Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 119,466,800 | ' |
Entity Public Float | ' | ' | $1,444,461,855 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Income producing | $3,153,131 | $2,937,645 | ||
Less: accumulated depreciation | -354,166 | -297,736 | ||
Income producing properties, net | 2,798,965 | 2,639,909 | ||
Construction in progress and land held for development | 104,464 | 108,711 | ||
Properties held for sale | 13,404 | 268,184 | ||
Properties, net | 2,916,833 | 3,016,804 | ||
Cash and cash equivalents | 25,583 | 27,416 | ||
Cash held in escrow and restricted cash | 10,912 | 442 | ||
Accounts and other receivables, net | 12,872 | 13,426 | ||
Investments in and advances to unconsolidated joint ventures | 91,772 | [1] | 72,171 | [1] |
Loans receivable, net | 60,711 | 140,708 | ||
Goodwill | 6,377 | 6,527 | ||
Other assets | 229,599 | 225,174 | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 3,354,659 | [2] | 3,502,668 | [2] |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' | ||
Mortgage notes payable | 430,155 | 425,755 | ||
Unsecured senior notes payable | 731,136 | 731,136 | ||
Term loan | 250,000 | 250,000 | ||
Unsecured revolving credit facilities | 91,000 | 172,000 | ||
Total notes payable, Gross | 1,502,291 | 1,578,891 | ||
Unamortized premium on notes payable, net | 6,118 | 6,432 | ||
Total notes payable | 1,508,409 | 1,585,323 | ||
Other liabilities: | ' | ' | ||
Accounts payable and accrued expenses | 44,227 | 55,248 | ||
Tenant security deposits | 8,928 | 8,294 | ||
Deferred tax liability | 11,764 | 12,016 | ||
Other liabilities | 177,383 | 195,963 | ||
Liabilities associated with assets held for sale | 33 | 18,794 | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 1,750,744 | [2] | 1,875,638 | [2] |
Redeemable noncontrolling interests | 989 | 22,551 | ||
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, 116,938 and 112,599 shares issued and outstanding at December 31, 2012 and 2011, respectively | 1,176 | 1,169 | ||
Additional paid-in capital | 1,693,873 | 1,679,227 | ||
Distributions in excess of earnings | -302,410 | -276,085 | ||
Accumulated other comprehensive loss | 2,544 | -7,585 | ||
Total stockholders' equity of Equity One, Inc. | 1,395,183 | 1,396,726 | ||
Noncontrolling interests | 207,743 | 207,753 | ||
Total equity | 1,602,926 | 1,604,479 | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,354,659 | $3,502,668 | ||
[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] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjRhNGZhMGY5YWY5ZjRjMGQ4ZGYwZjgxZTdkMmZhMmU0fFRleHRTZWxlY3Rpb246ODhDMzIzNzkxRTQyRkU0Q0FCREI4MTkxNTVDQ0M5RDYM} |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
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) | 117,646,807 | 116,938,373 |
Common stock, shares outstanding (in shares) | 117,646,807 | 116,938,373 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
REVENUE: | ' | ' | ' | ||
Minimum rent | $248,086,000 | $227,013,000 | $194,162,000 | ||
Expense recoveries | 77,499,000 | 67,329,000 | 56,630,000 | ||
Percentage rent | 4,328,000 | 4,202,000 | 3,164,000 | ||
Management and leasing services | 2,598,000 | 2,489,000 | 2,287,000 | ||
Total revenue | 332,511,000 | 301,033,000 | 256,243,000 | ||
COSTS AND EXPENSES: | ' | ' | ' | ||
Property operating | 89,647,000 | 79,971,000 | 71,199,000 | ||
Rental property depreciation and amortization | 87,266,000 | 79,415,000 | 75,029,000 | ||
General and administrative | 39,514,000 | 42,473,000 | 50,910,000 | ||
Total costs and expenses | 216,427,000 | 201,859,000 | 197,138,000 | ||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 116,084,000 | 99,174,000 | 59,105,000 | ||
OTHER INCOME AND EXPENSE: | ' | ' | ' | ||
Investment income | 6,631,000 | 7,241,000 | 4,341,000 | ||
Equity in income (loss) of unconsolidated joint ventures | 1,648,000 | 542,000 | 4,829,000 | ||
Other income | 216,000 | 45,000 | 306,000 | ||
Interest expense | -68,145,000 | -70,665,000 | -66,560,000 | ||
Amortization of deferred financing fees | -2,421,000 | -2,474,000 | -2,195,000 | ||
Gain on bargain purchase | ' | ' | 30,561,000 | ||
Gain on sale of real estate | ' | ' | 5,542,000 | ||
(Loss) gain on extinguishment of debt | 107,000 | -29,146,000 | -1,514,000 | ||
Asset Impairment Charges | 5,641,000 | 8,909,000 | 16,984,000 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 48,479,000 | -4,192,000 | 17,431,000 | ||
Income tax benefit of taxable REIT subsidiaries | 484,000 | 2,980,000 | 5,087,000 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 48,963,000 | -1,212,000 | 22,518,000 | ||
DISCONTINUED OPERATIONS: | ' | ' | ' | ||
Operations of income producing properties sold or held for sale | 5,769,000 | 12,858,000 | 27,094,000 | ||
Gain on disposal of income producing properties | 39,587,000 | 16,588,000 | 4,406,000 | ||
Impairment loss on income producing properties sold or held for sale | -4,976,000 | -20,532,000 | -40,352,000 | ||
Income tax benefit of taxable REIT subsidiaries | -686,000 | -477,000 | 29,552,000 | ||
INCOME FROM DISCONTINUED OPERATIONS | 39,694,000 | 8,437,000 | 20,700,000 | ||
NET INCOME (LOSS) | 88,657,000 | 7,225,000 | 43,218,000 | ||
Net (income) loss attributable to noncontrolling interests - continuing operations | -10,209,000 | -10,676,000 | -9,652,000 | ||
Net loss attributable to noncontrolling interests - discontinued operations | -494,000 | -26,000 | 55,000 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $77,954,000 | ($3,477,000) | $33,621,000 | ||
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | ' | ' | ' | ||
Continuing operations (in usd per share) | $0.32 | ($0.11) | $0.11 | ||
Discontinued operations (in usd per share) | $0.33 | $0.07 | $0.19 | ||
Earnings per common share - Basic (in usd per share) | $0.66 | [1] | ($0.04) | $0.29 | [1] |
Number of Shares Used in Computing Basic Earnings per Share (in shares) | 117,389 | 114,233 | 110,099 | ||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | ' | ' | ' | ||
Continuing operations (in usd per share) | $0.32 | ($0.11) | $0.11 | ||
Discontinued operations (in usd per share) | $0.33 | $0.07 | $0.19 | ||
Earnings per common share - Diluted (in usd per share) | $0.65 | [1] | ($0.04) | $0.29 | [1] |
Number of Shares Used in Computing Diluted Earnings (Loss) per Share (in shares) | 117,771 | 114,233 | 110,241 | ||
[1] | Note: EPS does not foot due to the rounding of the individual calculations. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NET INCOME (LOSS) | $88,657 | $7,225 | $43,218 | |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | |
Net amortization of interest rate contracts included in net income | 63 | 64 | 64 | |
Net unrealized (loss) gain on interest rate swap | 6,615 | -9,437 | -155 | [1] |
Cash Flow Hedge Loss Reclassified to Earnings | 3,451 | 2,942 | 506 | |
Other comprehensive (loss) income adjustment | 10,129 | -6,431 | 415 | |
COMPREHENSIVE INCOME | 98,786 | 794 | 43,633 | |
Comprehensive (income) loss attributable to noncontrolling interests | -10,703 | -10,702 | -9,597 | |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 88,083 | -9,908 | 34,036 | |
Majority-Owned Subsidiary, Unconsolidated [Member] | ' | ' | ' | |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | |
Net unrealized (loss) gain on interest rate swap | $42 | $48 | $155 | |
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized losses of $42, $48 and $155 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Non-controlling Interests [Member] |
In Thousands, except Share data | |||||||
BALANCE (beginning of period) at Dec. 31, 2010 | $1,289,841 | $1,023 | $1,391,762 | ($105,309) | ($1,569) | ' | $3,934 |
BALANCE, shares (beginning of period) at Dec. 31, 2010 | ' | 102,327,000 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,417,316 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | 116,542 | 62 | 116,480 | ' | ' | 116,542 | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 6,211,000 | ' | ' | ' | ' | ' |
Stock issuance costs | -1,185 | ' | -1,185 | ' | ' | -1,185 | ' |
Share-based compensation expense | 7,160 | ' | 7,160 | ' | ' | 7,160 | ' |
Net (loss) income, excluding net income attributable to redeemable noncontrolling interests | 43,075 | ' | ' | 33,621 | ' | 33,621 | 9,454 |
Dividends paid on common stock | -98,842 | ' | ' | -98,842 | ' | -98,842 | ' |
Distributions to noncontrolling interests | -11,405 | ' | ' | 0 | ' | ' | -11,405 |
Acquisition of subsidiaries | 279,843 | 41 | 73,657 | 0 | ' | 73,698 | 206,145 |
Acquisition of subsidiaries, shares | ' | 4,051,000 | ' | ' | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interests | -242 | ' | ' | ' | ' | ' | -242 |
Conversion of Class A share by LIH, shares | ' | 10,000 | ' | ' | ' | ' | ' |
Other comprehensive loss | 415 | ' | ' | ' | 415 | 415 | ' |
BALANCE, (end of period) at Dec. 31, 2011 | 1,625,202 | 1,126 | 1,587,874 | -170,530 | -1,154 | ' | 207,886 |
BALANCE, shares (end of period) at Dec. 31, 2011 | ' | 112,599,000 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,396,726 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | 85,838 | 43 | 85,795 | ' | ' | 85,838 | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 4,339,000 | ' | ' | ' | ' | ' |
Stock issuance costs | -883 | ' | -883 | ' | ' | -883 | ' |
Share-based compensation expense | 7,113 | ' | 7,113 | ' | ' | 7,113 | ' |
Restricted stock reclassified from liability to equity | 101 | ' | 101 | ' | ' | 101 | ' |
Net (loss) income, excluding net income attributable to redeemable noncontrolling interests | 6,385 | ' | ' | -3,477 | ' | -3,477 | 9,862 |
Dividends paid on common stock | -102,078 | ' | ' | -102,078 | ' | ' | ' |
Distributions to noncontrolling interests | -9,995 | ' | ' | ' | ' | ' | -9,995 |
Revaluation of redeemable noncontrolling interest | 185 | ' | 185 | ' | ' | 185 | ' |
Purchase of subsidiary shares from noncontrolling interests | -958 | ' | -958 | ' | ' | -958 | ' |
Other comprehensive loss | -6,431 | ' | ' | ' | -6,431 | -6,431 | 0 |
BALANCE, (end of period) at Dec. 31, 2012 | 1,604,479 | 1,169 | 1,679,227 | -276,085 | -7,585 | ' | 207,753 |
BALANCE, shares (end of period) at Dec. 31, 2012 | 116,938,373 | 116,938,000 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,395,183 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | 8,510 | 7 | 8,503 | ' | ' | 8,510 | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 709,000 | ' | ' | ' | ' | ' |
Stock issuance costs | -96 | ' | -96 | ' | ' | -96 | ' |
Share-based compensation expense | 6,414 | ' | 6,414 | ' | ' | 6,414 | ' |
Restricted stock reclassified from liability to equity | 51 | ' | 51 | ' | ' | 51 | ' |
Net (loss) income, excluding net income attributable to redeemable noncontrolling interests | 87,962 | ' | ' | 77,954 | ' | 77,954 | 10,008 |
Dividends paid on common stock | -104,279 | ' | ' | -104,279 | ' | -104,279 | ' |
Distributions to noncontrolling interests | -10,038 | ' | ' | ' | ' | ' | -10,038 |
Revaluation of redeemable noncontrolling interest | -226 | ' | -226 | ' | ' | -226 | ' |
Purchase of subsidiary shares from noncontrolling interests | -9 | ' | ' | ' | ' | ' | -9 |
Reclassification of Redeemable NCI to Permanent Equity | 29 | 0 | 0 | 0 | 0 | 0 | 29 |
Other comprehensive loss | 10,129 | ' | ' | ' | 10,129 | 10,129 | ' |
BALANCE, (end of period) at Dec. 31, 2013 | $1,602,926 | $1,176 | $1,693,873 | ($302,410) | $2,544 | ' | $207,743 |
BALANCE, shares (end of period) at Dec. 31, 2013 | 117,646,807 | 117,647,000 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity Consolidated Statement of Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Net income attributable to redeemable noncontrolling interest | $695 | $840 | $143 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Statement (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $88,657,000 | $7,225,000 | $43,218,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Straight line rent adjustment | -2,344,000 | -3,994,000 | -3,185,000 |
Accretion of below market lease intangibles, net | -12,904,000 | -12,660,000 | -10,584,000 |
Accretion of below market ground lease intangibles | 601,000 | 191,000 | 0 |
Equity in income (loss) of unconsolidated joint ventures | -1,648,000 | -542,000 | -5,533,000 |
Gain on bargain purchase | ' | ' | -30,561,000 |
Income tax benefit of taxable REIT subsidiaries | 202,000 | -2,503,000 | -34,639,000 |
Provision for losses on accounts receivable | 3,736,000 | 979,000 | 2,947,000 |
Amortization of (premium) discount on notes payable, net | -2,478,000 | -2,627,000 | 1,183,000 |
Amortization of deferred financing fees | 2,421,000 | 2,485,000 | 2,232,000 |
Depreciation and amortization | 93,317,000 | 90,896,000 | 98,597,000 |
Allocated share-based Compensation Expense | 6,173,000 | 6,863,000 | 6,992,000 |
Share-based compensation expense | 6,173,000 | 6,863,000 | 6,992,000 |
Amortization of derivatives | 63,000 | 64,000 | 64,000 |
Gain on sale of real estate | -39,587,000 | -16,588,000 | -9,948,000 |
Loss (gain) on extinguishment of debt | 31,000 | 30,602,000 | 2,396,000 |
Operating distributions from joint venture | 53,000 | 3,337,000 | 1,504,000 |
Impairment loss | 10,617,000 | 29,441,000 | 57,336,000 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' | ' |
Accounts and other receivables | -2,950,000 | 2,241,000 | -2,394,000 |
Other assets | -4,653,000 | 26,824,000 | -15,199,000 |
Accounts payable and accrued expenses | -4,645,000 | -12,780,000 | -142,000 |
Tenant security deposits | -289,000 | 787,000 | -1,076,000 |
Other liabilities | -1,631,000 | 2,978,000 | -582,000 |
Net cash provided by operating activities | 132,742,000 | 153,219,000 | 102,626,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | -109,449,000 | -243,549,000 | -279,080,000 |
Additions to income producing properties | -13,661,000 | -20,175,000 | -16,396,000 |
Acquisition of land held for development | -3,000,000 | -9,505,000 | 0 |
Additions to construction in progress | -54,005,000 | -65,143,000 | -43,097,000 |
Payments for Deposits on Real Estate Acquisitions | 75,000 | 0 | 0 |
Proceeds from sale of real estate and rental properties | 286,511,000 | 41,994,000 | 399,396,000 |
Decrease (increase) in cash held in escrow | -10,662,000 | 91,592,000 | -91,591,000 |
Purchase of Below Market Leasehold Interest | 25,000,000 | 0 | 0 |
Increase in deferred leasing costs and lease intangibles | -9,266,000 | -7,169,000 | -7,154,000 |
Investment in joint ventures | -30,401,000 | -26,392,000 | -15,024,000 |
Investment in consolidated subsidiary | ' | ' | -242,000 |
Repayments of advances/(advances) to joint ventures | 5,000 | 517,000 | 34,887,000 |
Distributions from joint ventures | 12,576,000 | 567,000 | 18,786,000 |
Investment in loans receivable | -12,000,000 | -114,258,000 | -45,100,000 |
Repayment of loans receivable | 91,474,000 | 19,258,000 | ' |
Net cash used in investing activities | 123,047,000 | -332,263,000 | -44,615,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayments of mortgage notes payable | -48,279,000 | -66,173,000 | -246,864,000 |
Net borrowings under revolving credit facilities | -81,000,000 | 34,000,000 | 138,000,000 |
Proceeds from senior debt borrowings | 0 | 296,823,000 | 0 |
Repayment of senior debt | ' | -287,840,000 | ' |
Proceeds from issuance of common stock | 8,510,000 | 85,838,000 | 116,542,000 |
Borrowings under term loan | 0 | 250,000,000 | 0 |
Payment of deferred financing costs | ' | -3,251,000 | -5,039,000 |
Stock issuance costs | -96,000 | -883,000 | -1,185,000 |
Dividends paid to stockholders | -104,279,000 | -102,078,000 | -98,842,000 |
Payments to Acquire Additional Interest in Subsidiaries | 18,972,000 | 0 | 0 |
Distributions to redeemable noncontrolling interests | -3,468,000 | -944,000 | 0 |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | -10,038,000 | -9,995,000 | -11,405,000 |
Net cash provided by financing activities | -257,622,000 | 195,497,000 | -108,793,000 |
Net increase (decrease) in cash and cash equivalents | -1,833,000 | 16,453,000 | -50,782,000 |
Cash and cash equivalents obtained through acquisition | ' | ' | 23,412,000 |
Cash and cash equivalents at beginning of the period | 27,416,000 | 10,963,000 | ' |
Cash and cash equivalents at end of the period | 25,583,000 | 27,416,000 | 10,963,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest (net of capitalized interest of $4.7 million, $2.3 million and $2.2 million in 2012, 2011 and 2010, respectively) | 72,145,000 | 74,030,000 | 84,278,000 |
We acquired upon acquisition of certain income producing properties: | ' | ' | ' |
Income producing properties | 161,719,000 | 261,139,000 | 471,984,000 |
Intangible and other assets | 10,559,000 | 60,357,000 | 35,802,000 |
Intangible and other liabilities | -25,079,000 | -39,809,000 | -81,100,000 |
Assumption of mortgage notes payable | -37,750,000 | -38,138,000 | -128,722,000 |
Noncontrolling Interest In Real Estate | 0 | 0 | -18,884,000 |
Cash paid for income producing properties | 109,449,000 | 243,549,000 | 279,080,000 |
Net cash paid for the acquisition of C&C (US) No. 1 is as follows: | ' | ' | ' |
Income producing properties | ' | ' | 471,219,000 |
Intangible and other assets | ' | ' | 113,484,000 |
Intangible and other liabilities | ' | ' | -35,898,000 |
Assumption of mortgage notes payable | ' | ' | -261,813,000 |
Issuance of Equity One common stock | ' | ' | -73,698,000 |
Noncontrolling interest in C&C (US) No. 1 | ' | ' | -206,145,000 |
Gain on bargain purchase | ' | ' | -30,561,000 |
Cash acquired upon acquisition of C&C (US) No. 1 | ' | ' | 23,412,000 |
Net cash paid for acquisition of C&C (US) No. 1 | ' | ' | ' |
Cash paid for income producing properties | $109,449,000 | $243,549,000 | $279,080,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Capitalized interest | $2,863 | $4,742 | $2,273 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 December 31, 2013, our consolidated shopping center portfolio comprised 140 properties, including 118 retail properties and six non-retail properties totaling approximately 14.9 million square feet of gross leasable area, or GLA, 10 development or redevelopment properties with approximately 1.8 million square feet of GLA upon completion, and six land parcels. As of December 31, 2013, our consolidated shopping center occupancy was 92.4% and included national, regional and local tenants. Additionally, we had joint venture interests in 20 retail properties and two office buildings totaling approximately 3.7 million square feet of GLA. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Equity One, Inc. and our wholly-owned subsidiaries and those other entities where 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 consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 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 accounting principles generally accepted in the United States of America (“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. | |||
Properties | |||
Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of operations. | |||
Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: | |||
Buildings | 30-55 years | ||
Buildings and land improvements | 2-40 years | ||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||
Furniture and equipment | 3-10 years | ||
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. | |||
Business Combinations | |||
We allocate the purchase price of acquired properties to land, building, improvements and intangible assets and liabilities in accordance with the Business Combinations Topic of the FASB ASC. We allocate the initial purchase price of assets acquired (net tangible and identifiable intangible assets) and liabilities assumed based on their relative fair values at the date of acquisition. Upon acquisition of real estate operating properties, we estimate the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. There are four categories of intangible assets and liabilities to be considered: (1) in-place leases; (2) above and below-market value of in-place leases; (3) lease origination costs and (4) customer relationships. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases, including fixed rate renewal options, to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. The value of above-market and below-market in-place leases is amortized to rental revenue over the estimated remaining term of the leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. | |||
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective lease, which includes the expected renewal option period, if applicable. | |||
The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. | |||
Construction in Progress and Land Held for Development | |||
Properties also include construction in progress and land held for development. These properties are carried at cost and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land held for development on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. | |||
Long-lived Assets | |||
Properties Held and Used | |||
We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset 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 long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. At December 31, 2013, we reviewed the operating properties and construction in progress for impairment on a property-by-property and project-by-project basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC, as we determined management's capital recycling initiatives and the fair values obtained from recent appraisals to be possible indicators of impairment. | |||
Each property was assessed individually and as a result, the assumptions used to derive future cash flows varied by property or project. These key assumptions are dependent on property-specific conditions, are inherently uncertain and consider the perspective of a third-party marketplace participant. The factors that may influence the assumptions include: | |||
• | historical project performance, including current occupancy, projected capitalization rates and net operating income; | ||
• | competitors’ presence and their actions; | ||
• | property specific attributes such as location desirability, anchor tenants and demographics; | ||
• | current local market economic and demographic conditions; and | ||
• | future expected capital expenditures and the period of time before net operating income is stabilized. | ||
After considering these factors, we project future cash flows for each property based on management’s intention for that property (holding period) and, if appropriate, an assumed sale at the final year of the holding period (reversion value) using a projected capitalization rate. If the resulting carrying amount of the property exceeds the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge would be recognized to reduce the carrying value of the property to its fair value. | |||
Properties Held for Sale | |||
Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenue and expenses associated with sold properties are reclassified to discontinued operations for all periods presented. | |||
The application of current accounting principles that govern the classification of any of our properties as held-for-sale on the consolidated balance sheet, or the presentation of results of operations and gains or losses on the sale of these properties as discontinued, requires management to make certain significant judgments. In evaluating whether a property meets the criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Therefore, any properties categorized as held-for-sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. Prior to sale, we evaluate the extent of involvement with, and the significance to us of cash flows from a property subsequent to its sale, in order to determine if the results of operations and gain or loss on sale should be reflected as discontinued. Consistent with the Property, Plant and Equipment Topic of the FASB ASC, any property sold in which we have continuing involvement or cash flows (typically sales to co-investment partnerships that we do not control and for which we have recognized a partial sale of real estate) is not considered to be discontinued. In addition, any property which we sell to an unrelated third party, but in which we retain a property or asset management function, is not considered discontinued. Therefore, based on our evaluation of the Property, Plant and Equipment Topic of the FASB ASC only properties sold, or to be sold, to unrelated third parties where we will have no continuing involvement or cash flows are classified as discontinued operations. | |||
Cash and Cash Equivalents | |||
We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. | |||
Cash Held in Escrow and Restricted Cash | |||
Cash held in escrow and restricted cash represents the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code") or cash that is not immediately available to us. | |||
Accounts and Other Receivables | |||
Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. | |||
Investments in Joint Ventures | |||
We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the entity should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. | |||
We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income (loss) of unconsolidated joint ventures in the accompanying consolidated statements of operations. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income (loss) of unconsolidated joint ventures. | |||
The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. | |||
These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. | |||
On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. | |||
Loans Receivable | |||
Loans receivable include both mortgage loans and mezzanine loans and are classified as held to maturity and recorded at the stated principal amount plus allowable deferred loan costs or fees, which are amortized as an adjustment of the loan’s yield over the term of the related loan. We evaluate the collectability of both interest and principal on the loan periodically to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the proportionate value of the underlying collateral asset if applicable. Interest income on performing loans is accrued as earned. | |||
Goodwill | |||
Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. | |||
We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. | |||
Deposits | |||
Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. | |||
Deferred Costs and Intangibles | |||
Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of loan origination fees, leasing costs and the value of intangible assets and liabilities when a property was acquired. Loan and other fees directly related to rental property financing with third parties are amortized over the term of the loan using the effective interest method. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. | |||
Noncontrolling Interests | |||
Noncontrolling interests generally represent the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. | |||
We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests also include amounts related to joint venture units issued by consolidated subsidiaries or VIEs in connection with certain property acquisitions. Joint venture units which are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income (loss) attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of operations. | |||
Derivative Instruments and Hedging Activities | |||
At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. 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. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations as a component of net income (loss) or as a component of comprehensive income (loss) and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 14 for further detail on derivative activity. | |||
Revenue Recognition | |||
Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and there are no contingencies offsetting the lessee’s obligation to pay rent. | |||
Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, CAM and insurance is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. | |||
We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership, and we do not have a substantial continuing involvement with the property. | |||
We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. | |||
Earnings Per Share | |||
Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders, based on their respective rights to receive dividends. | |||
Segment Information | |||
We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures or by third parties. | |||
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, North Carolina and Virginia; (4) Northeast – including Connecticut, Maryland, Massachusetts and New York; (5) West Coast – California; and (6) Non-retail – which is comprised of our non-retail assets. | |||
Concentration of Credit Risk | |||
A concentration of credit risk arises in our business when a national 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 December 31, 2013, Publix Super Markets was our largest tenant and accounted for approximately 1.3 million square feet, or approximately 7.8% of our GLA, and approximately $9.4 million, or 3.8%, of our annual minimum rent. As of December 31, 2013, we had outstanding receivables from Publix Super Markets of approximately $868,000. | |||
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 an 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 an 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 an 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 do not believe that the adoption of this ASU will have a material impact on our results of operations, financial condition or cash flows. |
Properties
Properties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Properties | ' | ||||||||
Properties | |||||||||
The following table is a summary of the composition of income producing properties in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 1,364,729 | $ | 1,266,245 | |||||
Building and building improvements | 1,669,401 | 1,575,784 | |||||||
Tenant improvements | 119,001 | 95,616 | |||||||
3,153,131 | 2,937,645 | ||||||||
Less: accumulated depreciation | (354,166 | ) | (297,736 | ) | |||||
Income producing properties, net | $ | 2,798,965 | $ | 2,639,909 | |||||
Capitalized Costs | |||||||||
We capitalized external and internal costs related to development and redevelopment activities of $45.3 million and $1.1 million, respectively, in 2013 and $76.4 million and $1.1 million, respectively, in 2012. We capitalized external and internal costs related to tenant and other property improvements of $20.8 million and $270,000, respectively, in 2013 and $20.7 million and $100,000, respectively, in 2012. We capitalized external and internal costs related to successful leasing activities of $4.8 million and $4.5 million, respectively, in 2013 and $3.1 million and $3.8 million, respectively, in 2012. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||
Acquisitions | ' | |||||||||||||||||
Acquisitions | ||||||||||||||||||
The following table provides a summary of acquisition activity during the year ended December 31, 2013: | ||||||||||||||||||
Date Purchased | Property Name | City | State | Square | Purchase | Mortgage | ||||||||||||
Feet /Acres | Price | Assumed | ||||||||||||||||
(In thousands) | ||||||||||||||||||
30-Dec-13 | Kirkman Shoppes - land outparcel | Orlando | FL | 0.8 | (1) | $ | 3,000 | $ | — | |||||||||
25-Oct-13 | Pleasanton Plaza | Pleasanton | CA | 163,469 | 30,900 | 20,021 | ||||||||||||
October 23, 2013 | The Village Center (2) | Westport | CT | 89,041 | 54,250 | 15,680 | ||||||||||||
September 5, 2013 | Manor Care | Bethesda | MD | 41,123 | 13,000 | — | ||||||||||||
September 5, 2013 | 5335 CITGO | Bethesda | MD | 18,128 | 6,000 | — | ||||||||||||
September 5, 2013 | 5471 CITGO | Bethesda | MD | 14,025 | 4,000 | — | ||||||||||||
June 5, 2013 | Westwood Towers | Bethesda | MD | 211,020 | 25,000 | — | ||||||||||||
May 7, 2013 | Bowlmor Lanes | Bethesda | MD | 27,000 | 12,000 | — | ||||||||||||
Total | $ | 148,150 | $ | 35,701 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(1) In acres. | ||||||||||||||||||
(2) 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. | ||||||||||||||||||
The aggregate purchase price of the above property acquisitions have been allocated as follows: | ||||||||||||||||||
Amount | Weighted Average Amortization Period | |||||||||||||||||
(In thousands) | (In years) | |||||||||||||||||
Land | $ | 83,621 | N/A | |||||||||||||||
Land improvements | 2,650 | 12.1 | ||||||||||||||||
Buildings | 75,941 | 34.4 | ||||||||||||||||
Tenant improvements | 2,507 | 12.2 | ||||||||||||||||
Above-market leases | 31 | 2.3 | ||||||||||||||||
In-place lease interests | 8,598 | 9.3 | ||||||||||||||||
Lease origination costs | 91 | 4.9 | ||||||||||||||||
Leasing commissions | 1,839 | 9.8 | ||||||||||||||||
Below-market leases | (24,739 | ) | (1) | 10.3 | ||||||||||||||
Other acquired liabilities | (340 | ) | N/A | |||||||||||||||
Above-market debt assumed | (2,049 | ) | 3.9 | |||||||||||||||
$ | 148,150 | |||||||||||||||||
______________________________________________ | ||||||||||||||||||
(1) Includes a below-market purchase option valued at $7.5 million held by the lessee of a certain non-retail property. | ||||||||||||||||||
During the year ended December 31, 2013, we did not recognize any material measurement period adjustments related to prior year acquisitions. | ||||||||||||||||||
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. Legal ownership of these assets was transferred to us by the qualified intermediary during the first quarter of 2014. | ||||||||||||||||||
During the year ended December 31, 2012, we acquired five shopping centers, a retail condominium, a development site and a related outparcel, and a warehouse facility for an aggregate purchase price of $288.5 million, including mortgages assumed of approximately $35.5 million. | ||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, excluding costs related to C&C (US) No. 1, Inc. ("CapCo") in 2011, we expensed approximately $3.3 million, $3.4 million and $7.0 million, respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative costs in the consolidated statements of operations. The purchase price related to the 2013 acquisitions listed in the above table was funded by the use of our line of credit, cash on hand, and proceeds from dispositions and loan repayments. In connection with the 2013 acquisitions, we assumed two mortgages with a total principal balance of $35.7 million, which mature on June 1, 2015 and June 1, 2019. See Note 14 for further information on the mortgages assumed. |
Acquisition_Of_A_Controlling_I
Acquisition Of A Controlling Interest In CapCo | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Acquisition Of A Controlling Interest In CapCo [Abstract] | ' | |||
Acquisition Of A Controlling Interest In Capco | ' | |||
Acquisition of a Controlling Interest in CapCo | ||||
On January 4, 2011, we acquired a controlling ownership interest in CapCo, through a joint venture with Liberty International Holdings Limited, or LIH. At the time of the acquisition, CapCo, which was previously wholly-owned by LIH, owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. LIH is a subsidiary of Capital Shopping Centres Group PLC, a United Kingdom real estate investment trust. The results of CapCo’s operations have been included in our consolidated financial statements from the date of acquisition. | ||||
At the closing of the transaction, LIH contributed all of the outstanding shares of CapCo’s common stock to the joint venture in exchange for Class A Shares in the joint venture, representing an approximate 22% interest in the joint venture and we contributed a shared appreciation promissory note to the joint venture in the amount of $600.0 million and an additional $84.3 million in exchange for an approximate 78% interest in the joint venture, which consists of approximately 70% of the Class A joint venture shares and all of the Class B joint venture shares. The initial Class B joint venture shares are entitled to a preferred return of 1.5% per quarter. The actual payment of the Class B preferred return is limited to the extent that there is available cash remaining in any given period (subsequent to the payment of dividend equivalents to the holders of the Class A joint venture shares) and a decision to make such a distribution by the board of the joint venture. Any remaining available cash after the Class B preferred return is paid in a given period may be distributed, in an elective distribution, among the Class A and Class B joint venture shares, with 83.333% attributable to the Class B joint venture shares and 16.667% to the Class A joint venture shares on a pro-rata basis among the holders of such joint venture shares. Based on the respective ownership percentages held by Equity One and LIH, this allocation provides for, to the extent distributions in excess of available cash are distributed to the joint venture partners in the attribution of approximately 95% of such residual amounts to Equity One and the remaining 5% to LIH. | ||||
In addition, at the closing, LIH transferred and assigned to us an outstanding promissory note of CapCo in the amount of $67.0 million in exchange for approximately 4.1 million shares of our common stock and one share of our newly-established Class A common stock, that (i) was convertible into 10,000 shares of our common stock in certain circumstances and (ii) subject to certain limitations, entitled LIH to voting rights with respect to a number of shares of our common stock determined with reference to the number of joint venture shares held by LIH from time to time. Effective June 29, 2011, the one share of Class A common stock was converted in accordance with its terms into 10,000 shares of our common stock. In March 2012, LIH sold the shares of our common stock issued in exchange for the CapCo promissory note and upon conversion of the Class A common share in an underwritten public offering. | ||||
The joint venture shares received by LIH are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIH’s ability to participate in earnings of CapCo is limited to their right to receive distributions payable on their joint venture shares. These non-elective distributions are designed to mirror dividends paid on our common stock. As such, earnings attributable to the noncontrolling interest as reflected in our consolidated statement of operations will be limited to distributions made to LIH on its joint venture shares. Distributions to LIH for the years ended December 31, 2013, 2012 and 2011 were $10.0 million, $10.0 million and $9.5 million, respectively, which were equivalent to the per share dividends declared on our common stock, adjusted for certain prorations as stipulated by the terms of the transaction. | ||||
In connection with the CapCo transaction, we also executed an Equityholders’ Agreement, among us, Capital Shopping Centers plc (“CSC”), LIH, Gazit-Globe Ltd. (“Gazit”), MGN (USA) Inc., Gazit (1995), Inc., MGN America, LLC, Silver Maple (2001), Inc. and Ficus, Inc. Pursuant to the Equityholders’ Agreement, we increased the size of our board of directors by one seat, effective January 4, 2011, and appointed David Fischel, a designee of CSC, to the board. Subject to its continuing to hold a minimum number of shares of our common stock (on a fully diluted basis), CSC has the right to nominate one candidate for election to our board of directors at each annual meeting of our stockholders at which directors are elected. | ||||
Also in connection with the CapCo transaction, we amended our charter to, among other things, (i) add foreign ownership limits and (ii) modify the existing ownership limits for individuals (as defined for purposes of certain provisions of the Code). The foreign ownership limits provide that, subject to certain exceptions, a foreign person may not acquire, beneficially or constructively, any shares of our capital stock, if immediately following the acquisition of such shares, the fair market value of the shares of our capital stock owned, directly and indirectly, by all foreign persons (other than LIH and its affiliates) would comprise 29% or more of the fair market value of the issued and outstanding shares of our capital stock. | ||||
The ownership limits for individuals in our charter were amended to provide that, subject to exceptions, no person (as such term is defined in our charter), other than an individual (who will be subject to the more restrictive limits discussed below), may own, or be deemed to own, directly and by virtue of certain constructive ownership provisions of the Code, more than 9.9% in value of the outstanding shares of our capital stock in the aggregate or more than 9.9%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock, and no individual may own, or be deemed to own, directly and by virtue of certain constructive ownership provisions of the Code, more than 5.0% in value of the outstanding shares of our capital stock in the aggregate or more than 5.0%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock. | ||||
Under our charter, the board of directors may increase the ownership limits. In addition, our board of directors, in its sole discretion, may exempt a person from the ownership limits and may establish a new limit applicable to that person if that person submits to the board of directors certain representations and undertakings, including representations that demonstrate, to the reasonable satisfaction of the board, that such ownership would not jeopardize our status as a REIT under the Code. | ||||
The fair value of the approximately 4.1 million shares of common stock transferred of $73.7 million was based on the closing market price of our common stock on the closing date of $18.15 per share. | ||||
We expensed approximately $7.2 million of acquisition-related costs in connection with the CapCo transaction of which $1.9 million was recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2011. | ||||
As of the acquisition date, we classified three properties with fair values less costs to sell totaling approximately $36.3 million as held for sale. Results of these held for sale properties are included in “discontinued operations” on the consolidated statement of operations for the year ended December 31, 2011. | ||||
Simultaneously with the closing of the transaction, we contributed an additional $84.3 million to the joint venture in exchange for additional Class B joint venture shares, which amount was used to repay the remaining principal amount due on the mortgage loan secured by the Serramonte Shopping Center. Although the mortgage loan was paid off at closing, the liability is reflected in the fair value of net assets acquired since the obligation became ours upon closing. | ||||
The fair value of the noncontrolling interest in CapCo was estimated by reference to the amount that LIH would be entitled to receive upon a redemption of its Class A joint venture shares, which is equal to the value of the same number of shares of Equity One common stock plus any accrued but unpaid quarterly distributions with respect to the Class A joint venture shares. As a result, the fair value of the joint venture shares held by LIH was estimated at $18.15 per share, or $206.1 million in aggregate, equal to the value of Equity One common stock that LIH would have received had it redeemed its Class A joint venture shares on January 4, 2011. | ||||
The fair value of the identifiable assets acquired and liabilities assumed exceeded the sum of the fair value of the consideration transferred and the fair value of the noncontrolling interest. The fair value of the assets acquired significantly increased from the date the original purchase terms were agreed upon until the closing of the transaction on January 4, 2011. As a result, we recognized a gain of approximately $30.6 million, which is included in the line item entitled “gain on bargain purchase” in the consolidated statement of operations for the year ended December 31, 2011. The following table provides a reconciliation of the gain on bargain purchase (in thousands): | ||||
Fair value of net assets acquired | $ | 310,404 | ||
Fair value of consideration transferred | (73,698 | ) | ||
Fair value of noncontrolling interest | (206,145 | ) | ||
Gain on bargain purchase | $ | 30,561 | ||
Property_Dispositions
Property Dispositions | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||
Dispositions | ' | ||||||||||||||
Dispositions | |||||||||||||||
The following table provides a summary of disposition activity during the year ended December 31, 2013: | |||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | ||||||||||
Feet/Acres | Price | ||||||||||||||
(In thousands) | |||||||||||||||
Income producing property sold | |||||||||||||||
December 20, 2013 | Spalding Village | Griffin | GA | 235,318 | $ | 5,600 | |||||||||
December 19, 2013 | Canyon Trails Towne Center | Goodyear | AZ | 202,196 | 23,500 | ||||||||||
December 16, 2013 | Danville-San Ramon Medical | Danville | CA | 74,599 | 15,300 | ||||||||||
Center | |||||||||||||||
December 9, 2013 | Walton Plaza | Augusta | GA | 43,460 | 2,300 | ||||||||||
December 6, 2013 | Shipyard Plaza | Pascagoula | MS | 66,857 | 3,900 | ||||||||||
November 20, 2013 | Powers Ferry Plaza | Marietta | GA | 86,401 | 7,750 | ||||||||||
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 | ||||||||||
287,985 | |||||||||||||||
(Continued) | |||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | ||||||||||
Feet/Acres | Price | ||||||||||||||
(In thousands) | |||||||||||||||
Outparcels sold | |||||||||||||||
October 31, 2013 | Canyon Trails - land outparcel | Goodyear | AZ | 0.9 | (4) | $ | 695 | ||||||||
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 | ||||||||||
7,225 | |||||||||||||||
Total | $ | 295,210 | |||||||||||||
______________________________________________ | |||||||||||||||
(1) We provided financing to the buyer in the form of a $4.3 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||
(2) We provided financing to the buyer in the form of an $8.5 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||
(3) $2.8 million of mortgage debt secured by this property was repaid at closing. | |||||||||||||||
(4) In acres. | |||||||||||||||
As part of our strategy to upgrade and diversify our portfolio and recycle our capital, we have sold or are in the process of selling certain non-core properties and 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 29 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 consolidated statements of operations under the caption discontinued operations. This reporting has resulted in certain reclassifications of financial statement amounts. | |||||||||||||||
As of December 31, 2013, we classified three properties located in our Southeast, North Florida and South Florida regions as held for sale. The operations of these properties are included in discontinued operations in the accompanying consolidated financial statements for all the periods presented and the related assets and liabilities are presented as held for sale in our consolidated balance sheets at December 31, 2013 and 2012. Subsequent to year end, we closed on the sale of the two properties located in the Southeast and North Florida regions for an aggregate purchase price of $10.7 million. Additionally, we have another property located in our Southeast region under contract for an estimated gross sales price of $10.1 million, which is subject to due diligence. | |||||||||||||||
During 2012, we sold four properties and two outparcels in our Southeast and West Coast regions for a total sales price of $71.2 million, inclusive of $27.2 million of mortgage debt repaid by the buyer at closing. | |||||||||||||||
On December 20, 2011, we sold 36 shopping centers predominantly located in the Atlanta, Tampa and Orlando markets to an affiliate of Blackstone Real Estate Partners VII (“Blackstone”) for a total sales price of $473.1 million, inclusive of the assumption of mortgage loans having an aggregate principal balance of approximately $155.7 million (as adjusted for subsequent payoffs of $9.9 million) as of the date of sale. The operations of these properties and the related assets and liabilities are included in discontinued operations in the accompanying consolidated financial statements for the year ended December 31, 2011. We recognized an aggregate impairment loss of $33.8 million related to this sale. | |||||||||||||||
The components of income and expense relating to discontinued operations for the years ended December 31, 2013, 2012 and 2011 are shown below. These include the results of operations through the date of sale for each property that was sold during 2013, 2012 and 2011 and the operations for the applicable period for those assets classified as held for sale as of December 31, 2013: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(In thousands) | |||||||||||||||
Rental revenue | $ | 16,232 | $ | 36,472 | $ | 95,621 | |||||||||
Expenses: | |||||||||||||||
Property operating expenses | 6,060 | 11,195 | 28,149 | ||||||||||||
Depreciation and amortization | 3,787 | 8,896 | 21,298 | ||||||||||||
General and administrative expenses | 24 | 14 | 123 | ||||||||||||
Operations of income producing properties | 6,361 | 16,367 | 46,051 | ||||||||||||
Interest expense | (806 | ) | (2,514 | ) | (18,901 | ) | |||||||||
Equity in income of unconsolidated joint ventures | — | — | 704 | ||||||||||||
Gain on disposal of income producing properties | 39,587 | 16,588 | 4,406 | ||||||||||||
Impairment loss | (4,976 | ) | (20,532 | ) | (40,352 | ) | |||||||||
Loss on extinguishment of debt | (138 | ) | (1,456 | ) | (882 | ) | |||||||||
Income tax (provision) benefit | (686 | ) | (477 | ) | 29,552 | ||||||||||
Other income | 352 | 461 | 122 | ||||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (494 | ) | (26 | ) | 55 | ||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 39,200 | $ | 8,411 | $ | 20,755 | |||||||||
Interest expense included in discontinued operations above includes interest on debt that is to be assumed by the buyer or interest on debt that is required to be repaid as a result of the disposal transaction. | |||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recognized impairment losses on discontinued operations of $5.0 million, $20.5 million and $40.4 million, respectively. See Note 7 for further discussion of these impairment losses. | |||||||||||||||
During the year ended December 31, 2011, we recognized a tax benefit of $29.6 million primarily attributable to a reversal of a deferred tax liability associated with properties sold to an affiliate of Blackstone. The deferred tax liability was initially established upon our acquisition of DIM Vastgoed, N.V. ("DIM") in 2009. See Note 16 for further discussion of the DIM tax benefit. |
Impairment
Impairment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairment Charges [Abstract] | ' | ||||||||||||
Impairment | ' | ||||||||||||
Impairments | |||||||||||||
The following is a summary of the composition of impairment losses included in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Goodwill | $ | 150 | $ | 378 | $ | 565 | |||||||
Land held for development | 3,085 | 740 | 11,766 | ||||||||||
Properties held for use | 2,406 | 7,791 | 4,653 | ||||||||||
Impairment loss recognized in continuing operations | 5,641 | 8,909 | 16,984 | ||||||||||
Goodwill | 138 | 147 | 1,819 | ||||||||||
Properties held for sale | 4,838 | 20,385 | 38,533 | ||||||||||
Impairment loss recognized in discontinued operations | 4,976 | 20,532 | 40,352 | ||||||||||
Total impairment loss | $ | 10,617 | $ | 29,441 | $ | 57,336 | |||||||
Goodwill | |||||||||||||
