from discontinued operations | -1,913 | 729 | 36,815 | 13,245 | ||
Net income attributable to noncontrolling interests - discontinued operations | ' | -6 | -62 | -19 | ||
Income from discontinued operations attributable to Equity One, Inc. | -1,913 | 723 | 36,753 | 13,226 | ||
Allocation of discontinued loss to restricted share awards and to Class A common stockholder | -1,913 | 723 | 36,753 | 13,226 | ||
Net income (loss) available to common stockholders | 10,350 | 7,798 | 67,973 | 28,495 | ||
Weighted average shares outstanding - Basic (in shares) | 117,538 | 114,699 | 117,320 | 113,359 | ||
Basic earnings per share from continuing operations (in usd per share) | $0.10 | $0.06 | $0.27 | $0.13 | ||
Basic earnings per share from discontinued operations (in usd per share) | ($0.02) | $0.01 | $0.31 | $0.12 | ||
Earnings per common share - Basic (in usd per share) | $0.09 | [1] | $0.07 | $0.58 | $0.25 | [1] |
Restricted Share Awards And To Class A Common Stock [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Allocation of continuing income to restricted shares awards and to Class A common stockholder, Basic | ($221) | ($267) | ($829) | ($820) | ||
[1] |
Earnings_Per_Share_Summary_of_1
Earnings Per Share (Summary of Calculation of Diluted EPS and Reconciliation of Net Loss (Income) Available to Shareholders) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Income (loss) from continuing operations | $14,964 | $10,072 | $39,704 | $24,272 | |
Net income attributable to noncontrolling interests - continuing operations | -2,480 | -2,730 | -7,655 | -8,183 | |
Income from continuing operations attributable to Equity One, Inc. | 12,484 | 7,342 | 32,049 | 16,089 | |
Income from continuing operations attributable to common stockholders, Diluted | 12,263 | 7,075 | 31,220 | 15,269 | |
Income from discontinued operations | -1,913 | 729 | 36,815 | 13,245 | |
Net income attributable to noncontrolling interests - discontinued operations | ' | -6 | -62 | -19 | |
Income from discontinued operations attributable to Equity One, Inc. | -1,913 | 723 | 36,753 | 13,226 | |
Income from discontinued operations attributable to common stockholders | -1,913 | 723 | 36,753 | 13,226 | |
Net income available to common stockholders | 10,350 | 7,798 | 67,973 | 28,495 | |
Weighted average shares outstanding - Basic (in shares) | 117,538 | 114,699 | 117,320 | 113,359 | |
Stock options using the treasury method | 266 | 299 | 307 | 237 | |
Executive Incentive Plan shares using the treasury method | ' | ' | ' | 85 | |
Weighted average shares outstanding - Diluted | 117,804 | 114,998 | 117,627 | 113,681 | |
Diluted earnings per share from continuing operations (in usd per share) | $0.10 | $0.06 | $0.27 | $0.13 | |
Diluted earnings per share from discontinued operations (in usd per share) | ($0.02) | $0.01 | $0.31 | $0.12 | |
Earnings per common share - Diluted (in usd per share) | $0.09 | $0.07 | $0.58 | $0.25 | [1] |
Restricted Share Awards And To Class A Common Stock [Member] | ' | ' | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | |
Income from continuing operations attributable to common stockholders, Diluted | ($221) | ($267) | ($829) | ($820) | |
[1] |
ShareBased_Payments_Narrative_
Share-Based Payments (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grant date value, vested | 126,874 |
Total unrecognized compensation expense related to unvested and restricted share-based payment arrangements | $7.70 |
Recognizable weighted-average period (in years) | '1 year 4 months 24 days |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Executive shares | 800,000 |
Number of restricted stock awarded (in shares) | 66,015 |
Grant date value, vested | 127,000 |
Total vesting-date value of shares vested in a period | $2.20 |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vest over period (in years) | '2 years |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vest over period (in years) | '3 years |
ShareBased_Payments_Summary_of
Share-Based Payments (Summary of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Share Under Option (in shares): | ' |
Beginning balance | 3,521 |
Granted | 0 |
Exercised | -493 |
Forfeited or expired | 0 |
Ending balance | 3,028 |
Shares Under Option, Exercisable | 2,780 |
Weighted-Average Exercise Price (in dollars per share): | ' |
Beginning balance | $20.73 |
Granted | $0 |
Exercised | $16.45 |
Forfeited or expired | $0 |
Ending balance | $21.43 |
Weighted-Average Exercise Price, Exercisable | $21.72 |
Summary_of_Restricted_Stock_Ac
(Summary of Restricted Stock Activity) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Unvested Shares (in shares): | ' | |
Vested | -126,874 | |
Restricted Stock [Member] | ' | |
Unvested Shares (in shares): | ' | |
Unvested beginning balance | 975,000 | |
Granted | 66,000 | |
Vested | -127,000 | |
Forfeited | -2,000 | |
Unvested ending balance | 912,000 | [1] |
Weighted-Average Price (in dollars per share): | ' | |
Unvested beginning balance | 17.11 | |
Granted | 22.4 | |
Vested | 17.37 | |
Forfeited | 20.34 | |
Unvested ending balance | 17.45 | [1] |
[1] | Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. |
ShareBased_Payments_Summary_of1
Share-Based Payments (Summary of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Restricted stock expense | $1,449 | $1,403 | $4,480 | $4,602 |
Stock option expense | 105 | 243 | 358 | 794 |
Employee stock purchase plan discount | 5 | 3 | 14 | 10 |
Total equity-based expense | 1,559 | 1,649 | 4,852 | 5,406 |
Restricted stock classified as a liability | 39 | 17 | 78 | 34 |
Total expense | 1,598 | 1,666 | 4,930 | 5,440 |
Less amount capitalized | -111 | -72 | -278 | -226 |
Net share-based compensation expense | $1,487 | $1,594 | $4,652 | $5,214 |
Segment_Reporting_Financial_In
Segment Reporting (Financial Information Relating to Operations Presented by Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
segment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 6 | ' |
Total segment revenues | $79,533 | $71,923 | $237,626 | $211,938 |
Straight line rent adjustment | 844 | 1,072 | 1,626 | 2,813 |
Accretion of below market lease intangibles, net | 3,224 | 3,075 | 9,458 | 9,686 |
Management and leasing services | 587 | 499 | 1,485 | 1,803 |
Total revenue | 84,188 | 76,569 | 250,195 | 226,240 |
Net operating income | 54,408 | 48,708 | 162,089 | 143,907 |
Elimination of intersegment expenses | 2,637 | 2,445 | 7,888 | 7,140 |
Investment income | 1,453 | 1,583 | 5,866 | 4,610 |
Equity in income of unconsolidated joint ventures | 716 | 469 | 1,766 | 129 |
Other income (expense) | 38 | -9 | 199 | 43 |
Gain on extinguishment of debt | ' | ' | 107 | 352 |
Depreciation and amortization | 21,004 | 19,162 | 66,436 | 60,722 |
General and administrative | 9,579 | 10,078 | 28,155 | 31,916 |
Interest expense | 16,923 | 17,522 | 50,860 | 51,604 |
Amortization of deferred financing fees | 606 | 627 | 1,815 | 1,829 |
Impairment loss on goodwill and income producing properties | 1,213 | ' | 3,875 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 14,582 | 10,453 | 39,343 | 24,412 |
South Florida [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 22,063 | 22,040 | 68,400 | 66,210 |
Net operating income | 14,743 | 14,549 | 46,095 | 44,235 |
North Florida [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 9,517 | 9,296 | 28,500 | 28,706 |
Net operating income | 6,476 | 6,480 | 19,122 | 20,131 |
Southeast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 10,327 | 10,085 | 31,006 | 30,453 |
Net operating income | 7,208 | 7,186 | 21,674 | 21,591 |
Northeast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 18,856 | 12,738 | 55,178 | 35,866 |
Net operating income | 13,797 | 9,003 | 39,382 | 24,859 |
West Coast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 18,043 | 17,524 | 53,154 | 50,177 |
Net operating income | 11,567 | 11,443 | 34,826 | 32,973 |
Non-retail [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | 727 | 240 | 1,388 | 526 |
Net operating income | $617 | $47 | $990 | $118 |
Segment_Reporting_Financial_In1
Segment Reporting (Financial Information Relating to Assets Presented by Segments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $3,345,878 | $3,502,668 |
South Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 695,503 | 692,764 |
North Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 314,923 | 316,364 |
Southeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 334,661 | 337,945 |
Northeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 913,806 | 894,658 |
West Coast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 807,798 | 801,167 |
Non-retail [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 61,592 | 33,525 |
Corporate assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 192,885 | 206,741 |
Assets held for sale or sold [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $24,710 | $219,504 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Investment in development or redevelopment projects | $181.80 |
Additional investment required to complete the project | $85.40 |
Commitments and contingencies expense period | '3 years |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |||||