We perform annual, or more frequent in certain circumstances, impairment tests of our goodwill. We estimate the fair value of the reporting unit using discounted projected future cash flows. If the carrying value of the reporting unit exceeds its fair value, an impairment is recorded. As a result of our analysis, we recognized $150,000, $378,000 and $565,000 of impairment losses in continuing operations for the years ended December 31, 2013, 2012 and 2011, respectively, and we recognized goodwill impairment losses in discontinued operations of $138,000, $147,000 and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Land Held for Development | |||||||||||||
We measure the recoverability of development projects by comparing the carrying amount to estimated future undiscounted cash flows. Impairment is recognized when the expected undiscounted cash flows for a development project are less than its carrying amount, at which time the property is written-down to fair value. During the years ended December 31, 2013, 2012 and 2011, we recognized $3.1 million, $740,000 and $11.8 million, respectively, of impairment losses on certain development projects for which management’s development intentions changed regarding the future status of the projects and considering the increased likelihood that management may sell the land parcels prior to development. | |||||||||||||
Properties Held for Use | |||||||||||||
We review properties held for use for impairment on a property by property basis when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant, and Equipment Topic of the FASB ASC. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time the property is written-down to fair value. During the years ended December 31, 2013, 2012 and 2011, we recognized $2.4 million, $7.8 million and $4.7 million, respectively, of impairment losses on certain properties located in secondary markets for which our anticipated holding periods have been reconsidered. The analysis included an assessment of the plans for each property. Based on this analysis, it was determined that there is an increased likelihood that holding periods for certain properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | |||||||||||||
Properties Held for Sale | |||||||||||||
Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenue and expenses associated with sold properties are reclassified to discontinued operations for all periods presented. During the years ended December 31, 2013, 2012 and 2011, we recognized impairment losses of $4.8 million, $20.4 million and $38.5 million, respectively, related to properties held for sale primarily based on sales contracts. |
Accounts_And_Other_Receivables
Accounts And Other Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable, Net [Abstract] | ' | ||||||||
Accounts And Other Receivables | ' | ||||||||
Accounts and Other Receivables | |||||||||
The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tenants | $ | 15,404 | $ | 14,354 | |||||
Other | 2,287 | 2,254 | |||||||
Allowance for doubtful accounts | (4,819 | ) | (3,182 | ) | |||||
Total accounts and other receivables, net | $ | 12,872 | $ | 13,426 | |||||
For the years ended December 31, 2013, 2012 and 2011, we recognized bad debt expense of $3.7 million, $900,000 and $1.9 million, respectively, which is included in property operating expenses in the accompanying consolidated statements of operations. |
Investments_in_Joint_Ventures
Investments in Joint Ventures | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | ' | ||||||||||||||
Investments in Joint Ventures | |||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
at December 31, | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | 2013 | 2012 | ||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,912 | $ | 8,587 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,480 | 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% | 2,828 | 2,909 | ||||||||||
Vernola Marketplace JV, LLC (3) | 1 | CA | 50.50% | 6,468 | 6,972 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 19,791 | 20,385 | ||||||||||
Equity One JV Portfolio, LLC (4) | 6 | FL, MA, NJ | 30.00% | 44,237 | 27,589 | ||||||||||
Total | 91,170 | 71,567 | |||||||||||||
Advances to unconsolidated joint ventures | 602 | 604 | |||||||||||||
Investments in and advances to unconsolidated joint ventures | $ | 91,772 | $ | 72,171 | |||||||||||
______________________________________________ | |||||||||||||||
(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 December 31, 2013 and 2012 is presented net of a deferred gain 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 December 31, 2013 and 2012 is presented net of a deferred gain of approximately $376,000 and $404,000, respectively, associated with the disposition of assets by us to the joint venture. | |||||||||||||||
Equity in income of unconsolidated joint ventures totaled $1.6 million, $542,000 and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Management fees and leasing fees paid to us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying consolidated statements of operations, totaled approximately $2.6 million, $2.4 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||
At December 31, 2013 and 2012, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $286.0 million and $289.9 million, respectively, of which our aggregate proportionate share was $72.5 million and $65.6 million, respectively. During the years ended December 31, 2013 and 2012, we made investments of $4.1 million in GRI-EQY I, LLC and $7.5 million in Parnassus Heights Medical Center, respectively, in connection with repayments of indebtedness by those joint ventures. 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. | |||||||||||||||
Equity One/Vestar Joint Ventures | |||||||||||||||
In December 2010, we acquired ownership interests in two properties located in California through partnerships (the “Equity One/Vestar JVs”) with Vestar Development Company (“Vestar”). In both of these joint ventures, we hold a 95% interest, and they are consolidated. Each Equity One/Vestar JV holds a 50.5% ownership interest in each of the California properties through two separate joint ventures with Rockwood Capital (the “Rockwood JVs”). The Equity One/Vestar JVs’ ownership interests in the properties are accounted for under the equity method. Included in our original investment were two bridge loans with an aggregate balance of $35.0 million, secured by the properties, made by the Equity One/Vestar JVs to the Rockwood JVs as short-term financing until longer-term mortgage financing was obtained. During the third quarter of 2011, the bridge loans and related accrued interest were repaid to us in full with proceeds from new mortgages obtained by the joint ventures. | |||||||||||||||
Upon formation, the Rockwood JVs were considered VIEs for which the Equity One/Vestar JVs, which we control, were not the primary beneficiaries due to shared control and lack of financial interest. Since the bridge loans were repaid to us during 2011 and the Rockwood JVs were able to secure long term mortgage financing from a third party lender, the Rockwood JVs are no longer considered VIEs. | |||||||||||||||
In January 2014, we acquired Rockwood Capital and Vestar Development Company's interests in Talega Village Center, a 102,000 square foot grocery-anchored shopping center located in San Clemente, California, for an additional equity investment of $6.2 million. In addition, in January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, and the buyer assumed the existing mortgage of $22.9 million. The joint venture anticipates recognizing a gain of approximately $14.5 million on the sale. | |||||||||||||||
CapCo Joint Ventures | |||||||||||||||
In connection with the CapCo acquisition on January 4, 2011, we acquired ownership interests in three properties located in California through joint ventures, tenants-in-common or other shared ownership. The joint ventures included Pacific Financial Center, Parnassus Heights Medical Center and Trio Apartments. The aggregate fair value of these joint ventures as of January 4, 2011 was $47.4 million. Our ownership interests in these properties are/were accounted for under the equity method. | |||||||||||||||
In September 2011, the property held by the Pacific Financial Center joint venture was sold. Our proportionate share of the gain, $4.3 million, is included in equity in income of unconsolidated joint ventures in the consolidated statement of operations for the year ended December 31, 2011. | |||||||||||||||
In September 2011, the property held by the Trio Apartments joint venture was sold. Immediately preceding the sale of the property to a third party, we purchased our partner’s interest in the joint venture and consolidated the entity prior to the sale of the asset. As a result of the consolidation and corresponding remeasurement of our investment balance, a gain on sale of $3.2 million and our pro-rata share of the income of the joint venture of $704,000 for the year ended December 31, 2011 is included in discontinued operations in the consolidated statement of operations. | |||||||||||||||
In addition, in connection with our acquisition of CapCo, we acquired a special purpose entity which held a 58% controlling interest in the Senator office building located in Sacramento, California. At the time of our acquisition, the special purpose entity and the other co-owners in the Senator building were in default of a $38.3 million non-recourse loan secured by the property. As a result of the continuing default, the lender and special servicer accelerated the loan and foreclosed on the property on September 20, 2011. It was our intention when we acquired our interest in the property to relinquish title. Accordingly, at the time of acquisition, we assigned no value to our interest in this special purpose entity. | |||||||||||||||
New York Common Retirement Fund Joint Venture | |||||||||||||||
In May 2011, we formed a joint venture with the New York Common Retirement Fund (“NYCRF”) for the purpose of acquiring and operating high-quality neighborhood and community shopping centers. NYCRF holds a 70% interest in the joint venture, and we own a 30% interest which is accounted for under the equity method. We perform the day to day accounting and property management functions for the joint venture and, as such, earn a management fee for the services provided. During the year of its formation, we sold two shopping centers located in Florida to the joint venture for an aggregate gross purchase price of $39.4 million, and the joint venture also purchased a shopping center in Framingham, Massachusetts, for a gross purchase price of $23.2 million. | |||||||||||||||
In January 2012, the joint venture made an $18.5 million mortgage loan (the “JV Loan”) secured by a newly developed shopping center in Northborough, Massachusetts. In addition to the JV Loan, we provided a mezzanine loan (the “Mezzanine Loan") indirectly secured by the shopping center in the amount of $19.3 million. The joint venture had an option to purchase the shopping center that was exercisable during certain periods prior to March 26, 2013, and the borrower had an option to sell the shopping center to the joint venture that was exercisable during certain different periods prior to October 26, 2013. During the fourth quarter of 2012, the joint venture exercised its purchase option and ultimately acquired the shopping center in December 2012 at a purchase price of $128.4 million. Concurrent with the closing of the transaction, the Mezzanine Loan of $19.3 million was repaid without penalty, and the joint venture converted the JV Loan into a direct ownership interest in the shopping center. During the period that the JV Loan and Mezzanine Loan were outstanding, we determined that the entities holding direct and indirect ownership interests in the shopping center were VIEs, and, in relation to the VIE in which we held a variable interest, we were not the primary beneficiary as we did not have the power to direct the activities that most significantly impacted the entity's economic performance. However, as the Mezzanine Loan was repaid during December 2012, we determined that we were no longer required to assess the applicable VIE for potential consolidation as we no longer held a variable interest in the entity. In September 2013, the joint venture also acquired three newly developed parcels adjacent to the shopping center. The joint venture funded the purchase price of $15.8 million through partner contributions, of which our proportionate share was $4.7 million. | |||||||||||||||
In October 2013, the joint venture acquired a 129,000 square foot shopping center in Hackensack, New Jersey for a gross purchase price of $47.8 million. The purchase price was funded through partner contributions, of which our proportionate share was $7.8 million, and the origination of a $24.0 million mortgage loan, which bears interest at a fixed rate of 4.54% and matures in October 2023. | |||||||||||||||
In December 2013, the joint venture acquired a 118,000 square foot shopping center in Windermere, Florida for a gross purchase price of $31.8 million. The purchase price was funded through partner contributions, of which our proportionate share was $4.7 million, and the origination of a $16.0 million mortgage loan, which bears interest at LIBOR plus a margin of 1.40% and matures in December 2023. In connection with the transaction, the joint venture entered into an interest rate swap which converts the mortgage loan to a fixed interest rate, providing an effective fixed interest rate under the loan of 4.38% per annum, and designated the swap as a qualifying cash flow hedge. In addition, the joint venture also acquired the right to purchase from the same developer an adjacent 34,000 square foot shopping center that is under construction. The joint venture currently expects to acquire this additional phase for a gross purchase price of $13.0 million during the second quarter of 2014. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities [Abstract] | ' |
Vairable Interest Entities | ' |
Variable Interest Entities | |
Included within our consolidated operating properties at December 31, 2013 are three Westwood Complex parcels 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 17 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 the subsidiary of a Section 1031 like-kind exchange intermediary. Legal ownership of this entity 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 December 31, 2013, we also hold interests in other VIEs where we are not the primary beneficiary. See Note 11 for further discussion. |
Loans_Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 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 bore interest at 5.0% per annum and had 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 contemplated closing dates for the various parcels that comprise the complex that were the earlier of January 15, 2014 or upon the seller's identification of a property (or properties) which it could purchase with the proceeds from the sale of the parcels. To the extent that the closing dates under the purchase contract occurred prior to January 15, 2014, the parties also agreed that the applicable portions of the mortgage loan collateralized by such parcels would be repaid on the respective closing dates. Based on our initial assessment of the structure of the transaction, we determined that the entities that owned the parcels within the complex that we had yet to legally acquire were VIEs and that we were not the primary beneficiary of these entities as we did not have the power to direct the activities that most significantly impacted their economic performance. 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 were no longer considered VIEs, as we consolidate the properties through our direct ownership interest. As of December 31, 2013, the remaining portion of the mortgage loan was performing, and the carrying amount of the loan was $54.4 million, which also reflected our 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 owned a portion of the Westwood Complex. The loan was secured by the entity's indirect ownership interests in the complex, bore 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 determined that the borrower was a VIE and that we held a variable interest in the entity through our investment in the loan; however, we concluded that we were not the primary beneficiary of the entity because we did not have the power to direct the activities that most significantly impacted its economic performance. As of December 31, 2013, the loan was performing, and the carrying amount of the loan was $6.3 million, which also reflected our maximum exposure to loss related to our investment in the loan. | |
In January 2014, we acquired the two remaining parcels within the Westwood Complex for an aggregate gross purchase price of $80.0 million. Concurrent with the acquisitions, the outstanding principal balance of the $95.0 million mortgage loan and the $12.0 million mezzanine loan were repaid by the respective borrowers. The aggregate gross purchase price was funded by proceeds from the loan repayments as well as an additional $19.5 million cash investment, thereby bringing our total investment in the Westwood Complex to $140.0 million. | |
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 was secured by a mortgage interest in the property and a full recourse guaranty from the principal of the buyer, bore interest at 9.0% per annum and had a stated maturity date of December 18, 2013. In December 2013, the borrower repaid the loan without penalty. | |
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 was secured by a mortgage interest in the property and a full recourse guaranty from the principal of the buyer, bore interest at 5.0% per annum, and had a stated maturity date of December 15, 2013. In December 2013, the borrower repaid the loan without penalty. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
Goodwill | |||||||||
The following table presents goodwill activity during the years ended December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Balance at beginning of period | $ | 6,527 | $ | 6,910 | |||||
Impairment | (150 | ) | (378 | ) | |||||
Allocated to property sale | — | (5 | ) | ||||||
Balance at end of period | $ | 6,377 | $ | 6,527 | |||||
The following is a summary by segment of goodwill included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
South Florida | $ | 2,028 | $ | 2,028 | |||||
North Florida | 1,298 | 1,298 | |||||||
Southeast | 3,051 | 3,201 | |||||||
Total | $ | 6,377 | $ | 6,527 | |||||
Other_Assets
Other Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||
Other Assets | ' | |||||||||||
Other Assets | ||||||||||||
The following is a summary of the composition of other assets included in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets, net | $ | 117,200 | $ | 125,935 | ||||||||
Leasing commissions, net | 38,296 | 33,959 | ||||||||||
Prepaid expenses and other receivables | 26,763 | 24,334 | ||||||||||
Straight-line rent receivable, net | 21,490 | 19,464 | ||||||||||
Deferred financing costs, net | 8,347 | 10,777 | ||||||||||
Deposits and mortgage escrow | 7,763 | 5,218 | ||||||||||
Furniture, fixtures and equipment, net | 4,406 | 2,519 | ||||||||||
Fair value of interest rate swaps | 2,944 | — | ||||||||||
Deferred tax asset | 2,390 | 2,968 | ||||||||||
Total other assets | $ | 229,599 | $ | 225,174 | ||||||||
In connection with our development of The Gallery at Westbury Plaza in Nassau County, New York, we remediated various environmental matters that existed when we acquired the property in November 2009. The site was eligible for participation in New York State's Brownfield Cleanup Program, which provides for refundable New York State franchise tax credits for costs incurred to remediate and develop a qualified site. We applied for participation in the program and subsequently received a certificate of completion from the New York State Department of Environmental Conservation in August 2012. The certificate of completion confirmed our adherence to the cleanup requirements and ability to seek reimbursement for a portion of qualified costs incurred as part of the environmental remediation and development of the property. Accordingly, we have recognized receivables of $22.8 million and $21.0 million, which are included in prepaid expenses and other receivables in our consolidated balance sheets at December 31, 2013 and 2012, respectively, with a corresponding reduction to the cost of the project, for the reimbursable costs that will be paid to us subject to statutory deferrals over the next three years. | ||||||||||||
The following is a summary of the composition of intangible assets and accumulated amortization in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets: | ||||||||||||
Above-market leases | $ | 21,149 | $ | 22,156 | ||||||||
In-place lease interests (1) | 126,219 | 120,378 | ||||||||||
Below-market ground leases | 34,094 | 34,094 | ||||||||||
Lease origination costs | 3,426 | 3,548 | ||||||||||
Lease incentives | 5,853 | 4,158 | ||||||||||
Total intangibles | 190,741 | 184,334 | ||||||||||
Accumulated amortization: | ||||||||||||
Above-market leases | 10,508 | 8,111 | ||||||||||
In-place lease interests | 57,752 | 46,332 | ||||||||||
Below-market ground leases | 793 | 191 | ||||||||||
Lease origination costs | 2,402 | 2,306 | ||||||||||
Lease incentives | 2,086 | 1,459 | ||||||||||
Total accumulated amortization | 73,541 | 58,399 | ||||||||||
Lease intangible assets, net | $ | 117,200 | $ | 125,935 | ||||||||
___________________________________________ | ||||||||||||
(1) Increase is primarily related to the acquisition of Pleasanton Plaza in 2013. | ||||||||||||
The following is a summary of amortization expense included in the consolidated statement of operations related to lease intangible assets: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Above-market lease amortization (1) | $ | 3,669 | $ | 4,129 | $ | 10,242 | ||||||
In-place lease amortization (2) | 14,530 | 16,642 | 23,998 | |||||||||
Below-market ground lease amortization (3) | 602 | 191 | — | |||||||||
Lease origination cost amortization (2) | 337 | 454 | 606 | |||||||||
Lease incentive amortization (1) | 735 | 593 | 386 | |||||||||
Lease intangible asset amortization | $ | 19,873 | $ | 22,009 | $ | 35,232 | ||||||
___________________________________________ | ||||||||||||
(1) Amounts are recognized as a reduction of minimum rent. | ||||||||||||
(2) Amounts are included in depreciation and amortization expenses. | ||||||||||||
(3) Amounts are included in property operating expenses. | ||||||||||||
As of December 31, 2013, the estimated amortization of lease intangible assets for the next five years are as follows: | ||||||||||||
Year Ending December 31, | Amount | |||||||||||
(In thousands) | ||||||||||||
2014 | $ | 15,940 | ||||||||||
2015 | 12,975 | |||||||||||
2016 | 9,793 | |||||||||||
2017 | 7,649 | |||||||||||
2018 | 6,300 | |||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Borrowings | ' | ||||||||
Borrowings | |||||||||
Mortgage Notes Payable | |||||||||
The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Fixed rate mortgage loans | $ | 430,155 | $ | 425,755 | |||||
Unamortized premium, net | 7,816 | 8,438 | |||||||
Total | $ | 437,971 | $ | 434,193 | |||||
Weighted average interest rate of fixed rate mortgage notes | 5.99 | % | 6.06 | % | |||||
Included in liabilities associated with properties held for sale are mortgage notes payable of $16.2 million at December 31, 2012 with weighted average interest rates of 6.89%. | |||||||||
During the years ended December 31, 2013 and 2012, we prepaid $24.0 million and $57.0 million in mortgage loans with a weighted average interest rate of 6.88% and 6.61%, respectively. | |||||||||
In connection with acquisitions completed during the year ended December 31, 2013, we assumed two mortgages with a total principal balance of $35.7 million. The $15.7 million mortgage assumed in connection with The Village Center acquisition matures on June 1, 2019 and bears interest at 6.25% per annum. The $20.0 million mortgage assumed in connection with the Pleasanton Plaza acquisition matures on June 1, 2015 and bears interest at 5.32% per annum. | |||||||||
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 was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013 and remained unpaid as of December 31, 2013. In February 2014, we sold the property to a third party for $5.5 million, and the lender agreed to accept this amount as full repayment of the loan. During the default period, we operated the property on behalf of the lender and remitted any profits generated by the property to the lender. During the year ended December 31, 2013, we recognized an impairment loss of $1.2 million to adjust the carrying value of the property to its estimated fair value. | |||||||||
Unsecured Senior Notes | |||||||||
Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
5.375% Senior Notes, due 10/15/15 | $ | 107,505 | $ | 107,505 | |||||
6.0% Senior Notes, due 9/15/16 | 105,230 | 105,230 | |||||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | |||||||
6.0% Senior Notes, due 9/15/17 | 116,998 | 116,998 | |||||||
3.75% Senior Notes, due 11/15/22 | 300,000 | 300,000 | |||||||
Total Unsecured Senior Notes | 731,136 | 731,136 | |||||||
Unamortized discount, net | (1,698 | ) | (2,006 | ) | |||||
Total | $ | 729,438 | $ | 729,130 | |||||
Weighted average interest rate, net of discount adjustment | 5.02 | % | 5.02 | % | |||||
On October 25, 2012, we issued $300.0 million principal amount of unsecured senior notes at a fixed interest rate of 3.75%, maturing on November 15, 2022 (the "3.75% Notes"). The 3.75% Notes were offered to investors at a price of 99.591% with a yield to maturity of 3.799%. Interest is payable on the notes semi-annually in arrears on May 15 and November 15 of each year, which commenced on May 15, 2013. The 3.75% Notes rank equally with all of our other unsecured and unsubordinated indebtedness and contain customary debt covenants that are consistent with our other unsecured senior notes. The 3.75% Notes are also guaranteed by our subsidiaries that have guaranteed our other unsecured senior notes. | |||||||||
On October 25, 2012, we also called for redemption of all of our $250.0 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014 (the "6.25% Notes") pursuant to the terms of an optional redemption feature within the 6.25% Notes, and on November 26, 2012, we redeemed the 6.25% Notes at a redemption price equal to the principal amount of the notes and a required make-whole premium of $27.8 million utilizing proceeds from the 3.75% Notes. In connection with the redemption, we recognized a loss on early extinguishment of debt of $29.6 million, which was comprised of the aforementioned make-whole premium and deferred fees and costs associated with the 6.25% Notes. | |||||||||
The indentures under which our unsecured senior notes were issued have several covenants that limit our ability to incur debt, require us to maintain an unencumbered asset to unsecured debt ratio above a specified level and limit our ability to consolidate, sell, lease, or convey substantially all of our assets to, or merge with, any other entity. These notes have also been guaranteed by many of our subsidiaries. | |||||||||
Unsecured Revolving Credit Facilities | |||||||||
Our primary credit facility is with a syndicate of banks and provides $575.0 million of unsecured revolving credit. The facility bears interest at applicable LIBOR plus a margin of 1.00% to 1.85%, depending on the credit ratings of our unsecured senior notes. The facility also includes a facility fee applicable to the aggregate lending commitments thereunder which varies from 0.175% to 0.45% per annum depending on the credit ratings of our unsecured senior notes. At December 31, 2013, the interest rate margin applicable to amounts outstanding under the facility was 1.25% per annum and the facility fee was 0.25% per annum. The facility includes a competitive bid option which allows us to conduct auctions among the participating banks for borrowings at any one time outstanding up to 50% of the lender commitments, a $50.0 million swing line facility for short term borrowings, a $50.0 million letter of credit commitment and a $61.3 million multicurrency subfacility. The facility expires on September 30, 2015, with a one year extension at our option, subject to certain conditions. The facility contains a number of customary restrictions on our business, including restrictions on our ability to make certain investments, and also includes various financial covenants, including a minimum tangible net worth requirement, maximum unencumbered and total leverage ratios, a maximum secured indebtedness ratio, a minimum fixed charge coverage ratio and a minimum unencumbered interest coverage ratio. The facility also contains customary affirmative covenants and events of default, including a cross default to our other material indebtedness and the occurrence of a change of control. If a material default under the facility were to arise, our ability to pay dividends is limited to the amount necessary to maintain our status as a REIT unless the default is a payment default or bankruptcy event in which case we are prohibited from paying any dividends. As of December 31, 2013, we had drawn $91.0 million against the facility, which bore interest at a weighted average rate of 1.30% per annum. As of December 31, 2012, we had drawn $172.0 million against the facility, which bore interest at a rate of 1.77% per annum. | |||||||||
We also have an unsecured credit facility with City National Bank of Florida, for which there was no drawn balance as of December 31, 2013 and 2012. Prior to its renewal in October 2013, the credit facility provided $15.0 million of unsecured credit and bore interest at LIBOR plus 1.55%. 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 December 31, 2013, giving effect to the financial covenants applicable to these credit facilities, the maximum available to us thereunder was approximately $413.0 million, net of outstanding letters of credit with an aggregate face amount of $2.7 million, of which $91.0 million was drawn. | |||||||||
Term Loan and Interest Rate Swaps | |||||||||
On February 13, 2012, we entered into an unsecured term loan in the principal amount of $200.0 million with a maturity date of February 13, 2019. On July 12, 2012, we increased the principal amount of the term loan to $250.0 million through the exercise of an accordion feature. The term loan bears interest, at our option, at the base rate or one month, two month, three month or six month LIBOR, in each case plus a margin of 1.50% to 2.35% depending on the credit ratings of our unsecured senior notes. In connection with the interest rate swap discussed below, we have elected and, will continue to elect, the one month LIBOR option. The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants, events of default and remedies which are generally the same as those provided in our $575.0 million unsecured revolving credit facility. As of December 31, 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 weighted average 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. The fair value of our interest rate swaps at December 31, 2013 was an asset of $2.9 million, which is included in other assets in our 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 consolidated balance sheet. | |||||||||
Principal maturities of borrowings, including mortgage notes payable, unsecured senior notes payable, term loan and unsecured revolving credit facilities are as follows: | |||||||||
Year Ending December 31, | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 20,979 | |||||||
2015 | 280,165 | ||||||||
2016 | 233,340 | ||||||||
2017 | 288,968 | ||||||||
2018 | 61,531 | ||||||||
Thereafter | 617,308 | ||||||||
Total | $ | 1,502,291 | |||||||
Interest costs incurred, excluding amortization and accretion of discount and premium, were $74.3 million, $80.5 million and $86.6 million in the years ended December 31, 2013, 2012 and 2011, respectively, of which $2.9 million, $4.7 million and $2.3 million, respectively, were capitalized. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Liabilities | |||||||||
The following is a summary of the composition of other liabilities included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Lease intangible liabilities, net | $ | 167,777 | $ | 185,061 | |||||
Prepaid rent | 9,450 | 10,687 | |||||||
Other | 156 | 215 | |||||||
Total other liabilities | $ | 177,383 | $ | 195,963 | |||||
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 the market rental rates prevailing 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. | |||||||||
At December 31, 2013 and 2012, the gross carrying amount of our lease intangible liabilities, which are composed of below-market leases and above-market ground leases, was $228.7 million and $231.7 million, respectively, and the accumulated amortization was $60.9 million and $46.6 million, respectively. | |||||||||
Included in the consolidated statement of operations as an increase to minimum rent for the years ended December 31, 2013, 2012 and 2011 is $17.3 million, $17.4 million, and $21.2 million, respectively, of amortization expense related to lease intangible liabilities. As of December 31, 2013, the estimated amortization of lease intangible liabilities for the next five years are as follows: | |||||||||
Year Ending December 31, | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 17,194 | |||||||
2015 | 15,426 | ||||||||
2016 | 12,155 | ||||||||
2017 | 10,726 | ||||||||
2018 | 10,113 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We elected to be taxed as a REIT under the Code, commencing with our taxable year ended December 31, 1995. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our REIT taxable income to our stockholders. The difference between net income available to common stockholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences, such as real estate depreciation and amortization, deduction of deferred compensation and deferral of gains on sold properties utilizing like kind exchanges. Also, at least 95% of our gross income in any year must be derived from qualifying sources. 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 distributed sufficient taxable income for the year ended December 31, 2013; therefore, we anticipate that no federal income or excise taxes will be incurred. We distributed sufficient taxable income for the years ended December 31, 2012 and 2011; therefore, no federal income or excise taxes were incurred. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to state income or franchise taxes in certain states in which some of our properties are located and excise taxes on our undistributed taxable income. 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”). Accordingly, the only material provision for federal income taxes in our consolidated financial statements relates to our consolidated TRSs. | |||||||||||||
Further, we believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for tax liabilities are adequate for all years still subject to tax audit, which include all years after 2009. | |||||||||||||
The following table reconciles GAAP net income to taxable income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
GAAP net income (loss) attributable to Equity One | $ | 77,954 | $ | (3,477 | ) | $ | 33,621 | ||||||
Net (income) loss attributable to taxable REIT subsidiaries | (585 | ) | 4,964 | 63,319 | |||||||||
GAAP net income from REIT operations | 77,369 | 1,487 | 96,940 | ||||||||||
Book/tax differences: | |||||||||||||
Joint ventures | 9,255 | 4,530 | (2,671 | ) | |||||||||
Depreciation | 10,327 | 7,399 | 6,952 | ||||||||||
Sale of property | (30,288 | ) | (925 | ) | (44,819 | ) | |||||||
Bargain purchase gain | — | — | (30,561 | ) | |||||||||
Exercise of stock options and restricted shares | (917 | ) | 6,009 | 4,506 | |||||||||
Interest expense | 1,633 | 3,152 | 1,002 | ||||||||||
Deferred/prepaid/above and below-market rents, net | (4,381 | ) | (2,388 | ) | (1,711 | ) | |||||||
Impairment loss | 5,353 | 21,511 | 14,866 | ||||||||||
Amortization | 210 | 227 | (84 | ) | |||||||||
Acquisition costs | 2,771 | 1,941 | 5,982 | ||||||||||
Other, net | 200 | (1,583 | ) | 53 | |||||||||
Inclusion from foreign taxable REIT subsidiary | — | — | 10,502 | ||||||||||
Adjusted taxable income(1) | $ | 71,532 | $ | 41,360 | $ | 60,957 | |||||||
______________________________________________ | |||||||||||||
(1) | Adjusted taxable income subject to 90% dividend requirements. | ||||||||||||
The following summarizes the tax status of dividends paid: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | |||||||
Ordinary income | 66.37 | % | 43.72 | % | 51.8 | % | |||||||
Return of capital | 31.21 | % | 54.1 | % | 39.13 | % | |||||||
Capital gains | 2.42 | % | 2.18 | % | 9.07 | % | |||||||
Taxable REIT Subsidiaries | |||||||||||||
We are subject to federal, state and local income taxes on the income from our TRS activities, which include IRT Capital Corporation II (“IRT”), DIM, Southeast US Holdings, BV (“Southeast”), MCC Redondo Beach II, LLC and C&C Delaware, Inc. At December 31, 2013, Southeast owned an economic interest in DIM of 97.8%. 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 income taxes in the Netherlands. | |||||||||||||
Income taxes have been provided for on the asset and liability method as required by the Income Taxes Topic of the FASB ASC. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting bases and the tax bases of the TRS assets and liabilities. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that the deferred tax asset will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. | |||||||||||||
Our total pre-tax income (losses) and income tax (provision) benefits relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. income (loss) before income taxes | $ | 784 | $ | (7,452 | ) | $ | (97,219 | ) | |||||
Foreign income (loss) before income taxes | 3 | (15 | ) | (739 | ) | ||||||||
Total income (loss) before income taxes | 787 | (7,467 | ) | (97,958 | ) | ||||||||
Less income tax (provision) benefit: | |||||||||||||
Current federal and state | (69 | ) | 72 | (405 | ) | ||||||||
Deferred federal and state | (133 | ) | 2,431 | 35,044 | |||||||||
Total income tax (provision) benefit | (202 | ) | 2,503 | 34,639 | |||||||||
Net income (loss) from taxable REIT subsidiaries | $ | 585 | $ | (4,964 | ) | $ | (63,319 | ) | |||||
Our total pre-tax income (losses) for continuing operations and income tax (provision) benefits for continuing operations included above relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. (loss) income before income taxes | $ | (1,582 | ) | $ | (9,161 | ) | $ | 11,747 | |||||
Foreign income (loss) before income taxes | 3 | (15 | ) | (739 | ) | ||||||||
(Loss) income from continuing operations before income taxes | (1,579 | ) | (9,176 | ) | 11,008 | ||||||||
Less income tax (provision) benefit: | |||||||||||||
Current federal and state | (34 | ) | 72 | (97 | ) | ||||||||
Deferred federal and state | 518 | 2,908 | 5,184 | ||||||||||
Total income tax benefit | 484 | 2,980 | 5,087 | ||||||||||
(Loss) income from continuing operations from taxable REIT subsidiaries | $ | (1,095 | ) | $ | (6,196 | ) | $ | 16,095 | |||||
We recorded tax provisions from discontinued operations of $686,000 and $477,000 and a tax benefit of $29.6 million during the years ended December 31, 2013, 2012 and 2011, respectively. The tax provisions relate to taxable income generated by the disposition of properties. The tax benefit is primarily attributable to the reversal of a deferred tax liability associated with properties sold by DIM and IRT and, to a lesser extent, by net operating losses. | |||||||||||||
The total income tax (provision) benefit differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (239 | ) | $ | 2,616 | $ | 34,205 | ||||||
State taxes, net of federal (provision) benefit | (69 | ) | 272 | 3,187 | |||||||||
Adjustment to DIM gain | — | — | (3,315 | ) | |||||||||
Foreign tax rate differential | (5 | ) | (7 | ) | (2 | ) | |||||||
Other | 117 | (370 | ) | 574 | |||||||||
Valuation allowance increase | (6 | ) | (8 | ) | (10 | ) | |||||||
Total income tax (provision) benefit | $ | (202 | ) | $ | 2,503 | $ | 34,639 | ||||||
______________________________________________ | |||||||||||||
(1) | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | ||||||||||||
The income tax benefit for continuing operations differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal benefit at statutory tax rate (1) | $ | 344 | $ | 3,044 | $ | 3,890 | |||||||
State taxes, net of federal (provision) benefit | 34 | 321 | 444 | ||||||||||
Foreign tax rate differential | (5 | ) | (7 | ) | (2 | ) | |||||||
Other | 117 | (370 | ) | 765 | |||||||||
Valuation allowance increase | (6 | ) | (8 | ) | (10 | ) | |||||||
Total income tax benefit for continuing operations | $ | 484 | $ | 2,980 | $ | 5,087 | |||||||
______________________________________________ | |||||||||||||
(1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | |||||||||||||
Our deferred tax assets and liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Disallowed interest | $ | 2,842 | $ | 2,903 | |||||||||
Net operating loss | 2,996 | 3,216 | |||||||||||
Other | 110 | 138 | |||||||||||
Valuation allowance | (162 | ) | (213 | ) | |||||||||
Total deferred tax assets | 5,786 | 6,044 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other real estate investments | (14,133 | ) | (13,828 | ) | |||||||||
Mortgage revaluation | (748 | ) | (1,005 | ) | |||||||||
Other | (277 | ) | (259 | ) | |||||||||
Total deferred tax liabilities | (15,158 | ) | (15,092 | ) | |||||||||
Net deferred tax liability | $ | (9,372 | ) | $ | (9,048 | ) | |||||||
At December 31, 2013, the net deferred tax liability of $9.4 million consisted of a $2.4 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and an $11.8 million deferred tax liability associated with DIM. At December 31, 2012 the net deferred tax liability of $9.0 million consisted of a $3.0 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $12.0 million deferred tax liability associated with DIM. | |||||||||||||
The tax deduction for interest paid by the TRS to the REIT is subject to certain limitations pursuant to U.S. federal tax law. Such interest may only be deducted in any tax year in which the TRS’ income exceeds certain thresholds. Such disallowed interest may be carried forward and utilized in future years, subject to the same limitation. At December 31, 2013, IRT had approximately $7.5 million of disallowed interest carry forwards, with a tax value of $2.9 million. This carry forward does not expire. IRT expects to realize the benefits of its net deferred tax asset of approximately $2.4 million as of December 31, 2013, primarily from identified tax planning strategies, as well as projected taxable income. Southeast had a net operating loss carry forward of $650,000 at December 31, 2013, which begins to expire in 2016. A valuation allowance of $162,000 is provided for this asset. As of December 31, 2013, DIM had federal and state net operating loss carry forwards of approximately $4.8 million and $3.8 million, respectively, which begin to expire in 2027. As of December 31, 2013, IRT had federal and state net operating loss carry forwards of approximately $2.0 million and $1.6 million, respectively, which begin to expire in 2030. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interests | ' | |||||||
Noncontrolling Interests | ||||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets: | ||||||||
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) | — | 2,600 | ||||||
Walden Woods Village, Ltd. (3) | 989 | 989 | ||||||
Total redeemable noncontrolling interests | $ | 989 | $ | 22,551 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,081 | 1,100 | ||||||
Vestar/EQY Talega LLC (4) | 147 | 147 | ||||||
Vestar/EQY Vernola LLC (5) | 341 | 361 | ||||||
Vestar/EQY Canyon Trails LLC (2) | 29 | — | ||||||
Total noncontrolling interests included in total equity | $ | 207,743 | $ | 207,753 | ||||
______________________________________________ | ||||||||
(1) In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | ||||||||
(2) This entity held our interest in Canyon Trails Towne Center, which was sold in December 2013. | ||||||||
(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 interest represents the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interest in accordance with the provisions under the Consolidation Topic of the FASB ASC. | ||||||||
In January 1999, Equity One (Walden Woods) Inc., a wholly-owned subsidiary of ours, formed a limited partnership as a general partner. Walden Woods Village, an income producing shopping center, was contributed by its owners (the “Noncontrolling Partners”), and we contributed 93,656 shares of our common stock to the limited partnership at an agreed-upon price of $10.30 per share. Under the terms of the agreement, the Noncontrolling Partners do not share in any earnings of the partnership, except to the extent of dividends received by the partnership for the shares originally contributed by us. Based on the per-share price and the net value of property contributed by the Noncontrolling Partners, the limited partners received 93,656 partnership units. Upon the formation of the partnership, we entered into a redemption agreement with the Noncontrolling Partners pursuant to which the Noncontrolling Partners could request that we purchase their partnership units at a price of $10.30 per unit at any time before January 1, 2014. As a result of the redemption agreement, the value of the redeemable noncontrolling interest of $989,000 has been included in the mezzanine section of our consolidated balance sheet, separate from permanent equity, in accordance with the Distinguishing Liabilities subtopic from the Equity Topic of the FASB ASC. We also entered into a conversion agreement with the Noncontrolling Partners pursuant to which the Noncontrolling Partners can convert their partnership units into our common stock. The Noncontrolling Partners have not exercised their redemption or conversion rights, and their noncontrolling interest remains valued at $989,000 at December 31, 2013. | ||||||||
Our Sunlake development project was previously held in two joint ventures in which we held a controlling financial interest. Pursuant to the joint venture agreements, we agreed to fund all acquisition, development and operating costs and had reimbursement rights in relation to all capital outlays upon disposition of the project. In return, we received an 8% preferred return on our advances and were entitled to 60% of the profits thereafter. The minority partners did not contribute any capital to the joint ventures and a noncontrolling interest was not previously recognized in relation to their interests as our capital expenditures and cumulative preferred return surpassed the equity in the project. As of December 31, 2013, the partners agreed to terminate the joint ventures and the minority partners were not entitled to any distributions upon the termination. | ||||||||
In January 2009, we acquired a controlling financial interest in DIM and consolidated its results as of the acquisition date. As we owned 65.1% of DIM’s ordinary shares as of the acquisition date, we recorded $25.8 million of noncontrolling interest, which represented the fair value of the portion of DIM’s equity that we did not own, upon the consolidation of the entity. Subsequent to the initial acquisition, we acquired additional DIM ordinary shares through various transactions during 2009 and 2010, including open market and private purchases, bringing our ownership interest to approximately 97.4% as of December 31, 2010. As of December 31, 2013 and 2012, our ownership interest in DIM was 97.8%. | ||||||||
In December 2010, we acquired controlling interests in three joint ventures with Vestar which required us to consolidate their results as of the acquisition date. Upon consolidation, we recorded $5.2 million of noncontrolling interests which represented the fair value of the portion of the joint venture equity that we did not own upon acquisition. For the Equity One/Vestar JVs, $517,000 and $508,000 of noncontrolling interests are recorded in permanent equity in our consolidated balance sheets as of December 31, 2013 and 2012, respectively. Our Canyon Trails joint venture with Vestar contained certain provisions which could have required us to redeem the noncontrolling interest at fair market value at Vestar’s option. Due to the redemption feature, we recorded $2.6 million of noncontrolling interest associated with this venture in the mezzanine section of our consolidated balance sheets as of December 31, 2012, which approximates the redemption value at such date. The joint venture sold this property in December 2013 and as a result we no longer include the noncontrolling interest in the mezzanine section of our consolidated balance sheet as of December 31, 2013. | ||||||||
We acquired a controlling interest in CapCo on January 4, 2011 which required us to consolidate CapCo’s results as of the acquisition date. We recorded $206.1 million of noncontrolling interest upon consolidation, which represented the fair value of the portion of CapCo’s equity that we did not own upon acquisition. The $206.1 million of noncontrolling interest is reflected in the equity section of our consolidated balance sheet as permanent equity as of December 31, 2013. Since LIH, the noncontrolling party, only participates in the earnings of CapCo to the extent of dividends declared on our common stock and considering that dividends are generally declared and paid in the same quarter, subsequent changes to the noncontrolling interest will only occur if dividends are declared but not paid, or if we acquire all or a portion of LIH’s interest or if its Class A joint venture shares are converted into our common stock. See Note 5 above for a discussion of the CapCo joint venture. | ||||||||
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 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 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 (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. Both the income attributable to the noncontrolling interest holders and the amounts paid to them during the years ended December 31, 2013 and 2012 were $315,000 and $944,000, respectively. The income attributable to the noncontrolling interest holders and amounts paid to them during the year ended December 31, 2011 were $168,000 and $89,000, respectively. | ||||||||
During the years ended December 31, 2013, 2012 and 2011, there were no material effects on the equity attributable to us resulting from changes in our ownership interest in our subsidiaries other than those related to Danbury 6 Associates LLC and Southbury 84 Associates LLC as noted above. |
Stockholders_Equity_and_Earnin
Stockholders’ Equity and Earnings (Loss) Per Share | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||||||
Stockholders’ Equity and Earnings (Loss) Per Share | ' | |||||||||||||
Stockholders’ Equity and Earnings (Loss) Per Share | ||||||||||||||
During each quarter of 2013, our Board of Directors declared cash dividends of $0.22 per share on our common stock. These dividends were paid in March, June, September and December 2013. | ||||||||||||||
In August 2012, we completed an underwritten public offering and concurrent private placement totaling 4.1 million shares of our common stock at a price to the public and in the private placement of $21.20 per share. In the concurrent private placement, 500,000 shares were purchased by MGN (USA), Inc., an affiliate of our largest stockholder, Gazit-Globe, Ltd. ("Gazit"), which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. The offerings generated proceeds to us of approximately $85.6 million. The stock issuance costs and underwriting discounts were approximately $813,000. We used the net proceeds to reduce the outstanding balance under our unsecured revolving credit facility. | ||||||||||||||
In May 2011, we completed an underwritten public offering and concurrent private placement of an aggregate of 6.0 million shares of our common stock at a price to the public and in the private placement of $19.42 per share. In the concurrent private placement, 1.0 million shares were purchased by MGN (USA), Inc. The offerings generated proceeds to us of approximately $115.7 million, net of stock issuance costs and underwriting discounts of $858,000. | ||||||||||||||
In connection with the CapCo acquisition on January 4, 2011, LIH transferred and assigned to us an outstanding promissory note of CapCo in the amount of $67.0 million in exchange for approximately 4.1 million shares of our common stock and one share of a newly-established class of our capital stock, Class A common stock, that (i) was convertible into 10,000 shares of our common stock in certain circumstances, and (ii) subject to certain limitations, entitled LIH to voting rights with respect to a number of shares of our common stock determined with reference to the number of joint venture shares held by LIH from time to time. Effective June 29, 2011, the one share of Class A common stock was converted in accordance with its terms into 10,000 shares of our common stock. | ||||||||||||||
Also in connection with the closing of the CapCo transaction in 2011, we executed a Registration and Liquidity Rights Agreement between us and LIH pursuant to which we agreed to register the approximately 4.1 million shares of our common stock received by LIH in the transaction and the approximately 11.4 million shares of our common stock issuable if we exercise our right to pay for the redemption of LIH’s joint venture units with shares of our common stock. On March 9, 2012, LIH sold the approximately 4.1 million shares of our common stock issued in exchange for the CapCo note and upon conversion of the Class A common stock pursuant to an underwritten public offering. Pursuant to the Registration and Liquidity Rights Agreement, we paid all of the expenses of the offering other than underwriting discounts and legal expenses of counsel to LIH, which amounted to $169,000 for the year ended December 31, 2012, and are included in general and administrative expenses in the accompanying consolidated statement of operations. | ||||||||||||||
Earnings (Loss) per Share | ||||||||||||||
The following summarizes the calculation of basic earnings per share ("EPS") and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating basic EPS: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Income (loss) from continuing operations | $ | 48,963 | $ | (1,212 | ) | $ | 22,518 | |||||||
Net income attributable to noncontrolling interests - continuing operations | (10,209 | ) | (10,676 | ) | (9,652 | ) | ||||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 38,754 | (11,888 | ) | 12,866 | ||||||||||
Allocation of continuing income to participating securities | (1,045 | ) | (1,082 | ) | (1,169 | ) | ||||||||
Income (loss) from continuing operations available to common stockholders | 37,709 | (12,970 | ) | 11,697 | ||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | |||||||||||
Net (income) loss attributable to noncontrolling interests - discontinued | (494 | ) | (26 | ) | 55 | |||||||||
operations | ||||||||||||||
Income from discontinued operations available to common stockholders | 39,200 | 8,411 | 20,755 | |||||||||||
Net income (loss) available to common stockholders | $ | 76,909 | $ | (4,559 | ) | $ | 32,452 | |||||||
Weighted average shares outstanding – Basic | 117,389 | 114,233 | 110,099 | |||||||||||
Basic earnings (loss) per share available to common stockholders: | ||||||||||||||
Continuing operations | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | |||||||
Discontinued operations | 0.33 | 0.07 | 0.19 | |||||||||||
Earnings (loss) per common share — Basic | $ | 0.66 | * | $ | (0.04 | ) | $ | 0.29 | * | |||||
* 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 (loss) available to common stockholders and shares of common stock used in calculating diluted EPS: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Income (loss) from continuing operations | $ | 48,963 | $ | (1,212 | ) | $ | 22,518 | |||||||
Net income attributable to noncontrolling interests - continuing operations | (10,209 | ) | (10,676 | ) | (9,652 | ) | ||||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 38,754 | (11,888 | ) | 12,866 | ||||||||||
Allocation of continuing income to participating securities | (1,045 | ) | (1,082 | ) | (1,169 | ) | ||||||||
Income (loss) from continuing operations available to common stockholders | 37,709 | (12,970 | ) | 11,697 | ||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | |||||||||||
Net (income) loss attributable to noncontrolling interests - discontinued | (494 | ) | (26 | ) | 55 | |||||||||
operations | ||||||||||||||
Income from discontinued operations available to common stockholders | 39,200 | 8,411 | 20,755 | |||||||||||
Net income (loss) available to common stockholders | $ | 76,909 | $ | (4,559 | ) | $ | 32,452 | |||||||
Weighted average shares outstanding – Basic | 117,389 | 114,233 | 110,099 | |||||||||||
Stock options using the treasury method | 288 | — | 142 | |||||||||||
Executive Incentive Plan shares using the treasury method | 94 | — | — | |||||||||||
Weighted average shares outstanding – Diluted | 117,771 | 114,233 | 110,241 | |||||||||||
Diluted earnings (loss) per share available to common stockholders: | ||||||||||||||
Continuing operations | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | |||||||
Discontinued operations | 0.33 | 0.07 | 0.19 | |||||||||||
Earnings (loss) per common share — Diluted | $ | 0.65 | $ | (0.04 | ) | $ | 0.29 | * | ||||||
* Note: EPS does not foot due to the rounding of the individual calculations. | ||||||||||||||
The computation of diluted EPS for the years ended December 31, 2013 and 2011 did not include 1.4 million and 1.9 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $23.52 to $26.66 and $18.88 to $26.66, respectively, because the option prices were greater than the average market price of our common shares during the period. The computation of diluted EPS for the year ended December 31, 2012 did not include 3.5 million shares of common stock issuable upon the exercise of outstanding options, at prices ranging from $11.59 to $26.66, because their effect would be anti-dilutive. | ||||||||||||||
The computation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 did not include the 11.4 million joint venture units held by 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 are not included in the diluted weighted average share count because their inclusion is anti-dilutive. |
ShareBased_Payment_Plans
Share-Based Payment Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Payment Plans | ' | |||||||||||||
Share-Based Payment Plans | ||||||||||||||
The Equity One Amended and Restated 2000 Executive Incentive Compensation Plan (the “2000 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, and deferred stock, other stock-related awards and performance or annual incentive awards that may be settled in cash, stock or other property. The persons eligible to receive an award under the 2000 Plan are our officers, directors, employees and independent contractors. Following an amendment to the 2000 Plan, approved by our stockholders on May 2, 2011, the total number of shares of common stock that may be issuable under the 2000 Plan is 13.5 million shares, plus (i) the number of shares with respect to which options previously granted under the 2000 Plan terminate without being exercised, and (ii) the number of shares that are surrendered in payment of the exercise price for any awards or any tax withholding requirements. The 2000 Plan will terminate on the earlier of May 2, 2021 or the date on which all shares reserved for issuance under the 2000 Plan have been issued. As of December 31, 2013, 5.0 million shares were available for issuance under the 2000 Plan, as amended. | ||||||||||||||
Discounts offered to participants under our 2004 Employee Stock Purchase Plan represent the difference between market value of our stock on the purchase date and purchase price of shares as provided under the plan. | ||||||||||||||
Options and Restricted Stock | ||||||||||||||
As of December 31, 2013, we had stock options and restricted stock outstanding under the 2000 Plan. In addition, in connection with the initial employment in 2006 of Jeffrey S. Olson, our Chief Executive Officer, we issued Mr. Olson options to purchase 364,660 shares of common stock. | ||||||||||||||
The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting of the awards is determined by the committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of non-vested restricted stock, which makes the restricted stock a participating security under the Earnings Per Share Topic of the FASB ASC. Certain options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. | ||||||||||||||
The fair value of each stock option awarded was estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields, employee exercises and employee forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. We measure compensation expense for restricted stock awards based on the fair value of our common stock at the date of the grant and charge to expense such amounts ratably over the vesting period. For grants with a graded vesting schedule, we have elected to recognize compensation expense on a straight-line basis. We used the shortcut method described in the Share Compensation Topic of the FASB ASC for determining the expected life used in the valuation method. | ||||||||||||||
The following table provides a summary of stock option activity for 2013: | ||||||||||||||
Shares | Weighted | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
Under | Average Exercise | |||||||||||||
Option | Price | |||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||
Outstanding at the beginning of year | 3,521 | $ | 20.73 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (536 | ) | 16.3 | |||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at the end of year | 2,985 | $ | 21.53 | 4.3 | $ | 5,890 | ||||||||
Exercisable at the end of year | 2,826 | $ | 21.67 | 4.1 | $ | 5,344 | ||||||||
The total cash or other consideration received from options exercised during the years ended December 31, 2013, 2012 and 2011 was $8.7 million, $493,000 and $31,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $4.6 million, $319,000 and $1,000, respectively. | ||||||||||||||
The weighted average grant-date fair value of options granted during 2011 was $3.67. No options were granted during the years ended December 31, 2013 and 2012. During the year ended December 31, 2011, the fair value of each option grant was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | ||||||||||||||
Dividend yield | 4.60% | |||||||||||||
Risk-free interest rate | 2.70% | |||||||||||||
Expected option life (years) | 6.0 - 6.25 | |||||||||||||
Expected volatility | 30.20% | |||||||||||||
The options were granted with an exercise price equivalent to the current stock price on the grant date or the ten-day average of the stock price prior to the grant date. | ||||||||||||||
Restricted Stock Grants and Long-Term Incentive Compensation Plan | ||||||||||||||
The following table presents information regarding restricted stock activity during the year ended December 31, 2013: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value | ||||||||||||||
(In thousands) | ||||||||||||||
Unvested at January 1, 2013 | 975 | * | $ | 17.11 | ||||||||||
Granted | 66 | 22.4 | ||||||||||||
Vested | (181 | ) | 17.74 | |||||||||||
Forfeited | (3 | ) | 20.95 | |||||||||||
Unvested at December 31, 2013 | 857 | * | $ | 17.37 | ||||||||||
______________________________________________ | ||||||||||||||
* 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 as discussed below. | ||||||||||||||
Our compensation committee grants restricted stock to our officers, directors, and other employees. Vesting periods for the restricted stock are determined by our compensation committee. We measure compensation costs for restricted stock awards based on the fair value of our common stock at the date of the grant and expense such amounts ratably over the vesting period. As of December 31, 2013, we had 856,661 shares of non-vested restricted stock grants outstanding. | ||||||||||||||
During the year ended December 31, 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 180,648 shares of restricted stock that vested during the year ended December 31, 2013 was $3.2 million. | ||||||||||||||
On August 9, 2010, 698,894 restricted shares were awarded to Jeffrey S. Olson as part of his new employment agreement. Of this amount, 582,412 restricted shares (“Contingent Shares”) were issued under the 2000 Plan and will vest if our total shareholder return over a four-year measurement period commencing on January 1, 2011 exceeds the average total shareholder return of a peer group of publicly traded retail property REITs, as well as an absolute return threshold. All of the Contingent Shares will vest on December 31, 2014 (or such shorter time as provided in the employment agreement) if our total shareholder return for the measurement period both (1) exceeds the average total shareholder return of the peer group of companies by at least 300 basis points and (2) equals or exceeds 9%. If the full vesting requirements are not met, one-half of the Contingent Shares will vest on December 31, 2014 if our total shareholder return for the measurement period both (1) exceeds the average total shareholder return of the peer group of companies by at least 150 basis points and (2) equals or exceeds 6%. Mr. Olson must be employed by us on the vesting date. Mr. Olson will receive any dividends declared on the Contingent Shares over the measurement period and those dividends will not be forfeited by Mr. Olson if the Contingent Shares fail to vest. | ||||||||||||||
On January 28, 2011, we entered into employment agreements with Thomas Caputo, our President, Arthur L. Gallagher, our Executive Vice President and President of Florida, and Mark Langer, our Executive Vice President and Chief Financial Officer, which were effective as of February 1, 2011. The initial term of each employment agreement ends December 31, 2014 and will automatically renew for successive one-year periods unless either party gives the other written notice at least six months before the expiration of the applicable term of that party’s intent to let the employment agreement expire. We granted an aggregate of 800,000 restricted shares (the “Executive Shares”) under the new employment agreements which will vest if our total shareholder return over the measurement period commencing on February 1, 2011 and ending on December 31, 2014 exceeds the average total shareholder return of a peer group of publicly traded retail property REITs, as well as an absolute return threshold. The total return thresholds for the Executive Shares are the same as the thresholds applicable to the Contingent Shares awarded to Mr. Olson. Messrs. Caputo, Gallagher, and Langer do not participate in dividends over the performance period and must be employed by us on the vesting date to receive the shares. As these shares are not entitled to vote or receive dividends during the performance period, they are not included in our restricted share count. | ||||||||||||||
The Contingent Shares and the Executive Shares were each valued at approximately $4.5 million utilizing a Monte Carlo simulation to estimate the probability of the performance vesting conditions being satisfied. The Monte Carlo simulation used the statistical formula underlying the Black-Scholes-Merton binomial formula. For the Contingent Shares, we recognize compensation expense over the requisite service period from August 9, 2010 through December 31, 2014. For the Executive Shares, we recognize compensation expense over the requisite service period from January 28, 2011 through December 31, 2014. During the years ended December 31, 2013, 2012 and 2011, we recognized approximately $1.1 million, $1.1 million and $1.0 million, respectively, of compensation expense related to the Executive Shares, and approximately $1.0 million of compensation expense related to the Contingent Shares each period. | ||||||||||||||
Included in the restricted stock grants are 380,000 shares awarded to our chairman as part of his chairman compensation agreement with us which was executed on August 9, 2010, (i) 31,250 of which vested on January 1, 2011; (ii) 7,266 of which will vest on the first day of each calendar month beginning February 2011 and ending December 2014; and (iii) 7,248 of which will vest on December 31, 2014. | ||||||||||||||
Pursuant to their employment agreements, each of our executive officers is entitled to an annual bonus based upon the achievement of certain performance levels established by our compensation committee. We anticipate that the performance levels will be set for each calendar year so that each executive can reasonably be expected to earn a bonus for such calendar year in an amount equal to 50% of his base salary for each of Messrs. Olson and Caputo and 100% of his base salary for each of Messrs. Langer and Gallagher. Bonuses for Messrs. Olson and Caputo are payable in cash; bonuses for Messrs. Langer and Gallagher are payable one-half in cash and one-half in shares of restricted stock, which shares will vest in equal portions on the first, second and third year anniversaries of the grant date, subject to the executive then being employed by us, provided that the number of shares of restricted stock that would otherwise be granted to Mr. Langer for any bonus with respect to the 2011 or 2012 calendar years is reduced (but not below zero) by 12,500 shares. No bonus will be payable for Mr. Langer or Mr. Gallagher in respect of a calendar year in which such executive allows his employment agreement to expire. If we allow either Mr. Langer’s or Mr. Gallagher’s employment agreement to expire, all unvested shares of restricted stock granted to the executive in respect of the foregoing annual bonuses will continue to vest as if the executive had been employed through the last date such shares would have otherwise vested. | ||||||||||||||
Share-Based Compensation Expense | ||||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations, is summarized as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Restricted stock expense | $ | 5,931 | $ | 6,060 | $ | 5,692 | ||||||||
Stock option expense | 465 | 1,040 | 1,454 | |||||||||||
Employee stock purchase plan discount | 18 | 13 | 14 | |||||||||||
Total equity-based expense | 6,414 | 7,113 | 7,160 | |||||||||||
Restricted stock classified as a liability | 117 | 51 | 103 | |||||||||||
Total expense | 6,531 | 7,164 | 7,263 | |||||||||||
Less amount capitalized | (358 | ) | (301 | ) | (271 | ) | ||||||||
Net share-based compensation expense | $ | 6,173 | $ | 6,863 | $ | 6,992 | ||||||||
As of December 31, 2013, we had $6.1 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares). This expense is expected to be recognized over a weighted average period of 1.2 years. | ||||||||||||||
401(k) Plan | ||||||||||||||
We have a 401(k) defined contribution plan (the “401(k) Plan”) covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We match 100% of each employee’s contribution up to 3.0% of the employee’s annual compensation and, thereafter, match 50% of the next 3.0% of the employee’s annual compensation. Employees’ contributions and our matching contributions vest immediately. Our contributions to the 401(k) Plan for the years ended December 31, 2013, 2012 and 2011 were $414,000, $432,000 and $418,000, respectively. | ||||||||||||||
2004 Employee Stock Purchase Plan | ||||||||||||||
Under the 2004 Employee Stock Purchase Plan, our employees, including our directors who are employees, are eligible to participate in quarterly plan offerings in which payroll deductions may be used to purchase shares of our common stock. The purchase price per share is 90% of the average closing price per share of our common stock on the NYSE on the five trading days that immediately precede the date of purchase, provided, however, that in no event shall the exercise price per share of common stock on the exercise date of an offering period be less than the lower of (i) 85% of the market price on the first day of the offering period or (ii) 85% of the market price on the exercise date. |
Segment_Reporting_Notes
Segment Reporting (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||
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, North Carolina and Virginia; (4) Northeast – including Connecticut, Maryland, Massachusetts and New York; (5) West Coast – California; 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 interest 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 of unconsolidated joint ventures, income tax benefit from taxable REIT subsidiaries, gain on bargain purchase, gains on sales of real estate, impairments, and income 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 on bargain purchase, gain on sale of real estate, equity in income 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 consolidated financial statements. NOI should not be considered as an alternative to net income attributable to Equity One 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 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 (loss) from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Revenue: | ||||||||||||
South Florida | $ | 90,117 | $ | 87,709 | $ | 82,684 | ||||||
North Florida | 37,809 | 37,982 | 40,264 | |||||||||
Southeast | 39,017 | 37,199 | 36,092 | |||||||||
Northeast | 75,635 | 53,197 | 35,997 | |||||||||
West Coast | 69,651 | 65,217 | 46,724 | |||||||||
Non-retail | 2,312 | 753 | 651 | |||||||||
Total segment revenue | 314,541 | 282,057 | 242,412 | |||||||||
Add: | ||||||||||||
Straight line rent adjustment | 2,022 | 3,239 | 2,095 | |||||||||
Accretion of below market lease intangibles, net | 13,350 | 13,248 | 9,449 | |||||||||
Management and leasing services | 2,598 | 2,489 | 2,287 | |||||||||
Total revenue | $ | 332,511 | $ | 301,033 | $ | 256,243 | ||||||
Net operating income (NOI): | ||||||||||||
South Florida | $ | 60,850 | $ | 59,074 | $ | 54,633 | ||||||
North Florida | 25,975 | 26,698 | 27,978 | |||||||||
Southeast | 26,612 | 26,257 | 25,014 | |||||||||
Northeast | 53,450 | 36,639 | 25,608 | |||||||||
West Coast | 45,820 | 43,533 | 31,142 | |||||||||
Non-retail | 1,746 | 301 | 34 | |||||||||
Total | 214,453 | 192,502 | 164,409 | |||||||||
Add: | ||||||||||||
Straight line rent adjustment | 2,022 | 3,239 | 2,095 | |||||||||
Accretion of below market lease intangibles, net | 13,350 | 13,248 | 9,449 | |||||||||
Management and leasing services | 2,598 | 2,489 | 2,287 | |||||||||
Elimination of intersegment expenses | 10,441 | 9,584 | 6,804 | |||||||||
Investment income | 6,631 | 7,241 | 4,341 | |||||||||
Equity in income of unconsolidated joint ventures | 1,648 | 542 | 4,829 | |||||||||
Other income | 216 | 45 | 306 | |||||||||
Gain on bargain purchase | — | — | 30,561 | |||||||||
Gain on sale of real estate | — | — | 5,542 | |||||||||
Gain (loss) on extinguishment of debt | 107 | (29,146 | ) | (1,514 | ) | |||||||
Less: | ||||||||||||
Depreciation and amortization | 87,266 | 79,415 | 75,029 | |||||||||
General and administrative | 39,514 | 42,473 | 50,910 | |||||||||
Interest expense | 68,145 | 70,665 | 66,560 | |||||||||
Amortization of deferred financing fees | 2,421 | 2,474 | 2,195 | |||||||||
Impairment loss | 5,641 | 8,909 | 16,984 | |||||||||
Income (loss) from continuing operations before tax and discontinued | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | |||||
operations | ||||||||||||
The following is a summary by segment of impairment losses included in the consolidated statements of operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Impairments: | ||||||||||||
South Florida | $ | — | $ | 601 | $ | 3,786 | ||||||
North Florida | — | — | 267 | |||||||||
Southeast | 2,731 | 8,168 | 12,931 | |||||||||
West Coast | 2,910 | 140 | — | |||||||||
Total impairments on properties held for use | $ | 5,641 | $ | 8,909 | $ | 16,984 | ||||||
The following is a summary by segment of total assets included in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
South Florida | $ | 690,328 | $ | 692,764 | ||||||||
North Florida | 318,375 | 316,364 | ||||||||||
Southeast | 305,013 | 310,891 | ||||||||||
Northeast | 974,444 | 894,658 | ||||||||||
West Coast | 833,890 | 779,541 | ||||||||||
Non-retail | 61,273 | 33,525 | ||||||||||
Corporate assets | 157,932 | 206,741 | ||||||||||
Properties held for sale | 13,404 | 268,184 | ||||||||||
Total assets | $ | 3,354,659 | $ | 3,502,668 | ||||||||
Segment Reporting | ' | |||||||||||
The following is a summary by segment of impairment losses included in the consolidated statements of operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Impairments: | ||||||||||||
South Florida | $ | — | $ | 601 | $ | 3,786 | ||||||
North Florida | — | — | 267 | |||||||||
Southeast | 2,731 | 8,168 | 12,931 | |||||||||
West Coast | 2,910 | 140 | — | |||||||||
Total impairments on properties held for use | $ | 5,641 | $ | 8,909 | $ | 16,984 | ||||||
Future_Minimum_Rental_Income
Future Minimum Rental Income | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | |||
Future Minimum Rental Income | ' | |||
Future Minimum Rental Income | ||||
Our properties are leased to tenants under operating leases with expiration dates extending to the year 2089. Future minimum rents under non-cancelable operating leases as of December 31, 2013, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 238,128 | ||
2015 | 222,030 | |||
2016 | 186,463 | |||
2017 | 158,835 | |||
2018 | 135,373 | |||
Thereafter | 667,849 | |||
Total | $ | 1,608,678 | ||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
As of December 31, 2013, we had provided letters of credit having an aggregate face amount of $2.7 million as additional security for financial and other obligations. | ||||
As of December 31, 2013, we had invested an aggregate of approximately $62.2 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $76.6 million to complete, based on our current plans and estimates, which we anticipate will be expended over the next two years. These obligations, comprised principally of 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 December 31, 2013 will have a material adverse effect on our financial condition, results of operations or cash flows. | ||||
We are involved in litigation with the fee owner of the majority of the parking lot that services one of our shopping centers. The owner is seeking a declaratory judgment that we and our anchor tenant failed to properly exercise a renewal option under the ground lease at the end of 2012, thereby causing the lease to expire in March 2013. In January 2014, the owner prevailed on its motion for summary judgment. We and our anchor tenant have filed a motion for reconsideration and intend to appeal the decision if necessary. In the event the litigation is finally determined in a manner adverse to us and/or we are otherwise unable to negotiate a new lease or purchase of the parking lot from the owner of the fee interest, we may lose access to the majority of the parking lot servicing the shopping center and our operations and those of our tenants at the shopping center could be adversely impacted. As of December 31, 2013, the shopping center had a carrying value of $21.3 million and generated NOI of approximately $1.8 million during the year then ended. | ||||
Certain of our shopping centers are subject to non-cancelable long-term ground leases that expire at various dates through the year 2076 and in most cases provide for renewal options. In addition, we have non-cancelable operating leases for office space and equipment that expire at various dates through the year 2021. At December 31, 2013, future minimum rental payments under non-cancelable operating leases are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 1,772 | ||
2015 | 1,722 | |||
2016 | 1,590 | |||
2017 | 1,374 | |||
2018 | 1,391 | |||
Thereafter | 38,242 | |||
Total | $ | 46,091 | ||
During the years ended December 31, 2013, 2012 and 2011, we recognized approximately $1.4 million, $1.2 million and $1.1 million, respectively, of rental expense related to our non-cancelable operating leases. |
Environmental_Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: | |||||||||||||||||||||
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. | ||||||||||||||||||||
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||||||||||||||||||||
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||||||||||||||||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of December 31, 2013 and 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. As of December 31, 2013, the fair value of our interest rate swaps was an asset of $2.9 million, which is included in other assets in our consolidated balance sheet. As of 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 consolidated balance sheet. The net unrealized gain (loss) on our interest rate swaps was $9.9 million and $(7.0) million for the years ended December 31, 2013 and 2012, 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 are assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Interest rate derivatives | $ | 2,944 | $ | — | $ | 2,944 | $ | — | |||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||
Liabilities: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Interest rate derivatives | $ | 6,954 | $ | — | $ | 6,954 | $ | — | |||||||||||||
Valuation Methods | |||||||||||||||||||||
The fair value of our interest rate swaps were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used 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 utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 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 were 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 should be classified in Level 2 of the fair value hierarchy. The net unrealized gain (loss) included in other comprehensive income (“OCI”) was attributable to the net change in unrealized gains related to the interest rate swaps that remained outstanding at December 31, 2013, none of which were reported in the consolidated statements of operations because they were documented and qualified as hedging instruments. | |||||||||||||||||||||
We have a long-term incentive plan for four of our executives based on our total shareholder return versus returns for five of our peer companies. The fair value of this plan is determined using the average trial-specific value of the awards eligible for grant under the plan based upon a Monte Carlo simulation model. This model considers various assumptions, including time value, volatility factors, current market and contractual prices as well as projected future market prices for our common stock as well as the common stock of our peer companies over the performance period. Substantially all of these assumptions are observable in the marketplace throughout the full term of the plan, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||||||||
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 as of December 31, 2013: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 6,600 | $ | — | $ | — | $ | 6,600 | (2) | $ | 2,406 | ||||||||||
Operating properties held for sale | 3,875 | — | 3,875 | — | 1,313 | ||||||||||||||||
Development properties held and used | 6,400 | — | — | 6,400 | 3,085 | ||||||||||||||||
Total | $ | 16,875 | $ | — | $ | 3,875 | $ | 13,000 | $ | 6,804 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses exclude impairments related to properties sold during the year ended December 31, 2013. | |||||||||||||||||||||
(2) $5.4 million of the total represents the fair value of an operating property as of the date it was impaired during the third quarter of 2013. As of December 31, 2013, the carrying amount of the property no longer equals its fair value. | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2012: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 6,700 | $ | — | $ | — | $ | 6,700 | $ | 7,791 | |||||||||||
Operating properties held for sale | 6,350 | — | 6,350 | — | 1,932 | ||||||||||||||||
Development properties held and used | 12,510 | — | — | 12,510 | 740 | ||||||||||||||||
Total | $ | 25,560 | $ | — | $ | 6,350 | $ | 19,210 | $ | 10,463 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses exclude impairments related to properties sold during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
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, typically result 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 valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs as of December 31, 2013 and 2012: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||
Overall capitalization rates | 12.50% | 15.50% | 12.50% | 12.50% | |||||||||||||||||
Discount rates | 10.00% | 13.50% | 13.50% | 13.50% | |||||||||||||||||
Terminal capitalization rates | 12.50% | 12.50% | 12.50% | 12.50% | |||||||||||||||||
During the years ended December 31, 2013 and 2012, we recognized $2.4 million and $7.8 million, respectively, of impairment losses on operating properties located in the Southeast region. The estimated fair values related to the impairment assessments were primarily based on discounted cash flow analyses and, therefore, are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
During the years ended December 31, 2013 and 2012, we recognized $1.3 million and $1.9 million, respectively, of impairment losses on properties held for sale located in the Southeast and South Florida regions, respectively. The estimated fair values related to the impairment assessments were based upon the expected sales prices as determined by executed contracts and, therefore, are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
During the year ended December 31, 2013, we recognized impairment losses of $3.1 million on land parcels located in the Southeast and West Coast regions. During the year ended December 31, 2012, we recognized impairment losses of $740,000 on land parcels located in the South Florida and West Coast regions. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
We also performed annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, resulted from values established by Level 3 valuations. We estimated the fair value of the reporting unit using discounted projected future cash flows, which approximated a current sales price. If the results of this analysis indicated that the carrying value of the reporting unit exceeded its fair value, an impairment was recognized to reduce the carrying value of the goodwill to fair value. During the years ended December 31, 2013 and 2012, we recognized goodwill impairment losses of $288,000 and $525,000, respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 consolidated 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 $60.7 million at December 31, 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 then-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 December 31, 2013 and 2012 was approximately $461.5 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 $438.0 million and $451.1 million at December 31, 2013 and 2012, respectively. | |
Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated at December 31, 2013 and 2012 was approximately $762.6 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 December 31, 2013 and 2012, respectively. | |
Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated at December 31, 2013 and 2012 was approximately $248.7 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 loans and remaining terms. The carrying amount of this loan was $250.0 million at both December 31, 2013 and 2012. | |
The fair market value calculations of our debt as of December 31, 2013 and 2012 included assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations used a market rate spread over the risk free interest rate. This spread was determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate was 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 was subjective in nature, recent market data gathered suggested that the composite rates used for mortgages, senior notes and term loans were consistent with current market trends. | |
Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – At December 31, 2013, the fair value of our interest rate swaps was an asset of $2.9 million, which is included in other assets in our 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 consolidated balance sheet. See Note 24 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 $1.0 million and $22.6 million at December 31, 2013 and 2012, respectively, approximates their fair value as determined by discounted cash flow analyses. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes and our term loan and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 178,797 | $ | 1,401,028 | $ | 1,337,141 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,543 | — | — | (2,679,543 | ) | — | ||||||||||||||
Other assets | 229,759 | 91,759 | 919,201 | (802,893 | ) | 437,826 | ||||||||||||||
Total Assets | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,478 | 89,111 | 173,156 | (42,410 | ) | 242,335 | ||||||||||||||
Total Liabilities | 1,692,916 | 220,328 | 640,510 | (803,010 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,272,459 | 1,614,843 | (2,679,559 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
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 | $ | 266,639 | $ | 1,482,503 | $ | 1,267,795 | $ | (133 | ) | $ | 3,016,804 | |||||||||
Investment in affiliates | 2,692,127 | — | — | (2,692,127 | ) | — | ||||||||||||||
Other assets | 210,277 | 90,102 | 967,199 | (781,714 | ) | 485,864 | ||||||||||||||
Total Assets | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 157,730 | $ | 437,063 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 21,189 | 114,567 | 175,807 | (21,248 | ) | 290,315 | ||||||||||||||
Total Liabilities | 1,772,319 | 272,297 | 612,870 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | — | 22,551 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,724 | 1,300,308 | 1,599,573 | (2,692,126 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
NONCONTROLLING INTERESTS AND | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 170,206 | $ | 135,927 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries' earnings | 178,116 | — | — | (178,116 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 91,888 | 80,775 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 160,212 | 78,318 | 55,152 | (177,598 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,395 | ) | (8,857 | ) | 29,171 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 73,817 | 69,461 | 84,323 | (179,122 | ) | 48,479 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 74,010 | 69,535 | 84,540 | (179,122 | ) | 48,963 | ||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 100,033 | 89,208 | (178,706 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 100,033 | 89,376 | (178,706 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | — | (10,703 | ) | — | (10,703 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 100,033 | $ | 78,673 | $ | (178,706 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 151,593 | $ | 123,461 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries' earnings | 121,215 | — | — | (121,215 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 80,690 | 75,735 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,160 | 70,903 | 47,726 | (121,615 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,541 | ) | (5,594 | ) | 11,635 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,309 | 59,361 | (122,481 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,406 | 62,244 | (122,481 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 56,405 | 75,302 | (121,464 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 56,405 | 75,761 | (121,464 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | — | (10,702 | ) | — | (10,702 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,405 | $ | 65,059 | $ | (121,464 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,107 | $ | 141,233 | $ | 88,903 | $ | — | $ | 256,243 | ||||||||||
Equity in subsidiaries' earnings | 136,057 | — | — | (136,057 | ) | — | ||||||||||||||
Total costs and expenses | 48,461 | 80,573 | 65,271 | 2,833 | 197,138 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 113,703 | 60,660 | 23,632 | (138,890 | ) | 59,105 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (91,174 | ) | (27,736 | ) | 81,320 | (4,084 | ) | (41,674 | ) | |||||||||||
INCOME FROM CONTINUING | 22,529 | 32,924 | 104,952 | (142,974 | ) | 17,431 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 2,660 | 2,427 | — | 5,087 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 22,529 | 35,584 | 107,379 | (142,974 | ) | 22,518 | ||||||||||||||
Income (loss) from discontinued operations | 11,443 | 45,226 | (94,781 | ) | 58,812 | 20,700 | ||||||||||||||
NET INCOME | 33,972 | 80,810 | 12,598 | (84,162 | ) | 43,218 | ||||||||||||||
Other comprehensive income | 64 | — | 351 | — | 415 | |||||||||||||||
COMPREHENSIVE INCOME | 34,036 | 80,810 | 12,949 | (84,162 | ) | 43,633 | ||||||||||||||
Comprehensive income attributable to | — | — | (9,597 | ) | — | (9,597 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 34,036 | $ | 80,810 | $ | 3,352 | $ | (84,162 | ) | $ | 34,036 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (81,778 | ) | $ | 114,616 | $ | 99,904 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | (72,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,197 | ) | (4,828 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,043 | ) | (14,231 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (75 | ) | — | — | (75 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,766 | ) | (3,217 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Advances to subsidiaries, net | 189,173 | (128,968 | ) | (60,205 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,388 | (88,337 | ) | (49,004 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,510 | — | — | 8,510 | ||||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of redeemable noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,275 | ) | $ | 111,533 | $ | 167,961 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,296 | ) | (2,134 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (208,285 | ) | 53,174 | 155,111 | — | |||||||||||||||
Net cash used in investing activities | (123,296 | ) | (93,690 | ) | (115,277 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Proceeds from issuance of common stock | 85,838 | — | — | 85,838 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash provided (used in) by operating activities | $ | 96,544 | $ | 30,408 | $ | (24,326 | ) | $ | 102,626 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | (55,000 | ) | (55,500 | ) | (168,580 | ) | (279,080 | ) | ||||||||||||
Additions to income producing properties | (2,296 | ) | (11,557 | ) | (2,543 | ) | (16,396 | ) | ||||||||||||
Additions to construction in progress | (2,339 | ) | (40,392 | ) | (366 | ) | (43,097 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 3,206 | 11,705 | 384,485 | 399,396 | ||||||||||||||||
Increase in cash held in escrow | (91,591 | ) | — | — | (91,591 | ) | ||||||||||||||
Investment in loans receivable | — | — | (45,100 | ) | (45,100 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,416 | ) | (4,126 | ) | (1,612 | ) | (7,154 | ) | ||||||||||||
Investment in joint ventures | — | — | (15,024 | ) | (15,024 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 34,887 | 34,887 | ||||||||||||||||
Distributions from joint ventures | — | — | 18,786 | 18,786 | ||||||||||||||||
Investment in consolidated subsidiary | — | — | (242 | ) | (242 | ) | ||||||||||||||
Advances to subsidiaries, net | (122,297 | ) | 163,051 | (40,754 | ) | — | ||||||||||||||
Net cash used in (provided by) investing activities | (271,733 | ) | 63,181 | 163,937 | (44,615 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,808 | ) | (93,589 | ) | (151,467 | ) | (246,864 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 138,000 | 138,000 | ||||||||||||||||||
Proceeds from issuance of common stock | 116,542 | — | — | 116,542 | ||||||||||||||||
Payment of deferred financing costs | (4,888 | ) | — | (151 | ) | (5,039 | ) | |||||||||||||
Stock issuance costs | (1,185 | ) | — | — | (1,185 | ) | ||||||||||||||
Dividends paid to stockholders | (98,842 | ) | — | — | (98,842 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,405 | ) | (11,405 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 147,819 | (93,589 | ) | (163,023 | ) | (108,793 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,370 | ) | — | (23,412 | ) | (50,782 | ) | |||||||||||||
Cash and cash equivalents obtained through acquisition | — | — | 23,412 | 23,412 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 38,333 | — | — | 38,333 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 10,963 | $ | — | $ | — | $ | 10,963 | ||||||||||||
Quarterly Financial Data (unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | |||||||||||||||||
2013 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | ||||||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | ||||||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | ||||||||||||
Net income available to common shareholders | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | ||||||||||||
Basic per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
Diluted per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1)(2) | |||||||||||||||||
2012 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 72,976 | $ | 73,948 | $ | 75,156 | $ | 78,953 | ||||||||||||
Income (loss) from continuing operations | $ | 6,447 | $ | 7,190 | $ | 9,708 | $ | (24,557 | ) | |||||||||||
Net income (loss) | $ | 21,695 | $ | 5,021 | $ | 10,801 | $ | (30,292 | ) | |||||||||||
Net income (loss) available to common stockholders | $ | 18,982 | $ | 2,268 | $ | 8,065 | $ | (32,792 | ) | |||||||||||
Basic per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
Diluted per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
(2) | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes and our term loan and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 178,797 | $ | 1,401,028 | $ | 1,337,141 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,543 | — | — | (2,679,543 | ) | — | ||||||||||||||
Other assets | 229,759 | 91,759 | 919,201 | (802,893 | ) | 437,826 | ||||||||||||||
Total Assets | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,478 | 89,111 | 173,156 | (42,410 | ) | 242,335 | ||||||||||||||
Total Liabilities | 1,692,916 | 220,328 | 640,510 | (803,010 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,272,459 | 1,614,843 | (2,679,559 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
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 | $ | 266,639 | $ | 1,482,503 | $ | 1,267,795 | $ | (133 | ) | $ | 3,016,804 | |||||||||
Investment in affiliates | 2,692,127 | — | — | (2,692,127 | ) | — | ||||||||||||||
Other assets | 210,277 | 90,102 | 967,199 | (781,714 | ) | 485,864 | ||||||||||||||
Total Assets | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 157,730 | $ | 437,063 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 21,189 | 114,567 | 175,807 | (21,248 | ) | 290,315 | ||||||||||||||
Total Liabilities | 1,772,319 | 272,297 | 612,870 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | — | 22,551 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,724 | 1,300,308 | 1,599,573 | (2,692,126 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
NONCONTROLLING INTERESTS AND | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 170,206 | $ | 135,927 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries' earnings | 178,116 | — | — | (178,116 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 91,888 | 80,775 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 160,212 | 78,318 | 55,152 | (177,598 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,395 | ) | (8,857 | ) | 29,171 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 73,817 | 69,461 | 84,323 | (179,122 | ) | 48,479 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 74,010 | 69,535 | 84,540 | (179,122 | ) | 48,963 | ||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 100,033 | 89,208 | (178,706 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 100,033 | 89,376 | (178,706 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | — | (10,703 | ) | — | (10,703 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 100,033 | $ | 78,673 | $ | (178,706 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 151,593 | $ | 123,461 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries' earnings | 121,215 | — | — | (121,215 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 80,690 | 75,735 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,160 | 70,903 | 47,726 | (121,615 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,541 | ) | (5,594 | ) | 11,635 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,309 | 59,361 | (122,481 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,406 | 62,244 | (122,481 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 56,405 | 75,302 | (121,464 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 56,405 | 75,761 | (121,464 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | — | (10,702 | ) | — | (10,702 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,405 | $ | 65,059 | $ | (121,464 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,107 | $ | 141,233 | $ | 88,903 | $ | — | $ | 256,243 | ||||||||||
Equity in subsidiaries' earnings | 136,057 | — | — | (136,057 | ) | — | ||||||||||||||
Total costs and expenses | 48,461 | 80,573 | 65,271 | 2,833 | 197,138 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 113,703 | 60,660 | 23,632 | (138,890 | ) | 59,105 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (91,174 | ) | (27,736 | ) | 81,320 | (4,084 | ) | (41,674 | ) | |||||||||||
INCOME FROM CONTINUING | 22,529 | 32,924 | 104,952 | (142,974 | ) | 17,431 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 2,660 | 2,427 | — | 5,087 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 22,529 | 35,584 | 107,379 | (142,974 | ) | 22,518 | ||||||||||||||
Income (loss) from discontinued operations | 11,443 | 45,226 | (94,781 | ) | 58,812 | 20,700 | ||||||||||||||
NET INCOME | 33,972 | 80,810 | 12,598 | (84,162 | ) | 43,218 | ||||||||||||||
Other comprehensive income | 64 | — | 351 | — | 415 | |||||||||||||||
COMPREHENSIVE INCOME | 34,036 | 80,810 | 12,949 | (84,162 | ) | 43,633 | ||||||||||||||
Comprehensive income attributable to | — | — | (9,597 | ) | — | (9,597 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 34,036 | $ | 80,810 | $ | 3,352 | $ | (84,162 | ) | $ | 34,036 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (81,778 | ) | $ | 114,616 | $ | 99,904 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | (72,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,197 | ) | (4,828 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,043 | ) | (14,231 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (75 | ) | — | — | (75 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,766 | ) | (3,217 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Advances to subsidiaries, net | 189,173 | (128,968 | ) | (60,205 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,388 | (88,337 | ) | (49,004 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,510 | — | — | 8,510 | ||||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of redeemable noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,275 | ) | $ | 111,533 | $ | 167,961 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,296 | ) | (2,134 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (208,285 | ) | 53,174 | 155,111 | — | |||||||||||||||