properties | properties | Term Loan [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Brawley Commons [Member] | Brawley Commons [Member] | Danville San Ramon Medical [Member] | Danville San Ramon Medical [Member] | Danville San Ramon Medical [Member] | Antioch Land [Member] | |||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Term loan notional amount | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value of interest rate swaps, asset | ' | ' | ' | ' | ' | 0 | 1,137,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | -174,000 | -6,954,000 | ' | ' | ' | ' | ' | ' | ||||
Net unrealized gain (loss) on interest rate swaps | -1,858,000 | [1] | -3,375,000 | [1] | 5,505,000 | [1] | -9,397,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of of operating property | ' | ' | 142,000 | ' | ' | ' | ' | ' | 1,100,000 | 1,200,000 | ' | ' | ' | 2,500,000 | ||||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 518,000 | 518,000 | 1,900,000 | ' | ||||
Impairment of Long-Lived Assets Sold | 2,100,000 | 2,400,000 | 2,200,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of properites held for sale with recorded impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill, Impairment Loss | $138,000 | ' | $138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | This amount includes our share of an unconsolidated joint venture's net unrealized losses of $51 and $89 for the three and nine months ended SeptemberB 30, 2012, respectively. There were no net unrealized gains or losses from unconsolidated joint ventures for the three and nine months ended SeptemberB 30, 2013. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Danville San Ramon Medical [Member] | Danville San Ramon Medical [Member] | Danville San Ramon Medical [Member] | Antioch Land [Member] | ||
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||||||
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | $142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 |
Fair value of interest rate swaps, asset | ' | 1,137,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap, liability | ' | 174,000 | 6,954,000 | 0 | 0 | 6,954,000 | 0 | 0 | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | ' | $518,000 | $518,000 | $1,900,000 | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured and Recorded as Fair Value on a Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Change During Period, Fair Value Disclosure [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Operating Properties Held-for-investment, Fair Value Disclosure | $1,218 |
Operating Properties Held-for-sale, Fair Value Disclosure | 518 |
Development Properties Held-for-investment | 2,520 |
Assets, Fair Value Disclosure | 4,256 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Operating Properties Held-for-investment, Fair Value Disclosure | 5,400 |
Operating Properties Held-for-sale, Fair Value Disclosure | 15,013 |
Development Properties Held-for-investment | 4,390 |
Assets, Fair Value Disclosure | 24,803 |
Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Operating Properties Held-for-investment, Fair Value Disclosure | 0 |
Operating Properties Held-for-sale, Fair Value Disclosure | 0 |
Development Properties Held-for-investment | 0 |
Assets, Fair Value Disclosure | 0 |
Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Operating Properties Held-for-investment, Fair Value Disclosure | 0 |
Operating Properties Held-for-sale, Fair Value Disclosure | 15,013 |
Development Properties Held-for-investment | 0 |
Assets, Fair Value Disclosure | 15,013 |
Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Operating Properties Held-for-investment, Fair Value Disclosure | 5,400 |
Operating Properties Held-for-sale, Fair Value Disclosure | 0 |
Development Properties Held-for-investment | 4,390 |
Assets, Fair Value Disclosure | $9,790 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Commercial Paper | ' | $250,000,000 | ||
Mortgage loan receivable, fair value | 72,200,000 | 142,200,000 | ||
Financing Receivable, Net | 72,241,000 | 140,708,000 | ||
Mortgage notes payable, fair value | 444,000,000 | 494,400,000 | ||
Mortgage notes payable, carrying value | 416,600,000 | 451,100,000 | ||
The carrying amount notes, including notes associated with properties held for sale | 396,374,000 | 425,755,000 | ||
Unsecured senior notes payable, fair value | 770,200,000 | 765,100,000 | ||
Loans Payable, Fair Value Disclosure | 247,300,000 | 255,200,000 | ||
Term loan | 250,000,000 | 250,000,000 | ||
Redeemable noncontrolling interests | 3,031,000 | 22,551,000 | ||
Investments in and advances to unconsolidated joint ventures | 80,680,000 | [1] | 72,171,000 | [1] |
Unsecured Senior Notes [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