Net cash used in investing activities | (123,296 | ) | (93,690 | ) | (115,277 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Proceeds from issuance of common stock | 85,838 | — | — | 85,838 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash provided (used in) by operating activities | $ | 96,544 | $ | 30,408 | $ | (24,326 | ) | $ | 102,626 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | (55,000 | ) | (55,500 | ) | (168,580 | ) | (279,080 | ) | ||||||||||||
Additions to income producing properties | (2,296 | ) | (11,557 | ) | (2,543 | ) | (16,396 | ) | ||||||||||||
Additions to construction in progress | (2,339 | ) | (40,392 | ) | (366 | ) | (43,097 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 3,206 | 11,705 | 384,485 | 399,396 | ||||||||||||||||
Increase in cash held in escrow | (91,591 | ) | — | — | (91,591 | ) | ||||||||||||||
Investment in loans receivable | — | — | (45,100 | ) | (45,100 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,416 | ) | (4,126 | ) | (1,612 | ) | (7,154 | ) | ||||||||||||
Investment in joint ventures | — | — | (15,024 | ) | (15,024 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 34,887 | 34,887 | ||||||||||||||||
Distributions from joint ventures | — | — | 18,786 | 18,786 | ||||||||||||||||
Investment in consolidated subsidiary | — | — | (242 | ) | (242 | ) | ||||||||||||||
Advances to subsidiaries, net | (122,297 | ) | 163,051 | (40,754 | ) | — | ||||||||||||||
Net cash used in (provided by) investing activities | (271,733 | ) | 63,181 | 163,937 | (44,615 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,808 | ) | (93,589 | ) | (151,467 | ) | (246,864 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 138,000 | 138,000 | ||||||||||||||||||
Proceeds from issuance of common stock | 116,542 | — | — | 116,542 | ||||||||||||||||
Payment of deferred financing costs | (4,888 | ) | — | (151 | ) | (5,039 | ) | |||||||||||||
Stock issuance costs | (1,185 | ) | — | — | (1,185 | ) | ||||||||||||||
Dividends paid to stockholders | (98,842 | ) | — | — | (98,842 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,405 | ) | (11,405 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 147,819 | (93,589 | ) | (163,023 | ) | (108,793 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,370 | ) | — | (23,412 | ) | (50,782 | ) | |||||||||||||
Cash and cash equivalents obtained through acquisition | — | — | 23,412 | 23,412 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 38,333 | — | — | 38,333 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 10,963 | $ | — | $ | — | $ | 10,963 | ||||||||||||
Quarterly Financial Data (unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | |||||||||||||||||
2013 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | ||||||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | ||||||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | ||||||||||||
Net income available to common shareholders | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | ||||||||||||
Basic per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
Diluted per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1)(2) | |||||||||||||||||
2012 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 72,976 | $ | 73,948 | $ | 75,156 | $ | 78,953 | ||||||||||||
Income (loss) from continuing operations | $ | 6,447 | $ | 7,190 | $ | 9,708 | $ | (24,557 | ) | |||||||||||
Net income (loss) | $ | 21,695 | $ | 5,021 | $ | 10,801 | $ | (30,292 | ) | |||||||||||
Net income (loss) available to common stockholders | $ | 18,982 | $ | 2,268 | $ | 8,065 | $ | (32,792 | ) | |||||||||||
Basic per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
Diluted per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
(2) | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related Parties | |
Refer to Note 18 for a discussion of the private placements during 2012 and 2011 to MGN (USA), Inc., an affiliate of our largest stockholder, Gazit. | |
We received rental income from affiliates of Gazit of approximately $246,000, $339,000 and $271,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
General and administrative expenses incurred by us on behalf of Gazit, which are reimbursed, totaled approximately $1.2 million, $758,000 and $567,000 for the years ended December 31, 2013, 2012 and 2011, respectively. The balance due from Gazit, which is included in accounts and other receivables, was approximately $283,000 and $476,000 as of December 31, 2013 and 2012, respectively. | |
We reimbursed MGN Icarus, Inc., an affiliate of Gazit, for certain travel expenses incurred by the Chairman of our Board of Directors. The amounts reimbursed totaled approximately $111,000, $243,000 and $137,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 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 December 31, 2013 consolidated balance sheet date for potential recognition or disclosure in our consolidated financial statements. | |
In January 2014, we acquired Rockwood Capital and Vestar Development Company's interests in Talega Village Center, a 102,000 square foot grocery-anchored shopping center located in San Clemente, California, for an additional equity investment of $6.2 million. In addition, in January 2014, the property held by Vernola Marketplace JV, LLC, in which we effectively own a 48% interest, was sold for $49.0 million, and the buyer assumed the existing mortgage of $22.9 million. The joint venture anticipates recognizing a gain of approximately $14.5 million on the sale. See Note 9 for additional information. | |
In January 2014, we acquired the two remaining parcels within the Westwood Complex for an aggregate gross purchase price of $80.0 million. See Note 11 for additional information. | |
Subsequent to year end, we closed on the sale of two properties located in the Southeast and North Florida regions for an aggregate purchase price of $10.7 million. The operations of these properties are included in discontinued operations in the accompanying consolidated financial statements for all the periods presented and the related assets and liabilities are presented as held for sale in our consolidated balance sheets at December 31, 2013 and 2012. | |
Subsequent to year end, the due diligence period expired under a contract to sell Brawley Commons to a third party for $5.5 million, and the property met the criteria to be classified as held for sale. As of December 31, 2013, the property had a net book value of $5.4 million. In February 2014, we closed on the sale of the property pursuant to the contract. The property was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013 and remained unpaid as of December 31, 2013, and the lender agreed to accept the proceeds from the sale as full repayment of the loan. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation And Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
Equity One, Inc. | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Balance at | Charged to | Adjustments | Deductions | Balance at end | |||||||||||||||||
beginning of | expense | to valuation | of period | ||||||||||||||||||
period | accounts | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,182 | $ | 3,736 | $ | — | $ | (2,099 | ) | $ | 4,819 | ||||||||||
Allowance for deferred tax asset | 213 | — | — | (51 | ) | 162 | |||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | 5,265 | 979 | — | (3,062 | ) | 3,182 | |||||||||||||||
Allowance for deferred tax asset | 205 | 8 | — | — | 213 | ||||||||||||||||
Year Ended December 31, 2011: | |||||||||||||||||||||
Allowance for doubtful accounts | 3,672 | 2,947 | — | (1,354 | ) | 5,265 | |||||||||||||||
Allowance for deferred tax asset | 195 | 10 | — | — | 205 | ||||||||||||||||
Note: Amounts above include those amounts recorded in discontinued operations. |
Summary_Of_Real_Estate_And_Acc
Summary Of Real Estate And Accumulated Depreciation (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||
Equity One, Inc. | |||||||||||||||||||||||||||||
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Acquisition or | |||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Improvements (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
90-30 Metropolitan | NY | $ | — | $ | 5,105 | $ | 21,378 | $ | 771 | $ | 5,105 | $ | 22,149 | $ | 27,254 | $ | (1,290 | ) | 2007 | 9/1/11 | |||||||||
Avenue | |||||||||||||||||||||||||||||
161 W. 16th Street | NY | — | 21,699 | 40,518 | 439 | 21,699 | 40,957 | 62,656 | (2,091 | ) | 1930 | 5/16/11 | |||||||||||||||||
200 Potrero | CA | — | 4,778 | 1,469 | 347 | 4,778 | 1,816 | 6,594 | (98 | ) | 1928 | 12/27/12 | |||||||||||||||||
1175 Third Avenue | NY | 6,765 | 28,282 | 22,115 | (378 | ) | 28,070 | 21,949 | 50,019 | (1,497 | ) | 1995 | 9/22/10 | ||||||||||||||||
1225-1239 Second | NY | 16,457 | 14,253 | 11,288 | 53 | 14,274 | 11,320 | 25,594 | (307 | ) | 1963 | 10/5/12 | |||||||||||||||||
Avenue | |||||||||||||||||||||||||||||
2400 PGA | FL | — | 1,418 | — | 7 | 1,418 | 7 | 1,425 | (1 | ) | n/a | 3/20/06 | |||||||||||||||||
4101 South I-85 | NC | — | 1,619 | 950 | 274 | 1,619 | 1,224 | 2,843 | (357 | ) | 1956 | 2/12/03 | |||||||||||||||||
Industrial | |||||||||||||||||||||||||||||
5335 CITGO | MD | — | 6,203 | 103 | — | 6,203 | 103 | 6,306 | (8 | ) | 1958 | 9/5/13 | |||||||||||||||||
5471 CITGO | MD | — | 4,107 | 78 | — | 4,107 | 78 | 4,185 | (6 | ) | 1959 | 9/5/13 | |||||||||||||||||
Alafaya Commons | FL | — | 6,858 | 10,720 | 1,594 | 6,858 | 12,314 | 19,172 | (3,252 | ) | 1987 | 2/12/03 | |||||||||||||||||
Alafaya Village | FL | — | 1,444 | 4,967 | 685 | 1,444 | 5,652 | 7,096 | (1,493 | ) | 1986 | 4/20/06 | |||||||||||||||||
Ambassador Row | LA | — | 3,880 | 10,570 | 2,317 | 3,880 | 12,887 | 16,767 | (3,394 | ) | 1980 | 2/12/03 | |||||||||||||||||
Ambassador Row | LA | — | 3,110 | 9,208 | 2,143 | 3,110 | 11,351 | 14,461 | (3,349 | ) | 1986 | 2/12/03 | |||||||||||||||||
Courtyard | |||||||||||||||||||||||||||||
Antioch Land | CA | — | 7,060 | — | (3,060 | ) | 4,000 | — | 4,000 | — | n/a | 1/4/11 | |||||||||||||||||
Atlantic Village | FL | — | 1,190 | 4,760 | 5,308 | 1,190 | 10,068 | 11,258 | (2,952 | ) | 1984 | 6/30/95 | |||||||||||||||||
Aventura Square (2) | FL | 24,326 | 46,811 | 17,851 | 2,041 | 45,855 | 20,848 | 66,703 | (1,551 | ) | 1991 | 10/5/11 | |||||||||||||||||
Banco Popular | FL | — | 3,363 | 1,566 | 570 | 3,363 | 2,136 | 5,499 | (582 | ) | 1971 | 9/27/05 | |||||||||||||||||
Building | |||||||||||||||||||||||||||||
Beauclerc Village | FL | — | 651 | 2,242 | 1,590 | 651 | 3,832 | 4,483 | (2,188 | ) | 1962 | 5/15/98 | |||||||||||||||||
Bird Ludlum | FL | — | 4,088 | 16,318 | 2,192 | 4,088 | 18,510 | 22,598 | (8,710 | ) | 1988 | 8/11/94 | |||||||||||||||||
Bluebonnet Village | LA | — | 2,290 | 4,168 | 2,170 | 2,290 | 6,338 | 8,628 | (1,769 | ) | 1983 | 2/12/03 | |||||||||||||||||
Bluffs Square Shoppes | FL | — | 3,232 | 9,917 | 613 | 3,232 | 10,530 | 13,762 | (4,309 | ) | 1986 | 8/15/00 | |||||||||||||||||
Boca Village | FL | — | 3,385 | 10,174 | 3,398 | 3,385 | 13,572 | 16,957 | (1,835 | ) | 1978 | 8/15/00 | |||||||||||||||||
Bowlmor Lanes | MD | — | 12,128 | 863 | — | 12,128 | 863 | 12,991 | (58 | ) | 1960 | 5/7/13 | |||||||||||||||||
Boynton Plaza | FL | — | 2,943 | 9,100 | 1,066 | 2,943 | 10,166 | 13,109 | (3,815 | ) | 1978 | 8/15/00 | |||||||||||||||||
Brawley Commons | NC | 6,485 | 4,206 | 11,556 | (8,676 | ) | 1,667 | 5,419 | 7,086 | (1,424 | ) | 1997 | 12/31/08 | ||||||||||||||||
BridgeMill | GA | 7,200 | 8,593 | 6,310 | 698 | 8,593 | 7,008 | 15,601 | (2,159 | ) | 2000 | 11/13/03 | |||||||||||||||||
Broadway Plaza | NY | — | 7,500 | — | 18,637 | 7,500 | 18,637 | 26,137 | — | n/a | 6/8/12 | ||||||||||||||||||
Broadway Outparcels | NY | — | 2,000 | — | 752 | 2,000 | 752 | 2,752 | — | n/a | 10/1/12 | ||||||||||||||||||
Brookside Plaza | CT | — | 2,291 | 26,260 | 7,687 | 2,291 | 33,947 | 36,238 | (7,677 | ) | 1985 | 1/12/06 | |||||||||||||||||
Buckhead Station | GA | — | 27,138 | 45,277 | 1,905 | 27,138 | 47,182 | 74,320 | (9,005 | ) | 1996 | 3/9/07 | |||||||||||||||||
Cashmere Corners | FL | — | 1,947 | 5,707 | (78 | ) | 1,947 | 5,629 | 7,576 | (1,807 | ) | 2001 | 8/15/00 | ||||||||||||||||
Centre Pointe Plaza | NC | — | 2,081 | 4,411 | 1,282 | 2,081 | 5,693 | 7,774 | (1,682 | ) | 1989 | 2/12/03 | |||||||||||||||||
Chapel Trail Plaza | FL | — | 3,641 | 5,777 | 3,010 | 3,641 | 8,787 | 12,428 | (2,444 | ) | 2007 | 5/10/06 | |||||||||||||||||
Charlotte Square | FL | — | 4,155 | 4,414 | 105 | 4,155 | 4,519 | 8,674 | (1,315 | ) | 1980 | 2/12/03 | |||||||||||||||||
Chastain Square | GA | — | 10,689 | 5,937 | 850 | 10,689 | 6,787 | 17,476 | (1,877 | ) | 1981 | 2/12/03 | |||||||||||||||||
Circle Center West | CA | — | 10,800 | 10,340 | 836 | 10,800 | 11,176 | 21,976 | (1,225 | ) | 1989 | 3/15/11 | |||||||||||||||||
Clocktower Plaza | NY | — | 25,184 | 19,462 | 31 | 25,184 | 19,493 | 44,677 | (894 | ) | 1985 | 9/28/12 | |||||||||||||||||
Shopping Center | |||||||||||||||||||||||||||||
Compo Acres | CT | — | 18,305 | 12,195 | 210 | 18,305 | 12,405 | 30,710 | (774 | ) | 1960 | 3/1/12 | |||||||||||||||||
Shopping Center | |||||||||||||||||||||||||||||
Copps Hill Plaza | CT | 17,423 | 14,146 | 24,626 | 52 | 14,146 | 24,678 | 38,824 | (3,576 | ) | 2002 | 3/31/10 | |||||||||||||||||
Coral Reef Shopping | FL | — | 16,464 | 4,376 | 1,642 | 17,515 | 4,967 | 22,482 | (1,041 | ) | 1968 | 9/1/06 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Country Club Plaza | LA | — | 1,294 | 2,060 | 107 | 1,294 | 2,167 | 3,461 | (567 | ) | 1982 | 2/12/03 | |||||||||||||||||
Countryside Shops | FL | — | 11,343 | 13,853 | 3,370 | 11,343 | 17,223 | 28,566 | (4,597 | ) | 1986 | 2/12/03 | |||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Acquisition or | |||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Improvements (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Crossroads Square | FL | $ | — | $ | 3,592 | $ | 4,401 | $ | 6,809 | $ | 3,520 | $ | 11,282 | $ | 14,802 | $ | (2,988 | ) | 1973 | 8/15/00 | |||||||||
Culver Center | CA | 64,000 | 74,868 | 59,958 | 4,449 | 75,214 | 64,061 | 139,275 | (3,691 | ) | 2000 | 11/16/11 | |||||||||||||||||
Danbury Green | CT | 24,700 | 17,547 | 21,560 | 8,402 | 18,143 | 29,366 | 47,509 | (3,031 | ) | 2006 | 10/27/11 | |||||||||||||||||
Daniel Village | GA | — | 3,439 | 8,352 | 183 | 3,439 | 8,535 | 11,974 | (2,350 | ) | 1956 | 2/12/03 | |||||||||||||||||
Darinor Plaza | CT | 18,322 | — | 16,991 | 20 | — | 17,011 | 17,011 | (1,267 | ) | 1978 | 8/28/12 | |||||||||||||||||
El Novillo | FL | — | 250 | 1,000 | 158 | 250 | 1,158 | 1,408 | (453 | ) | 1970 | 4/30/98 | |||||||||||||||||
Elmwood Oaks | LA | — | 4,088 | 8,221 | 928 | 4,088 | 9,149 | 13,237 | (2,736 | ) | 1989 | 2/12/03 | |||||||||||||||||
Forest Village | FL | — | 3,397 | 3,206 | 2,347 | 3,397 | 5,553 | 8,950 | (1,851 | ) | 2000 | 1/28/99 | |||||||||||||||||
Ft. Caroline | FL | — | 701 | 2,800 | 730 | 700 | 3,531 | 4,231 | (1,697 | ) | 1985 | 1/24/94 | |||||||||||||||||
Gateway Plaza at | FL | — | 2,301 | 5,529 | — | 2,301 | 5,529 | 7,830 | (833 | ) | 1991 | 3/19/10 | |||||||||||||||||
Aventura | |||||||||||||||||||||||||||||
Glengary Shoppes | FL | 15,808 | 7,488 | 13,969 | 405 | 7,488 | 14,374 | 21,862 | (2,119 | ) | 1995 | 12/31/08 | |||||||||||||||||
Greenwood | FL | — | 4,117 | 10,295 | 3,624 | 4,117 | 13,919 | 18,036 | (3,657 | ) | 1982 | 2/12/03 | |||||||||||||||||
Hairston Center | GA | — | 1,644 | 642 | 109 | 1,644 | 751 | 2,395 | (143 | ) | 2000 | 8/25/05 | |||||||||||||||||
Hammocks Town | FL | — | 16,856 | 11,392 | 641 | 16,856 | 12,033 | 28,889 | (1,701 | ) | 1987 | 12/31/08 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Hampton Oaks | GA | — | 835 | — | 1,633 | 1,172 | 1,296 | 2,468 | (312 | ) | 2009 | 11/30/06 | |||||||||||||||||
Homestead Gas | FL | — | 1,170 | — | 103 | 1,220 | 53 | 1,273 | (8 | ) | N/A | 11/8/04 | |||||||||||||||||
Station | |||||||||||||||||||||||||||||
Kirkman Shoppes | FL | — | 6,222 | 9,714 | 975 | 6,222 | 10,689 | 16,911 | (4,071 | ) | 1973 | 8/15/00 | |||||||||||||||||
Lago Mar | FL | — | 4,216 | 6,609 | 1,320 | 4,216 | 7,929 | 12,145 | (2,177 | ) | 1995 | 2/12/03 | |||||||||||||||||
Lake Mary | FL | — | 7,092 | 13,878 | 10,797 | 7,092 | 24,675 | 31,767 | (9,552 | ) | 1988 | 11/9/95 | |||||||||||||||||
Lantana Village | FL | — | 1,350 | 7,978 | 944 | 1,350 | 8,922 | 10,272 | (3,347 | ) | 1976 | 1/6/98 | |||||||||||||||||
Laurel Walk House | NC | — | 105 | 111 | — | 105 | 111 | 216 | (23 | ) | 1985 | 10/31/05 | |||||||||||||||||
Magnolia Shoppes | FL | 13,558 | 7,176 | 10,886 | 532 | 7,176 | 11,418 | 18,594 | (1,691 | ) | 1998 | 12/31/08 | |||||||||||||||||
Mandarin Landing | FL | — | 4,443 | 4,747 | 11,306 | 4,443 | 16,053 | 20,496 | (4,845 | ) | 1976 | 12/10/99 | |||||||||||||||||
Manor Care | MD | — | 6,397 | 6,747 | — | 6,397 | 6,747 | 13,144 | (78 | ) | 1976 | 9/5/13 | |||||||||||||||||
Mariners Crossing | FL | — | 1,262 | 4,447 | 2,852 | 1,511 | 7,050 | 8,561 | (2,102 | ) | 1989 | 9/12/00 | |||||||||||||||||
Market Place | GA | — | 1,667 | 4,078 | 122 | 1,577 | 4,290 | 5,867 | (1,216 | ) | 1976 | 2/12/03 | |||||||||||||||||
Marketplace Shopping | CA | 15,934 | 8,727 | 22,188 | 2,493 | 8,737 | 24,671 | 33,408 | (2,062 | ) | 1990 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
McAlpin Square | GA | — | 3,536 | 6,963 | 294 | 3,536 | 7,257 | 10,793 | (1,966 | ) | 1979 | 2/12/03 | |||||||||||||||||
NSB Regional | FL | — | 3,217 | 8,896 | 364 | 3,217 | 9,260 | 12,477 | (2,539 | ) | 1987 | 2/12/03 | |||||||||||||||||
Oak Hill (3) | FL | — | 690 | 2,760 | 127 | 3,577 | — | 3,577 | — | 1985 | 12/7/95 | ||||||||||||||||||
Oakbrook Square (2) | FL | — | 7,706 | 16,079 | 4,171 | 7,706 | 20,250 | 27,956 | (6,391 | ) | 1974 | 8/15/00 | |||||||||||||||||
Oaktree Plaza | FL | — | 1,589 | 2,275 | 259 | 1,589 | 2,534 | 4,123 | (485 | ) | 1985 | 10/16/06 | |||||||||||||||||
Old Kings Commons | FL | — | 1,420 | 5,005 | 966 | 1,420 | 5,971 | 7,391 | (1,528 | ) | 1988 | 2/12/03 | |||||||||||||||||
Pablo Plaza | FL | — | 5,327 | 12,676 | 385 | 5,424 | 12,964 | 18,388 | (2,238 | ) | 1973 | 8/31/10 | |||||||||||||||||
Park Promenade | FL | — | 2,670 | 6,444 | 121 | 2,670 | 6,565 | 9,235 | (2,453 | ) | 1987 | 1/31/99 | |||||||||||||||||
Pavilion | FL | — | 10,827 | 11,299 | 6,877 | 10,827 | 18,176 | 29,003 | (4,554 | ) | 1982 | 2/4/04 | |||||||||||||||||
Piedmont Peachtree | GA | — | 34,338 | 17,992 | 764 | 34,338 | 18,756 | 53,094 | (4,081 | ) | 1978 | 3/6/06 | |||||||||||||||||
Crossing | |||||||||||||||||||||||||||||
Pine Island | FL | — | 8,557 | 12,860 | 2,509 | 8,557 | 15,369 | 23,926 | (5,341 | ) | 1983 | 8/26/99 | |||||||||||||||||
Pine Ridge Square | FL | — | 6,528 | 9,850 | 6,759 | 6,649 | 16,488 | 23,137 | (3,556 | ) | 1986 | 2/12/03 | |||||||||||||||||
Plaza Acadienne | LA | — | 2,108 | 168 | (1,005 | ) | 2,108 | (837 | ) | 1,271 | (96 | ) | 1980 | 2/12/03 | |||||||||||||||
Plaza Escuela | CA | — | 10,041 | 63,038 | 1,663 | 10,041 | 64,701 | 74,742 | (4,017 | ) | 2002 | 1/4/11 | |||||||||||||||||
Pleasanton Plaza | CA | 19,968 | 19,390 | 20,197 | 17 | 19,390 | 20,214 | 39,604 | (147 | ) | 1981 | 10/25/13 | |||||||||||||||||
Point Royale | FL | — | 3,720 | 5,005 | 5,145 | 4,784 | 9,086 | 13,870 | (3,184 | ) | 1970 | 7/27/95 | |||||||||||||||||
Post Road Plaza | CT | — | 9,807 | 2,707 | 12 | 9,807 | 2,719 | 12,526 | (255 | ) | 1978 | 3/1/12 | |||||||||||||||||
Potrero Center | CA | — | 48,594 | 74,701 | 676 | 48,594 | 75,377 | 123,971 | (3,984 | ) | 1968 | 3/1/12 | |||||||||||||||||
Prosperity Centre | FL | — | 4,597 | 13,838 | 966 | 4,597 | 14,804 | 19,401 | (5,203 | ) | 1993 | 8/15/00 | |||||||||||||||||
Quincy Star Market | MA | — | 6,121 | 18,445 | — | 6,121 | 18,445 | 24,566 | (4,587 | ) | 1965 | 10/7/04 | |||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Acquisition or | |||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Improvements (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Ralph’s Circle Center | CA | $ | — | $ | 9,833 | $ | 5,856 | $ | 940 | $ | 9,833 | $ | 6,796 | $ | 16,629 | $ | (780 | ) | 1983 | 7/14/11 | |||||||||
Ridge Plaza | FL | — | 3,905 | 7,450 | 1,584 | 3,905 | 9,034 | 12,939 | (3,414 | ) | 1984 | 8/15/00 | |||||||||||||||||
River Green (land) | GA | — | 2,587 | — | (1,087 | ) | 1,500 | — | 1,500 | — | n/a | 9/27/05 | |||||||||||||||||
Riverside Square | FL | — | 6,423 | 8,260 | 1,049 | 5,623 | 10,109 | 15,732 | (2,568 | ) | 1987 | 2/12/03 | |||||||||||||||||
Riverview Shopping | NC | — | 2,202 | 4,745 | 2,170 | 2,202 | 6,915 | 9,117 | (1,797 | ) | 1973 | 2/12/03 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Ryanwood Square | FL | — | 2,281 | 6,880 | 1,016 | 2,613 | 7,564 | 10,177 | (2,291 | ) | 1987 | 8/15/00 | |||||||||||||||||
Salerno Village Square | FL | — | 2,291 | 1,511 | 5,214 | 2,291 | 6,725 | 9,016 | (1,643 | ) | 1987 | 5/6/02 | |||||||||||||||||
Sawgrass Promenade | FL | — | 3,280 | 9,351 | 2,281 | 3,280 | 11,632 | 14,912 | (4,661 | ) | 1982 | 8/15/00 | |||||||||||||||||
Serramonte Shopping | CA | — | 81,049 | 119,765 | 27,802 | 80,999 | 147,617 | 228,616 | (15,092 | ) | 1968 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Shaw’s @ Medford | MA | — | 7,750 | 11,390 | — | 7,750 | 11,390 | 19,140 | (2,820 | ) | 1995 | 10/7/04 | |||||||||||||||||
Shaw’s @ Plymouth | MA | — | 4,917 | 12,198 | — | 4,917 | 12,198 | 17,115 | (3,017 | ) | 1993 | 10/7/04 | |||||||||||||||||
Sheridan Plaza | FL | 60,500 | 38,888 | 36,241 | 6,523 | 38,888 | 42,764 | 81,652 | (11,972 | ) | 1973 | 7/14/03 | |||||||||||||||||
Sherwood South | LA | — | 746 | 2,412 | 1,087 | 746 | 3,499 | 4,245 | (1,206 | ) | 1972 | 2/12/03 | |||||||||||||||||
Shoppes at Andros Isle | FL | — | 6,009 | 7,832 | 73 | 6,009 | 7,905 | 13,914 | (1,471 | ) | 2000 | 12/8/06 | |||||||||||||||||
Shoppes at Silverlakes | FL | — | 10,306 | 10,131 | 2,679 | 10,306 | 12,810 | 23,116 | (3,393 | ) | 1995 | 2/12/03 | |||||||||||||||||
Shoppes of Jonathan’s | FL | — | 1,146 | 3,442 | 425 | 1,146 | 3,867 | 5,013 | (1,325 | ) | 1997 | 8/15/00 | |||||||||||||||||
Landing | |||||||||||||||||||||||||||||
Shoppes of North Port | FL | — | 1,452 | 5,807 | 1,241 | 1,452 | 7,048 | 8,500 | (2,081 | ) | 1991 | 12/5/00 | |||||||||||||||||
Shops at Skylake | FL | — | 15,226 | 7,206 | 25,138 | 15,226 | 32,344 | 47,570 | (9,187 | ) | 1999 | 8/19/97 | |||||||||||||||||
Siegen Village | LA | — | 4,329 | 9,691 | (617 | ) | 4,329 | 9,074 | 13,403 | (2,574 | ) | 1988 | 2/12/03 | ||||||||||||||||
Smyth Valley Crossing | VA | — | 2,537 | 3,890 | 690 | 2,537 | 4,580 | 7,117 | (1,159 | ) | 1989 | 2/12/03 | |||||||||||||||||
South Beach | FL | — | 9,545 | 19,228 | 5,302 | 9,545 | 24,530 | 34,075 | (7,163 | ) | 1990 | 2/12/03 | |||||||||||||||||
South Point | FL | 6,666 | 7,142 | 7,098 | 76 | 7,142 | 7,174 | 14,316 | (1,332 | ) | 2003 | 12/8/06 | |||||||||||||||||
Southbury Green | CT | 21,000 | 18,483 | 31,857 | 5,335 | 18,744 | 36,931 | 55,675 | (2,893 | ) | 1997 | 10/27/11 | |||||||||||||||||
St. Lucie Land | FL | — | 7,728 | — | (2,128 | ) | 5,600 | — | 5,600 | — | n/a | 11/27/06 | |||||||||||||||||
Stanley Market Place (3) | NC | — | 396 | 669 | 2,654 | 3,719 | — | 3,719 | — | 2007 | 2/12/03 | ||||||||||||||||||
Star’s at Cambridge | MA | — | 11,358 | 13,854 | — | 11,358 | 13,854 | 25,212 | (3,433 | ) | 1953 | 10/7/04 | |||||||||||||||||
Summerlin Square (3) | FL | — | 2,187 | 7,989 | (2,993 | ) | 1,670 | 5,513 | 7,183 | (276 | ) | 1986 | 6/10/98 | ||||||||||||||||
Sun Point | FL | — | 4,025 | 4,228 | 2,057 | 4,025 | 6,285 | 10,310 | (2,554 | ) | 1984 | 5/5/06 | |||||||||||||||||
Sunlake-Equity One | FL | — | 9,861 | — | 25,984 | 18,208 | 17,637 | 35,845 | (2,585 | ) | 2010 | 2/1/05 | |||||||||||||||||
LLC | |||||||||||||||||||||||||||||
Tamarac Town Square | FL | — | 4,742 | 5,610 | 1,371 | 4,643 | 7,080 | 11,723 | (1,868 | ) | 1987 | 2/12/03 | |||||||||||||||||
Tarpon Heights | LA | — | 1,133 | 631 | 223 | 1,133 | 854 | 1,987 | (310 | ) | 1982 | 2/12/03 | |||||||||||||||||
TD Bank Skylake | FL | — | 2,041 | — | 453 | 2,064 | 430 | 2,494 | (27 | ) | n/a | 12/17/09 | |||||||||||||||||
The Boulevard | LA | — | 1,360 | 1,675 | 648 | 1,360 | 2,323 | 3,683 | (838 | ) | 1976 | 2/12/03 | |||||||||||||||||
The Crossing | LA | — | 1,591 | 3,650 | 769 | 1,591 | 4,419 | 6,010 | (1,201 | ) | 1988 | 2/12/03 | |||||||||||||||||
The Gallery at | NY | — | 27,481 | 3,537 | 82,541 | 39,716 | 73,843 | 113,559 | (3,721 | ) | 2012 | 11/16/09 | |||||||||||||||||
Westbury Plaza | |||||||||||||||||||||||||||||
The Plaza at St. Lucie | FL | — | 790 | 3,082 | 964 | 790 | 4,046 | 4,836 | (833 | ) | 2006 | 8/15/00 | |||||||||||||||||
West | |||||||||||||||||||||||||||||
The Village Center | CT | 15,618 | 18,284 | 36,021 | — | 18,284 | 36,021 | 54,305 | (267 | ) | 1973 | 10/23/13 | |||||||||||||||||
Thomasville Commons | NC | — | 1,212 | 4,567 | 1,844 | 1,212 | 6,411 | 7,623 | (1,748 | ) | 1991 | 2/12/03 | |||||||||||||||||
Town & Country | FL | — | 2,503 | 4,397 | 457 | 2,354 | 5,003 | 7,357 | (1,511 | ) | 1993 | 2/12/03 | |||||||||||||||||
Treasure Coast Plaza (2) | FL | — | 1,359 | 9,728 | 1,922 | 1,359 | 11,650 | 13,009 | (2,820 | ) | 1983 | 2/12/03 | |||||||||||||||||
Unigold | FL | — | 4,304 | 6,413 | 2,044 | 4,304 | 8,457 | 12,761 | (2,278 | ) | 1987 | 2/12/03 | |||||||||||||||||
Union City Commons | GA | — | 8,084 | — | (5,684 | ) | 2,400 | — | 2,400 | — | n/a | 6/22/06 | |||||||||||||||||
(land) | |||||||||||||||||||||||||||||
Von's Circle West | CA | 10,342 | 18,219 | 18,909 | 2,777 | 18,274 | 21,631 | 39,905 | (2,123 | ) | 1972 | 3/16/11 | |||||||||||||||||
Walden Woods | FL | — | 950 | 3,780 | 1,155 | 881 | 5,004 | 5,885 | (2,781 | ) | 1985 | 1/1/99 | |||||||||||||||||
Waterstone | FL | — | 1,422 | 7,508 | 655 | 1,422 | 8,163 | 9,585 | (1,653 | ) | 2005 | 4/10/92 | |||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS | |||||||||||||||||||||||||||
COMPANY | Subsequent to | AT WHICH | |||||||||||||||||||||||||||
Acquisition or | CARRIED AT CLOSE | ||||||||||||||||||||||||||||
Improvements (1) | OF PERIOD | ||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Land | Building & | Total | Accumulated | Date of | Date | |||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Webster Plaza | MA | $ | 6,819 | $ | 5,033 | $ | 14,465 | $ | 1,654 | $ | 5,033 | $ | 16,119 | $ | 21,152 | $ | (3,141 | ) | 1963 | 10/12/06 | |||||||||
Webster Plaza | MA | — | — | — | 732 | — | 732 | 732 | (61 | ) | n/a | n/a | |||||||||||||||||
Solar Project | |||||||||||||||||||||||||||||
Wesley Chapel | GA | — | 6,389 | 4,311 | 4,926 | 6,389 | 9,237 | 15,626 | (3,420 | ) | 1989 | 2/12/03 | |||||||||||||||||
Crossing | |||||||||||||||||||||||||||||
West Bird Plaza | FL | — | 5,280 | 12,539 | 409 | 5,280 | 12,948 | 18,228 | (1,693 | ) | 1977 | 8/31/10 | |||||||||||||||||
West Lakes Plaza | FL | — | 2,141 | 5,789 | 663 | 2,141 | 6,452 | 8,593 | (2,802 | ) | 1984 | 11/6/96 | |||||||||||||||||
West Roxbury | MA | — | 9,207 | 13,588 | 1,945 | 9,207 | 15,533 | 24,740 | (3,858 | ) | 1973 | 10/7/04 | |||||||||||||||||
Shaw's Plaza | |||||||||||||||||||||||||||||
Westbury Plaza | NY | — | 37,853 | 58,273 | 10,550 | 40,843 | 65,833 | 106,676 | (8,109 | ) | 1993 | 10/29/09 | |||||||||||||||||
Westport Outparcels | FL | — | 1,347 | 1,010 | (4 | ) | 1,347 | 1,006 | 2,353 | (185 | ) | 1990 | 9/14/06 | ||||||||||||||||
Westport Plaza | FL | 3,720 | 4,180 | 3,446 | 183 | 4,180 | 3,629 | 7,809 | (950 | ) | 2002 | 12/17/04 | |||||||||||||||||
Westwood Towers | MD | — | 14,112 | 17,088 | 10 | 14,112 | 17,098 | 31,210 | (519 | ) | 1968 | 6/5/13 | |||||||||||||||||
Whole Foods at | MA | — | 5,139 | 6,539 | — | 5,139 | 6,539 | 11,678 | (1,613 | ) | 1967 | 10/7/04 | |||||||||||||||||
Swampscott | |||||||||||||||||||||||||||||
Williamsburg at | GA | — | 4,347 | 3,615 | 1,388 | 4,347 | 5,003 | 9,350 | (1,206 | ) | 1983 | 2/12/03 | |||||||||||||||||
Dunwoody | |||||||||||||||||||||||||||||
Willows Shopping | CA | 54,544 | 20,999 | 38,007 | 6,808 | 21,037 | 44,777 | 65,814 | (4,513 | ) | 1977 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Young Circle | FL | — | 13,409 | 8,895 | 418 | 13,409 | 9,313 | 22,722 | (2,086 | ) | 1962 | 5/19/05 | |||||||||||||||||
Corporate | FL | — | — | 242 | (1,106 | ) | — | (864 | ) | (864 | ) | 238 | various | various | |||||||||||||||
$ | 430,155 | $ | 1,246,200 | $ | 1,640,077 | $ | 384,722 | $ | 1,263,120 | $ | 2,007,879 | $ | 3,270,999 | (4) | $ | (354,166 | ) | ||||||||||||
(1) Includes asset impairments recognized. | |||||||||||||||||||||||||||||
(2) Aventura Square encumbrance is cross collateralized with Oakbrook Square and Treasure Coast Plaza. | |||||||||||||||||||||||||||||
(3) Classified as held-for-sale. | |||||||||||||||||||||||||||||
(4) Represents aggregate cost for federal income tax purposes. |
Real_Estate_Investments_And_Ac
Real Estate Investments And Accumulated Depreciation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||
Real Estate Investments And Accumulated Depreciation | ' | ||||||||||||
SCHEDULE III | |||||||||||||
Equity One, Inc. | |||||||||||||
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | |||||||||||||
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows: | |||||||||||||
Buildings | 30-55 years | ||||||||||||
Buildings and land improvements | 2-40 years | ||||||||||||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||||||||||||
Furniture and equipment | 3-10 years | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Reconciliation of total real estate carrying value: | |||||||||||||
Balance at beginning of year | $ | 3,314,540 | $ | 3,068,886 | $ | 2,668,133 | |||||||
Additions during period: | |||||||||||||
Improvements | 58,603 | 24,022 | 559,536 | ||||||||||
Acquisitions | 164,719 | 273,185 | 944,598 | ||||||||||
Deductions during period: | |||||||||||||
Cost of real estate sold/written off | (266,863 | ) | (51,553 | ) | (1,103,381 | ) | |||||||
Balance at end of year | $ | 3,270,999 | $ | 3,314,540 | $ | 3,068,886 | |||||||
Reconciliation of accumulated depreciation: | |||||||||||||
Balance at beginning of year | $ | (297,736 | ) | $ | (244,044 | ) | $ | (200,688 | ) | ||||
Depreciation expense | (70,354 | ) | (66,758 | ) | (67,876 | ) | |||||||
Cost of real estate sold/written off | 13,924 | 13,066 | 24,520 | ||||||||||
Balance at end of year | $ | (354,166 | ) | $ | (297,736 | ) | $ | (244,044 | ) |
Mortgage_Loans_On_Real_Estate
Mortgage Loans On Real Estate | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||||||||||||
Mortgage Loans On Real Estate | ' | |||||||||||||||||||||||
SCHEDULE IV | ||||||||||||||||||||||||
Equity One, Inc. | ||||||||||||||||||||||||
MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||||||||||||
Type of Loan | Description | Location | Interest Rate | Final Maturity | Periodic | Prior Liens | Face Amount | Carrying | ||||||||||||||||
Date | Payment Terms | of Mortgages | Amount of | |||||||||||||||||||||
Mortgages | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mezzanine Loan | Retail/Housing | Maryland | 5 | % | 1/15/14 | Interest only | $ | 95,000 | $ | 12,000 | $ | 6,267 | ||||||||||||
Mortgage Loan | Retail/Housing | Maryland | 5 | % | 1/15/14 | Interest only | — | 95,000 | 54,444 | |||||||||||||||
Totals | $ | 95,000 | $ | 107,000 | $ | 60,711 | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Reconciliation of loans on real estate: | ||||||||||||||||||||||||
Balance at beginning of year | $ | 140,708 | $ | 45,279 | $ | — | ||||||||||||||||||
Additions during year: | ||||||||||||||||||||||||
New loans, including capitalized costs | 24,820 | (1) | 114,518 | 45,114 | ||||||||||||||||||||
Accrued interest | 228 | (1) | 2,277 | 196 | ||||||||||||||||||||
25,048 | 116,795 | 45,310 | ||||||||||||||||||||||
Deductions during year: | ||||||||||||||||||||||||
Collection of principal | (104,264 | ) | (1) | (19,258 | ) | — | ||||||||||||||||||
Collection of interest | (516 | ) | (1) | (2,000 | ) | (28 | ) | |||||||||||||||||
Amortization of capitalized costs | (265 | ) | (108 | ) | (3 | ) | ||||||||||||||||||
(105,045 | ) | (21,366 | ) | (31 | ) | |||||||||||||||||||
Balance at end of year | $ | 60,711 | $ | 140,708 | $ | 45,279 | ||||||||||||||||||
______________________________________________ | ||||||||||||||||||||||||
(1) Includes amounts related to loans provided in connection with dispositions. See Note 11 for additional information. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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. | |||
Properties | ' | ||
Properties | |||
Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of operations. | |||
Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: | |||
Buildings | 30-55 years | ||
Buildings and land improvements | 2-40 years | ||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||
Furniture and equipment | 3-10 years | ||
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. | |||
Business Combinations | ' | ||
Business Combinations | |||
We allocate the purchase price of acquired properties to land, building, improvements and intangible assets and liabilities in accordance with the Business Combinations Topic of the FASB ASC. We allocate the initial purchase price of assets acquired (net tangible and identifiable intangible assets) and liabilities assumed based on their relative fair values at the date of acquisition. Upon acquisition of real estate operating properties, we estimate the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. There are four categories of intangible assets and liabilities to be considered: (1) in-place leases; (2) above and below-market value of in-place leases; (3) lease origination costs and (4) customer relationships. The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases, including fixed rate renewal options, to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. The value of above-market and below-market in-place leases is amortized to rental revenue over the estimated remaining term of the leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. | |||
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective lease, which includes the expected renewal option period, if applicable. | |||
The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. | |||
Construction In Progress And Land Held For Development | ' | ||
Construction in Progress and Land Held for Development | |||
Properties also include construction in progress and land held for development. These properties are carried at cost and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land held for development on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. | |||
Long-lived Assets | ' | ||
Long-lived Assets | |||
Properties Held and Used | |||
We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset 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 long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. At December 31, 2013, we reviewed the operating properties and construction in progress for impairment on a property-by-property and project-by-project basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC, as we determined management's capital recycling initiatives and the fair values obtained from recent appraisals to be possible indicators of impairment. | |||
Each property was assessed individually and as a result, the assumptions used to derive future cash flows varied by property or project. These key assumptions are dependent on property-specific conditions, are inherently uncertain and consider the perspective of a third-party marketplace participant. The factors that may influence the assumptions include: | |||
• | historical project performance, including current occupancy, projected capitalization rates and net operating income; | ||
• | competitors’ presence and their actions; | ||
• | property specific attributes such as location desirability, anchor tenants and demographics; | ||
• | current local market economic and demographic conditions; and | ||
• | future expected capital expenditures and the period of time before net operating income is stabilized. | ||
After considering these factors, we project future cash flows for each property based on management’s intention for that property (holding period) and, if appropriate, an assumed sale at the final year of the holding period (reversion value) using a projected capitalization rate. If the resulting carrying amount of the property exceeds the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge would be recognized to reduce the carrying value of the property to its fair value. | |||
Properties Held for Sale | |||
Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by us typically meet the definition of a component of an entity and as such the revenue and expenses associated with sold properties are reclassified to discontinued operations for all periods presented. | |||
The application of current accounting principles that govern the classification of any of our properties as held-for-sale on the consolidated balance sheet, or the presentation of results of operations and gains or losses on the sale of these properties as discontinued, requires management to make certain significant judgments. In evaluating whether a property meets the criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Therefore, any properties categorized as held-for-sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. Prior to sale, we evaluate the extent of involvement with, and the significance to us of cash flows from a property subsequent to its sale, in order to determine if the results of operations and gain or loss on sale should be reflected as discontinued. Consistent with the Property, Plant and Equipment Topic of the FASB ASC, any property sold in which we have continuing involvement or cash flows (typically sales to co-investment partnerships that we do not control and for which we have recognized a partial sale of real estate) is not considered to be discontinued. In addition, any property which we sell to an unrelated third party, but in which we retain a property or asset management function, is not considered discontinued. Therefore, based on our evaluation of the Property, Plant and Equipment Topic of the FASB ASC only properties sold, or to be sold, to unrelated third parties where we will have no continuing involvement or cash flows are classified as discontinued operations. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. | |||
Cash Held In Escrow and Restricted Cash | ' | ||
Cash Held in Escrow and Restricted Cash | |||
Cash held in escrow and restricted cash represents the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code") or cash that is not immediately available to us. | |||
Accounts and Other Receivables | ' | ||
Accounts and Other Receivables | |||
Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. | |||
Investments in Joint Ventures | ' | ||
Investments in Joint Ventures | |||
We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the entity should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. | |||
We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income (loss) of unconsolidated joint ventures in the accompanying consolidated statements of operations. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income (loss) of unconsolidated joint ventures. | |||
The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. | |||
These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. | |||
On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. | |||
Loans Receivables | ' | ||
Loans Receivable | |||
Loans receivable include both mortgage loans and mezzanine loans and are classified as held to maturity and recorded at the stated principal amount plus allowable deferred loan costs or fees, which are amortized as an adjustment of the loan’s yield over the term of the related loan. We evaluate the collectability of both interest and principal on the loan periodically to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the proportionate value of the underlying collateral asset if applicable. Interest income on performing loans is accrued as earned. | |||
Goodwill | ' | ||
Goodwill | |||
Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. | |||
We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. | |||
Deposits | ' | ||
Deposits | |||
Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. | |||
Deferred Costs and Intangibles | ' | ||
Deferred Costs and Intangibles | |||
Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of loan origination fees, leasing costs and the value of intangible assets and liabilities when a property was acquired. Loan and other fees directly related to rental property financing with third parties are amortized over the term of the loan using the effective interest method. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. | |||
Noncontrolling Interests | ' | ||
Noncontrolling Interests | |||
Noncontrolling interests generally represent the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. | |||
We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests also include amounts related to joint venture units issued by consolidated subsidiaries or VIEs in connection with certain property acquisitions. Joint venture units which are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income (loss) attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of operations. | |||
Derivative Instruments and Hedging Activities | ' | ||
Derivative Instruments and Hedging Activities | |||
At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. 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. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations as a component of net income (loss) or as a component of comprehensive income (loss) and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 14 for further detail on derivative activity. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and there are no contingencies offsetting the lessee’s obligation to pay rent. | |||
Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, CAM and insurance is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. | |||
We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership, and we do not have a substantial continuing involvement with the property. | |||
We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders, based on their respective rights to receive dividends. | |||
Segment Information | ' | ||
Segment Information | |||
We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures or by third parties. | |||
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, North Carolina and Virginia; (4) Northeast – including Connecticut, Maryland, Massachusetts and New York; (5) West Coast – California; and (6) Non-retail – which is comprised of our non-retail assets. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
A concentration of credit risk arises in our business when a national 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 December 31, 2013, Publix Super Markets was our largest tenant and accounted for approximately 1.3 million square feet, or approximately 7.8% of our GLA, and approximately $9.4 million, or 3.8%, of our annual minimum rent. As of December 31, 2013, we had outstanding receivables from Publix Super Markets of approximately $868,000. | |||
Recent Accounting Pronouncements | ' | ||
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 an 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 an 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 an 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 do not believe that the adoption of this ASU will have a material impact on our results of operations, financial condition or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Estimated Useful Life, Property Plant and Equipment | ' | ||
Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: | |||
Buildings | 30-55 years | ||
Buildings and land improvements | 2-40 years | ||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||
Furniture and equipment | 3-10 years |
Properties_Tables
Properties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Summary Of The Composition Of Income Producing Properties | ' | ||||||||
The following table is a summary of the composition of income producing properties in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 1,364,729 | $ | 1,266,245 | |||||
Building and building improvements | 1,669,401 | 1,575,784 | |||||||
Tenant improvements | 119,001 | 95,616 | |||||||
3,153,131 | 2,937,645 | ||||||||
Less: accumulated depreciation | (354,166 | ) | (297,736 | ) | |||||
Income producing properties, net | $ | 2,798,965 | $ | 2,639,909 | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||
Summary of Income Producing Property Acquisition Activity | ' | |||||||||||||||||
The following table provides a summary of acquisition activity during the year ended December 31, 2013: | ||||||||||||||||||
Date Purchased | Property Name | City | State | Square | Purchase | Mortgage | ||||||||||||
Feet /Acres | Price | Assumed | ||||||||||||||||
(In thousands) | ||||||||||||||||||
30-Dec-13 | Kirkman Shoppes - land outparcel | Orlando | FL | 0.8 | (1) | $ | 3,000 | $ | — | |||||||||
25-Oct-13 | Pleasanton Plaza | Pleasanton | CA | 163,469 | 30,900 | 20,021 | ||||||||||||
October 23, 2013 | The Village Center (2) | Westport | CT | 89,041 | 54,250 | 15,680 | ||||||||||||
September 5, 2013 | Manor Care | Bethesda | MD | 41,123 | 13,000 | — | ||||||||||||
September 5, 2013 | 5335 CITGO | Bethesda | MD | 18,128 | 6,000 | — | ||||||||||||
September 5, 2013 | 5471 CITGO | Bethesda | MD | 14,025 | 4,000 | — | ||||||||||||
June 5, 2013 | Westwood Towers | Bethesda | MD | 211,020 | 25,000 | — | ||||||||||||
May 7, 2013 | Bowlmor Lanes | Bethesda | MD | 27,000 | 12,000 | — | ||||||||||||
Total | $ | 148,150 | $ | 35,701 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(1) In acres. | ||||||||||||||||||
(2) 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. | ||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||||||||||||
The aggregate purchase price of the above property acquisitions have been allocated as follows: | ||||||||||||||||||
Amount | Weighted Average Amortization Period | |||||||||||||||||
(In thousands) | (In years) | |||||||||||||||||
Land | $ | 83,621 | N/A | |||||||||||||||
Land improvements | 2,650 | 12.1 | ||||||||||||||||
Buildings | 75,941 | 34.4 | ||||||||||||||||
Tenant improvements | 2,507 | 12.2 | ||||||||||||||||
Above-market leases | 31 | 2.3 | ||||||||||||||||
In-place lease interests | 8,598 | 9.3 | ||||||||||||||||
Lease origination costs | 91 | 4.9 | ||||||||||||||||
Leasing commissions | 1,839 | 9.8 | ||||||||||||||||
Below-market leases | (24,739 | ) | (1) | 10.3 | ||||||||||||||
Other acquired liabilities | (340 | ) | N/A | |||||||||||||||
Above-market debt assumed | (2,049 | ) | 3.9 | |||||||||||||||
$ | 148,150 | |||||||||||||||||
______________________________________________ | ||||||||||||||||||
(1) Includes a below-market purchase option valued at $7.5 million held by the lessee of a certain non-retail property. |
Acquisitions_Allocation_of_Pur
Acquisitions Allocation of Purchase Price (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Allocation of Purchase Price [Abstract] | ' | ||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||
The aggregate purchase price of the above property acquisitions have been allocated as follows: | |||||||
Amount | Weighted Average Amortization Period | ||||||
(In thousands) | (In years) | ||||||
Land | $ | 83,621 | N/A | ||||
Land improvements | 2,650 | 12.1 | |||||
Buildings | 75,941 | 34.4 | |||||
Tenant improvements | 2,507 | 12.2 | |||||
Above-market leases | 31 | 2.3 | |||||
In-place lease interests | 8,598 | 9.3 | |||||
Lease origination costs | 91 | 4.9 | |||||
Leasing commissions | 1,839 | 9.8 | |||||
Below-market leases | (24,739 | ) | (1) | 10.3 | |||
Other acquired liabilities | (340 | ) | N/A | ||||
Above-market debt assumed | (2,049 | ) | 3.9 | ||||
$ | 148,150 | ||||||
______________________________________________ | |||||||
(1) Includes a below-market purchase option valued at $7.5 million held by the lessee of a certain non-retail property. |
Acquisition_Of_A_Controlling_I1
Acquisition Of A Controlling Interest In CapCo (Tables) | 12 Months Ended | |||
Dec. 31, 2011 | ||||
Acquisition Of A Controlling Interest In CapCo [Abstract] | ' | |||
Reconciliation Of Gain On Bargain Purchase | ' | |||
The fair value of the identifiable assets acquired and liabilities assumed exceeded the sum of the fair value of the consideration transferred and the fair value of the noncontrolling interest. The fair value of the assets acquired significantly increased from the date the original purchase terms were agreed upon until the closing of the transaction on January 4, 2011. As a result, we recognized a gain of approximately $30.6 million, which is included in the line item entitled “gain on bargain purchase” in the consolidated statement of operations for the year ended December 31, 2011. The following table provides a reconciliation of the gain on bargain purchase (in thousands): | ||||
Fair value of net assets acquired | $ | 310,404 | ||
Fair value of consideration transferred | (73,698 | ) | ||
Fair value of noncontrolling interest | (206,145 | ) | ||
Gain on bargain purchase | $ | 30,561 | ||
Property_Dispositions_Tables
Property Dispositions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||
Summary of Disposition Activity | ' | ||||||||||||||
The following table provides a summary of disposition activity during the year ended December 31, 2013: | |||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | ||||||||||
Feet/Acres | Price | ||||||||||||||
(In thousands) | |||||||||||||||
Income producing property sold | |||||||||||||||
December 20, 2013 | Spalding Village | Griffin | GA | 235,318 | $ | 5,600 | |||||||||
December 19, 2013 | Canyon Trails Towne Center | Goodyear | AZ | 202,196 | 23,500 | ||||||||||
December 16, 2013 | Danville-San Ramon Medical | Danville | CA | 74,599 | 15,300 | ||||||||||
Center | |||||||||||||||
December 9, 2013 | Walton Plaza | Augusta | GA | 43,460 | 2,300 | ||||||||||
December 6, 2013 | Shipyard Plaza | Pascagoula | MS | 66,857 | 3,900 | ||||||||||
November 20, 2013 | Powers Ferry Plaza | Marietta | GA | 86,401 | 7,750 | ||||||||||
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 | ||||||||||
287,985 | |||||||||||||||
(Continued) | |||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | ||||||||||
Feet/Acres | Price | ||||||||||||||
(In thousands) | |||||||||||||||
Outparcels sold | |||||||||||||||
October 31, 2013 | Canyon Trails - land outparcel | Goodyear | AZ | 0.9 | (4) | $ | 695 | ||||||||
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 | ||||||||||
7,225 | |||||||||||||||
Total | $ | 295,210 | |||||||||||||
______________________________________________ | |||||||||||||||
(1) We provided financing to the buyer in the form of a $4.3 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||
(2) We provided financing to the buyer in the form of an $8.5 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||
(3) $2.8 million of mortgage debt secured by this property was repaid at closing. | |||||||||||||||
(4) In acres. | |||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | ' | ||||||||||||||
The components of income and expense relating to discontinued operations for the years ended December 31, 2013, 2012 and 2011 are shown below. These include the results of operations through the date of sale for each property that was sold during 2013, 2012 and 2011 and the operations for the applicable period for those assets classified as held for sale as of December 31, 2013: | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(In thousands) | |||||||||||||||
Rental revenue | $ | 16,232 | $ | 36,472 | $ | 95,621 | |||||||||
Expenses: | |||||||||||||||
Property operating expenses | 6,060 | 11,195 | 28,149 | ||||||||||||
Depreciation and amortization | 3,787 | 8,896 | 21,298 | ||||||||||||
General and administrative expenses | 24 | 14 | 123 | ||||||||||||
Operations of income producing properties | 6,361 | 16,367 | 46,051 | ||||||||||||
Interest expense | (806 | ) | (2,514 | ) | (18,901 | ) | |||||||||
Equity in income of unconsolidated joint ventures | — | — | 704 | ||||||||||||
Gain on disposal of income producing properties | 39,587 | 16,588 | 4,406 | ||||||||||||
Impairment loss | (4,976 | ) | (20,532 | ) | (40,352 | ) | |||||||||
Loss on extinguishment of debt | (138 | ) | (1,456 | ) | (882 | ) | |||||||||
Income tax (provision) benefit | (686 | ) | (477 | ) | 29,552 | ||||||||||
Other income | 352 | 461 | 122 | ||||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (494 | ) | (26 | ) | 55 | ||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 39,200 | $ | 8,411 | $ | 20,755 | |||||||||
Impairment_Tables
Impairment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairment Charges [Abstract] | ' | ||||||||||||
Summary Of The Impairment Loss | ' | ||||||||||||
The following is a summary of the composition of impairment losses included in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Goodwill | $ | 150 | $ | 378 | $ | 565 | |||||||
Land held for development | 3,085 | 740 | 11,766 | ||||||||||
Properties held for use | 2,406 | 7,791 | 4,653 | ||||||||||
Impairment loss recognized in continuing operations | 5,641 | 8,909 | 16,984 | ||||||||||
Goodwill | 138 | 147 | 1,819 | ||||||||||
Properties held for sale | 4,838 | 20,385 | 38,533 | ||||||||||
Impairment loss recognized in discontinued operations | 4,976 | 20,532 | 40,352 | ||||||||||
Total impairment loss | $ | 10,617 | $ | 29,441 | $ | 57,336 | |||||||
Accounts_And_Other_Receivables1
Accounts And Other Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable, Net [Abstract] | ' | ||||||||
Accounts And Other Receivables | ' | ||||||||
The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tenants | $ | 15,404 | $ | 14,354 | |||||
Other | 2,287 | 2,254 | |||||||
Allowance for doubtful accounts | (4,819 | ) | (3,182 | ) | |||||
Total accounts and other receivables, net | $ | 12,872 | $ | 13,426 | |||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 included in the consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
at December 31, | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | 2013 | 2012 | ||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,912 | $ | 8,587 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,480 | 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% | 2,828 | 2,909 | ||||||||||
Vernola Marketplace JV, LLC (3) | 1 | CA | 50.50% | 6,468 | 6,972 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 19,791 | 20,385 | ||||||||||
Equity One JV Portfolio, LLC (4) | 6 | FL, MA, NJ | 30.00% | 44,237 | 27,589 | ||||||||||
Total | 91,170 | 71,567 | |||||||||||||
Advances to unconsolidated joint ventures | 602 | 604 | |||||||||||||
Investments in and advances to unconsolidated joint ventures | $ | 91,772 | $ | 72,171 | |||||||||||
______________________________________________ | |||||||||||||||
(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 December 31, 2013 and 2012 is presented net of a deferred gain 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 December 31, 2013 and 2012 is presented net of a deferred gain of approximately $376,000 and $404,000, respectively, associated with the disposition of assets by us to the joint venture. |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill Activity | ' | ||||||||
The following table presents goodwill activity during the years ended December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Balance at beginning of period | $ | 6,527 | $ | 6,910 | |||||
Impairment | (150 | ) | (378 | ) | |||||
Allocated to property sale | — | (5 | ) | ||||||
Balance at end of period | $ | 6,377 | $ | 6,527 | |||||
Goodwill By Segment | ' | ||||||||
The following is a summary by segment of goodwill included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
South Florida | $ | 2,028 | $ | 2,028 | |||||
North Florida | 1,298 | 1,298 | |||||||
Southeast | 3,051 | 3,201 | |||||||
Total | $ | 6,377 | $ | 6,527 | |||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | |||||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | ' | |||||||||||||||||||
The following is a summary of amortization expense included in the consolidated statement of operations related to lease intangible assets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Above-market lease amortization (1) | $ | 3,669 | $ | 4,129 | $ | 10,242 | |||||||||||||||
In-place lease amortization (2) | 14,530 | 16,642 | 23,998 | ||||||||||||||||||
Below-market ground lease amortization (3) | 602 | 191 | — | ||||||||||||||||||
Lease origination cost amortization (2) | 337 | 454 | 606 | ||||||||||||||||||
Lease incentive amortization (1) | 735 | 593 | 386 | ||||||||||||||||||
Lease intangible asset amortization | $ | 19,873 | $ | 22,009 | $ | 35,232 | |||||||||||||||
___________________________________________ | |||||||||||||||||||||
(1) Amounts are recognized as a reduction of minimum rent. | |||||||||||||||||||||
(2) Amounts are included in depreciation and amortization expenses. | |||||||||||||||||||||
(3) Amounts are included in property operating expenses. | |||||||||||||||||||||
Composition of Other Assets | ' | ' | |||||||||||||||||||
The following is a summary of the composition of other assets included in the consolidated balance sheets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Lease intangible assets, net | $ | 117,200 | $ | 125,935 | |||||||||||||||||
Leasing commissions, net | 38,296 | 33,959 | |||||||||||||||||||
Prepaid expenses and other receivables | 26,763 | 24,334 | |||||||||||||||||||
Straight-line rent receivable, net | 21,490 | 19,464 | |||||||||||||||||||
Deferred financing costs, net | 8,347 | 10,777 | |||||||||||||||||||
Deposits and mortgage escrow | 7,763 | 5,218 | |||||||||||||||||||
Furniture, fixtures and equipment, net | 4,406 | 2,519 | |||||||||||||||||||
Fair value of interest rate swaps | 2,944 | — | |||||||||||||||||||
Deferred tax asset | 2,390 | 2,968 | |||||||||||||||||||
Total other assets | $ | 229,599 | $ | 225,174 | |||||||||||||||||
Composition Of Intangible Assets And Accumulated Amortization | ' | ' | |||||||||||||||||||
The following is a summary of the composition of intangible assets and accumulated amortization in the consolidated balance sheets: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Lease intangible assets: | |||||||||||||||||||||
Above-market leases | $ | 21,149 | $ | 22,156 | |||||||||||||||||
In-place lease interests (1) | 126,219 | 120,378 | |||||||||||||||||||
Below-market ground leases | 34,094 | 34,094 | |||||||||||||||||||
Lease origination costs | 3,426 | 3,548 | |||||||||||||||||||
Lease incentives | 5,853 | 4,158 | |||||||||||||||||||
Total intangibles | 190,741 | 184,334 | |||||||||||||||||||
Accumulated amortization: | |||||||||||||||||||||
Above-market leases | 10,508 | 8,111 | |||||||||||||||||||
In-place lease interests | 57,752 | 46,332 | |||||||||||||||||||
Below-market ground leases | 793 | 191 | |||||||||||||||||||
Lease origination costs | 2,402 | 2,306 | |||||||||||||||||||
Lease incentives | 2,086 | 1,459 | |||||||||||||||||||
Total accumulated amortization | 73,541 | 58,399 | |||||||||||||||||||
Lease intangible assets, net | $ | 117,200 | $ | 125,935 | |||||||||||||||||
___________________________________________ | |||||||||||||||||||||
(1) Increase is primarily related to the acquisition of Pleasanton Plaza in 2013. |
Other_Assets_finite_lived_inta
Other Assets finite lived intangible assets future amortization (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Finite Lived Intangible Assets Future Amortization Expense Current and Five Succeeding Fiscal Years Abstract [Line Items] | ' | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||
As of December 31, 2013, the estimated amortization of lease intangible assets for the next five years are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 15,940 | ||
2015 | 12,975 | |||
2016 | 9,793 | |||
2017 | 7,649 | |||
2018 | 6,300 | |||
Borrowings_Mortgage_Notes_Paya
Borrowings Mortgage Notes Payable (Tables) | Dec. 31, 2013 | ||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||
Schedule Of Unsecured Senior Notes [Table Text Block] | ' | ||||||||
Unsecured Senior Notes | |||||||||
Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
5.375% Senior Notes, due 10/15/15 | $ | 107,505 | $ | 107,505 | |||||
6.0% Senior Notes, due 9/15/16 | 105,230 | 105,230 | |||||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | |||||||
6.0% Senior Notes, due 9/15/17 | 116,998 | 116,998 | |||||||
3.75% Senior Notes, due 11/15/22 | 300,000 | 300,000 | |||||||
Total Unsecured Senior Notes | 731,136 | 731,136 | |||||||
Unamortized discount, net | (1,698 | ) | (2,006 | ) | |||||
Total | $ | 729,438 | $ | 729,130 | |||||
Weighted average interest rate, net of discount adjustment | 5.02 | % | 5.02 | % | |||||
Mortgage notes payable [Table Text Block] | ' | ||||||||
Mortgage Notes Payable | |||||||||
The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Fixed rate mortgage loans | $ | 430,155 | $ | 425,755 | |||||
Unamortized premium, net | 7,816 | 8,438 | |||||||
Total | $ | 437,971 | $ | 434,193 | |||||
Weighted average interest rate of fixed rate mortgage notes | 5.99 | % | 6.06 | % |
Borrowings_Principal_Maturitie
Borrowings Principal Maturities (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Debt Maturities Disclosure [Abstract] | ' | |||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||
Principal maturities of borrowings, including mortgage notes payable, unsecured senior notes payable, term loan and unsecured revolving credit facilities are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 20,979 | ||
2015 | 280,165 | |||
2016 | 233,340 | |||
2017 | 288,968 | |||
2018 | 61,531 | |||
Thereafter | 617,308 | |||
Total | $ | 1,502,291 | ||
Other_Liabilities_Tables
Other Liabilities (Tables) (USD $) | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | 31-May-13 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | ' | ||||||||
Composition of Other Liabilities | ' | ' | ||||||||
The following is a summary of the composition of other liabilities included in the consolidated balance sheets: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Lease intangible liabilities, net | $ | 167,777 | $ | 185,061 | ||||||
Prepaid rent | 9,450 | 10,687 | ||||||||
Other | 156 | 215 | ||||||||
Total other liabilities | $ | 177,383 | $ | 195,963 | ||||||
Acquired Finite-lived Intangible Asset, Amount | ' | $25 | ||||||||
Lease term | '10 years | ' | ||||||||
Finite Lived Intangible Liability Amortization Expense Next Five Fiscal Years [Member] | ' | ' | ||||||||
Schedule of Expected Liability Amortization Expense [Line Items] | ' | ' | ||||||||
Schedule of Expected Liability Amortization Expense [Table Text Block] | ' | ' | ||||||||
As of December 31, 2013, the estimated amortization of lease intangible liabilities for the next five years are as follows: | ||||||||||
Year Ending December 31, | Amount | |||||||||
(In thousands) | ||||||||||
2014 | $ | 17,194 | ||||||||
2015 | 15,426 | |||||||||
2016 | 12,155 | |||||||||
2017 | 10,726 | |||||||||
2018 | 10,113 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Reconciles GAAP Net Income To Taxable Income | ' | ||||||||||||
The following table reconciles GAAP net income to taxable income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
GAAP net income (loss) attributable to Equity One | $ | 77,954 | $ | (3,477 | ) | $ | 33,621 | ||||||
Net (income) loss attributable to taxable REIT subsidiaries | (585 | ) | 4,964 | 63,319 | |||||||||
GAAP net income from REIT operations | 77,369 | 1,487 | 96,940 | ||||||||||
Book/tax differences: | |||||||||||||
Joint ventures | 9,255 | 4,530 | (2,671 | ) | |||||||||
Depreciation | 10,327 | 7,399 | 6,952 | ||||||||||
Sale of property | (30,288 | ) | (925 | ) | (44,819 | ) | |||||||
Bargain purchase gain | — | — | (30,561 | ) | |||||||||
Exercise of stock options and restricted shares | (917 | ) | 6,009 | 4,506 | |||||||||
Interest expense | 1,633 | 3,152 | 1,002 | ||||||||||
Deferred/prepaid/above and below-market rents, net | (4,381 | ) | (2,388 | ) | (1,711 | ) | |||||||
Impairment loss | 5,353 | 21,511 | 14,866 | ||||||||||
Amortization | 210 | 227 | (84 | ) | |||||||||
Acquisition costs | 2,771 | 1,941 | 5,982 | ||||||||||
Other, net | 200 | (1,583 | ) | 53 | |||||||||
Inclusion from foreign taxable REIT subsidiary | — | — | 10,502 | ||||||||||
Adjusted taxable income(1) | $ | 71,532 | $ | 41,360 | $ | 60,957 | |||||||
______________________________________________ | |||||||||||||
(1) | Adjusted taxable income subject to 90% dividend requirements. | ||||||||||||
Summarizes Of Tax Status Of Dividends Paid | ' | ||||||||||||
The following summarizes the tax status of dividends paid: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | |||||||
Ordinary income | 66.37 | % | 43.72 | % | 51.8 | % | |||||||
Return of capital | 31.21 | % | 54.1 | % | 39.13 | % | |||||||
Capital gains | 2.42 | % | 2.18 | % | 9.07 | % | |||||||
Taxable REIT Subsidiaries | ' | ||||||||||||
Our total pre-tax income (losses) and income tax (provision) benefits relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. income (loss) before income taxes | $ | 784 | $ | (7,452 | ) | $ | (97,219 | ) | |||||
Foreign income (loss) before income taxes | 3 | (15 | ) | (739 | ) | ||||||||
Total income (loss) before income taxes | 787 | (7,467 | ) | (97,958 | ) | ||||||||
Less income tax (provision) benefit: | |||||||||||||
Current federal and state | (69 | ) | 72 | (405 | ) | ||||||||
Deferred federal and state | (133 | ) | 2,431 | 35,044 | |||||||||
Total income tax (provision) benefit | (202 | ) | 2,503 | 34,639 | |||||||||
Net income (loss) from taxable REIT subsidiaries | $ | 585 | $ | (4,964 | ) | $ | (63,319 | ) | |||||
Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes | ' | ||||||||||||
Our total pre-tax income (losses) for continuing operations and income tax (provision) benefits for continuing operations included above relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
U.S. (loss) income before income taxes | $ | (1,582 | ) | $ | (9,161 | ) | $ | 11,747 | |||||
Foreign income (loss) before income taxes | 3 | (15 | ) | (739 | ) | ||||||||
(Loss) income from continuing operations before income taxes | (1,579 | ) | (9,176 | ) | 11,008 | ||||||||
Less income tax (provision) benefit: | |||||||||||||
Current federal and state | (34 | ) | 72 | (97 | ) | ||||||||
Deferred federal and state | 518 | 2,908 | 5,184 | ||||||||||
Total income tax benefit | 484 | 2,980 | 5,087 | ||||||||||
(Loss) income from continuing operations from taxable REIT subsidiaries | $ | (1,095 | ) | $ | (6,196 | ) | $ | 16,095 | |||||
Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes | ' | ||||||||||||
The total income tax (provision) benefit differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (239 | ) | $ | 2,616 | $ | 34,205 | ||||||
State taxes, net of federal (provision) benefit | (69 | ) | 272 | 3,187 | |||||||||
Adjustment to DIM gain | — | — | (3,315 | ) | |||||||||
Foreign tax rate differential | (5 | ) | (7 | ) | (2 | ) | |||||||
Other | 117 | (370 | ) | 574 | |||||||||
Valuation allowance increase | (6 | ) | (8 | ) | (10 | ) | |||||||
Total income tax (provision) benefit | $ | (202 | ) | $ | 2,503 | $ | 34,639 | ||||||
______________________________________________ | |||||||||||||
(1) | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | ||||||||||||
Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations | ' | ||||||||||||
The income tax benefit for continuing operations differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Federal benefit at statutory tax rate (1) | $ | 344 | $ | 3,044 | $ | 3,890 | |||||||
State taxes, net of federal (provision) benefit | 34 | 321 | 444 | ||||||||||
Foreign tax rate differential | (5 | ) | (7 | ) | (2 | ) | |||||||
Other | 117 | (370 | ) | 765 | |||||||||
Valuation allowance increase | (6 | ) | (8 | ) | (10 | ) | |||||||
Total income tax benefit for continuing operations | $ | 484 | $ | 2,980 | $ | 5,087 | |||||||
______________________________________________ | |||||||||||||
(1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | |||||||||||||
Deferred Tax Assets And Liabilities | ' | ||||||||||||
Our deferred tax assets and liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Disallowed interest | $ | 2,842 | $ | 2,903 | |||||||||
Net operating loss | 2,996 | 3,216 | |||||||||||
Other | 110 | 138 | |||||||||||
Valuation allowance | (162 | ) | (213 | ) | |||||||||
Total deferred tax assets | 5,786 | 6,044 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other real estate investments | (14,133 | ) | (13,828 | ) | |||||||||
Mortgage revaluation | (748 | ) | (1,005 | ) | |||||||||
Other | (277 | ) | (259 | ) | |||||||||
Total deferred tax liabilities | (15,158 | ) | (15,092 | ) | |||||||||
Net deferred tax liability | $ | (9,372 | ) | $ | (9,048 | ) |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Summary of Noncontrolling Interests | ' | |||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets: | ||||||||
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) | — | 2,600 | ||||||
Walden Woods Village, Ltd. (3) | 989 | 989 | ||||||
Total redeemable noncontrolling interests | $ | 989 | $ | 22,551 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,081 | 1,100 | ||||||
Vestar/EQY Talega LLC (4) | 147 | 147 | ||||||
Vestar/EQY Vernola LLC (5) | 341 | 361 | ||||||
Vestar/EQY Canyon Trails LLC (2) | 29 | — | ||||||
Total noncontrolling interests included in total equity | $ | 207,743 | $ | 207,753 | ||||
______________________________________________ | ||||||||
(1) In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | ||||||||
(2) This entity held our interest in Canyon Trails Towne Center, which was sold in December 2013. | ||||||||
(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. |
Stockholders_Equity_and_Earnin1
Stockholders’ Equity and Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||||||
Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders | ' | |||||||||||||
The following summarizes the calculation of basic earnings per share ("EPS") and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating basic EPS: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Income (loss) from continuing operations | $ | 48,963 | $ | (1,212 | ) | $ | 22,518 | |||||||
Net income attributable to noncontrolling interests - continuing operations | (10,209 | ) | (10,676 | ) | (9,652 | ) | ||||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 38,754 | (11,888 | ) | 12,866 | ||||||||||
Allocation of continuing income to participating securities | (1,045 | ) | (1,082 | ) | (1,169 | ) | ||||||||
Income (loss) from continuing operations available to common stockholders | 37,709 | (12,970 | ) | 11,697 | ||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | |||||||||||
Net (income) loss attributable to noncontrolling interests - discontinued | (494 | ) | (26 | ) | 55 | |||||||||
operations | ||||||||||||||
Income from discontinued operations available to common stockholders | 39,200 | 8,411 | 20,755 | |||||||||||
Net income (loss) available to common stockholders | $ | 76,909 | $ | (4,559 | ) | $ | 32,452 | |||||||
Weighted average shares outstanding – Basic | 117,389 | 114,233 | 110,099 | |||||||||||
Basic earnings (loss) per share available to common stockholders: | ||||||||||||||
Continuing operations | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | |||||||
Discontinued operations | 0.33 | 0.07 | 0.19 | |||||||||||
Earnings (loss) per common share — Basic | $ | 0.66 | * | $ | (0.04 | ) | $ | 0.29 | * | |||||
* 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 (loss) available to common stockholders and shares of common stock used in calculating diluted EPS: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Income (loss) from continuing operations | $ | 48,963 | $ | (1,212 | ) | $ | 22,518 | |||||||
Net income attributable to noncontrolling interests - continuing operations | (10,209 | ) | (10,676 | ) | (9,652 | ) | ||||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 38,754 | (11,888 | ) | 12,866 | ||||||||||
Allocation of continuing income to participating securities | (1,045 | ) | (1,082 | ) | (1,169 | ) | ||||||||
Income (loss) from continuing operations available to common stockholders | 37,709 | (12,970 | ) | 11,697 | ||||||||||
Income from discontinued operations | 39,694 | 8,437 | 20,700 | |||||||||||
Net (income) loss attributable to noncontrolling interests - discontinued | (494 | ) | (26 | ) | 55 | |||||||||
operations | ||||||||||||||
Income from discontinued operations available to common stockholders | 39,200 | 8,411 | 20,755 | |||||||||||
Net income (loss) available to common stockholders | $ | 76,909 | $ | (4,559 | ) | $ | 32,452 | |||||||
Weighted average shares outstanding – Basic | 117,389 | 114,233 | 110,099 | |||||||||||
Stock options using the treasury method | 288 | — | 142 | |||||||||||
Executive Incentive Plan shares using the treasury method | 94 | — | — | |||||||||||
Weighted average shares outstanding – Diluted | 117,771 | 114,233 | 110,241 | |||||||||||
Diluted earnings (loss) per share available to common stockholders: | ||||||||||||||
Continuing operations | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | |||||||
Discontinued operations | 0.33 | 0.07 | 0.19 | |||||||||||
Earnings (loss) per common share — Diluted | $ | 0.65 | $ | (0.04 | ) | $ | 0.29 | * | ||||||
* Note: EPS does not foot due to the rounding of the individual calculations. |
ShareBased_Payment_Plans_Table
Share-Based Payment Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||
The following table provides a summary of stock option activity for 2013: | ||||||||||||||
Shares | Weighted | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
Under | Average Exercise | |||||||||||||
Option | Price | |||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||
Outstanding at the beginning of year | 3,521 | $ | 20.73 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (536 | ) | 16.3 | |||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at the end of year | 2,985 | $ | 21.53 | 4.3 | $ | 5,890 | ||||||||
Exercisable at the end of year | 2,826 | $ | 21.67 | 4.1 | $ | 5,344 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
During the year ended December 31, 2011, the fair value of each option grant was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | ||||||||||||||
Dividend yield | 4.60% | |||||||||||||
Risk-free interest rate | 2.70% | |||||||||||||
Expected option life (years) | 6.0 - 6.25 | |||||||||||||
Expected volatility | 30.20% | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | |||||||||||||
The following table presents information regarding restricted stock activity during the year ended December 31, 2013: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value | ||||||||||||||
(In thousands) | ||||||||||||||
Unvested at January 1, 2013 | 975 | * | $ | 17.11 | ||||||||||
Granted | 66 | 22.4 | ||||||||||||
Vested | (181 | ) | 17.74 | |||||||||||
Forfeited | (3 | ) | 20.95 | |||||||||||
Unvested at December 31, 2013 | 857 | * | $ | 17.37 | ||||||||||
______________________________________________ | ||||||||||||||
* 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 as discussed below. | ||||||||||||||
Share-Based Compensation Expense | ' | |||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations, is summarized as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands) | ||||||||||||||
Restricted stock expense | $ | 5,931 | $ | 6,060 | $ | 5,692 | ||||||||
Stock option expense | 465 | 1,040 | 1,454 | |||||||||||
Employee stock purchase plan discount | 18 | 13 | 14 | |||||||||||
Total equity-based expense | 6,414 | 7,113 | 7,160 | |||||||||||
Restricted stock classified as a liability | 117 | 51 | 103 | |||||||||||
Total expense | 6,531 | 7,164 | 7,263 | |||||||||||
Less amount capitalized | (358 | ) | (301 | ) | (271 | ) | ||||||||
Net share-based compensation expense | $ | 6,173 | $ | 6,863 | $ | 6,992 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 (loss) from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Revenue: | ||||||||||||
South Florida | $ | 90,117 | $ | 87,709 | $ | 82,684 | ||||||
North Florida | 37,809 | 37,982 | 40,264 | |||||||||
Southeast | 39,017 | 37,199 | 36,092 | |||||||||
Northeast | 75,635 | 53,197 | 35,997 | |||||||||
West Coast | 69,651 | 65,217 | 46,724 | |||||||||
Non-retail | 2,312 | 753 | 651 | |||||||||
Total segment revenue | 314,541 | 282,057 | 242,412 | |||||||||
Add: | ||||||||||||
Straight line rent adjustment | 2,022 | 3,239 | 2,095 | |||||||||
Accretion of below market lease intangibles, net | 13,350 | 13,248 | 9,449 | |||||||||
Management and leasing services | 2,598 | 2,489 | 2,287 | |||||||||
Total revenue | $ | 332,511 | $ | 301,033 | $ | 256,243 | ||||||
Net operating income (NOI): | ||||||||||||
South Florida | $ | 60,850 | $ | 59,074 | $ | 54,633 | ||||||
North Florida | 25,975 | 26,698 | 27,978 | |||||||||
Southeast | 26,612 | 26,257 | 25,014 | |||||||||
Northeast | 53,450 | 36,639 | 25,608 | |||||||||
West Coast | 45,820 | 43,533 | 31,142 | |||||||||
Non-retail | 1,746 | 301 | 34 | |||||||||
Total | 214,453 | 192,502 | 164,409 | |||||||||
Add: | ||||||||||||
Straight line rent adjustment | 2,022 | 3,239 | 2,095 | |||||||||
Accretion of below market lease intangibles, net | 13,350 | 13,248 | 9,449 | |||||||||
Management and leasing services | 2,598 | 2,489 | 2,287 | |||||||||
Elimination of intersegment expenses | 10,441 | 9,584 | 6,804 | |||||||||
Investment income | 6,631 | 7,241 | 4,341 | |||||||||
Equity in income of unconsolidated joint ventures | 1,648 | 542 | 4,829 | |||||||||
Other income | 216 | 45 | 306 | |||||||||
Gain on bargain purchase | — | — | 30,561 | |||||||||
Gain on sale of real estate | — | — | 5,542 | |||||||||
Gain (loss) on extinguishment of debt | 107 | (29,146 | ) | (1,514 | ) | |||||||
Less: | ||||||||||||
Depreciation and amortization | 87,266 | 79,415 | 75,029 | |||||||||
General and administrative | 39,514 | 42,473 | 50,910 | |||||||||
Interest expense | 68,145 | 70,665 | 66,560 | |||||||||
Amortization of deferred financing fees | 2,421 | 2,474 | 2,195 | |||||||||
Impairment loss | 5,641 | 8,909 | 16,984 | |||||||||
Income (loss) from continuing operations before tax and discontinued | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | |||||
operations | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||
The following is a summary by segment of impairment losses included in the consolidated statements of operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Impairments: | ||||||||||||
South Florida | $ | — | $ | 601 | $ | 3,786 | ||||||
North Florida | — | — | 267 | |||||||||
Southeast | 2,731 | 8,168 | 12,931 | |||||||||
West Coast | 2,910 | 140 | — | |||||||||
Total impairments on properties held for use | $ | 5,641 | $ | 8,909 | $ | 16,984 | ||||||
Financial Information Relating to Assets Presented by Segments | ' | |||||||||||
The following is a summary by segment of total assets included in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
South Florida | $ | 690,328 | $ | 692,764 | ||||||||
North Florida | 318,375 | 316,364 | ||||||||||
Southeast | 305,013 | 310,891 | ||||||||||
Northeast | 974,444 | 894,658 | ||||||||||
West Coast | 833,890 | 779,541 | ||||||||||
Non-retail | 61,273 | 33,525 | ||||||||||
Corporate assets | 157,932 | 206,741 | ||||||||||
Properties held for sale | 13,404 | 268,184 | ||||||||||
Total assets | $ | 3,354,659 | $ | 3,502,668 | ||||||||
Future_Minimum_Rental_Income_T
Future Minimum Rental Income (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' | |||
Future Minimum Rental Income | ' | |||
Future minimum rents under non-cancelable operating leases as of December 31, 2013, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 238,128 | ||
2015 | 222,030 | |||
2016 | 186,463 | |||
2017 | 158,835 | |||
2018 | 135,373 | |||
Thereafter | 667,849 | |||
Total | $ | 1,608,678 | ||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
At December 31, 2013, future minimum rental payments under non-cancelable operating leases are as follows: | ||||
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2014 | $ | 1,772 | ||
2015 | 1,722 | |||
2016 | 1,590 | |||
2017 | 1,374 | |||
2018 | 1,391 | |||
Thereafter | 38,242 | |||
Total | $ | 46,091 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2013: | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||
Operating properties held and used | $ | 6,600 | $ | — | $ | — | $ | 6,600 | (2) | $ | 2,406 | Operating properties held and used | $ | 6,700 | $ | — | $ | — | $ | 6,700 | $ | 7,791 | ||||||||||||||||||||
Operating properties held for sale | 3,875 | — | 3,875 | — | 1,313 | Operating properties held for sale | 6,350 | — | 6,350 | — | 1,932 | |||||||||||||||||||||||||||||||
Development properties held and used | 6,400 | — | — | 6,400 | 3,085 | Development properties held and used | 12,510 | — | — | 12,510 | 740 | |||||||||||||||||||||||||||||||
Total | $ | 16,875 | $ | — | $ | 3,875 | $ | 13,000 | $ | 6,804 | Total | $ | 25,560 | $ | — | $ | 6,350 | $ | 19,210 | $ | 10,463 | |||||||||||||||||||||
____________________________________________ | ____________________________________________ | |||||||||||||||||||||||||||||||||||||||||
(1) Total losses exclude impairments related to properties sold during the year ended December 31, 2013. | (1) Total losses exclude impairments related to properties sold during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
(2) $5.4 million of the total represents the fair value of an operating property as of the date it was impaired during the third quarter of 2013. As of December 31, 2013, the carrying amount of the property no longer equals its fair value. | ||||||||||||||||||||||||||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 2,944 | $ | — | $ | 2,944 | $ | — | ||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 6,954 | $ | — | $ | 6,954 | $ | — | ||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||||||||||||||||||
Overall capitalization rates | 12.50% | 15.50% | 12.50% | 12.50% | ||||||||||||||||||||||||||||||||||||||
Discount rates | 10.00% | 13.50% | 13.50% | 13.50% | ||||||||||||||||||||||||||||||||||||||
Terminal capitalization rates | 12.50% | 12.50% | 12.50% | 12.50% |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes and our term loan and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 178,797 | $ | 1,401,028 | $ | 1,337,141 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,543 | — | — | (2,679,543 | ) | — | ||||||||||||||
Other assets | 229,759 | 91,759 | 919,201 | (802,893 | ) | 437,826 | ||||||||||||||
Total Assets | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,478 | 89,111 | 173,156 | (42,410 | ) | 242,335 | ||||||||||||||
Total Liabilities | 1,692,916 | 220,328 | 640,510 | (803,010 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,272,459 | 1,614,843 | (2,679,559 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
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 | $ | 266,639 | $ | 1,482,503 | $ | 1,267,795 | $ | (133 | ) | $ | 3,016,804 | |||||||||
Investment in affiliates | 2,692,127 | — | — | (2,692,127 | ) | — | ||||||||||||||
Other assets | 210,277 | 90,102 | 967,199 | (781,714 | ) | 485,864 | ||||||||||||||
Total Assets | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 157,730 | $ | 437,063 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 21,189 | 114,567 | 175,807 | (21,248 | ) | 290,315 | ||||||||||||||
Total Liabilities | 1,772,319 | 272,297 | 612,870 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | — | 22,551 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,724 | 1,300,308 | 1,599,573 | (2,692,126 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 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 year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 170,206 | $ | 135,927 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries' earnings | 178,116 | — | — | (178,116 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 91,888 | 80,775 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 160,212 | 78,318 | 55,152 | (177,598 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,395 | ) | (8,857 | ) | 29,171 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 73,817 | 69,461 | 84,323 | (179,122 | ) | 48,479 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 74,010 | 69,535 | 84,540 | (179,122 | ) | 48,963 | ||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 100,033 | 89,208 | (178,706 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 100,033 | 89,376 | (178,706 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | — | (10,703 | ) | — | (10,703 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 100,033 | $ | 78,673 | $ | (178,706 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 151,593 | $ | 123,461 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries' earnings | 121,215 | — | — | (121,215 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 80,690 | 75,735 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,160 | 70,903 | 47,726 | (121,615 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,541 | ) | (5,594 | ) | 11,635 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,309 | 59,361 | (122,481 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,406 | 62,244 | (122,481 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 56,405 | 75,302 | (121,464 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 56,405 | 75,761 | (121,464 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | — | (10,702 | ) | — | (10,702 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,405 | $ | 65,059 | $ | (121,464 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,107 | $ | 141,233 | $ | 88,903 | $ | — | $ | 256,243 | ||||||||||
Equity in subsidiaries' earnings | 136,057 | — | — | (136,057 | ) | — | ||||||||||||||
Total costs and expenses | 48,461 | 80,573 | 65,271 | 2,833 | 197,138 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 113,703 | 60,660 | 23,632 | (138,890 | ) | 59,105 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (91,174 | ) | (27,736 | ) | 81,320 | (4,084 | ) | (41,674 | ) | |||||||||||
INCOME FROM CONTINUING | 22,529 | 32,924 | 104,952 | (142,974 | ) | 17,431 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 2,660 | 2,427 | — | 5,087 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 22,529 | 35,584 | 107,379 | (142,974 | ) | 22,518 | ||||||||||||||
Income (loss) from discontinued operations | 11,443 | 45,226 | (94,781 | ) | 58,812 | 20,700 | ||||||||||||||
NET INCOME | 33,972 | 80,810 | 12,598 | (84,162 | ) | 43,218 | ||||||||||||||
Other comprehensive income | 64 | — | 351 | — | 415 | |||||||||||||||
COMPREHENSIVE INCOME | 34,036 | 80,810 | 12,949 | (84,162 | ) | 43,633 | ||||||||||||||
Comprehensive income attributable to | — | — | (9,597 | ) | — | (9,597 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 34,036 | $ | 80,810 | $ | 3,352 | $ | (84,162 | ) | $ | 34,036 | |||||||||
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 year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (81,778 | ) | $ | 114,616 | $ | 99,904 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | (72,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,197 | ) | (4,828 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,043 | ) | (14,231 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (75 | ) | — | — | (75 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,766 | ) | (3,217 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Advances to subsidiaries, net | 189,173 | (128,968 | ) | (60,205 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,388 | (88,337 | ) | (49,004 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,510 | — | — | 8,510 | ||||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of redeemable noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,275 | ) | $ | 111,533 | $ | 167,961 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,296 | ) | (2,134 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (208,285 | ) | 53,174 | 155,111 | — | |||||||||||||||
Net cash used in investing activities | (123,296 | ) | (93,690 | ) | (115,277 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Proceeds from issuance of common stock | 85,838 | — | — | 85,838 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash provided (used in) by operating activities | $ | 96,544 | $ | 30,408 | $ | (24,326 | ) | $ | 102,626 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | (55,000 | ) | (55,500 | ) | (168,580 | ) | (279,080 | ) | ||||||||||||
Additions to income producing properties | (2,296 | ) | (11,557 | ) | (2,543 | ) | (16,396 | ) | ||||||||||||
Additions to construction in progress | (2,339 | ) | (40,392 | ) | (366 | ) | (43,097 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 3,206 | 11,705 | 384,485 | 399,396 | ||||||||||||||||
Increase in cash held in escrow | (91,591 | ) | — | — | (91,591 | ) | ||||||||||||||
Investment in loans receivable | — | — | (45,100 | ) | (45,100 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,416 | ) | (4,126 | ) | (1,612 | ) | (7,154 | ) | ||||||||||||
Investment in joint ventures | — | — | (15,024 | ) | (15,024 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 34,887 | 34,887 | ||||||||||||||||
Distributions from joint ventures | — | — | 18,786 | 18,786 | ||||||||||||||||
Investment in consolidated subsidiary | — | — | (242 | ) | (242 | ) | ||||||||||||||
Advances to subsidiaries, net | (122,297 | ) | 163,051 | (40,754 | ) | — | ||||||||||||||
Net cash used in (provided by) investing activities | (271,733 | ) | 63,181 | 163,937 | (44,615 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,808 | ) | (93,589 | ) | (151,467 | ) | (246,864 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 138,000 | 138,000 | ||||||||||||||||||
Proceeds from issuance of common stock | 116,542 | — | — | 116,542 | ||||||||||||||||
Payment of deferred financing costs | (4,888 | ) | — | (151 | ) | (5,039 | ) | |||||||||||||
Stock issuance costs | (1,185 | ) | — | — | (1,185 | ) | ||||||||||||||
Dividends paid to stockholders | (98,842 | ) | — | — | (98,842 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,405 | ) | (11,405 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 147,819 | (93,589 | ) | (163,023 | ) | (108,793 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,370 | ) | — | (23,412 | ) | (50,782 | ) | |||||||||||||
Cash and cash equivalents obtained through acquisition | — | — | 23,412 | 23,412 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 38,333 | — | — | 38,333 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 10,963 | $ | — | $ | — | $ | 10,963 | ||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Schedule Of Quarterly Financial Data | ' | |||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | |||||||||||||||||
2013 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | ||||||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | ||||||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | ||||||||||||
Net income available to common shareholders | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | ||||||||||||
Basic per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
Diluted per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1)(2) | |||||||||||||||||
2012 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 72,976 | $ | 73,948 | $ | 75,156 | $ | 78,953 | ||||||||||||
Income (loss) from continuing operations | $ | 6,447 | $ | 7,190 | $ | 9,708 | $ | (24,557 | ) | |||||||||||
Net income (loss) | $ | 21,695 | $ | 5,021 | $ | 10,801 | $ | (30,292 | ) | |||||||||||
Net income (loss) available to common stockholders | $ | 18,982 | $ | 2,268 | $ | 8,065 | $ | (32,792 | ) | |||||||||||
Basic per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
Diluted per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
(2) | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. | |||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes and our term loan and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 178,797 | $ | 1,401,028 | $ | 1,337,141 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,543 | — | — | (2,679,543 | ) | — | ||||||||||||||
Other assets | 229,759 | 91,759 | 919,201 | (802,893 | ) | 437,826 | ||||||||||||||
Total Assets | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,478 | 89,111 | 173,156 | (42,410 | ) | 242,335 | ||||||||||||||
Total Liabilities | 1,692,916 | 220,328 | 640,510 | (803,010 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,272,459 | 1,614,843 | (2,679,559 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,342 | $ | (3,482,569 | ) | $ | 3,354,659 | |||||||||
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 | $ | 266,639 | $ | 1,482,503 | $ | 1,267,795 | $ | (133 | ) | $ | 3,016,804 | |||||||||
Investment in affiliates | 2,692,127 | — | — | (2,692,127 | ) | — | ||||||||||||||
Other assets | 210,277 | 90,102 | 967,199 | (781,714 | ) | 485,864 | ||||||||||||||
Total Assets | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,751,130 | $ | 157,730 | $ | 437,063 | $ | (760,600 | ) | $ | 1,585,323 | |||||||||
Other liabilities | 21,189 | 114,567 | 175,807 | (21,248 | ) | 290,315 | ||||||||||||||
Total Liabilities | 1,772,319 | 272,297 | 612,870 | (781,848 | ) | 1,875,638 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 22,551 | — | 22,551 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,724 | 1,300,308 | 1,599,573 | (2,692,126 | ) | 1,604,479 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,169,043 | $ | 1,572,605 | $ | 2,234,994 | $ | (3,473,974 | ) | $ | 3,502,668 | |||||||||
NONCONTROLLING INTERESTS AND | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 170,206 | $ | 135,927 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries' earnings | 178,116 | — | — | (178,116 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 91,888 | 80,775 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 160,212 | 78,318 | 55,152 | (177,598 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,395 | ) | (8,857 | ) | 29,171 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 73,817 | 69,461 | 84,323 | (179,122 | ) | 48,479 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 74,010 | 69,535 | 84,540 | (179,122 | ) | 48,963 | ||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 100,033 | 89,208 | (178,706 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 100,033 | 89,376 | (178,706 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | — | (10,703 | ) | — | (10,703 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 100,033 | $ | 78,673 | $ | (178,706 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 151,593 | $ | 123,461 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries' earnings | 121,215 | — | — | (121,215 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 80,690 | 75,735 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,160 | 70,903 | 47,726 | (121,615 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,541 | ) | (5,594 | ) | 11,635 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,309 | 59,361 | (122,481 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 65,406 | 62,244 | (122,481 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 56,405 | 75,302 | (121,464 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 56,405 | 75,761 | (121,464 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | — | (10,702 | ) | — | (10,702 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,405 | $ | 65,059 | $ | (121,464 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,107 | $ | 141,233 | $ | 88,903 | $ | — | $ | 256,243 | ||||||||||
Equity in subsidiaries' earnings | 136,057 | — | — | (136,057 | ) | — | ||||||||||||||
Total costs and expenses | 48,461 | 80,573 | 65,271 | 2,833 | 197,138 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 113,703 | 60,660 | 23,632 | (138,890 | ) | 59,105 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (91,174 | ) | (27,736 | ) | 81,320 | (4,084 | ) | (41,674 | ) | |||||||||||
INCOME FROM CONTINUING | 22,529 | 32,924 | 104,952 | (142,974 | ) | 17,431 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 2,660 | 2,427 | — | 5,087 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 22,529 | 35,584 | 107,379 | (142,974 | ) | 22,518 | ||||||||||||||
Income (loss) from discontinued operations | 11,443 | 45,226 | (94,781 | ) | 58,812 | 20,700 | ||||||||||||||
NET INCOME | 33,972 | 80,810 | 12,598 | (84,162 | ) | 43,218 | ||||||||||||||
Other comprehensive income | 64 | — | 351 | — | 415 | |||||||||||||||
COMPREHENSIVE INCOME | 34,036 | 80,810 | 12,949 | (84,162 | ) | 43,633 | ||||||||||||||
Comprehensive income attributable to | — | — | (9,597 | ) | — | (9,597 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 34,036 | $ | 80,810 | $ | 3,352 | $ | (84,162 | ) | $ | 34,036 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (81,778 | ) | $ | 114,616 | $ | 99,904 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | (72,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,197 | ) | (4,828 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,043 | ) | (14,231 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (75 | ) | — | — | (75 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,766 | ) | (3,217 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Advances to subsidiaries, net | 189,173 | (128,968 | ) | (60,205 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,388 | (88,337 | ) | (49,004 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,510 | — | — | 8,510 | ||||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of redeemable noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,275 | ) | $ | 111,533 | $ | 167,961 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,296 | ) | (2,134 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Advances to subsidiaries, net | (208,285 | ) | 53,174 | 155,111 | — | |||||||||||||||
Net cash used in investing activities | (123,296 | ) | (93,690 | ) | (115,277 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Proceeds from issuance of common stock | 85,838 | — | — | 85,838 | ||||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2011 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash provided (used in) by operating activities | $ | 96,544 | $ | 30,408 | $ | (24,326 | ) | $ | 102,626 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | (55,000 | ) | (55,500 | ) | (168,580 | ) | (279,080 | ) | ||||||||||||
Additions to income producing properties | (2,296 | ) | (11,557 | ) | (2,543 | ) | (16,396 | ) | ||||||||||||
Additions to construction in progress | (2,339 | ) | (40,392 | ) | (366 | ) | (43,097 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 3,206 | 11,705 | 384,485 | 399,396 | ||||||||||||||||
Increase in cash held in escrow | (91,591 | ) | — | — | (91,591 | ) | ||||||||||||||
Investment in loans receivable | — | — | (45,100 | ) | (45,100 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,416 | ) | (4,126 | ) | (1,612 | ) | (7,154 | ) | ||||||||||||
Investment in joint ventures | — | — | (15,024 | ) | (15,024 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 34,887 | 34,887 | ||||||||||||||||
Distributions from joint ventures | — | — | 18,786 | 18,786 | ||||||||||||||||
Investment in consolidated subsidiary | — | — | (242 | ) | (242 | ) | ||||||||||||||
Advances to subsidiaries, net | (122,297 | ) | 163,051 | (40,754 | ) | — | ||||||||||||||
Net cash used in (provided by) investing activities | (271,733 | ) | 63,181 | 163,937 | (44,615 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (1,808 | ) | (93,589 | ) | (151,467 | ) | (246,864 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 138,000 | 138,000 | ||||||||||||||||||
Proceeds from issuance of common stock | 116,542 | — | — | 116,542 | ||||||||||||||||
Payment of deferred financing costs | (4,888 | ) | — | (151 | ) | (5,039 | ) | |||||||||||||
Stock issuance costs | (1,185 | ) | — | — | (1,185 | ) | ||||||||||||||
Dividends paid to stockholders | (98,842 | ) | — | — | (98,842 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,405 | ) | (11,405 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 147,819 | (93,589 | ) | (163,023 | ) | (108,793 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (27,370 | ) | — | (23,412 | ) | (50,782 | ) | |||||||||||||
Cash and cash equivalents obtained through acquisition | — | — | 23,412 | 23,412 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 38,333 | — | — | 38,333 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 10,963 | $ | — | $ | — | $ | 10,963 | ||||||||||||
Quarterly Financial Data (unaudited) | ||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | |||||||||||||||||
2013 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | ||||||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | ||||||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | ||||||||||||
Net income available to common shareholders | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | ||||||||||||
Basic per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
Diluted per share data | ||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1)(2) | |||||||||||||||||
2012 | (In thousands, except per share data) | |||||||||||||||||||
Total revenue | $ | 72,976 | $ | 73,948 | $ | 75,156 | $ | 78,953 | ||||||||||||
Income (loss) from continuing operations | $ | 6,447 | $ | 7,190 | $ | 9,708 | $ | (24,557 | ) | |||||||||||
Net income (loss) | $ | 21,695 | $ | 5,021 | $ | 10,801 | $ | (30,292 | ) | |||||||||||
Net income (loss) available to common stockholders | $ | 18,982 | $ | 2,268 | $ | 8,065 | $ | (32,792 | ) | |||||||||||
Basic per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
Diluted per share data | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.03 | $ | 0.04 | $ | 0.06 | $ | (0.23 | ) | |||||||||||
Net income (loss) | $ | 0.17 | $ | 0.02 | $ | 0.07 | $ | (0.28 | ) | |||||||||||
_______________________________________________ | ||||||||||||||||||||
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
(2) | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Dec. 31, 2013 |
sqft | |
properties | |
Real Estate Properties [Line Items] | ' |
Number of properties | 140 |
Square feet of gross leasable area | 14,900,000 |
Percentage of core portfolio | 92.40% |
Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Square feet of gross leasable area | 3,700,000 |
Shopping Centers [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 118 |
Shopping Centers [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 20 |
Development Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 10 |
Square feet of gross leasable area | 1,800,000 |
Non-Retail Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 6 |
Land Parcels [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 6 |
Building [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
sqft | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% |
Derivatives reclassified to interest expense | $3,200,000 |
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 | 7.80% |
Annual minimum rent, gross leasable area | 9,400,000 |
Percentage of annual minimum rent, gross leasable area | 3.80% |
Outstanding receivables | $868,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Estimated Useful Lives Of The Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Tenant Improvements, Estimated Useful Life Of Assets | 'Lesser of minimum lease term or economic useful life |