unsecured debt total | 729,400,000 | 729,100,000 | ||
Term Loan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Term loan | 250,000,000 | ' | ||
Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value of interest rate swaps, asset | ' | 0 | ||
Interest Rate Swap [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value of interest rate swaps, asset | 1,137,000 | ' | ||
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value of interest rate swap, liability | $174,000 | $7,000,000 | ||
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Properties, net | $2,866,008 | $3,010,340 |
Investment in affiliates | ' | ' |
Other assets | 479,870 | 492,328 |
TOTAL ASSETS | 3,345,878 | 3,502,668 |
LIABILITIES | ' | ' |
Total notes payable | 1,472,159 | 1,585,323 |
Other liabilities | 241,083 | 272,044 |
Liabilities associated with properties held for sale | 13,947 | 18,271 |
Total liabilities | 1,727,189 | 1,875,638 |
Redeemable noncontrolling interests | 3,031 | 22,551 |
EQUITY | 1,615,658 | 1,604,479 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,345,878 | 3,502,668 |
Equity One, Inc. [Member] | ' | ' |
ASSETS | ' | ' |
Properties, net | 200,422 | 265,998 |
Investment in affiliates | 2,690,675 | 2,691,302 |
Other assets | 200,130 | 212,259 |
TOTAL ASSETS | 3,091,227 | 3,169,559 |
LIABILITIES | ' | ' |
Total notes payable | 1,669,359 | 1,751,130 |
Other liabilities | 13,910 | 18,487 |
Liabilities associated with properties held for sale | ' | 3,216 |
Total liabilities | 1,683,269 | 1,772,833 |
Redeemable noncontrolling interests | ' | ' |
EQUITY | 1,407,958 | 1,396,726 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,091,227 | 3,169,559 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Properties, net | 1,394,793 | 1,483,187 |
Investment in affiliates | ' | ' |
Other assets | 115,750 | 89,418 |
TOTAL ASSETS | 1,510,543 | 1,572,605 |
LIABILITIES | ' | ' |
Total notes payable | 131,755 | 143,703 |
Other liabilities | 91,269 | 113,539 |
Liabilities associated with properties held for sale | 32 | 15,055 |
Total liabilities | 223,056 | 272,297 |
Redeemable noncontrolling interests | ' | ' |
EQUITY | 1,287,487 | 1,300,308 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,510,543 | 1,572,605 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Properties, net | 1,270,926 | 1,261,288 |
Investment in affiliates | ' | ' |
Other assets | 954,214 | 972,366 |
TOTAL ASSETS | 2,225,140 | 2,233,654 |
LIABILITIES | ' | ' |
Total notes payable | 435,485 | 451,090 |
Other liabilities | 161,821 | 161,266 |
Liabilities associated with properties held for sale | 13,915 | ' |
Total liabilities | 611,221 | 612,356 |
Redeemable noncontrolling interests | 3,031 | 22,551 |
EQUITY | 1,610,888 | 1,598,747 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 2,225,140 | 2,233,654 |
Eliminating Entries [Member] | ' | ' |
ASSETS | ' | ' |
Properties, net | -133 | -133 |
Investment in affiliates | -2,690,675 | -2,691,302 |
Other assets | -790,224 | -781,715 |
TOTAL ASSETS | -3,481,032 | -3,473,150 |
LIABILITIES | ' | ' |
Total notes payable | -764,440 | -760,600 |
Other liabilities | -25,917 | -21,248 |
Liabilities associated with properties held for sale | ' | ' |
Total liabilities | -790,357 | -781,848 |
Redeemable noncontrolling interests | ' | ' |
EQUITY | -2,690,675 | -2,691,302 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ($3,481,032) | ($3,473,150) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total revenue | $84,188 | $76,569 | $250,195 | $226,240 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 53,071 | 50,010 | 162,240 | 153,529 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 31,117 | 26,559 | 87,955 | 72,711 |
Other income and (expense) | -16,535 | -16,106 | -48,612 | -48,299 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 14,582 | 10,453 | 39,343 | 24,412 |
Income tax expense of taxable REIT subsidiaries | 382 | -381 | 361 | -140 |
INCOME FROM CONTINUING OPERATIONS | 14,964 | 10,072 | 39,704 | 24,272 |
Income (loss) from discontinued operations | -1,913 | 729 | 36,815 | 13,245 |
NET INCOME | 13,051 | 10,801 | 76,519 | 37,517 |
Other comprehensive (loss) income | -1,024 | -2,486 | 8,174 | -7,335 |
COMPREHENSIVE INCOME | 12,027 | 8,315 | 84,693 | 30,182 |
Comprehensive income attributable to noncontrolling interests | -2,480 | -2,736 | -7,717 | -8,202 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 9,547 | 5,579 | 76,976 | 21,980 |
Equity One, Inc. [Member] | ' | ' | ' | ' |
Total revenue | 7,398 | 7,239 | 22,113 | 21,929 |
Equity in subsidiaries' earnings | 31,149 | 28,237 | 126,956 | 97,935 |
Total costs and expenses | 11,226 | 11,274 | 33,475 | 34,770 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 27,321 | 24,202 | 115,594 | 85,094 |
Other income and (expense) | -16,717 | -16,642 | -52,741 | -56,821 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,604 | 7,560 | 62,853 | 28,273 |
Income tax expense of taxable REIT subsidiaries | ' | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS | 10,604 | 7,560 | 62,853 | 28,273 |
Income (loss) from discontinued operations | -33 | 581 | 6,159 | 1,332 |
NET INCOME | 10,571 | 8,141 | 69,012 | 29,605 |
Other comprehensive (loss) income | -1,024 | -2,562 | 7,964 | -7,625 |
COMPREHENSIVE INCOME | 9,547 | 5,579 | 76,976 | 21,980 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 9,547 | 5,579 | 76,976 | 21,980 |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenue | 42,791 | 37,481 | 126,764 | 111,996 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 22,210 | 19,224 | 67,722 | 60,298 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 20,581 | 18,257 | 59,042 | 51,698 |
Other income and (expense) | -1,856 | -1,092 | -5,479 | -3,485 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 18,725 | 17,165 | 53,563 | 48,213 |
Income tax expense of taxable REIT subsidiaries | 228 | -120 | -561 | -244 |
INCOME FROM CONTINUING OPERATIONS | 18,953 | 17,045 | 53,002 | 47,969 |
Income (loss) from discontinued operations | -1,600 | -185 | 31,239 | -2,777 |
NET INCOME | 17,353 | 16,860 | 84,241 | 45,192 |
Other comprehensive (loss) income | ' | ' | ' | ' |
COMPREHENSIVE INCOME | 17,353 | 16,860 | 84,241 | 45,192 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 17,353 | 16,860 | 84,241 | 45,192 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenue | 33,999 | 31,849 | 101,318 | 92,703 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 19,792 | 19,512 | 61,475 | 58,557 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 14,207 | 12,337 | 39,843 | 34,146 |
Other income and (expense) | 2,883 | 1,840 | 10,902 | 12,359 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 17,090 | 14,177 | 50,745 | 46,505 |
Income tax expense of taxable REIT subsidiaries | 154 | -261 | 922 | 104 |
INCOME FROM CONTINUING OPERATIONS | 17,244 | 13,916 | 51,667 | 46,609 |
Income (loss) from discontinued operations | -324 | 118 | -871 | 14,006 |
NET INCOME | 16,920 | 14,034 | 50,796 | 60,615 |
Other comprehensive (loss) income | ' | 76 | 210 | 290 |
COMPREHENSIVE INCOME | 16,920 | 14,110 | 51,006 | 60,905 |
Comprehensive income attributable to noncontrolling interests | -2,480 | -2,736 | -7,717 | -8,202 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 14,440 | 11,374 | 43,289 | 52,703 |
Eliminating Entries [Member] | ' | ' | ' | ' |
Total revenue | 0 | 0 | 0 | -388 |
Equity in subsidiaries' earnings | -31,149 | -28,237 | -126,956 | -97,935 |
Total costs and expenses | -157 | 0 | -432 | -96 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | -30,992 | -28,237 | -126,524 | -98,227 |
Other income and (expense) | -845 | -212 | -1,294 | -352 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -31,837 | -28,449 | -127,818 | -98,579 |
Income tax expense of taxable REIT subsidiaries | ' | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS | -31,837 | -28,449 | -127,818 | -98,579 |
Income (loss) from discontinued operations | 44 | 215 | 288 | 684 |
NET INCOME | -31,793 | -28,234 | -127,530 | -97,895 |
Other comprehensive (loss) income | ' | ' | ' | ' |
COMPREHENSIVE INCOME | -31,793 | -28,234 | -127,530 | -97,895 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ($31,793) | ($28,234) | ($127,530) | ($97,895) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash (used in) provided by operating activities | $103,611 | $116,511 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -60,000 | -226,985 |
Additions to income producing properties | -10,694 | -15,276 |
Acquisition of land held for development | 0 | -7,500 |
Additions to construction in progress | -33,593 | -55,015 |
Investment in income producing properties | -4,918 | ' |
Proceeds from sale of real estate and rental properties | 216,652 | 33,166 |
(Increase) decrease in cash held in escrow | -40,892 | 89,780 |
Purchase of below market leasehold interest | -25,000 | 0 |
Investment in loans receivable | -12,000 | -19,258 |
Repayment of loans receivable | 91,586 | ' |
Increase in deferred leasing costs and lease intangibles | -5,998 | -5,436 |
Investment in joint ventures | -9,770 | -14,102 |
Repayments of advances to joint ventures | 135 | 618 |
Distributions from joint ventures | 3,077 | 567 |
Advances to subsidiaries, net | ' | ' |