Minimum [Member] | Building [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Minimum [Member] | Buildings And Land Improvements [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Minimum [Member] | Furniture and Fixtures [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Building [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '55 years |
Maximum [Member] | Buildings And Land Improvements [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Maximum [Member] | Furniture and Fixtures [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Properties_Summary_Of_The_Comp
Properties (Summary Of The Composition Of Income Producing Properties) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Land and land improvements | $1,364,729,000 | $1,266,245,000 |
Building and building improvements | 1,669,401,000 | 1,575,784,000 |
Tenant Improvements | 119,001,000 | 95,616,000 |
Income producing property, gross | 3,153,131,000 | 2,937,645,000 |
Less: accumulated depreciation | -354,166,000 | -297,736,000 |
Income producing properties, net | 2,798,965,000 | 2,639,909,000 |
External Costs [Member] | Development And Redevelopment Activities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | 45,300,000 | 76,400,000 |
External Costs [Member] | Other Property Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | 20,800,000 | 20,700,000 |
External Costs [Member] | Leasing Activities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | 4,800,000 | 3,100,000 |
Internal Costs [Member] | Development And Redevelopment Activities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | 1,100,000 | 1,100,000 |
Internal Costs [Member] | Other Property Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | 270,000 | 100,000 |
Internal Costs [Member] | Leasing Activities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Capitalized cost | $4,500,000 | $3,800,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
centers | ||||
Business Acquisition [Line Items] | ' | ' | ' | |
Number of Businesses Acquired | ' | 5 | ' | |
Business Combination, Acquisition Related Costs | $3,300,000 | $3,400,000 | $7,000,000 | |
Purchase Price | 148,150,000 | ' | ' | |
Mortgage Assumed | 35,701,000 | [1] | 35,500,000 | ' |
Maximum [Member] | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Like-kind exchange agreement days, maximum | '180 days | ' | ' | |
Shopping Center [Member] | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Purchase Price | ' | $288,500,000 | ' | |
Pleasanton [Member] | Pleasanton Plaza [Member] | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Debt Instrument, Maturity Date | 1-Jun-15 | ' | ' | |
Westport [Member] | The Village Center [Member] | ' | ' | ' | |
Business Acquisition [Line Items] | ' | ' | ' | |
Debt Instrument, Maturity Date | 1-Jun-19 | ' | ' | |
[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. |
Acquisitions_Summary_of_Income
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2013 | Oct. 25, 2013 | Oct. 23, 2013 | Dec. 31, 2013 | Sep. 05, 2013 | Dec. 31, 2013 | Sep. 05, 2013 | Dec. 31, 2013 | Jun. 05, 2013 | Dec. 31, 2013 | Sep. 05, 2013 | Dec. 31, 2013 | 7-May-13 | |||
In Thousands, unless otherwise specified | sqft | Orlando [Member] | Pleasanton [Member] | Westport [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | Bethesda [Member] | ||||
Kirkman Shoppes - land outparcel [Member] | Pleasanton Plaza [Member] | The Village Center [Member] | 5335 Citgo [Member] | 5335 Citgo [Member] | 5471 Citgo [Member] | 5471 Citgo [Member] | Westwood Towers [Member] | Westwood Towers [Member] | Manor Care [Member] | Manor Care [Member] | Bowlmor Lanes [Member] | Bowlmor Lanes [Member] | ||||||
acre | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Area of Real Estate Property | 14,900,000 | ' | 0.8 | [1] | 163,469 | 89,041 | ' | 18,128 | ' | 14,025 | ' | 211,020 | ' | 41,123 | ' | 27,000 | ||
Business Combination, Consideration Transferred | $148,150 | ' | $3,000 | $30,900 | $54,250 | [2] | ' | $6,000 | ' | $4,000 | ' | $25,000 | ' | $13,000 | ' | $12,000 | ||
Mortgage Debt, Assumption | $35,701 | [2] | $35,500 | $0 | $20,021 | $15,680 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ||
Income Producing Property Acquisition Date | ' | ' | ' | ' | ' | 5-Sep-13 | ' | 5-Sep-13 | ' | 5-Jun-13 | ' | 5-Sep-13 | ' | 7-May-13 | ' | |||
[1] | In acres. | |||||||||||||||||
[2] | 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. |
Acquisitions_Fair_Value_Of_The
Acquisitions (Fair Value Of The Consideration Paid With RespectTo controling Interest, As Of Janurary 14, 2009) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Business Combinations [Abstract] | ' | ' | ' | |
Business Combination, Acquisition Related Costs | $3,300,000 | $3,400,000 | $7,000,000 | |
Mortgage Debt, Assumption | $35,701,000 | [1] | $35,500,000 | ' |
[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. |
Acquisitions_Schedule_of_Purch
Acquisitions Schedule of Purchase Price Allocations (Details) (USD $) | Dec. 31, 2013 | Sep. 05, 2013 | 7-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
5471 Citgo [Member] | Bowlmor Lanes [Member] | Land [Member] | Land Improvements [Member] | Building [Member] | Other Property Improvements [Member] | Above-Market Leases [Member] | In Place Lease Interests [Member] | Lease Origination Costs [Member] | Lease Commissions [Member] | Below Market Leases [Member] | Other Liabilities [Member] | above market debt [Member] | |||
Bethesda [Member] | Bethesda [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Consideration Transferred | $148,150,000 | $4,000,000 | $12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | 83,621,000 | 2,650,000 | 75,941,000 | 2,507,000 | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Purchase Price Allocation, Weighted Average Amortization Period | ' | ' | ' | ' | '12 years 1 month 6 days | '34 years 4 months 24 days | '12 years 2 months 12 days | ' | ' | ' | '9 years 9 months 18 days | '10 years 3 months 18 days | ' | '3 years 10 months 24 days | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,739,000 | [1] | -340,000 | -2,049,000 |
Business Acquisition, Purchase Price Allocation, Other Assets | ' | ' | ' | ' | ' | ' | ' | 31,000 | 8,598,000 | 91,000 | 1,839,000 | ' | ' | ' | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | '2 years 3 months 18 days | '9 years 3 months 18 days | '4 years 10 months 24 days | ' | ' | ' | ' | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | ' | ' | |
[1] | Includes a below-market purchase option valued at $7.5 million held by the lessee of a certain non-retail property. |
Acquisition_Of_A_Controlling_I2
Acquisition Of A Controlling Interest In CapCo (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 | |
sqft | ||||
properties | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties | 140 | ' | ' | ' |
Square feet of gross leasable area | 14,900,000 | ' | ' | ' |
Shared promissory note to joint venture | ' | ' | ' | $600,000,000 |
Additional promissory note to joint venture | ' | ' | ' | 84,300,000 |
Common Stock, Amount Transferred | ' | ' | ' | 73,700,000 |
Common stock | 117,646,807 | 116,938,373 | ' | ' |
Fair market value of shares | ' | ' | 29.00% | ' |
Common stock transferred | ' | ' | 73,698,000 | ' |
Fair value of noncontrolling interest | ' | ' | 206,145,000 | 206,100,000 |
Business Combination, Acquisition Related Costs | 3,300,000 | 3,400,000 | 7,000,000 | ' |
Fair values less costs to sell held for sale | ' | ' | 36,300,000 | ' |
Fair value of net assets acquired | ' | ' | 310,404,000 | ' |
Gain on Purchase of Business | ' | ' | 30,561,000 | ' |
LIH [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Interest in joint venture | ' | ' | ' | 22.00% |
Remaining available cash preferred return paid | ' | ' | ' | 5.00% |
Dividends declared | 10,000,000 | 10,000,000 | 9,500,000 | ' |
Common stock closing market price | ' | ' | ' | $18.15 |
Equity One, Inc. [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Interest in joint venture | ' | ' | ' | 78.00% |
Remaining available cash preferred return paid | ' | ' | ' | 95.00% |
CapCo [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | 13 |
Square feet of gross leasable area | ' | ' | ' | 2,600,000 |
Transferred outstanding promissory note | ' | ' | ' | 67,000,000 |
Transferred outstanding promissory note shares | ' | ' | ' | 4,100,000 |
Class A [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Interest in joint venture | ' | ' | ' | 70.00% |
Remaining available cash preferred return paid | ' | ' | ' | 16.67% |
Common stock | ' | ' | ' | 10,000 |
Class B [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Additional promissory note to joint venture | ' | ' | 84,300,000 | ' |
Joint venture shares entitled to preferred return | ' | ' | ' | 1.50% |
Remaining available cash preferred return paid | ' | ' | ' | 83.33% |
Personal [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Outstanding shares of capital stock | ' | ' | 9.90% | ' |
Individual [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Outstanding shares of capital stock | ' | ' | 5.00% | ' |
CapCo [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | 7,200,000 | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | $1,900,000 | ' |
Acquisition_Of_A_Controlling_I3
Acquisition Of A Controlling Interest In CapCo (Reconciliation Of Gain On Bargain Purchase) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 |
Acquisition Of A Controlling Interest In CapCo [Abstract] | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | $310,404 | ' |
Fair value of consideration transferred | ' | ' | -73,698 | ' |
Fair value of noncontrolling interest | ' | ' | -206,145 | -206,100 |
Gain on bargain purchase | ' | ' | 30,561 | ' |
Assets, Fair Value Adjustment | ' | ' | $30,561 | ' |
Property_Dispositions_Narrativ
Property Dispositions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 20, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 20, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 04, 2011 | ||||||
centers | centers | properties | centers | Southeast Region [Member] | Atlanta, Tampa And Orlando [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Income Producing Property Sold [Member] | Subsequent Event [Member] | Mableton Crossing [Member] | Griffin [Member] | Goodyear [Member] | Danville [Member] | Augusta [Member] | Pascagoula [Member] | Marietta [Member] | Marietta [Member] | Port Richey [Member] | Port Richey [Member] | Hiram [Member] | Durham [Member] | Slidell [Member] | Wilmington [Member] | Miami [Member] | Miami [Member] | Miami [Member] | Charlotte [Member] | Jacksonville [Member] | Jacksonville [Member] | Brevard [Member] | Madison [Member] | Lutz [Member] | Spring Hill [Member] | Panama City Beach [Member] | Douglasville [Member] | North Myrtle Beach [Member] | North Myrtle Beach [Member] | Orlando [Member] | Acworth [Member] | Ellenwood [Member] | Alpharetta [Member] | Mableton [Member] | Buford [Member] | McDonough [Member] | CapCo [Member] | |||||||
sqft | North Florida And Southeast [Member] | Income Producing Property Sold [Member] | Spalding Village [Member] | Canyon Trails Towne Center [Member] | Danville - San Ramon Medical [Member] | Walton Plaza [Member] | Shipyard Plaza [Member] | Powers Ferry Plaza [Member] | Macland Pointe [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] | Meadows [Member] | Plaza Alegre [Member] | Providence Square [Member] | Medical And Merchants [Member] | Medical And Merchants [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 [Member] | Shoppes Of Eastwood [Member] | Butler Creek [Member] | Fairview Oaks [Member] | Grassland Crossing [Member] | Mableton Crossing [Member] | Hamilton Ridge [Member] | Shopes at Westridge [Member] | sqft | |||||||||||||||
centers | properties | 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] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | |||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||
Area of Real Estate Property | ' | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,318 | 202,196 | 74,599 | 43,460 | 66,857 | 86,401 | 79,699 | ' | 85,864 | [1] | 209,676 | 95,601 | 144,638 | 92,114 | 18,214 | 75,524 | 88,411 | 85,930 | ' | 156,153 | [2] | 34,260 | 64,837 | 64,985 | 72,590 | 69,277 | 97,027 | 60,356 | 68,465 | 69,037 | 95,597 | 77,052 | 90,906 | 86,819 | [3] | 90,996 | 66,297 | 2,600,000 | ||
Sales of Real Estate | ' | ' | $295,210,000 | $71,200,000 | ' | ' | ' | ' | ' | $287,985,000 | ' | ' | $5,600,000 | $23,500,000 | $15,300,000 | $2,300,000 | $3,900,000 | $7,750,000 | $9,150,000 | $6,550,000 | [1] | ' | $18,150,000 | $5,200,000 | $9,450,000 | $3,760,000 | $4,400,000 | $15,242,000 | $20,633,000 | $2,000,000 | $12,000,000 | [2] | ' | $6,000,000 | $7,350,000 | $10,550,000 | $7,750,000 | $2,350,000 | $12,000,000 | $2,365,000 | $2,635,000 | $11,600,000 | $10,650,000 | $9,300,000 | $9,700,000 | $11,500,000 | [3] | $11,800,000 | $7,550,000 | ' | ||
Mortgage loans assumed by counterparty | ' | ' | ' | 27,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Decrease, Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of Real Estate Properties, Classified as Held-for-Sale | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Non core poperties, under contract, estimated gross sales price | ' | ' | ' | ' | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number Of Real Estate Properties Sold | 36 | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Properties held for sale | ' | ' | ' | ' | 36,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Property sold | ' | ' | 286,511,000 | 41,994,000 | 399,396,000 | ' | 473,100,000 | ' | ' | ' | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Aggregate principal balance of mortgage loans | 155,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Mortgage loans subsequent pay-offs | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Recognized impairment loss on sale of assets | ' | ' | ' | ' | 33,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment loss on income producing properties held for sale or sold | ' | 10,700,000 | 4,976,000 | 20,532,000 | 40,352,000 | ' | ' | 20,532,000 | 40,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Deferred tax liability asociated with properties | ' | ' | ($686,000) | ($477,000) | $29,552,000 | ' | ' | ' | $29,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Disposal Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Feb-13 | ' | 25-Sep-13 | 18-Sep-13 | 16-Aug-13 | 7-Aug-13 | 19-Jul-13 | 1-Jul-13 | 18-Jun-13 | 18-Jun-13 | 27-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 | 23-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | ' | |||||
[1] | We provided financing to the buyer in the form of a $4.3 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | We provided financing to the buyer in the form of an $8.5 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | $2.8 million of mortgage debt secured by this property was repaid at closing. |
Property_Dispositions_Summary_
Property Dispositions (Summary of Disposition Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
sqft | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Outparcels Sold [Member] | Wilmington [Member] | Miami [Member] | Miami [Member] | Miami [Member] | Durham [Member] | Durham [Member] | Slidell [Member] | Griffin [Member] | Goodyear [Member] | Goodyear [Member] | Goodyear [Member] | Goodyear [Member] | Danville [Member] | Augusta [Member] | Pascagoula [Member] | Marietta [Member] | Marietta [Member] | Port Richey [Member] | Port Richey [Member] | Hiram [Member] | Charlotte [Member] | Jacksonville [Member] | Jacksonville [Member] | Brevard [Member] | Madison [Member] | Lutz [Member] | Spring Hill [Member] | Panama City Beach [Member] | Douglasville [Member] | North Myrtle Beach [Member] | North Myrtle Beach [Member] | Orlando [Member] | Acworth [Member] | Ellenwood [Member] | Alpharetta [Member] | Mableton [Member] | Buford [Member] | McDonough [Member] | Nine Percent Loan Receivable Due December 18, 2013 [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | Segment, Discontinued Operations [Member] | ||||||||||
Mableton Crossing [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] | Outparcels Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | 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] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | ||||||||||||||||
Galleria [Member] | C V S Plaza [Member] | Meadows [Member] | Plaza Alegre [Member] | Willowdale Shopping Center [Member] | Willowdaile - Subway Outparcel [Member] | Village At Northshore [Member] | Spalding Village [Member] | Canyon Trails Towne Center [Member] | Canyon Trails - Chase Pad [Member] | Canyon Trails - land outparcel [Member] | Canyon Trails - Jack in the Box [Member] | Danville - San Ramon Medical [Member] | Walton Plaza [Member] | Shipyard Plaza [Member] | Powers Ferry Plaza [Member] | Macland Pointe [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Paulding Commons [Member] | Providence Square [Member] | Medical And Merchants [Member] | Medical And Merchants [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 [Member] | Shoppes Of Eastwood [Member] | Butler Creek [Member] | Fairview Oaks [Member] | Grassland Crossing [Member] | Mableton Crossing [Member] | Hamilton Ridge [Member] | Shopes at Westridge [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | |||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | acre | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | Medical And Merchants [Member] | Regency Crossing [Member] | |||||||||||||||||||
Acquisitions And Dispositions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | $10,700,000 | $4,976,000 | $20,532,000 | $40,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,532,000 | $40,352,000 | ||||||
Loss (gain) on extinguishment of debt, Discontinued Operations | -731,000 | -138,000 | -1,456,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -882,000 | ||||||
Disposal Group Including Discontinued Operation Revenue Net Of Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,361,000 | 16,367,000 | 46,051,000 | ||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | ' | 24,000 | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Disposal Group, Including Discontinued Operation, Revenue | ' | 16,232,000 | 36,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,621,000 | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | ' | 686,000 | 477,000 | -29,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,552,000 | ||||||
Loans receivable, net | 140,708,000 | 60,711,000 | 140,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | 4,300,000 | ' | ' | ' | ||||||
Disposal Date | ' | ' | ' | ' | ' | ' | ' | 19-Jul-13 | 1-Jul-13 | 18-Jun-13 | 18-Jun-13 | 16-Aug-13 | ' | 7-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Feb-13 | ' | 25-Sep-13 | 18-Sep-13 | 27-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 | 23-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | ' | ' | ' | ' | ' | ||||||
Area of Real Estate Property | ' | 14,900,000 | ' | ' | ' | ' | ' | 92,114 | 18,214 | 75,524 | 88,411 | 95,601 | 2,384 | 144,638 | 235,318 | 202,196 | 4,200 | 0.9 | [1] | 4,000 | 74,599 | 43,460 | 66,857 | 86,401 | 79,699 | ' | 85,864 | [2] | 209,676 | 85,930 | ' | 156,153 | [3] | 34,260 | 64,837 | 64,985 | 72,590 | 69,277 | 97,027 | 60,356 | 68,465 | 69,037 | 95,597 | 77,052 | 90,906 | 86,819 | [4] | 90,996 | 66,297 | ' | ' | ' | ' | ' | ||
Sales of Real Estate | ' | 295,210,000 | 71,200,000 | ' | 287,985,000 | ' | 7,225,000 | 3,760,000 | 4,400,000 | 15,242,000 | 20,633,000 | 5,200,000 | 700,000 | 9,450,000 | 5,600,000 | 23,500,000 | 3,850,000 | 695,000 | 1,980,000 | 15,300,000 | 2,300,000 | 3,900,000 | 7,750,000 | 9,150,000 | 6,550,000 | [2] | ' | 18,150,000 | 2,000,000 | 12,000,000 | [3] | ' | 6,000,000 | 7,350,000 | 10,550,000 | 7,750,000 | 2,350,000 | 12,000,000 | 2,365,000 | 2,635,000 | 11,600,000 | 10,650,000 | 9,300,000 | 9,700,000 | 11,500,000 | [4] | 11,800,000 | 7,550,000 | ' | ' | ' | ' | ' | |||
Debt repaid by buyer | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Disposal Group, Including Discontinued Operation, Operating Expense | ' | 6,060,000 | 11,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,149,000 | ||||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | ' | 3,787,000 | 8,896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Disposal Group, Including Discontinued Operation, Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -806,000 | -2,514,000 | 18,901,000 | ||||||
Income Loss From Equity Method Investments Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 704,000 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 16,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,587,000 | ' | ' | ||||||
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operations, before Income Tax | ' | 352,000 | 461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,000 | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | 39,694,000 | 8,437,000 | 20,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,694,000 | 8,437,000 | 20,700,000 | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | ' | 494,000 | 26,000 | -55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,000 | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39,200,000 | $8,411,000 | $20,755,000 | ||||||
[1] | In acres. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | We provided financing to the buyer in the form of a $4.3 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | We provided financing to the buyer in the form of an $8.5 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | $2.8 million of mortgage debt secured by this property was repaid at closing. |
Property_Dispositions_Componen
Property Dispositions (Components of Income and Expense Relating to Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2011 | |
centers | centers | centers | |||
Number Of Real Estate Properties Sold | 4 | ' | 4 | ' | 36 |
Impairment loss on income producing properties held for sale or sold | ($10,700,000) | ($4,976,000) | ($20,532,000) | ($40,352,000) | ' |
Rental revenue | ' | 16,232,000 | 36,472,000 | ' | ' |
Property operating expenses | ' | 6,060,000 | 11,195,000 | ' | ' |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | ' | 3,787,000 | 8,896,000 | ' | ' |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | ' | 24,000 | 14,000 | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 16,588,000 | ' | ' |
Gain on disposal of income producing properties | ' | 39,587,000 | 16,588,000 | 4,406,000 | ' |
Loss on extinguishment of debt | -731,000 | -138,000 | -1,456,000 | ' | ' |
Income tax benefit from discontinued operations | ' | -686,000 | -477,000 | 29,552,000 | ' |
Other income (loss) | ' | 352,000 | 461,000 | ' | ' |
INCOME FROM DISCONTINUED OPERATIONS | ' | 39,694,000 | 8,437,000 | 20,700,000 | ' |
Net loss attributable to noncontrolling interests - discontinued operations | ' | -494,000 | -26,000 | 55,000 | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Impairment loss on income producing properties held for sale or sold | ' | ' | -20,532,000 | -40,352,000 | ' |
Rental revenue | ' | ' | ' | 95,621,000 | ' |
Property operating expenses | ' | ' | ' | 28,149,000 | ' |
Rental property depreciation and amortization | ' | ' | ' | 21,298,000 | ' |
General and administrative expenses | ' | ' | ' | 123,000 | ' |
Operations of income producing property | ' | 6,361,000 | 16,367,000 | 46,051,000 | ' |
Interest expense | ' | 806,000 | 2,514,000 | -18,901,000 | ' |
Equity in income in unconsolidated joint ventures | ' | 0 | 0 | 704,000 | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | 39,587,000 | ' | ' | ' |
Gain on disposal of income producing properties | ' | ' | ' | 4,406,000 | ' |
Loss on extinguishment of debt | ' | ' | ' | -882,000 | ' |
Income tax benefit from discontinued operations | ' | ' | ' | 29,552,000 | ' |
Other income (loss) | ' | ' | ' | 122,000 | ' |
INCOME FROM DISCONTINUED OPERATIONS | ' | 39,694,000 | 8,437,000 | 20,700,000 | ' |
Net loss attributable to noncontrolling interests - discontinued operations | ' | ' | ' | 55,000 | ' |
Income from discontinued operations attributable to Equity One, Inc. | ' | $39,200,000 | $8,411,000 | $20,755,000 | ' |
North Florida And Southeast [Member] | Subsequent Event [Member] | ' | ' | ' | ' | ' |
Number Of Real Estate Properties Sold | ' | 2 | ' | ' | ' |
Outparcel [Member] | ' | ' | ' | ' | ' |
Number Of Real Estate Properties Sold | 2 | ' | 2 | ' | ' |
Impairment_Narrative_Details
Impairment (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ||
Total Asset Impairment Charges Continuing And Discontinued | ' | $10,617,000 | $29,441,000 | $57,336,000 | ||
Goodwill impairment losses | ' | 150,000 | 378,000 | ' | ||
Land held for development | ' | ' | ' | 11,766,000 | ||
Properties held for use | ' | 2,406,000 | ' | 4,653,000 | ||
Asset Impairment Charges | 8,900,000 | 5,641,000 | 8,909,000 | 16,984,000 | ||
Impairment loss on income producing properties held for sale or sold | 10,700,000 | 4,976,000 | 20,532,000 | 40,352,000 | ||
Southeast and West Coast Regions [Member] | ' | ' | ' | ' | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ||
Land held for development | ' | 3,085,000 | ' | ' | ||
South Florida and West Coast Regions [Member] | ' | ' | ' | ' | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ||
Land held for development | ' | ' | 740,000 | [1] | ' | |
Southeast [Member] | ' | ' | ' | ' | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ||
Properties held for use | ' | 2,406,000 | [2] | 7,791,000 | [1] | ' |
Properties Held For Sale Or Sold [Member] | ' | ' | ' | ' | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' | ||
Impairment loss on income producing properties held for sale or sold | ' | $4,838,000 | $20,385,000 | $38,533,000 | ||
[1] | Total losses exclude impairments related to properties sold during the years ended December 31, 2013 and 2012. | |||||
[2] | Total losses exclude impairments related to properties sold during the year ended December 31, 2013. |
Impairment_Summary_Of_The_Impa
Impairment (Summary Of The Impairment Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill | ' | $150,000 | $378,000 | ' |
Land held for development | ' | ' | ' | 11,766,000 |
Properties held for use | ' | 2,406,000 | ' | 4,653,000 |
Impairment loss recognized in continuing operations | 8,900,000 | 5,641,000 | 8,909,000 | 16,984,000 |
Impairment loss recognized in discontinued operations | 10,700,000 | 4,976,000 | 20,532,000 | 40,352,000 |
Total impairment loss | ' | 10,617,000 | 29,441,000 | 57,336,000 |
Properties Held For Sale Or Sold [Member] | ' | ' | ' | ' |
Impairment loss recognized in discontinued operations | ' | 4,838,000 | 20,385,000 | 38,533,000 |
Segment, Continuing Operations [Member] | ' | ' | ' | ' |
Goodwill | ' | 150,000 | 378,000 | 565,000 |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Goodwill | ' | $138,000 | $147,000 | $1,819,000 |
Accounts_And_Other_Receivables2
Accounts And Other Receivables (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valuation Allowance [Line Items] | ' | ' | ' |
Tenants | $15,404,000 | $14,354,000 | ' |
Other | 2,287,000 | 2,254,000 | ' |
Allowance for doubtful accounts | -4,819,000 | -3,182,000 | ' |
Total accounts and other receivables, net | 12,872,000 | 13,426,000 | ' |
Bad debt expense | 3,736,000 | 979,000 | 2,947,000 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Bad debt expense | 3,700,000 | 900,000 | 1,900,000 |
Valuation Allowances and Reserves, Charged to Cost and Expense | $3,736,000 | $979,000 | $2,947,000 |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 140 | ' | ||
Investments in unconsolidated joint ventures, Investment Balance | $91,170,000 | [1] | $71,567,000 | [1] |
Advances to unconsolidated joint ventures, Investment Balance | 602,000 | 604,000 | ||
Investments in and advances to unconsolidated joint ventures | 91,772,000 | [1] | 72,171,000 | [1] |
GRI-EQY I, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Net of deferred gains associated with the disposition of assets | 3,300,000 | 3,300,000 | ||
Talega Village Center JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Effective interest rate, noncontrolling interest | 48.00% | ' | ||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Ownership interests in properties through joint ventures | 70.00% | ' | ||
Net of deferred gains associated with the disposition of assets | 376,000 | 404,000 | ||
Georgia, South Carolina & Florida [Member] | GRI-EQY I, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 10 | ' | ||
Ownership interests in properties through joint ventures | 10.00% | ' | ||
Investments in unconsolidated joint ventures, Investment Balance | 12,912,000 | [2] | 8,587,000 | [2] |
Florida [Member] | G&I Investment South Florida Portfolio, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 3 | ' | ||
Ownership interests in properties through joint ventures | 20.00% | ' | ||
FLORIDA | G&I Investment South Florida Portfolio, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Investments in unconsolidated joint ventures, Investment Balance | 3,480,000 | 3,491,000 | ||
California [Member] | Talega Village Center JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | ' | ||
Ownership interests in properties through joint ventures | 50.50% | [3] | ' | |
Investments in unconsolidated joint ventures, Investment Balance | 2,828,000 | [3] | 2,909,000 | [3] |
California [Member] | Vernola Marketplace JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | ' | ||
Ownership interests in properties through joint ventures | 50.50% | [3] | ' | |
Investments in unconsolidated joint ventures, Investment Balance | 6,468,000 | [3] | 6,972,000 | [3] |
California [Member] | Parnassus Heights Medical Center [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | ' | ||
Ownership interests in properties through joint ventures | 50.00% | ' | ||
Investments in unconsolidated joint ventures, Investment Balance | 19,791,000 | 20,385,000 | ||
Florida & Massachusetts [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 6 | ' | ||
Ownership interests in properties through joint ventures | 30.00% | ' | ||
Investments in unconsolidated joint ventures, Investment Balance | 44,237,000 | [4] | 27,589,000 | [4] |
Vernola Marketplace [Member] | Subsequent Event [Member] | Vernola Marketplace JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Gain (Loss) on Disposition of Assets | 14,500,000 | ' | ||
Madison One Thousand Two Hundred Thirty Five Realty Limited Liability Company [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | ' | ||
Cost Method Investment, Ownership Percentage | 20.10% | ' | ||
Cost Method Investments | 820,000 | 1,000,000 | ||
Madison Two Thousand Two Hundred Sixty Realty Limited Liability Company [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | ' | ||
Cost Method Investment, Ownership Percentage | 8.60% | ' | ||
Cost Method Investments | $634,000 | $634,000 | ||
Vestar [Member] | Vestar [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | ' | ||
Windermere, FL [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ' | ||
[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 December 31, 2013 and 2012 is presented net of a deferred gain 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 December 31, 2013 and 2012 is presented net of a deferred gain of approximately $376,000 and $404,000, respectively, associated with the disposition of assets by us to the joint venture. |
Investments_in_Joint_Ventures_2
Investments in Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 26, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 04, 2011 | Jan. 04, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 04, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 26, 2012 | |||
sqft | centers | centers | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | GRI-EQY I, LLC [Member] | GRI-EQY I, LLC [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] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Unconsolidated Joint Venture [Member] | Unconsolidated Joint Venture [Member] | Vestar [Member] | Rockwood Joint Ventures [Member] | CapCo [Member] | CapCo [Member] | Pacific Financial Center Joint Venture [Member] | Trio Apartments [Member] | Trio Apartments [Member] | Windermere, FL [Member] | California [Member] | California [Member] | California [Member] | California [Member] | California [Member] | Massachusetts [Member] | Florida & Massachusetts [Member] | Leasing Fees [Member] | Leasing Fees [Member] | Leasing Fees [Member] | Contribution Related to Acquisition by JV [Member] | Talega Village Center [Member] | Hackensack, NJ [Member] | Windermere, FL [Member] | Options Held [Member] | Contribution Related to JV Debt Repayment [Member] | Contribution Related to JV Debt Repayment [Member] | Contribution Related to Acquisition by JV [Member] | Vernola Marketplace [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | ||||
properties | centers | properties | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Vestar [Member] | Vestar [Member] | Rockwood Joint Ventures [Member] | Vernola Marketplace JV, LLC [Member] | CapCo [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] | Subsequent Event [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Windermere, FL [Member] | Unconsolidated Joint Venture [Member] | Unconsolidated Joint Venture [Member] | Windermere, FL [Member] | Subsequent Event [Member] | Equity One, Inc. [Member] | |||||||||||||||||||||||
centers | properties | sqft | Equity One, Inc. [Member] | Equity One, Inc. [Member] | properties | properties | sqft | sqft | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Vernola Marketplace JV, LLC [Member] | |||||||||||||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.38% | ' | ' | ' | ' | ' | ' | ' | ||
Equity in income of unconsolidated joint ventures | $1,648,000 | $542,000 | $4,829,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $704,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fees paid associated with these joint ventures, which are included in management and leasing services revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,400,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,000,000 | 289,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unconsolidated joint venture debt, entity pro-rata share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,500,000 | 65,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Partners' Capital Account, Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 7,500,000 | ' | ' | ' | ' | ||
Acquired controlling interest in joints ventures with Vestar | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership interests in properties through joint ventures | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | 95.00% | 50.50% | 50.50% | [1] | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number Of Real Estate Properties Sold | ' | 4 | ' | 36 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Bridge Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Real Estate Properties | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate fair value of joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain on sale of real estate | ' | ' | 5,542,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net of deferred gains associated with the disposition of assets | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 3,300,000 | 376,000 | 404,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Default, non-recourse loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage Loans on Real Estate, New Mortgage Loans | 24,820,000 | [2] | 114,518,000 | 45,114,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mezzanine loans receivable, net | 60,711,000 | 140,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,300,000 | ||
Purchase Option, Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of phases of a shopping center acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Area of Real Estate Property | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,000 | 129,000 | ' | 34,000 | ' | ' | ' | ' | ' | ' | ||
Business Combination, Consideration Transferred | 148,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,800,000 | 128,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,800,000 | ' | ' | ' | ' | ' | 23,200,000 | ' | ' | ' | ' | ' | 6,200,000 | 47,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | 7,800,000 | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 107,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | 16,000,000 | ' | ' | ' | ' | ' | 12,000,000 | ' | ||
Proceeds from sale of real estate and rental properties | 286,511,000 | 41,994,000 | 399,396,000 | ' | 85,602,000 | 1,417,000 | 3,206,000 | ' | ' | ' | ' | 39,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ||
Mortgage loans assumed by counterparty | ' | 27,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | ||
Gain (Loss) on Disposition of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,500,000 | ' | ' | ||
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.54% | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes amounts related to loans provided in connection with dispositions. See Note 11 for additional information. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | |
Danbury and Southbury Green [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
entity | Danbury and Southbury Green [Member] | |||||
Variable Interest Entity, Number of Entities | ' | ' | ' | ' | 3 | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Nature of VIE | ' | ' | ' | ' | ' | '2 |
Payments to Acquire Additional Interest in Subsidiaries | $18,972,000 | $0 | $0 | $18,910,000 | ' | ' |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||
sqft | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Performing Financing Receivable [Member] | Performing Financing Receivable [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | Westwood Complex [Member] | Income Producing Property Sold [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Medical And Merchants [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Regency Crossing [Member] | Nine Percent Loan Receivable Due December 18, 2013 [Member] | Nine Percent Loan Receivable Due December 18, 2013 [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | 5% Loan Receivable Due December 15, 2013 [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||||
Mezzanine Loan [Member] | Mezzanine Loan [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | Real Estate [Member] | Retail Site [Member] | Apartment Building [Member] | Assisted Living Facility [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Junior Mezzanine Loan [Member] | Subsequent Event [Member] | Income Producing Property Sold [Member] | Jacksonville [Member] | Jacksonville [Member] | Income Producing Property Sold [Member] | Port Richey [Member] | Port Richey [Member] | Mortgage Loans on Real Estate [Member] | Medical And Merchants [Member] | Mortgage Loans on Real Estate [Member] | Regency Crossing [Member] | Westwood Complex [Member] | Westwood Complex [Member] | ||||||||||
acre | sqft | sqft | units | Mezzanine Loan [Member] | Mortgage Loans on Real Estate [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] | Subsequent Event [Member] | |||||||||||||||||||||
sqft | sqft | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | ||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Sales of Real Estate | $295,210,000 | $71,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $287,985,000 | ' | $12,000,000 | [1] | ' | ' | $6,550,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Sale and Collection of Mortgage Notes Receivable | 91,474,000 | 19,258,000 | ' | 5,800,000 | ' | ' | 40,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Financing Receivable, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of Businesses Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Mezzanine loans receivable, net | 60,711,000 | 140,708,000 | ' | ' | 12,000,000 | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | 5.00% | ' | ' | ' | ||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Dec-13 | ' | ' | 15-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Real Estate Investment Property, Net | 2,798,965,000 | 2,639,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | ' | ||||
Loan amount, carrying value | 60,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,400,000 | 6,267,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Consideration Transferred | 148,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Square feet of gross leasable area | 14,900,000 | ' | ' | ' | ' | ' | ' | 22 | 214,767 | 211,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,153 | [1] | ' | ' | 85,864 | [2] | ' | ' | ' | ' | ' | ' | ||
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,500,000 | ||||
[1] | We provided financing to the buyer in the form of an $8.5 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. | ||||||||||||||||||||||||||||||||
[2] | We provided financing to the buyer in the form of a $4.3 million loan receivable which was repaid in December 2013. See Note 11 for further discussion. |
Goodwill_Goodwill_Activity_Det
Goodwill (Goodwill Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | $6,527 | $6,910 |
Impairment | -150 | -378 |
Goodwill, Written off Related to Sale of Business Unit | 0 | -5 |
Balance at ending of period | $6,377 | $6,527 |
Goodwill_Goodwill_By_Segment_D
Goodwill (Goodwill By Segment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $6,377 | $6,527 | $6,910 |
South Florida [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 2,028 | 2,028 | ' |
North Florida [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 1,298 | 1,298 | ' |
Southeast [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $3,051 | $3,201 | ' |
Other_Assets_Composition_of_Ot
Other Assets (Composition of Other Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax asset | $5,786 | $6,044 |
Total other assets | 229,599 | 225,174 |
Environmental Remediation Asset [Member] | ' | ' |
Prepaid expenses and other receivables | 22,800 | 21,000 |
Prepaid Expense and Other Assets, Term of Receivable | '3 years | ' |
Other Assets [Member] | ' | ' |
Lease intangible assets, net | 117,200 | 125,935 |
Leasing commissions, net | 38,296 | 33,959 |
Prepaid expenses and other receivables | 26,763 | 24,334 |
Deferred financing costs, net | 8,347 | 10,777 |
Deposits and mortgage escrow | 7,763 | 5,218 |
Straight-line rent receivable, net | 21,490 | 19,464 |
Deferred tax asset | 2,390 | 2,968 |
Furniture and fixtures, net | 4,406 | 2,519 |
Derivative Instruments in Hedges, Assets, at Fair Value | 2,944 | 0 |
Total other assets | $229,599 | $225,174 |
Other_Assets_Composition_Of_In
Other Assets (Composition Of Intangible Assets And Accumulated Amortization) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | $190,741 | $184,334 | ||
Total accumulated amortization | 73,541 | 58,399 | ||
Intangible assets, amortization period, year one | 15,940 | ' | ||
Intangible assets, amortization period, year two | 12,975 | ' | ||
Intangible assets, amortization period, year three | 9,793 | ' | ||
Intangible assets, amortization period, year four | 7,649 | ' | ||
Intangible assets, amortization period, year five | 6,300 | ' | ||
Finite-Lived Intangible Assets, Net | 117,200 | 125,935 | ||
Above-Market Leases [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | 21,149 | 22,156 | ||
Total accumulated amortization | 10,508 | 8,111 | ||
Leases, Acquired-in-Place [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | 126,219 | [1] | 120,378 | [1] |
Total accumulated amortization | 57,752 | 46,332 | ||
Ground Lease [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | 34,094 | 34,094 | ||
Total accumulated amortization | 793 | 191 | ||
Lease Origination Costs [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | 3,426 | 3,548 | ||
Total accumulated amortization | 2,402 | 2,306 | ||
Lease Incentives [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Total intangibles | 5,853 | 4,158 | ||
Total accumulated amortization | 2,086 | 1,459 | ||
Environmental Remediation Asset [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Prepaid Expense and Other Assets | $22,800 | $21,000 | ||
Prepaid Expense and Other Assets, Term of Receivable | '3 years | ' | ||
[1] | Increase is primarily related to the acquisition of Pleasanton Plaza in 2013. |
Other_Assets_Five_Year_Amortiz
Other Assets Five Year Amortization Schedule of Intangible Assets (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Impaired Intangible Assets [Abstract] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $15,940 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 12,975 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9,793 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,649 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | $6,300 |
Other_Assets_Amortization_Expe
Other Assets Amortization Expense of Intangible Assets (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | $19,873 | $22,009 | $35,232 | |||
Above Market Leases [Member] | ' | ' | ' | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | 3,669 | [1] | 4,129 | [1] | 10,242 | [1] |
Leases, Acquired-in-Place [Member] | ' | ' | ' | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | 14,530 | [2] | 16,642 | [2] | 23,998 | [2] |
Ground Lease [Member] | ' | ' | ' | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | 602 | [3] | 191 | [3] | ' | |
Lease Origination Costs [Member] | ' | ' | ' | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | 337 | [2] | 454 | [2] | 606 | [2] |
Lease Incentives [Member] | ' | ' | ' | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |||
Amortization of Intangible Assets | $735 | [1] | $593 | [1] | $386 | [1] |
[1] | Amounts are recognized as a reduction of minimum rent. | |||||
[2] | Amounts are included in depreciation and amortization expenses. | |||||
[3] | Amounts are included in property operating expenses. |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 25, 2012 | Oct. 25, 2012 | Oct. 25, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | ||
mortgages | Term Loan [Member] | Senior Notes [Member] | Senior Notes [Member] | Fixed Rate Mortgage Loans [Member] | Term Loan [Member] | Term Loan [Member] | weighted average interest rate [Member] | weighted average interest rate [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Notes 6.25 Percent Due 2014 [Member] | Make-Whole Premium [Member] | Fixed Rate Mortgage Loans [Member] | Liabilities, Assets Held for Sale [Member] | Liabilities, Assets Held for Sale [Member] | Other Assets [Member] | Other Assets [Member] | The Village Center [Member] | The Village Center [Member] | The Village Center [Member] | Pleasanton Plaza [Member] | Pleasanton Plaza [Member] | Pleasanton Plaza [Member] | Brawley Commons [Member] | 1225 -1239 Second Avenue [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | City National Bank Of Florida [Member] | City National Bank Of Florida [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Subsequent Event [Member] | |||||
First Draw [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Unsecured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Westport [Member] | Westport [Member] | Pleasanton [Member] | Pleasanton [Member] | Minimum [Member] | Maximum [Member] | Renewed Unsecured Credit Facilities [Member] | Renewed Unsecured Credit Facilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Brawley Commons [Member] | ||||||||||||||||||||||
Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage notes payable | $425,755,000 | $430,155,000 | $425,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | 5.02% | 5.02% | 5.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.06% | 6.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage Loans Prepaid Without Penalty Amount | 57,000,000 | 24,000,000 | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | 0.0688 | 0.0661 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Mortgages Assumed | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage Debt, Assumption | 35,500,000 | 35,701,000 | [1] | 35,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | 3.75% | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | 5.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Make Whole Preemium and Deferred Fees, Extinguishment of Debt | 29,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Redemption Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | |
Unsecured revolving credit facilities | 172,000,000 | 91,000,000 | 172,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000,000 | 172,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | 0.45% | ' | ' | ' | ' | ' | ' | |
Drawings against amended facility, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.77% | ' | ' | ' | ' | ' | ' | ' | ' | |
Facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Availability under credit facility | ' | 413,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Letters of Credit Outstanding, Amount | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Term loan | 250,000,000 | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | 250,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 3.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative Instruments in Hedges, Assets, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,944,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,944,000 | ' | ' | ' | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,954,000 | 6,954,000 | ' | |
Margin, percentage above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.85% | 1.25% | ' | ' | ' | ' | ' | |
Line of credit facility, interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Offer Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Yield To Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Nov-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-19 | ' | ' | 1-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-13 | |
Interest Expense, Debt, Excluding Amortization | ' | 74,300,000 | 80,500,000 | 86,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest Paid, Capitalized | ' | 2,863,000 | 4,742,000 | 2,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage Of Borrowings On Lender Commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Swing Line Facility For Short Term Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line Of Credit Facility Letter Of Credit Commitment Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Multicurrency Subfacility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Expiration Date | ' | 30-Sep-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Nov-14 | ' | ' | ' | ' | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,618,000 | ' | ' | 19,968,000 | ' | ' | ' | 16,457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,485,000 | |
Impairment losses on certain properties located in secondary markets | ' | $2,406,000 | ' | $4,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[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. |
Borrowings_Schedule_Of_Mortgag
Borrowings (Schedule Of Mortgage Notes Payable) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |
mortgages | ||||
Debt Instrument [Line Items] | ' | ' | ' | |
Number of Mortgages Assumed | 2 | ' | ' | |
Properties held for use | $2,406 | $4,653 | ' | |
Mortgage notes payable | 430,155 | ' | 425,755 | |
Debt Instrument, Unamortized Discount (Premium), Net | -6,118 | ' | -6,432 | |
Mortgage Debt, Assumption | 35,701 | [1] | ' | 35,500 |
Fixed Rate Mortgage Loans [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Unamortized Discount (Premium), Net | 437,971 | ' | 434,193 | |
Debt, Weighted Average Interest Rate | ' | ' | 6.06% | |
Brawley Commons [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Properties held for use | 1,200 | ' | ' | |
Liabilities, Assets Held for Sale [Member] | Fixed Rate Mortgage Loans [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Mortgage notes payable | ' | ' | 16,200 | |
Westport [Member] | The Village Center [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Maturity Date | 1-Jun-19 | ' | ' | |