Net cash provided by (used in) investing activities | 108,585 | -219,441 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -33,099 | -44,046 |
Net repayments under revolving credit facilities | -82,000 | -76,000 |
Repayment of senior debt borrowings | ' | -10,000 |
Proceeds from issuance of common stock | 7,859 | 86,490 |
Borrowings under term loan | 0 | 250,000 |
Payment of deferred financing costs | ' | -2,697 |
Stock issuance costs | -93 | -813 |
Dividends paid to stockholders | -78,187 | -76,109 |
Purchase of noncontrolling interests | -18,917 | 0 |
Distributions to noncontrolling interests | -7,540 | -7,496 |
Distributions to redeemable noncontrolling interests | -911 | -708 |
Net cash (used in) provided by financing activities | -212,888 | 118,621 |
Net (decrease) increase in cash and cash equivalents | -692 | 15,691 |
Cash and cash equivalents at beginning of the period | 27,416 | 10,963 |
Cash and cash equivalents at end of the period | 26,724 | 26,654 |
Equity One, Inc. [Member] | ' | ' |
Net cash (used in) provided by operating activities | -50,222 | -107,380 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | ' | ' |
Additions to income producing properties | -1,149 | -4,375 |
Acquisition of land held for development | ' | ' |
Additions to construction in progress | -556 | -682 |
Investment in income producing properties | -4,918 | ' |
Proceeds from sale of real estate and rental properties | 67,527 | 1,417 |
(Increase) decrease in cash held in escrow | -40,892 | 90,845 |
Purchase of below market leasehold interest | ' | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -498 | -1,541 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Advances to subsidiaries, net | 186,016 | -132,148 |
Net cash provided by (used in) investing activities | 205,530 | -46,484 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -3,579 | -1,316 |
Net repayments under revolving credit facilities | -82,000 | -76,000 |
Repayment of senior debt borrowings | ' | -10,000 |
Proceeds from issuance of common stock | 7,859 | 86,490 |
Borrowings under term loan | ' | 250,000 |
Payment of deferred financing costs | ' | -2,697 |
Stock issuance costs | -93 | -813 |
Dividends paid to stockholders | -78,187 | -76,109 |
Purchase of noncontrolling interests | ' | ' |
Distributions to noncontrolling interests | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Net cash (used in) provided by financing activities | -156,000 | 169,555 |
Net (decrease) increase in cash and cash equivalents | -692 | 15,691 |
Cash and cash equivalents at beginning of the period | 27,416 | 10,963 |
Cash and cash equivalents at end of the period | 26,724 | 26,654 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 83,557 | 84,051 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -60,000 | -73,235 |
Additions to income producing properties | -5,977 | -8,677 |
Acquisition of land held for development | ' | -7,500 |
Additions to construction in progress | -24,712 | -53,800 |
Investment in income producing properties | 0 | ' |
Proceeds from sale of real estate and rental properties | 143,597 | 6,514 |
(Increase) decrease in cash held in escrow | ' | -1,811 |
Purchase of below market leasehold interest | -25,000 | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -3,260 | -2,363 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Advances to subsidiaries, net | -106,123 | 59,285 |
Net cash provided by (used in) investing activities | -81,475 | -81,587 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -2,082 | -2,464 |
Net repayments under revolving credit facilities | ' | ' |
Repayment of senior debt borrowings | ' | 0 |
Proceeds from issuance of common stock | 0 | ' |
Borrowings under term loan | ' | ' |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | 0 | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interests | ' | ' |
Distributions to noncontrolling interests | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Net cash (used in) provided by financing activities | -2,082 | -2,464 |
Net (decrease) increase in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of the period | ' | ' |
Cash and cash equivalents at end of the period | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 70,276 | 139,840 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | ' | -153,750 |
Additions to income producing properties | -3,568 | -2,224 |
Acquisition of land held for development | ' | ' |
Additions to construction in progress | -8,325 | -533 |
Investment in income producing properties | 0 | ' |
Proceeds from sale of real estate and rental properties | 5,528 | 25,235 |
(Increase) decrease in cash held in escrow | ' | 746 |
Purchase of below market leasehold interest | ' | ' |
Investment in loans receivable | -12,000 | -19,258 |
Repayment of loans receivable | 91,586 | ' |
Increase in deferred leasing costs and lease intangibles | -2,240 | -1,532 |
Investment in joint ventures | -9,770 | -14,102 |
Repayments of advances to joint ventures | 135 | 618 |
Distributions from joint ventures | 3,077 | 567 |
Advances to subsidiaries, net | -79,893 | 72,863 |
Net cash provided by (used in) investing activities | -15,470 | -91,370 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -27,438 | -40,266 |
Net repayments under revolving credit facilities | 0 | ' |
Repayment of senior debt borrowings | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Borrowings under term loan | ' | ' |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | 0 | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interests | -18,917 | ' |
Distributions to noncontrolling interests | -7,540 | -7,496 |
Distributions to redeemable noncontrolling interests | -911 | -708 |
Net cash (used in) provided by financing activities | -54,806 | -48,470 |
Net (decrease) increase in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of the period | ' | ' |
Cash and cash equivalents at end of the period | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 15, 2014 | Oct. 31, 2012 | Aug. 08, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | ||
properties | properties | Southeast and West Coast Regions [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||
sqft | sqft | properties | Westwood Complex [Member] | Westwood Complex [Member] | Southeast and West Cost Regions [Member] | Southeast [Member] | Shopping Centers in Pleasanton, California and Westport, CT [Member] | Kirkman Shoppes in Orlando, Florida [Member] | Florida & Massachusetts [Member] | Contribution Related to Acquisition by JV [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
parcel | contract | Hackensack, NJ [Member] | Contribution Related to Acquisition by JV [Member] | |||||||||||||||
sqft | Hackensack, NJ [Member] | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Under Contract, Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,700,000 | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Under Contract, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.73% | ' | ' | ' | ' | ' | ' | |
Business acquisition proposed purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | |
Payments for deposits on real estate acquisitions | ' | ' | 4,918,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected remaining parcels to be acquired | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected purchase price | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | 85,200,000 | ' | ' | ' | ' | ' | ' | |
Expected payments to acquire business | ' | ' | ' | ' | ' | ' | 19,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross sales price | ' | ' | 236,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of properites held for sale | 3 | ' | 3 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | |
Properties held for sale | 24,710,000 | ' | 24,710,000 | ' | 219,504,000 | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | |
Disposal Group, Including Discontinued Operation, Expected Gain (Loss) on Disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | -973,000 | ' | ' | ' | ' | ' | ' | ' | |
(Loss) gain on disposal of income producing properties | -187,000 | ' | 36,672,000 | 14,269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-core properties under evaluation to sell, under contract | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-core properties under contract, estimated gross sales price | ' | ' | ' | ' | ' | 27,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | [1],[2] | ' | ' | ' |
Square Feet | 15,300,000 | ' | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,000 | ' | |
Acquisition by JV, Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,800,000 | ' | ' | 47,800,000 | ' | |
Equity Method Mortgage Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.54% | ' | |
debt term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 | ' | |
Partners' Capital Account, Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | 7,800,000 | |
Real estate investment property | $2,752,643,000 | ' | $2,752,643,000 | ' | $2,682,125,000 | ' | ' | $140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The investment balance as of SeptemberB 30, 2013 and DecemberB 31, 2012 is presented net of a deferred gain of approximately $404,000 for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||||
[2] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method |