Pleasanton [Member] | Pleasanton Plaza [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Maturity Date | 1-Jun-15 | ' | ' | |
Fixed Rate Mortgage Loans [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Unamortized premium, net | $7,816 | ' | $8,438 | |
Debt, Weighted Average Interest Rate | 5.99% | ' | ' | |
Fixed Rate Mortgage Loans [Member] | Liabilities, Assets Held for Sale [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt, Weighted Average Interest Rate | ' | ' | 6.89% | |
Fixed Rate Mortgage Loans [Member] | Westport [Member] | The Village Center [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ' | ' | |
Fixed Rate Mortgage Loans [Member] | Pleasanton [Member] | Pleasanton Plaza [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 5.32% | ' | ' | |
[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. |
Borrowings_Schedule_Of_Unsecur
Borrowings (Schedule Of Unsecured Senior Notes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 25, 2012 |
In Thousands, unless otherwise specified | 5.375% Senior Notes, due 10/15/15 [Member] | 6.0% Senior Notes, due 9/15/16 [Member] | 6.25% Senior Notes, due 1/15/17 [Member] | 6.0% Senior Notes, due 9/15/17 [Member] | Senior Notes [Member] | Senior Notes [Member] | 6.0% Senior Notes, due 9/15/17 [Member] | 6.0% Senior Notes, due 9/15/17 [Member] | 6.25% Senior Notes, due 1/15/17 [Member] | 6.25% Senior Notes, due 1/15/17 [Member] | 6.0% Senior Notes, due 9/15/16 [Member] | 6.0% Senior Notes, due 9/15/16 [Member] | 5.375% Senior Notes, due 10/15/15 [Member] | 5.375% Senior Notes, due 10/15/15 [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | ||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes, non-current | ' | ' | ' | ' | ' | ' | ' | ' | $116,998 | $116,998 | $101,403 | $101,403 | $105,230 | $105,230 | $107,505 | $107,505 | ' | $300,000 | $300,000 | ' |
Total Unsecured Senior Notes | 731,136 | 731,136 | ' | ' | ' | ' | 731,136 | 731,136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium (discount) on notes payable, net | ' | ' | ' | ' | ' | ' | 1,698 | -2,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | $729,438 | $729,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate, net of discount adjustment | ' | ' | ' | ' | ' | ' | 5.02% | 5.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | 5.38% | 6.00% | 6.25% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | 3.75% |
Debt instrument, maturity date | ' | ' | 15-Oct-15 | 15-Sep-16 | 15-Jan-17 | 15-Sep-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Nov-22 | ' | ' | ' |
Debt Instrument, Offer Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.59% |
Borrowings_Unsecured_Revolving
Borrowings (Unsecured Revolving Credit Facilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Oct. 25, 2012 |
Term Loan [Member] | Original Unsecured Credit Facility [Member] | Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | ||
City National Bank Of Florida [Member] | Senior Notes [Member] | |||
Debt Instrument, Offer Price, Percentage | ' | ' | ' | 99.59% |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $15,000,000 | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | 3.17% | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.55% | ' |
2016 | 288,968,000 | ' | ' | ' |
2013 | 20,979,000 | ' | ' | ' |
2014 | 280,165,000 | ' | ' | ' |
2015 | 233,340,000 | ' | ' | ' |
2016 | 61,531,000 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 617,308,000 | ' | ' | ' |
Long-term Debt, Total | $1,502,291,000 | ' | ' | ' |
Borrowings_Borrowings_debt_mat
Borrowings Borrowings (debt maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | ' | ' | |
Mortgage Debt, Assumption | $35,701 | [1] | $35,500 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 20,979 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 280,165 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 233,340 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 288,968 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 61,531 | ' | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 617,308 | ' | |
Long-term Debt | $1,502,291 | ' | |
[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. |
Other_Liabilities_Narrative_De
Other Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization Expense of Intangible Liabilities [Line Items] | ' | ' | ' |
Lease intangible liabilities, gross | $228.70 | $231.70 | ' |
Finite-lived Intangible Liabilities, Accumulated Amortization | -60.9 | -46.6 | ' |
Operating Leases, Income Statement, Minimum Lease Revenue resulting from Intangible Liability Amortization Expense [Member] | ' | ' | ' |
Amortization Expense of Intangible Liabilities [Line Items] | ' | ' | ' |
Accretion of Intangible Liabilities | $17.30 | $17.40 | $21.20 |
Other_Liabilities_Composition_
Other Liabilities (Composition of Other Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Lease intangible liabilities, net | $167,777 | $185,061 |
Prepaid rent | 9,450 | 10,687 |
Other | 156 | 215 |
Total other liabilities | $177,383 | $195,963 |
Other_Liabilities_Other_Liabil
Other Liabilities Other Liabilities - Amortization Expense (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Expected Liability Amortization Expense [Line Items] | ' |
Intangible Liabilities, Future Accretion Expense, Year One | $17,194 |
Intangible Liabilities, Future Accretion Expense, Year Two | 15,426 |
Intangible Liabilities, Future Accretion Expense, Year Three | 12,155 |
Intangible Liabilities, Future Accretion Expense, Year Four | 10,726 |
Intangible Liabilities, Future Accretion Expense, Year Five | $10,113 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dim Vastgoed N V [Member] | Dim Vastgoed N V [Member] | Dim Vastgoed N V [Member] | Southeast US Holdings [Member] | DIM [Member] | IRT [Member] | Other Assets [Member] | Other Assets [Member] | ||||
Tax Credit Carryforward [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of distribution of REIT taxable income to stockholders | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of gross income derived from qualifying sources | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Acquired Through Open Market And Private Purchases, Ownership Interest | ' | ' | ' | 97.40% | 97.80% | 97.80% | ' | ' | ' | ' | ' |
Income tax benefit from discontinued operations | ($686,000) | ($477,000) | $29,552,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | 5,786,000 | 6,044,000 | ' | ' | ' | ' | ' | ' | ' | 2,390,000 | 2,968,000 |
Deferred Tax Liabilities, Gross | 11,764,000 | 12,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liability DIM | 15,158,000 | 15,092,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Net | ' | -9,048,000 | ' | ' | ' | ' | ' | ' | -9,372,000 | ' | ' |
Disallowed interest carry forwards | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' |
Disallowed interest carry forwards with tax value | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | 162,000 | 213,000 | ' | ' | ' | ' | 162,000 | ' | ' | ' | ' |
Federal net operating loss carry forwards | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | 2,000,000 | ' | ' |
State net operating loss carry forwards | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | 1,600,000 | ' | ' |
Expects to realize benefits from net deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' |
Net operating loss carry forward | $2,996,000 | $3,216,000 | ' | ' | ' | ' | $650,000 | ' | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | ' | ' | 31-Dec-27 | ' | ' | ' | 31-Dec-30 | ' | ' |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciles GAAP Net Income To Taxable Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net Income (Loss) Attributable to Parent | $9,152 | [1] | $10,571 | [1] | $33,638 | [1] | $24,593 | [1] | ($32,792) | [1],[2] | $8,065 | [1] | $2,268 | [1] | $18,982 | [1] | $77,954 | ($3,477) | $33,621 | |||
Net (income) loss attributable to taxable REIT subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -585 | 4,964 | 63,319 | |||||||||||
GAAP net income from REIT operations | ' | ' | ' | ' | ' | ' | ' | ' | 77,369 | 1,487 | 96,940 | |||||||||||
Book/tax differences for joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 9,255 | 4,530 | -2,671 | |||||||||||
Book/tax difference for depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 10,327 | 7,399 | 6,952 | |||||||||||
Book/tax difference on sale of property | ' | ' | ' | ' | ' | ' | ' | ' | -30,288 | -925 | -44,819 | |||||||||||
Bargain purchase gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,561 | |||||||||||
Book/tax difference on exercise of stock options and restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | -917 | 6,009 | 4,506 | |||||||||||
Book/tax difference for interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,633 | 3,152 | 1,002 | |||||||||||
Deferred/prepaid/above and below-market rents, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,381 | -2,388 | -1,711 | |||||||||||
GAAP impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 5,353 | 21,511 | 14,866 | |||||||||||
Book/tax difference for amortization | ' | ' | ' | ' | ' | ' | ' | ' | 210 | 227 | -84 | |||||||||||
Book/tax difference for acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,771 | 1,941 | 5,982 | |||||||||||
Other book/tax differences, net | ' | ' | ' | ' | ' | ' | ' | ' | 200 | -1,583 | 53 | |||||||||||
Inclusion from foreign taxable REIT subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 10,502 | |||||||||||
Adjusted taxable income subject to 90% dividend requirements | ' | ' | ' | ' | ' | ' | ' | ' | $71,532 | [3] | $41,360 | [3] | $60,957 | [3] | ||||||||
[1] | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||||
[2] | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. | |||||||||||||||||||||
[3] | Adjusted taxable income subject to 90% dividend requirements. |
Income_Taxes_Tax_Status_Of_Div
Income Taxes (Tax Status Of Dividends Paid) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Cumulative Dividends | $0.88 | $0.88 | $0.88 |
Ordinary income | 66.37% | 43.72% | 51.80% |
Return of capital | 31.21% | 54.10% | 39.13% |
Capital gains | 2.42% | 2.18% | 9.07% |
Income_Taxes_Taxable_REIT_Subs
Income Taxes (Taxable REIT Subsidiaries) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. income (loss) before income taxes | $784 | ($7,452) | ($97,219) |
Foreign (loss) income before income taxes | 3 | -15 | -739 |
Total income (loss) before income taxes | 787 | -7,467 | -97,958 |
Current federal and state | -69 | 72 | -405 |
Deferred federal and state | -133 | 2,431 | 35,044 |
Income Tax Expense (Benefit) | 202 | -2,503 | -34,639 |
Net (loss) income from taxable REIT subsidiaries | $585 | ($4,964) | ($63,319) |
Income_Taxes_PreTax_Earnings_F
Income Taxes (Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | $686,000 | $477,000 | ($29,552,000) |
U.S. income (loss) before income taxes | 784,000 | -7,452,000 | -97,219,000 |
Foreign (loss) income before income taxes | 3,000 | -15,000 | -739,000 |
Total income (loss) before income taxes | 787,000 | -7,467,000 | -97,958,000 |
Current federal and state | -69,000 | 72,000 | -405,000 |
Deferred federal and state | -133,000 | 2,431,000 | 35,044,000 |
Total income tax benefit | 484,000 | 2,980,000 | 5,087,000 |
Net (loss) income from taxable REIT subsidiaries | 585,000 | -4,964,000 | -63,319,000 |
Continuing Operations [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
U.S. income (loss) before income taxes | -1,582,000 | -9,161,000 | 11,747,000 |
Foreign (loss) income before income taxes | 3,000 | -15,000 | -739,000 |
Total income (loss) before income taxes | -1,579,000 | -9,176,000 | 11,008,000 |
Current federal and state | -34,000 | 72,000 | -97,000 |
Deferred federal and state | 518,000 | 2,908,000 | 5,184,000 |
Total income tax benefit | 484,000 | 2,980,000 | 5,087,000 |
Net (loss) income from taxable REIT subsidiaries | ($1,095,000) | ($6,196,000) | $16,095,000 |
Income_Taxes_Statutory_Federal
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Federal benefit (provision) at statutory tax rate | ($239) | [1] | $2,616 | [1] | $34,205 | [1] |
State taxes, net of federal benefit | -69 | 272 | 3,187 | |||
Adjustment to DIM gain | 0 | ' | -3,315 | |||
Foreign tax rate differential | -5 | -7 | -2 | |||
Other | 117 | -370 | 574 | |||
Valuation allowance (increase) decrease | -6 | -8 | -10 | |||
Total tax benefit | ($202) | $2,503 | $34,639 | |||
Maximum [Member] | ' | ' | ' | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Projected taxable income | 35.00% | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Projected taxable income | 34.00% | ' | ' | |||
[1] | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Income_Taxes_Statutory_Federal1
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Federal benefit (provision) at statutory tax rate | ($239) | [1] | $2,616 | [1] | $34,205 | [1] |
State taxes, net of federal benefit | -69 | 272 | 3,187 | |||
Foreign tax rate differential | -5 | -7 | -2 | |||
Other | 117 | -370 | 574 | |||
Valuation allowance (increase) decrease | -6 | -8 | -10 | |||
Total tax benefit | -202 | 2,503 | 34,639 | |||
Continuing Operations [Member] | ' | ' | ' | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Federal benefit (provision) at statutory tax rate | 344 | [1] | 3,044 | [1] | 3,890 | [1] |
State taxes, net of federal benefit | 34 | 321 | 444 | |||
Foreign tax rate differential | -5 | -7 | -2 | |||
Other | 117 | -370 | 765 | |||
Valuation allowance (increase) decrease | -6 | -8 | -10 | |||
Total tax benefit | $484 | $2,980 | $5,087 | |||
Maximum [Member] | ' | ' | ' | |||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Projected taxable income | 35.00% | ' | ' | |||
[1] | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Disallowed interest | $2,842 | $2,903 |
Net operating loss | 2,996 | 3,216 |
Other, Deferred tax assets | 110 | 138 |
Valuation allowance | -162 | -213 |
Other real estate investments | -14,133 | -13,828 |
Mortgage revaluation | -748 | -1,005 |
Other, Deferred tax liabilities | -277 | -259 |
Deferred Tax Liabilities, Gross | 15,158 | 15,092 |
Total deferred tax liabilities | ' | 9,048 |
Net deferred tax liability | $5,786 | $6,044 |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Jan. 01, 1999 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | 31-May-13 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2009 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2011 | |||||||||
variable_interest_entity | properties | Walden Woods Inc [Member] | Vestar/EQY Canyon Trails LLC [Member] | Vestar/EQY Canyon Trails LLC [Member] | CapCo [Member] | CapCo [Member] | CapCo [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Walden Woods Village Ltd [Member] | Walden Woods Village Ltd [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Danbury and Southbury Green [Member] | Vestar [Member] | Vestar [Member] | Vestar [Member] | Danbury Green [Member] | Danbury Green [Member] | Southbury Green [Member] | Southbury Green [Member] | Sunlake [Member] | DIM [Member] | DIM [Member] | DIM [Member] | Dim Vastgoed N V [Member] | Dim Vastgoed N V [Member] | Dim Vastgoed N V [Member] | Dim Vastgoed N V [Member] | Vestar [Member] | ||||||||||||
property | Equity One, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||
properties | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | ' | $18,972,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Redemption Amounts Expensed and Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,000 | 944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock, shares issued (in shares) | ' | 117,646,807 | 116,938,373 | ' | 6,000,000 | 93,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Forward Price or Option Strike Price, Shares | ' | ' | ' | ' | ' | 10.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of Real Estate Properties | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ||||||||
Fair Value Of Redeemable Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of Noncontrolling Interests Acquired | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total noncontrolling interests included in stockholders' equity | ' | 207,743,000 | 207,753,000 | ' | ' | ' | 29,000 | [1] | 0 | [1] | 206,145,000 | 206,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517,000 | 508,000 | ' | ' | ' | ' | ' | 1,081,000 | 1,100,000 | 25,800,000 | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Shares Acquired Through Open Market And Private Purchases, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.40% | 97.80% | 97.80% | ' | ' | ||||||||
Redeemable noncontrolling interests | ' | 989,000 | 22,551,000 | ' | ' | ' | 0 | [1] | 2,600,000 | [1] | ' | ' | ' | ' | ' | ' | 989,000 | [2] | 989,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 7,720,000 | [3] | 0 | [3] | 11,242,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, change in redemption value | ' | -226,000 | 185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of preferred return on advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage Of Profits On Disposition Of Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common Stock, Shares Authorized | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage Of Subsidiary Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.10% | ' | ||||||||
Redemption amounts expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Payments of Dividends, Redeemable Noncontrolling Interests | ' | 3,468,000 | 944,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Redemption Amount Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $89,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | This entity held our interest in Canyon Trails Towne Center, which was sold in December 2013. | |||||||||||||||||||||||||||||||||||||||||||||
[2] | This entity owns Walden Woods Shopping Center. | |||||||||||||||||||||||||||||||||||||||||||||
[3] | In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||
Danbury Green [Member] | Danbury Green [Member] | Southbury Green [Member] | Southbury Green [Member] | Danbury And Southbury [Member] | Danbury And Southbury [Member] | Vestar/EQY Canyon Trails LLC [Member] | Vestar/EQY Canyon Trails LLC [Member] | Walden Woods Village Ltd [Member] | Walden Woods Village Ltd [Member] | CapCo [Member] | CapCo [Member] | DIM [Member] | DIM [Member] | DIM [Member] | Vestar/EQY Talega LLC [Member] | Vestar/EQY Talega LLC [Member] | Vestar/EQY Vernola LLC [Member] | Vestar/EQY Vernola LLC [Member] | |||||||||||||||||
Fair value of noncontrolling interest | ' | ' | $206,145,000 | $206,100,000 | ' | ' | ' | ' | ' | $19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ' | ' | ' | ' | ' | ' | ' | 40.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Redeemable noncontrolling interests | 989,000 | 22,551,000 | ' | ' | 0 | [1] | 7,720,000 | [1] | 0 | [1] | 11,242,000 | [1] | ' | ' | 0 | [2] | 2,600,000 | [2] | 989,000 | [3] | 989,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total noncontrolling interests included in stockholders' equity | 207,743,000 | 207,753,000 | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | [2] | 0 | [2] | ' | ' | 206,145,000 | 206,145,000 | 1,081,000 | 1,100,000 | 25,800,000 | 147,000 | [4] | 147,000 | [4] | 341,000 | [5] | 361,000 | [5] | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $18,972,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | In May 2013, we acquired the remaining 40% preferred equity interests held by the noncontrolling interest holders. | ||||||||||||||||||||||||||||||||||
[2] | This entity held our interest in Canyon Trails Towne Center, which was sold in December 2013. | ||||||||||||||||||||||||||||||||||
[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. |
Stockholders_Equity_and_Earnin2
Stockholders’ Equity and Earnings (Loss) Per Share (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
Aug. 31, 2012 | 31-May-11 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 29, 2011 | Jan. 04, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Jan. 04, 2011 | 31-May-11 | |
Class A Joint Venture Shares [Member] | Class A Joint Venture Shares [Member] | Class A Joint Venture Shares [Member] | Class A [Member] | Class A [Member] | Secondary Public Offering [Member] | Private Placement [Member] | CapCo [Member] | MGN (USA), Inc [Member] | |||||||
Common Stock [Member] | MGN (USA), Inc [Member] | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Public Offering And Private Placement | ' | $115,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | ' | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Issuance of common stock, price per share (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.20 | ' | ' | ' |
Proceeds from issuance of common stock | 85,600,000 | ' | ' | 8,510,000 | 85,838,000 | 116,542,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance costs | 813,000 | ' | ' | 96,000 | 883,000 | 1,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | 169,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock not included in the calculation of EPS, shares | ' | ' | ' | 1,400,000 | 3,500,000 | 1,900,000 | 11,400,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Common stock price lower range limit (in usd per share) | ' | ' | ' | $23.52 | $11.59 | $18.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock price upper range limit (in usd per share) | ' | ' | ' | $26.66 | $26.66 | $26.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (in shares) | ' | 6,000,000 | ' | 117,646,807 | 116,938,373 | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | 1,000,000 |
Sale of Stock, Price Per Share | ' | $19.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issuance Costs And Underwriting Discounts | ' | 858,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transferred Outstanding Promissory Note Of Partner Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67,000,000 | ' |
Transferred Outstanding Promissory Note Of Partner Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' |
Number of shares transfered at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Common stock, shares outstanding (in shares) | ' | ' | ' | 117,646,807 | 116,938,373 | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Common Stock, Conversion Rate | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_and_Earnin3
Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Basic EPS And Reconciliation Of Net Income Available To Shareholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Income (loss) from continuing operations | $10,278 | [1] | $14,611 | [1] | $10,145 | [1] | $13,929 | [1] | ($24,557) | [1],[2] | $9,708 | [1] | $7,190 | [1] | $6,447 | [1] | $48,963 | ($1,212) | $22,518 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,209 | -10,676 | -9,652 | ||||||||||
Income from continuing operations attributable to Equity One, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 38,754 | -11,888 | 12,866 | ||||||||||
Allocation of continuing income to restricted shares awards and to Class A common stockholder, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 37,709 | -12,970 | 11,697 | ||||||||||
Income from continuing operations attributable to common stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 37,709 | -12,970 | 11,697 | ||||||||||
INCOME FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 39,694 | 8,437 | 20,700 | ||||||||||
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -494 | -26 | 55 | ||||||||||
Allocation of discontinued loss to restricted share awards and to Class A common stockholder | ' | ' | ' | ' | ' | ' | ' | ' | 39,200 | 8,411 | 20,755 | ||||||||||
Income from discontinued operations attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 39,200 | 8,411 | 20,755 | ||||||||||
Net income (loss) available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 76,909 | -4,559 | 32,452 | ||||||||||
Weighted average shares outstanding - Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 117,389 | 114,233 | 110,099 | ||||||||||
Basic earnings per share from continuing operations (in usd per share) | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | ($0.23) | [1],[2] | $0.06 | [1] | $0.04 | [1] | $0.03 | [1] | $0.32 | ($0.11) | $0.11 | ||
Basic earnings per share from discontinued operations (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.33 | $0.07 | $0.19 | ||||||||||
Earnings per common share - Basic (in usd per share) | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | ($0.28) | [1],[2] | $0.07 | [1] | $0.02 | [1] | $0.17 | [1] | $0.66 | [3] | ($0.04) | $0.29 | [3] |
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 | ' | ' | ' | ' | ' | ' | ' | ' | -1,045 | -1,082 | -1,169 | ||||||||||
Income from continuing operations attributable to common stockholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ($1,045) | ($1,082) | ($1,169) | ||||||||||
[1] | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | ||||||||||||||||||||
[2] | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. | ||||||||||||||||||||
[3] | Note: EPS does not foot due to the rounding of the individual calculations. |
Stockholders_Equity_and_Earnin4
Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Diluted EPS And Reconciliation Of Net Loss (Income) Available To Shareholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Income (loss) from continuing operations | $10,278 | [1] | $14,611 | [1] | $10,145 | [1] | $13,929 | [1] | ($24,557) | [1],[2] | $9,708 | [1] | $7,190 | [1] | $6,447 | [1] | $48,963 | ($1,212) | $22,518 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -10,209 | -10,676 | -9,652 | ||||||||||
Income from continuing operations attributable to Equity One, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 38,754 | -11,888 | 12,866 | ||||||||||
INCOME FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 39,694 | 8,437 | 20,700 | ||||||||||
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -494 | -26 | 55 | ||||||||||
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 76,909 | -4,559 | 32,452 | ||||||||||
Weighted average shares outstanding - Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 117,389,000 | 114,233,000 | 110,099,000 | ||||||||||
Stock options using the treasury method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 288,000 | 0 | 142,000 | ||||||||||
Executive Incentive Plan shares using the treasury method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 94,000 | ' | ' | ||||||||||
Weighted average shares outstanding - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 117,771,000 | 114,233,000 | 110,241,000 | ||||||||||
Diluted earnings per share from continuing operations (in usd per share) | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | ($0.23) | [1],[2] | $0.06 | [1] | $0.04 | [1] | $0.03 | [1] | $0.32 | ($0.11) | $0.11 | ||
Diluted earnings per share from discontinued operations (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.33 | $0.07 | $0.19 | ||||||||||
Earnings per common share - Diluted (in usd per share) | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | ($0.28) | [1],[2] | $0.07 | [1] | $0.02 | [1] | $0.17 | [1] | $0.65 | [3] | ($0.04) | $0.29 | [3] |
Restricted Share Awards And To Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Class A Income Loss From Continuing Operations Diluted | ' | ' | ' | ' | ' | ' | ' | ' | -1,045 | -1,082 | ' | ||||||||||
Classa Income Loss From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,169 | ||||||||||
Earnings Per Share, Diluted [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Classa Income Loss From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 37,709 | -12,970 | 11,697 | ||||||||||
Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Classa Income Loss From Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | $39,200 | $8,411 | $20,755 | ||||||||||
[1] | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | ||||||||||||||||||||
[2] | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. | ||||||||||||||||||||
[3] | Note: EPS does not foot due to the rounding of the individual calculations. |
ShareBased_Payment_Plans_Narra
Share-Based Payment Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 09, 2010 | Dec. 31, 2013 | Aug. 09, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Contingent Shares [Member] | Contingent Shares [Member] | Contingent Shares [Member] | Executive Shares [Member] | Executive Shares [Member] | Executive Shares [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Chief Financial Officer [Member] | Minimum [Member] | Maximum [Member] | Four Zero One K Plan [Member] | Four Zero One K Plan [Member] | Four Zero One K Plan [Member] | Scenario, Plan [Member] | Scenario, Plan, December 31, 2014 [Member] | ||||||
Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock, shares issued (in shares) | 13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Option to purchase shares of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 364,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum term of award | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total cash or other consideration received from exercise of options | $8,700,000 | $493,000 | $31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total intrinsic value of options exercised in period | 4,600,000 | 319,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total intrinsic value of options exercisable | 5,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unvested Shares, Unvested at end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 856,661 | [1] | 975,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock awarded (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,015 | ' | 698,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Vest over period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' | ' | ||
Unvested Shares, Vested | 180,648 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,000 | ' | ' | ' | ' | 31,250 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Vesting per Tranche | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,266 | 7,248 | ||
Total vesting-date value of shares vested in a period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Performance measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P4Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares issued during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 582,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Defined Contribution Plan, Cost Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 414,000 | 432,000 | 418,000 | ' | ' | ||
Number Of Basis Points For Total Vesting Of Contingent Shares | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Rate Of Share Holder Return On Total Vesting Of Contingent Shares | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number Of Basis Points For One Half Vesting Of Contingent Shares | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Rate Of Share Holder Return On One Half Vesting Of Contingent Shares | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Value, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | ' | ' | ' | 'August 9, 2010 through December 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net share-based compensation expense | 6,173,000 | 6,863,000 | 6,992,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,100,000 | 1,100,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000 | ' | ' | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage Of Base Salary For Bonus In Cash | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage Of Base Salary For Bonus In Cash And In Shares | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reduction In Number Of Bonus Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation expense related to unvested and restricted share-based payment arrangements | $6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Recognizable weighted-average period (in years) | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage Of Employee Contribution Matched First Time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ||
Percentage Of Employee Contribution Matched Second Time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ||
Percentage Of Employee Annual Compensation For First Time Matching | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ||
Sale of Stock, Percentage of Ownership before Transaction | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of trading days used to determine Employee Stock Purchase Plan purchase price | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Sale of Stock, Percentage of Ownership after Transaction | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $3.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[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 as discussed below. |
ShareBased_Payment_Plans_Summa
Share-Based Payment Plans (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Weighted-Average Exercise Price, Outstanding at the beginning of year (in usd per share) | $20.73 | ' |
Weighted-Average Exercise Price, Granted (in usd per share) | $0 | ' |
Weighted-Average Exercise Price, Exercised (in usd per share) | $16.30 | ' |
Weighted-Average Exercise Price, Forfeited or expired (in usd per share) | $0 | ' |
Weighted-Average Exercise Price, Outstanding at the end of period (in usd per share) | $21.53 | ' |
Statement [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $5,344 | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Term | '4 years 3 months 18 days | ' |
Weighted-average fair value of options granted during the year | ' | $3.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $5,890 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Shares Under Option, Outstanding at the beginning of year | 3,521 | ' |
Shares Under Option, Granted | 0 | ' |
Shares Under Option, Exercised | -536 | ' |
Shares Under Option, Forfeited or expired | 0 | ' |
Shares Under Option, Outstanding at the end of period | 2,985 | ' |
Shares Under Option, Exercisable at the end of period | 2,826 | ' |
Weighted-Average Exercise Price, Exercisable at the end of period (in usd per share) | $21.67 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 1 month 6 days | ' |
ShareBased_Payment_Plans_Summa1
Share-Based Payment Plans (Summary Of Assumptions For Estimation Of Fair Value Of Option Grant On The Grant Date Using The Black-Scholes-Merton Pricing Model) (Details) | 12 Months Ended |
Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Dividend yield | 4.60% |
Risk-free interest rate | 2.70% |
Expected volatility | 30.20% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected option life (years) | '6 years |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected option life (years) | '6 years 3 months |
ShareBased_Payment_Plans_Summa2
Share-Based Payment Plans (Summary of Share-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Restricted stock expense | $5,931 | $6,060 | $5,692 |
Stock option expense | 465 | 1,040 | 1,454 |
Employee stock purchase plan discount | 18 | 13 | 14 |
Total equity-based expense | 6,414 | 7,113 | 7,160 |
Restricted stock classified as liability | 117 | 51 | 103 |
Total expense | 6,531 | 7,164 | 7,263 |
Less amount capitalized | -358 | -301 | -271 |
Net share-based compensation expense | $6,173 | $6,863 | $6,992 |
ShareBased_Payment_Plans_Summa3
Share-Based Payment Plans (Summary Of Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Unvested Shares, Vested | -180,648 | ' | |
Restricted Stock [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Executive Shares | 800,000 | ' | |
Unvested Shares, Vested | -181,000 | ' | |
Unvested Shares, Unvested at beginning of the period | 975,000 | [1] | ' |
Unvested Shares, Granted | 66,000 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $22.40 | ' | |
Unvested Shares, Forfeited | -3,000 | ' | |
Unvested Shares, Unvested at end of the period | 856,661 | [1] | ' |
Weighted-Average Price, Granted (in usd per share) | $17.37 | $17.11 | |
Weighted-Average Price, Vested | $17.74 | ' | |
Weighted-Average Price, Forfeited (in usd per share) | $20.95 | ' | |
[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 as discussed below. |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Impairment loss | $8,900 | $5,641 | $8,909 | $16,984 |
Segment_Reporting_Financial_In
Segment Reporting (Financial Information Relating to Operations Presented by Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | $314,541,000 | $282,057,000 | $242,412,000 |
Straight line rent adjustment | ' | 2,022,000 | 3,239,000 | 2,095,000 |
Accretion of below market lease intangibles, net | ' | 13,350,000 | 13,248,000 | 9,449,000 |
Management and leasing services | ' | 2,598,000 | 2,489,000 | 2,287,000 |
Total revenue | ' | 332,511,000 | 301,033,000 | 256,243,000 |
Net operating income | ' | 214,453,000 | 192,502,000 | 164,409,000 |
Elimination of intersegment expenses | ' | 10,441,000 | 9,584,000 | 6,804,000 |
Investment income | ' | 6,631,000 | 7,241,000 | 4,341,000 |
Equity in income of unconsolidated joint ventures | ' | 1,648,000 | 542,000 | 4,829,000 |
Other (loss) income | ' | 216,000 | 45,000 | 306,000 |
Gain on bargain purchase | ' | ' | ' | 30,561,000 |
Gain on sale of real estate | ' | ' | ' | 5,542,000 |
Gain on extinguishment of debt | -30,200,000 | 107,000 | -29,146,000 | -1,514,000 |
Rental property depreciation and amortization | ' | 87,266,000 | 79,415,000 | 75,029,000 |
General and administrative | ' | 39,514,000 | 42,473,000 | 50,910,000 |
Interest expense | ' | 68,145,000 | 70,665,000 | 66,560,000 |
Amortization of deferred financing fees | ' | 2,421,000 | 2,474,000 | 2,195,000 |
Impairment loss | 8,900,000 | 5,641,000 | 8,909,000 | 16,984,000 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | 48,479,000 | -4,192,000 | 17,431,000 |
South Florida [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 90,117,000 | 87,709,000 | 82,684,000 |
Net operating income | ' | 60,850,000 | 59,074,000 | 54,633,000 |
North Florida [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 37,809,000 | 37,982,000 | 40,264,000 |
Net operating income | ' | 25,975,000 | 26,698,000 | 27,978,000 |
Southeast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 39,017,000 | 37,199,000 | 36,092,000 |
Net operating income | ' | 26,612,000 | 26,257,000 | 25,014,000 |
Northeast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 75,635,000 | 53,197,000 | 35,997,000 |
Net operating income | ' | 53,450,000 | 36,639,000 | 25,608,000 |
West Coast [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 69,651,000 | 65,217,000 | 46,724,000 |
Net operating income | ' | 45,820,000 | 43,533,000 | 31,142,000 |
Non-retail [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Total segment revenues | ' | 2,312,000 | 753,000 | 651,000 |
Net operating income | ' | $1,746,000 | $301,000 | $34,000 |
Segment_Reporting_Financial_In1
Segment Reporting (Financial Information Relating to Assets Presented by Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset Impairment Charges | $8,900 | $5,641 | $8,909 | $16,984 | |||
Total assets | 3,502,668 | [1] | 3,354,659 | [1] | 3,502,668 | [1] | ' |
South Florida [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 692,764 | 690,328 | 692,764 | ' | |||
North Florida [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 316,364 | 318,375 | 316,364 | ' | |||
Southeast [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 310,891 | 305,013 | 310,891 | ' | |||
Northeast [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 894,658 | 974,444 | 894,658 | ' | |||
West Coast [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 779,541 | 833,890 | 779,541 | ' | |||
Non-retail [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 33,525 | 61,273 | 33,525 | ' | |||
Corporate assets [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 206,741 | 157,932 | 206,741 | ' | |||
Assets held for sale or sold [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Total assets | 268,184 | 13,404 | 268,184 | ' | |||
Northeast [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset Impairment Charges | ' | -2,910 | -140 | ' | |||
Southeast [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset Impairment Charges | ' | -2,731 | -8,168 | -12,931 | |||
North Florida [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset Impairment Charges | ' | ' | ' | -267 | |||
South Florida [Member] | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Asset Impairment Charges | ' | ' | ($601) | ($3,786) | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjRhNGZhMGY5YWY5ZjRjMGQ4ZGYwZjgxZTdkMmZhMmU0fFRleHRTZWxlY3Rpb246ODhDMzIzNzkxRTQyRkU0Q0FCREI4MTkxNTVDQ0M5RDYM} |
Future_Minimum_Rental_Income_D
Future Minimum Rental Income (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ' |
2013 | $238,128 |
2014 | 222,030 |
2015 | 186,463 |
2016 | 158,835 |
2017 | 135,373 |
Thereafter | 667,849 |
Total | $1,608,678 |
Lease expiration date | 31-Dec-89 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' |
Letters of Credit Outstanding, Amount | $2.70 |
Shopping Center Carrying Value | 21.3 |
Shopping Center Net Operating Income | 1.8 |
Investment in development or redevelopment projects | 62.2 |
Development/Redevelopment Obligation, Amount | $76.60 |
Development/Redevelopment Period | '2 years |
Office and Equipment Leases [Member] | ' |
Loss Contingencies [Line Items] | ' |
Year of Latest Lease Expiration | '2021 |
Ground Lease, Lessee [Member] | ' |
Loss Contingencies [Line Items] | ' |
Year of Latest Lease Expiration | '2076 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Minimum Annual Payments Under Non-Cancellable Operating Leases) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $1,400,000 | $1,200,000 | $1,100,000 |
2013 | 1,772,000 | ' | ' |
2014 | 1,722,000 | ' | ' |
2015 | 1,590,000 | ' | ' |
2016 | 1,374,000 | ' | ' |
2017 | 1,391,000 | ' | ' |
Thereafter | 38,242,000 | ' | ' |
Total | $46,091,000 | ' | ' |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage loan receivable, fair value | $60,700,000 | $142,200,000 | ||
Mortgage loan receivable, carrying value | 60,711,000 | 140,708,000 | ||
Mortgage Notes Payable, fair value | ' | 494,400,000 | ||
The carrying amount notes, including notes associated with properties held for sale | 430,155,000 | 425,755,000 | ||
Unsecured senior notes payable, fair value | 762,600,000 | 765,100,000 | ||
Loans Payable, Fair Value Disclosure | 248,700,000 | 255,200,000 | ||
Term loan | 250,000,000 | 250,000,000 | ||
Redeemable noncontrolling interests | 989,000 | 22,551,000 | ||
Investments in and advances to unconsolidated joint ventures | 91,772,000 | [1] | 72,171,000 | [1] |
Assets Held For Sale [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Debt, Gross | 438,000,000 | 451,100,000 | ||
Notes Payable, Other Payables [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage Notes Payable, fair value | 461,500,000 | ' | ||
Senior Notes [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Unsecured senior notes payable, carrying value | 729,438,000 | 729,130,000 | ||
Term Loan [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-term Commercial Paper | 250,000,000 | 250,000,000 | ||
Term loan | 250,000,000 | ' | ||
Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Instruments in Hedges, Assets, at Fair Value | $2,944,000 | $0 | ||
[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. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Operating Properties Held-for-investment, Fair Value Disclosure | ' | ' | ' | ' | $5,400,000 | ||
Term loan notional amount | ' | 250,000,000 | ' | ' | ' | ||
Change in valuation, interest rate swaps | ' | 9,900,000 | ' | -7,000,000 | ' | ||
Impairment of Real Estate | ' | ' | ' | 11,766,000 | ' | ||
Impairment loss on income producing properties held for sale or sold | 10,700,000 | 4,976,000 | 20,532,000 | 40,352,000 | ' | ||
Impairment losses on certain properties located in secondary markets | ' | 2,406,000 | ' | 4,653,000 | ' | ||
Goodwill, Impaired, Method for Fair Value Determination | ' | '288000 | '525000 | ' | ' | ||
Properties Held For Sale Or Sold [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Impairment loss on income producing properties held for sale or sold | ' | 4,838,000 | 20,385,000 | 38,533,000 | ' | ||
Southeast [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Impairment losses on certain properties located in secondary markets | ' | 2,406,000 | [1] | 7,791,000 | [2] | ' | ' |
Southeast and South Florida Regions [Domain] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Impairment of Long-Lived Assets to be Disposed of | ' | 1,313,000 | [1] | 1,932,000 | [1] | ' | ' |
Southeast and West Coast Regions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Impairment of Real Estate | ' | 3,085,000 | ' | ' | ' | ||
South Florida and West Coast Regions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Impairment of Real Estate | ' | ' | 740,000 | [2] | ' | ' | |
Other Assets [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 2,944,000 | 0 | ' | ' | ||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -6,954,000 | ' | -6,954,000 | ' | ' | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Operating Properties Held-for-investment, Fair Value Disclosure | 0 | 0 | 0 | ' | ' | ||
Development Properties Held-for-investment | 0 | 0 | 0 | ' | ' | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 6,954,000 | ' | 6,954,000 | ' | ' | ||
Change During Period, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Development Properties Held-for-investment | ' | $3,085,000 | [1] | ' | ' | ' | |
[1] | Total losses exclude impairments related to properties sold during the year ended December 31, 2013. | ||||||
[2] | Total losses exclude impairments related to properties sold during the years ended December 31, 2013 and 2012. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Goodwill, Impaired, Method for Fair Value Determination | '288000 | '525000 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets | 2,944 | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | ' | 6,954 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | ' | -6,954 |
Level 1 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets | 0 | ' |
Other Assets [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Instruments in Hedges, Assets, at Fair Value | 2,944 | 0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Change During Period, Fair Value Disclosure [Member] | Change During Period, Fair Value Disclosure [Member] | |||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Level 3 [Member] | Level 1 [Member] | Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating properties held and used | ' | ' | $5,400,000 | $6,600,000 | $6,700,000 | $6,600,000 | [1] | $6,700,000 | $0 | $0 | $0 | $0 | ' | ' | ||
Impairment losses on certain properties located in secondary markets | 2,406,000 | 4,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating properties held for sale | ' | ' | ' | 3,875,000 | 6,350,000 | 0 | 0 | 0 | 0 | 3,875,000 | 6,350,000 | ' | ' | |||
Development Properties Held-for-investment | ' | ' | ' | 6,400,000 | 12,510,000 | 6,400,000 | 12,510,000 | 0 | 0 | 0 | 0 | 3,085,000 | [2] | ' | ||
Impairment of Real Estate | ' | 11,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total | ' | ' | ' | $16,875,000 | $25,560,000 | $13,000,000 | $19,210,000 | ' | $0 | $3,875,000 | $6,350,000 | $6,804,000 | [2] | $10,463,000 | [3] | |
[1] | $5.4 million of the total represents the fair value of an operating property as of the date it was impaired during the third quarter of 2013. As of December 31, 2013, the carrying amount of the property no longer equals its fair value. | |||||||||||||||
[2] | Total losses exclude impairments related to properties sold during the year ended December 31, 2013. | |||||||||||||||
[3] | Total losses exclude impairments related to properties sold during the years ended December 31, 2013 and 2012. |
Recovered_Sheet1
Fair Value Measurements Fair value key imputs (Details) (Level 3 [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 10.00% | 13.50% |
Maximum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 13.50% | 13.50% |
Overall cap rate [Member] | Minimum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 12.50% | 12.50% |
Overall cap rate [Member] | Maximum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 15.50% | 12.50% |
Terminal cap rate [Member] | Minimum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 12.50% | 12.50% |
Terminal cap rate [Member] | Maximum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 12.50% | 12.50% |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | $2,916,833,000 | $3,016,804,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 3,354,659,000 | [1] | 3,502,668,000 | [1] | ' | ' |
Notes Payable | 1,508,409,000 | 1,585,323,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Mortgage notes payable | 430,155,000 | 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 | 91,000,000 | 172,000,000 | ' | ' | ||
Unamortized/unaccreted (discount) premium on notes payable | 6,118,000 | 6,432,000 | ' | ' | ||
Liabilities associated with assets held for sale | 33,000 | 18,794,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 1,750,744,000 | [1] | 1,875,638,000 | [1] | ' | ' |
Redeemable noncontrolling interests | 989,000 | 22,551,000 | ' | ' | ||
EQUITY | 1,602,926,000 | 1,604,479,000 | 1,625,202,000 | 1,289,841,000 | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,354,659,000 | 3,502,668,000 | ' | ' | ||
Equity One, Inc. [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | 178,797,000 | 266,639,000 | ' | ' | ||
Investment in affiliates | 2,679,543,000 | 2,692,127,000 | ' | ' | ||
Other assets | 229,759,000 | 210,277,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 3,088,099,000 | 3,169,043,000 | ' | ' | ||
Notes Payable | 1,670,438,000 | 1,751,130,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Other liabilities | 22,478,000 | 21,189,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 1,692,916,000 | 1,772,319,000 | ' | ' | ||
Redeemable noncontrolling interests | ' | ' | ' | ' | ||
EQUITY | 1,395,183,000 | 1,396,724,000 | ' | ' | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,088,099,000 | 3,169,043,000 | ' | ' | ||
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | 1,401,028,000 | 1,482,503,000 | ' | ' | ||
Investment in affiliates | ' | ' | ' | ' | ||
Other assets | 91,759,000 | 90,102,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 1,492,787,000 | 1,572,605,000 | ' | ' | ||
Notes Payable | 131,217,000 | 157,730,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Other liabilities | 89,111,000 | 114,567,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 220,328,000 | 272,297,000 | ' | ' | ||
Redeemable noncontrolling interests | ' | ' | ' | ' | ||
EQUITY | 1,272,459,000 | 1,300,308,000 | ' | ' | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,492,787,000 | 1,572,605,000 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | 1,337,141,000 | 1,267,795,000 | ' | ' | ||
Investment in affiliates | ' | ' | ' | ' | ||
Other assets | 919,201,000 | 967,199,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 2,256,342,000 | 2,234,994,000 | ' | ' | ||
Notes Payable | 467,354,000 | 437,063,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Other liabilities | 173,156,000 | 175,807,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 640,510,000 | 612,870,000 | ' | ' | ||
Redeemable noncontrolling interests | 989,000 | 22,551,000 | ' | ' | ||
EQUITY | 1,614,843,000 | 1,599,573,000 | ' | ' | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 2,256,342,000 | 2,234,994,000 | ' | ' | ||
Eliminating Entries [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | -133,000 | -133,000 | ' | ' | ||
Investment in affiliates | -2,679,543,000 | -2,692,127,000 | ' | ' | ||
Other assets | -802,893,000 | -781,714,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | -3,482,569,000 | -3,473,974,000 | ' | ' | ||
Notes Payable | -760,600,000 | -760,600,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Other liabilities | -42,410,000 | -21,248,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | -803,010,000 | -781,848,000 | ' | ' | ||
Redeemable noncontrolling interests | ' | ' | ' | ' | ||
EQUITY | -2,679,559,000 | -2,692,126,000 | ' | ' | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | -3,482,569,000 | -3,473,974,000 | ' | ' | ||
Consolidated Entities [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Properties, net | 2,916,833,000 | 3,016,804,000 | ' | ' | ||
Investment in affiliates | ' | ' | ' | ' | ||
Other assets | 437,826,000 | 485,864,000 | ' | ' | ||
TOTAL ASSETS (including $111,100 and $109,200 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 3,354,659,000 | 3,502,668,000 | ' | ' | ||
Notes Payable | 1,508,409,000 | 1,585,323,000 | ' | ' | ||
LIABILITIES | ' | ' | ' | ' | ||
Other liabilities | 242,335,000 | 290,315,000 | ' | ' | ||
Total liabilities (including $63,000 and $61,900 of consolidated variable interest entities at December 31, 2012 and 2011, respectively) | 1,750,744,000 | 1,875,638,000 | ' | ' | ||
Redeemable noncontrolling interests | 989,000 | 22,551,000 | ' | ' | ||
EQUITY | 1,602,926,000 | 1,604,479,000 | ' | ' | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,354,659,000 | $3,502,668,000 | ' | ' | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjRhNGZhMGY5YWY5ZjRjMGQ4ZGYwZjgxZTdkMmZhMmU0fFRleHRTZWxlY3Rpb246ODhDMzIzNzkxRTQyRkU0Q0FCREI4MTkxNTVDQ0M5RDYM} |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | $332,511 | $301,033 | $256,243 | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 216,427 | 201,859 | 197,138 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 116,084 | 99,174 | 59,105 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 48,479 | -4,192 | 17,431 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 202 | -2,503 | -34,639 | ||||||||
Income tax benefit of taxable REIT subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 484 | 2,980 | 5,087 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 10,278 | [1] | 14,611 | [1] | 10,145 | [1] | 13,929 | [1] | -24,557 | [1],[2] | 9,708 | [1] | 7,190 | [1] | 6,447 | [1] | 48,963 | -1,212 | 22,518 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 39,694 | 8,437 | 20,700 | ||||||||
NET INCOME (LOSS) | 12,138 | [1] | 13,051 | [1] | 36,177 | [1] | 27,291 | [1] | -30,292 | [1],[2] | 10,801 | [1] | 5,021 | [1] | 21,695 | [1] | 88,657 | 7,225 | 43,218 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 10,129 | -6,431 | 415 | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 98,786 | 794 | 43,633 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -10,703 | -10,702 | -9,597 | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | 88,083 | -9,908 | 34,036 | ||||||||
Equity One, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 26,378 | 26,367 | 26,107 | ||||||||
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | 178,116 | 121,215 | 136,057 | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 44,282 | 45,422 | 48,461 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 160,212 | 102,160 | 113,703 | ||||||||
Other income and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -86,395 | -108,541 | -91,174 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 73,817 | -6,381 | 22,529 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -193 | ' | ' | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 74,010 | -6,381 | 22,529 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,112 | 3,363 | 11,443 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 78,122 | -3,018 | 33,972 | ||||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 9,961 | -6,890 | 64 | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 88,083 | -9,908 | 34,036 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | 88,083 | -9,908 | 34,036 | ||||||||
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 170,206 | 151,593 | 141,233 | ||||||||
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 91,888 | 80,690 | 80,573 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 78,318 | 70,903 | 60,660 | ||||||||
Other income and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -8,857 | -5,594 | -27,736 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 69,461 | 65,309 | 32,924 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -74 | -97 | -2,660 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 69,535 | 65,406 | 35,584 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 30,498 | -9,001 | 45,226 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 100,033 | 56,405 | 80,810 | ||||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 100,033 | 56,405 | 80,810 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | 100,033 | 56,405 | 80,810 | ||||||||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 135,927 | 123,461 | 88,903 | ||||||||
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 80,775 | 75,735 | 65,271 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 55,152 | 47,726 | 23,632 | ||||||||
Other income and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 29,171 | 11,635 | 81,320 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 84,323 | 59,361 | 104,952 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -217 | -2,883 | -2,427 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 84,540 | 62,244 | 107,379 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,668 | 13,058 | -94,781 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 89,208 | 75,302 | 12,598 | ||||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 168 | 459 | 351 | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 89,376 | 75,761 | 3,352 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -10,703 | -10,702 | -9,597 | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | 78,673 | 65,059 | 12,949 | ||||||||
Eliminating Entries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -388 | 0 | ||||||||
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | -178,116 | -121,215 | -136,057 | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -518 | 12 | 2,833 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -177,598 | -121,615 | -138,890 | ||||||||
Other income and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1,524 | -866 | -4,084 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -179,122 | -122,481 | -142,974 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -179,122 | -122,481 | -142,974 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 1,017 | 58,812 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -178,706 | -121,464 | -84,162 | ||||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -178,706 | -121,464 | -84,162 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | -178,706 | -121,464 | -84,162 | ||||||||
Consolidated Entities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 332,511 | 301,033 | 256,243 | ||||||||
Equity in subsidiaries' earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 216,427 | 201,859 | 197,138 | ||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 116,084 | 99,174 | 59,105 | ||||||||
Other income and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -67,605 | -103,366 | -41,674 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 48,479 | -4,192 | 17,431 | ||||||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -484 | -2,980 | -5,087 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 48,963 | -1,212 | 22,518 | ||||||||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 39,694 | 8,437 | 20,700 | ||||||||
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 88,657 | 7,225 | 43,218 | ||||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 10,129 | -6,431 | 415 | ||||||||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 98,786 | 794 | 34,036 | ||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -10,703 | -10,702 | -9,597 | ||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ' | ' | ' | ' | ' | ' | ' | ' | $88,083 | ($9,908) | $43,633 | ||||||||
[1] | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | ||||||||||||||||||
[2] | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net cash (used in) provided by operating activities | $132,742,000 | $153,219,000 | $102,626,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | -109,449,000 | -243,549,000 | -279,080,000 |
Additions to income producing properties | -13,661,000 | -20,175,000 | -16,396,000 |
Acquisition of land held for development | -3,000,000 | -9,505,000 | 0 |
Additions to construction in progress | -54,005,000 | -65,143,000 | -43,097,000 |
Proceeds from sale of real estate and rental properties | 286,511,000 | 41,994,000 | 399,396,000 |
Decrease (increase) in cash held in escrow | -10,662,000 | 91,592,000 | -91,591,000 |
Purchase of Below Market Leasehold Interest | 25,000,000 | 0 | 0 |
Increase in deferred leasing costs and lease intangibles | -9,266,000 | -7,169,000 | -7,154,000 |
Investment in joint ventures | -30,401,000 | -26,392,000 | -15,024,000 |
Investment in consolidated subsidiary | ' | ' | -242,000 |
Repayments of advances to joint ventures | 5,000 | 517,000 | 34,887,000 |
Distributions from joint ventures | 12,576,000 | 567,000 | 18,786,000 |
Investment in loans receivable | -12,000,000 | -114,258,000 | -45,100,000 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 91,474,000 | 19,258,000 | ' |
Net cash used in investing activities | 123,047,000 | -332,263,000 | -44,615,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of mortgage notes payable | -48,279,000 | -66,173,000 | -246,864,000 |
Net borrowings under revolving credit facilities | -81,000,000 | 34,000,000 | 138,000,000 |
Proceeds from senior debt borrowings | 0 | 296,823,000 | 0 |
Repayment of senior debt | ' | -287,840,000 | ' |
Proceeds from issuance of common stock | 8,510,000 | 85,838,000 | 116,542,000 |
Borrowings under term loan | 0 | 250,000,000 | 0 |
Payment of deferred financing costs | ' | -3,251,000 | -5,039,000 |
Stock issuance costs | -96,000 | -883,000 | -1,185,000 |
Dividends paid to stockholders | -104,279,000 | -102,078,000 | -98,842,000 |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | -10,038,000 | -9,995,000 | -11,405,000 |
Payments of Dividends, Redeemable Noncontrolling Interests | -3,468,000 | -944,000 | 0 |
Net cash provided by financing activities | -257,622,000 | 195,497,000 | -108,793,000 |
Net increase (decrease) in cash and cash equivalents | -1,833,000 | 16,453,000 | -50,782,000 |
Cash and cash equivalents obtained through acquisition | ' | ' | 23,412,000 |
Cash and cash equivalents at beginning of the period | 27,416,000 | 10,963,000 | ' |
Cash and cash equivalents at end of the period | 25,583,000 | 27,416,000 | 10,963,000 |
Payments to Acquire Additional Interest in Subsidiaries | -18,972,000 | 0 | 0 |
Equity One, Inc. [Member] | ' | ' | ' |
Net cash (used in) provided by operating activities | -81,778,000 | -126,275,000 | 96,544,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | ' | ' | -55,000,000 |
Additions to income producing properties | -1,636,000 | -4,853,000 | -2,296,000 |
Acquisition of land held for development | 0 | ' | ' |
Additions to construction in progress | -731,000 | -682,000 | -2,339,000 |
Other Payments to Acquire Businesses | 75,000 | ' | ' |
Proceeds from sale of real estate and rental properties | 85,602,000 | 1,417,000 | 3,206,000 |
Decrease (increase) in cash held in escrow | -10,662,000 | 90,846,000 | -91,591,000 |
Purchase of Below Market Leasehold Interest | ' | ' | ' |
Increase in deferred leasing costs and lease intangibles | -1,283,000 | -1,739,000 | -1,416,000 |
Investment in joint ventures | ' | ' | ' |
Repayments of advances to joint ventures | ' | ' | ' |
Distributions from joint ventures | ' | ' | ' |
Investment in loans receivable | ' | ' | 0 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | ' | ' | ' |
Repayment of loans receivable | ' | ' | ' |
Advances to subsidiaries, net | 189,173,000 | -208,285,000 | -122,297,000 |
Net cash used in investing activities | 260,388,000 | -123,296,000 | -271,733,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of mortgage notes payable | -3,578,000 | -6,585,000 | -1,808,000 |
Net borrowings under revolving credit facilities | -81,000,000 | 34,000,000 | 138,000,000 |
Proceeds from issuance of common stock | 8,510,000 | 85,838,000 | 116,542,000 |
Proceeds from (Payments for) Other Financing Activities | ' | 250,000,000 | ' |
Borrowings under term loan | ' | 296,823,000 | ' |
Repayments of Long-term Debt | ' | 287,840,000 | ' |
Payment of deferred financing costs | ' | -3,251,000 | -4,888,000 |
Stock issuance costs | -96,000 | -883,000 | -1,185,000 |
Dividends paid to stockholders | -104,279,000 | -102,078,000 | -98,842,000 |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | ' | ' | 0 |
Payments of Dividends, Redeemable Noncontrolling Interests | ' | ' | ' |
Net cash provided by financing activities | -180,443,000 | 266,024,000 | 147,819,000 |
Net increase (decrease) in cash and cash equivalents | -1,833,000 | 16,453,000 | -27,370,000 |
Cash and cash equivalents obtained through acquisition | ' | ' | 0 |
Cash and cash equivalents at beginning of the period | 27,416,000 | 10,963,000 | 38,333,000 |
Cash and cash equivalents at end of the period | 25,583,000 | 27,416,000 | 10,963,000 |
Payments to Acquire Additional Interest in Subsidiaries | ' | ' | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash (used in) provided by operating activities | 114,616,000 | 111,533,000 | 30,408,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | -37,000,000 | -73,235,000 | -55,500,000 |
Additions to income producing properties | -7,197,000 | -12,473,000 | -11,557,000 |
Acquisition of land held for development | -3,000,000 | -9,505,000 | ' |
Additions to construction in progress | -39,043,000 | -63,697,000 | -40,392,000 |
Other Payments to Acquire Businesses | 0 | ' | ' |
Proceeds from sale of real estate and rental properties | 156,637,000 | 15,342,000 | 11,705,000 |
Decrease (increase) in cash held in escrow | ' | ' | 0 |
Purchase of Below Market Leasehold Interest | 25,000,000 | ' | ' |
Increase in deferred leasing costs and lease intangibles | -4,766,000 | -3,296,000 | -4,126,000 |
Investment in joint ventures | ' | ' | ' |
Repayments of advances to joint ventures | ' | ' | ' |
Distributions from joint ventures | ' | ' | ' |
Investment in loans receivable | ' | ' | 0 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | ' | ' | ' |
Repayment of loans receivable | ' | ' | ' |
Advances to subsidiaries, net | -128,968,000 | 53,174,000 | 163,051,000 |
Net cash used in investing activities | -88,337,000 | -93,690,000 | 63,181,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of mortgage notes payable | -26,279,000 | -17,843,000 | -93,589,000 |
Net borrowings under revolving credit facilities | ' | ' | ' |
Proceeds from issuance of common stock | 0 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' |
Borrowings under term loan | ' | ' | ' |
Repayments of Long-term Debt | ' | 0 | ' |
Payment of deferred financing costs | ' | ' | ' |
Stock issuance costs | 0 | ' | ' |
Dividends paid to stockholders | 0 | ' | ' |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | ' | ' | 0 |
Payments of Dividends, Redeemable Noncontrolling Interests | ' | ' | ' |
Net cash provided by financing activities | -26,279,000 | -17,843,000 | -93,589,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' |
Cash and cash equivalents obtained through acquisition | ' | ' | 0 |
Cash and cash equivalents at beginning of the period | ' | ' | ' |
Cash and cash equivalents at end of the period | ' | ' | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash (used in) provided by operating activities | 99,904,000 | 167,961,000 | -24,326,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | -72,449,000 | -170,314,000 | -168,580,000 |
Additions to income producing properties | -4,828,000 | -2,849,000 | -2,543,000 |
Acquisition of land held for development | 0 | ' | ' |
Additions to construction in progress | -14,231,000 | -764,000 | -366,000 |
Other Payments to Acquire Businesses | 0 | ' | ' |
Proceeds from sale of real estate and rental properties | 44,272,000 | 25,235,000 | 384,485,000 |
Decrease (increase) in cash held in escrow | ' | 746,000 | 0 |
Purchase of Below Market Leasehold Interest | ' | ' | ' |
Increase in deferred leasing costs and lease intangibles | -3,217,000 | -2,134,000 | -1,612,000 |
Investment in joint ventures | -30,401,000 | -26,392,000 | -15,024,000 |
Repayments of advances to joint ventures | 5,000 | 517,000 | 34,887,000 |
Distributions from joint ventures | 12,576,000 | 567,000 | 18,786,000 |
Investment in loans receivable | -12,000,000 | -114,258,000 | ' |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 91,474,000 | ' | ' |
Repayment of loans receivable | ' | 19,258,000 | ' |
Advances to subsidiaries, net | -60,205,000 | 155,111,000 | -40,754,000 |
Net cash used in investing activities | -49,004,000 | -115,277,000 | 163,937,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of mortgage notes payable | -18,422,000 | -41,745,000 | -151,467,000 |
Net borrowings under revolving credit facilities | 0 | ' | ' |
Proceeds from issuance of common stock | 0 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | ' | ' |
Borrowings under term loan | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' |
Payment of deferred financing costs | ' | ' | -151,000 |
Stock issuance costs | 0 | ' | ' |
Dividends paid to stockholders | 0 | ' | ' |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | -10,038,000 | -9,995,000 | -11,405,000 |
Payments of Dividends, Redeemable Noncontrolling Interests | -3,468,000 | -944,000 | ' |
Net cash provided by financing activities | -50,900,000 | -52,684,000 | -163,023,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -23,412,000 |
Cash and cash equivalents obtained through acquisition | ' | ' | 23,412,000 |
Cash and cash equivalents at beginning of the period | ' | ' | ' |
Cash and cash equivalents at end of the period | ' | ' | ' |
Payments to Acquire Additional Interest in Subsidiaries | -18,972,000 | ' | -242,000 |
Consolidated Entities [Member] | ' | ' | ' |
Net cash (used in) provided by operating activities | 132,742,000 | 153,219,000 | 102,626,000 |
INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of income producing properties | -109,449,000 | -243,549,000 | -279,080,000 |
Additions to income producing properties | -13,661,000 | -20,175,000 | -16,396,000 |
Acquisition of land held for development | -3,000,000 | -9,505,000 | ' |
Additions to construction in progress | -54,005,000 | -65,143,000 | -43,097,000 |
Other Payments to Acquire Businesses | 75,000 | ' | ' |
Proceeds from sale of real estate and rental properties | 286,511,000 | 41,994,000 | 399,396,000 |
Decrease (increase) in cash held in escrow | -10,662,000 | 91,592,000 | -91,591,000 |
Purchase of Below Market Leasehold Interest | 25,000,000 | ' | ' |
Increase in deferred leasing costs and lease intangibles | -9,266,000 | -7,169,000 | -7,154,000 |
Investment in joint ventures | -30,401,000 | -26,392,000 | -15,024,000 |
Repayments of advances to joint ventures | 5,000 | 517,000 | 34,887,000 |
Distributions from joint ventures | 12,576,000 | 567,000 | 18,786,000 |
Investment in loans receivable | -12,000,000 | -114,258,000 | -45,100,000 |
Proceeds from Sale and Collection of Mortgage Notes Receivable | 91,474,000 | ' | ' |
Repayment of loans receivable | ' | 19,258,000 | ' |
Advances to subsidiaries, net | ' | ' | ' |
Net cash used in investing activities | 123,047,000 | -332,263,000 | -44,615,000 |
FINANCING ACTIVITIES: | ' | ' | ' |
Repayment of mortgage notes payable | -48,279,000 | -66,173,000 | -246,864,000 |
Net borrowings under revolving credit facilities | -81,000,000 | 34,000,000 | 138,000,000 |
Proceeds from issuance of common stock | 8,510,000 | 85,838,000 | 116,542,000 |
Proceeds from (Payments for) Other Financing Activities | ' | 250,000,000 | ' |
Borrowings under term loan | ' | 296,823,000 | ' |
Repayments of Long-term Debt | ' | 287,840,000 | ' |
Payment of deferred financing costs | ' | -3,251,000 | -5,039,000 |
Stock issuance costs | -96,000 | -883,000 | -1,185,000 |
Dividends paid to stockholders | -104,279,000 | -102,078,000 | -98,842,000 |
Payments of Ordinary Dividends, Noncontrolling Interest, Excluding Redeemable Noncontrolling Interest | -10,038,000 | -9,995,000 | -11,405,000 |
Payments of Dividends, Redeemable Noncontrolling Interests | -3,468,000 | -944,000 | ' |
Net cash provided by financing activities | -257,622,000 | 195,497,000 | -108,793,000 |
Net increase (decrease) in cash and cash equivalents | -1,833,000 | 16,453,000 | -50,782,000 |
Cash and cash equivalents obtained through acquisition | ' | ' | 23,412,000 |
Cash and cash equivalents at beginning of the period | 27,416,000 | 10,963,000 | 38,333,000 |
Cash and cash equivalents at end of the period | 25,583,000 | 27,416,000 | 10,963,000 |
Payments to Acquire Additional Interest in Subsidiaries | ($18,972,000) | ' | ($242,000) |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 25, 2012 | |||||||||||
Senior Notes [Member] | ||||||||||||||||||||||
Senior Notes 6.25 Percent Due 2014 [Member] | ||||||||||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total revenues | $86,623,000 | [1] | $82,723,000 | [1] | $81,736,000 | [1] | $81,429,000 | [1] | $78,953,000 | [1],[2] | $75,156,000 | [1] | $73,948,000 | [1] | $72,976,000 | [1] | ' | ' | ' | ' | ||
Income (loss) from continuing operations | 10,278,000 | [1] | 14,611,000 | [1] | 10,145,000 | [1] | 13,929,000 | [1] | -24,557,000 | [1],[2] | 9,708,000 | [1] | 7,190,000 | [1] | 6,447,000 | [1] | 48,963,000 | -1,212,000 | 22,518,000 | ' | ||
Net income | 12,138,000 | [1] | 13,051,000 | [1] | 36,177,000 | [1] | 27,291,000 | [1] | -30,292,000 | [1],[2] | 10,801,000 | [1] | 5,021,000 | [1] | 21,695,000 | [1] | 88,657,000 | 7,225,000 | 43,218,000 | ' | ||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 9,152,000 | [1] | 10,571,000 | [1] | 33,638,000 | [1] | 24,593,000 | [1] | -32,792,000 | [1],[2] | 8,065,000 | [1] | 2,268,000 | [1] | 18,982,000 | [1] | 77,954,000 | -3,477,000 | 33,621,000 | ' | ||
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basic earnings per share from continuing operations (in usd per share) | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | ($0.23) | [1],[2] | $0.06 | [1] | $0.04 | [1] | $0.03 | [1] | $0.32 | ($0.11) | $0.11 | ' | ||
Basic per share data, Net income (loss) | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | ($0.28) | [1],[2] | $0.07 | [1] | $0.02 | [1] | $0.17 | [1] | $0.66 | [3] | ($0.04) | $0.29 | [3] | ' |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Diluted per share data, Income from continuing operations | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | ($0.23) | [1],[2] | $0.06 | [1] | $0.04 | [1] | $0.03 | [1] | $0.32 | ($0.11) | $0.11 | ' | ||
Diluted per share data, Net income (loss) | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | ($0.28) | [1],[2] | $0.07 | [1] | $0.02 | [1] | $0.17 | [1] | $0.65 | [3] | ($0.04) | $0.29 | [3] | ' |
Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Make whole premium and deferred fees | ' | ' | ' | ' | 29,600,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||
(Loss) gain on extinguishment of debt | ' | ' | ' | ' | -30,200,000 | ' | ' | ' | 107,000 | -29,146,000 | -1,514,000 | ' | ||||||||||
Loss (gain) on extinguishment of debt, Discontinued Operations | ' | ' | ' | ' | -731,000 | ' | ' | ' | -138,000 | -1,456,000 | ' | ' | ||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ||||||||||
Asset Impairment Charges | ' | ' | ' | ' | 8,900,000 | ' | ' | ' | 5,641,000 | 8,909,000 | 16,984,000 | ' | ||||||||||
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | ' | ' | ' | ' | $10,700,000 | ' | ' | ' | $4,976,000 | $20,532,000 | $40,352,000 | ' | ||||||||||
[1] | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||||
[2] | During the fourth quarter of 2012, we recognized a loss on early extinguishment of debt of $30.2 million (including $731,000 in discontinued operations), primarily comprised of a make-whole premium and deferred fees and costs of $29.6 million associated with the redemption of all of our $250 million 6.25% unsecured senior notes, which were scheduled to mature on December 15, 2014. Additionally, during the fourth quarter of 2012, we recognized impairment losses of $8.9 million in continuing operations and $10.7 million in discontinued operations. See Note 7 for further discussion of impairments. | |||||||||||||||||||||
[3] | Note: EPS does not foot due to the rounding of the individual calculations. |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
General And Administrative Expenses [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Reimbursements from general and administrative expenses | $1,200,000 | $758,000 | $567,000 |
Gazit Globe Ltd [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party rental income | 246,000 | 339,000 | ' |
Due from Gazit | 283,000 | 476,000 | ' |
MGN Icarus, Inc [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party expenses | 111,000 | 243,000 | 137,000 |
Gazit Globe Ltd [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party rental income | ' | ' | $271,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2011 | |
sqft | centers | centers | ||
centers | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Area of Real Estate Property | 14,900,000 | ' | ' | ' |
Business Combination, Consideration Transferred | $148,150,000 | ' | ' | ' |
Proceeds from sale of real estate and rental properties | 286,511,000 | 41,994,000 | 399,396,000 | ' |
Mortgage loans assumed by counterparty | ' | 27,200,000 | ' | ' |
Number Of Real Estate Properties Sold | ' | 4 | ' | 36 |
Property under contract to sell, net book value | 2,798,965,000 | 2,639,909,000 | ' | ' |
North Florida And Southeast [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds from sale of real estate and rental properties | 10,700,000 | ' | ' | ' |
Number Of Real Estate Properties Sold | 2 | ' | ' | ' |
Talega Village Center [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Area of Real Estate Property | 102,000 | ' | ' | ' |
Business Combination, Consideration Transferred | 6,200,000 | ' | ' | ' |
Westwood Complex [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 80,000,000 | ' | ' | ' |
Number of Businesses Acquired | 2 | ' | ' | ' |
Talega Village Center JV, LLC [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Effective Equity Method Ownership Percentage | 48.00% | ' | ' | ' |
Vernola Marketplace [Member] | Vernola Marketplace JV, LLC [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds from sale of real estate and rental properties | 49,000,000 | ' | ' | ' |
Mortgage loans assumed by counterparty | 22,900,000 | ' | ' | ' |
Gain (Loss) on Disposition of Assets | 14,500,000 | ' | ' | ' |
Brawley Commons [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds from sale of real estate and rental properties | 5,500,000 | ' | ' | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,485,000 | ' | ' | ' |
Property under contract to sell, net book value | $5,400,000 | ' | ' | ' |
Debt Instrument, Maturity Date | 1-Jul-13 | ' | ' | ' |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Provision for losses on accounts receivable | $3,736,000 | $979,000 | $2,947,000 |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 3,182,000 | 5,265,000 | 3,672,000 |
Charged to expense | 3,736,000 | 979,000 | 2,947,000 |
Adjustments to valuation accounts | 0 | 0 | 0 |
Deductions | -2,099,000 | -3,062,000 | -1,354,000 |
Balance at end of period | 4,819,000 | 3,182,000 | 5,265,000 |
Provision for losses on accounts receivable | 3,700,000 | 900,000 | 1,900,000 |
Allowance For Deferred Tax Asset [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 213,000 | 205,000 | 195,000 |
Charged to expense | 0 | 8,000 | 10,000 |
Adjustments to valuation accounts | 0 | 0 | 0 |
Deductions | -51,000 | 0 | 0 |
Balance at end of period | $162,000 | $213,000 | $205,000 |
Summary_Of_Real_Estate_And_Acc1
Summary Of Real Estate And Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'Location | |
INITIAL COST TO COMPANY, Land | $1,246,200 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,640,077 | |
Capitalized Subsequent to Acquisition or Improvements | 384,722 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,263,120 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,007,879 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,270,999 | [2] |
Accumulated Depreciation | 354,166 | |
90-30 Metropolitan Avenue [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 5,105 | |
INITIAL COST TO COMPANY, Building & Improvements | 21,378 | |
Capitalized Subsequent to Acquisition or Improvements | 771 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,105 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,149 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,254 | |
Accumulated Depreciation | 1,290 | |
Date Acquired | 1-Sep-11 | |
161 W. 16th Street [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 21,699 | |
INITIAL COST TO COMPANY, Building & Improvements | 40,518 | |
Capitalized Subsequent to Acquisition or Improvements | 439 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,699 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 40,957 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 62,656 | |
Accumulated Depreciation | 2,091 | |
Date Acquired | 16-May-11 | |
1175 Third Avenue [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,765 | |
INITIAL COST TO COMPANY, Land | 28,282 | |
INITIAL COST TO COMPANY, Building & Improvements | 22,115 | |
Capitalized Subsequent to Acquisition or Improvements | -378 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,070 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,949 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 50,019 | |
Accumulated Depreciation | 1,497 | |
Date Acquired | 22-Sep-10 | |
2400 PGA [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,418 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 7 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,418 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,425 | |
Accumulated Depreciation | 1 | |
Date Acquired | 20-Mar-06 | |
4101 South I-85 Industrial [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,619 | |
INITIAL COST TO COMPANY, Building & Improvements | 950 | |
Capitalized Subsequent to Acquisition or Improvements | 274 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,619 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,224 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,843 | |
Accumulated Depreciation | 357 | |
Date Acquired | 12-Feb-03 | |
5335 Citgo [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MD | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,203 | |
INITIAL COST TO COMPANY, Building & Improvements | 103 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,203 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 103 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,306 | |
Accumulated Depreciation | 8 | |
Date Acquired | 5-Sep-13 | |
5471 Citgo [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MD | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,107 | |
INITIAL COST TO COMPANY, Building & Improvements | 78 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,107 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 78 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,185 | |
Accumulated Depreciation | 6 | |
Date Acquired | 5-Sep-13 | |
222 Sutter Street [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,778 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,469 | |
Capitalized Subsequent to Acquisition or Improvements | 347 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,778 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,816 | |
Accumulated Depreciation | 98 | |
Date Acquired | 27-Dec-12 | |
1225 -1239 Second Avenue [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,457 | |
INITIAL COST TO COMPANY, Land | 14,253 | |
INITIAL COST TO COMPANY, Building & Improvements | 11,288 | |
Capitalized Subsequent to Acquisition or Improvements | 53 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,274 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,320 | |
Accumulated Depreciation | 307 | |
Date Acquired | 5-Oct-12 | |
Alafaya Commons [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,858 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,720 | |
Capitalized Subsequent to Acquisition or Improvements | 1,594 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,858 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,314 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,172 | |
Accumulated Depreciation | 3,252 | |
Date Acquired | 12-Feb-03 | |
Alafaya Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,444 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,967 | |
Capitalized Subsequent to Acquisition or Improvements | 685 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,444 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,652 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,096 | |
Accumulated Depreciation | 1,493 | |
Date Acquired | 20-Apr-06 | |
Ambassador Row [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,880 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,570 | |
Capitalized Subsequent to Acquisition or Improvements | 2,317 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,880 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,887 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,767 | |
Accumulated Depreciation | 3,394 | |
Date Acquired | 12-Feb-03 | |
Ambassador Row Courtyard [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,110 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,208 | |
Capitalized Subsequent to Acquisition or Improvements | 2,143 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,110 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,351 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,461 | |
Accumulated Depreciation | 3,349 | |
Date Acquired | 12-Feb-03 | |
Antioch Land [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 7,060 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | -3,060 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,000 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,000 | |
Accumulated Depreciation | 0 | |
Date Acquired | 4-Jan-11 | |
Atlantic Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,190 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,760 | |
Capitalized Subsequent to Acquisition or Improvements | 5,308 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,190 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,068 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,258 | |
Accumulated Depreciation | 2,952 | |
Date Acquired | 30-Jun-95 | |
Aventura Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | [3] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,326 | [3] |
INITIAL COST TO COMPANY, Land | 46,811 | [3] |
INITIAL COST TO COMPANY, Building & Improvements | 17,851 | [3] |
Capitalized Subsequent to Acquisition or Improvements | 2,041 | [1],[3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 45,855 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,848 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 66,703 | [3] |
Accumulated Depreciation | 1,551 | [3] |
Date Acquired | 5-Oct-11 | [3] |
Banco Popular Building [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,363 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,566 | |
Capitalized Subsequent to Acquisition or Improvements | 570 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,363 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,136 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,499 | |
Accumulated Depreciation | 582 | |
Date Acquired | 27-Sep-05 | |
Beauclerc Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 651 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,242 | |
Capitalized Subsequent to Acquisition or Improvements | 1,590 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 651 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,832 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,483 | |
Accumulated Depreciation | 2,188 | |
Date Acquired | 15-May-98 | |
Bird Ludlum [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,088 | |
INITIAL COST TO COMPANY, Building & Improvements | 16,318 | |
Capitalized Subsequent to Acquisition or Improvements | 2,192 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,510 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,598 | |
Accumulated Depreciation | 8,710 | |
Date Acquired | 11-Aug-94 | |
Bluebonnet Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,290 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,168 | |
Capitalized Subsequent to Acquisition or Improvements | 2,170 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,290 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,338 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,628 | |
Accumulated Depreciation | 1,769 | |
Date Acquired | 12-Feb-03 | |
Bluffs Square Shoppes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,232 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,917 | |
Capitalized Subsequent to Acquisition or Improvements | 613 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,232 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,530 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,762 | |
Accumulated Depreciation | 4,309 | |
Date Acquired | 15-Aug-00 | |
Boca Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,385 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,174 | |
Capitalized Subsequent to Acquisition or Improvements | 3,398 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,385 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,572 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,957 | |
Accumulated Depreciation | 1,835 | |
Date Acquired | 15-Aug-00 | |
Bowlmor Lanes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MD | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 12,128 | |
INITIAL COST TO COMPANY, Building & Improvements | 863 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 12,128 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 863 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,991 | |
Accumulated Depreciation | 58 | |
Date Acquired | 7-May-13 | |
Boynton Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,943 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,100 | |
Capitalized Subsequent to Acquisition or Improvements | 1,066 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,943 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,166 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,109 | |
Accumulated Depreciation | 3,815 | |
Date Acquired | 15-Aug-00 | |
Brawley Commons [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
INITIAL COST TO COMPANY, Land | 4,206 | |
INITIAL COST TO COMPANY, Building & Improvements | 11,556 | |
Capitalized Subsequent to Acquisition or Improvements | -8,676 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,667 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,419 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,086 | |
Accumulated Depreciation | 1,424 | |
Date Acquired | 31-Dec-08 | |
BridgeMill [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,200 | |
INITIAL COST TO COMPANY, Land | 8,593 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,310 | |
Capitalized Subsequent to Acquisition or Improvements | 698 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,593 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,008 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,601 | |
Accumulated Depreciation | 2,159 | |
Date Acquired | 13-Nov-03 | |
Broadway Plaza - Land [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 7,500 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 18,637 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,500 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,637 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 26,137 | |
Accumulated Depreciation | 0 | |
Date Acquired | 8-Jun-12 | |
Broadway Plaza - Land Outparcel [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,000 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 752 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,000 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 752 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,752 | |
Accumulated Depreciation | 0 | |
Date Acquired | 1-Oct-12 | |
Brookside Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,291 | |
INITIAL COST TO COMPANY, Building & Improvements | 26,260 | |
Capitalized Subsequent to Acquisition or Improvements | 7,687 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,291 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 33,947 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,238 | |
Accumulated Depreciation | 7,677 | |
Date Acquired | 12-Jan-06 | |
Buckhead Station [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 27,138 | |
INITIAL COST TO COMPANY, Building & Improvements | 45,277 | |
Capitalized Subsequent to Acquisition or Improvements | 1,905 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 27,138 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 47,182 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 74,320 | |
Accumulated Depreciation | 9,005 | |
Date Acquired | 9-Mar-07 | |
Cashmere Corners [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,947 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,707 | |
Capitalized Subsequent to Acquisition or Improvements | -78 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,947 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,629 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,576 | |
Accumulated Depreciation | 1,807 | |
Date Acquired | 15-Aug-00 | |
Centre Pointe Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,081 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,411 | |
Capitalized Subsequent to Acquisition or Improvements | 1,282 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,081 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,693 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,774 | |
Accumulated Depreciation | 1,682 | |
Date Acquired | 12-Feb-03 | |
Chapel Trail Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,641 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,777 | |
Capitalized Subsequent to Acquisition or Improvements | 3,010 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,641 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,787 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,428 | |
Accumulated Depreciation | 2,444 | |
Date Acquired | 10-May-06 | |
Charlotte Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,155 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,414 | |
Capitalized Subsequent to Acquisition or Improvements | 105 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,155 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,519 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,674 | |
Accumulated Depreciation | 1,315 | |
Date Acquired | 12-Feb-03 | |
Chastain Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 10,689 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,937 | |
Capitalized Subsequent to Acquisition or Improvements | 850 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,689 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,787 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,476 | |
Accumulated Depreciation | 1,877 | |
Date Acquired | 12-Feb-03 | |
Circle Center West [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 10,800 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,340 | |
Capitalized Subsequent to Acquisition or Improvements | 836 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,800 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,176 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,976 | |
Accumulated Depreciation | 1,225 | |
Date Acquired | 15-Mar-11 | |
Commerce Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 25,184 | |
INITIAL COST TO COMPANY, Building & Improvements | 19,462 | |
Capitalized Subsequent to Acquisition or Improvements | 31 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 25,184 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,493 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 44,677 | |
Accumulated Depreciation | 894 | |
Date Acquired | 28-Sep-12 | |
Compo Acres Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 18,305 | |
INITIAL COST TO COMPANY, Building & Improvements | 12,195 | |
Capitalized Subsequent to Acquisition or Improvements | 210 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,305 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,405 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 30,710 | |
Accumulated Depreciation | 774 | |
Date Acquired | 1-Mar-12 | |
Copps Hill Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,423 | |
INITIAL COST TO COMPANY, Land | 14,146 | |
INITIAL COST TO COMPANY, Building & Improvements | 24,626 | |
Capitalized Subsequent to Acquisition or Improvements | 52 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,146 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,678 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 38,824 | |
Accumulated Depreciation | 3,576 | |
Date Acquired | 31-Mar-10 | |
Coral Reef Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 16,464 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,376 | |
Capitalized Subsequent to Acquisition or Improvements | 1,642 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 17,515 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,967 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,482 | |
Accumulated Depreciation | 1,041 | |
Date Acquired | 1-Sep-06 | |
Country Club Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,294 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,060 | |
Capitalized Subsequent to Acquisition or Improvements | 107 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,294 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,167 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,461 | |
Accumulated Depreciation | 567 | |
Date Acquired | 12-Feb-03 | |
Countryside Shops [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 11,343 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,853 | |
Capitalized Subsequent to Acquisition or Improvements | 3,370 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,343 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,223 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 28,566 | |
Accumulated Depreciation | 4,597 | |
Date Acquired | 12-Feb-03 | |
Crossroads Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,592 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,401 | |
Capitalized Subsequent to Acquisition or Improvements | 6,809 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,520 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,282 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,802 | |
Accumulated Depreciation | 2,988 | |
Date Acquired | 15-Aug-00 | |
Culver Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 64,000 | |
INITIAL COST TO COMPANY, Land | 74,868 | |
INITIAL COST TO COMPANY, Building & Improvements | 59,958 | |
Capitalized Subsequent to Acquisition or Improvements | 4,449 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 75,214 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 64,061 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 139,275 | |
Accumulated Depreciation | 3,691 | |
Date Acquired | 16-Nov-11 | |
Danbury Green [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,700 | |
INITIAL COST TO COMPANY, Land | 17,547 | |
INITIAL COST TO COMPANY, Building & Improvements | 21,560 | |
Capitalized Subsequent to Acquisition or Improvements | 8,402 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,143 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,366 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 47,509 | |
Accumulated Depreciation | 3,031 | |
Date Acquired | 27-Oct-11 | |
Daniel Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,439 | |
INITIAL COST TO COMPANY, Building & Improvements | 8,352 | |
Capitalized Subsequent to Acquisition or Improvements | 183 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,439 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,535 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,974 | |
Accumulated Depreciation | 2,350 | |
Date Acquired | 12-Feb-03 | |
Daninor Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 18,322 | |
INITIAL COST TO COMPANY, Land | 0 | |
INITIAL COST TO COMPANY, Building & Improvements | 16,991 | |
Capitalized Subsequent to Acquisition or Improvements | 20 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,011 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,011 | |
Accumulated Depreciation | 1,267 | |
Date Acquired | 28-Aug-12 | |
El Novillo [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 250 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,000 | |
Capitalized Subsequent to Acquisition or Improvements | 158 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 250 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,158 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,408 | |
Accumulated Depreciation | 453 | |
Date Acquired | 30-Apr-98 | |
Elmwood Oaks [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,088 | |
INITIAL COST TO COMPANY, Building & Improvements | 8,221 | |
Capitalized Subsequent to Acquisition or Improvements | 928 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,149 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,237 | |
Accumulated Depreciation | 2,736 | |
Date Acquired | 12-Feb-03 | |
Forest Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,397 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,206 | |
Capitalized Subsequent to Acquisition or Improvements | 2,347 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,397 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,553 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,950 | |
Accumulated Depreciation | 1,851 | |
Date Acquired | 28-Jan-99 | |
Ft. Caroline [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 701 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,800 | |
Capitalized Subsequent to Acquisition or Improvements | 730 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 700 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,531 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,231 | |
Accumulated Depreciation | 1,697 | |
Date Acquired | 24-Jan-94 | |
Gateway Plaza At Aventura [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,301 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,529 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,301 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,529 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,830 | |
Accumulated Depreciation | 833 | |
Date Acquired | 19-Mar-10 | |
Glengary Shoppes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,808 | |
INITIAL COST TO COMPANY, Land | 7,488 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,969 | |
Capitalized Subsequent to Acquisition or Improvements | 405 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,488 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,374 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,862 | |
Accumulated Depreciation | 2,119 | |
Date Acquired | 31-Dec-08 | |
Greenwood [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,117 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,295 | |
Capitalized Subsequent to Acquisition or Improvements | 3,624 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,117 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,919 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,036 | |
Accumulated Depreciation | 3,657 | |
Date Acquired | 12-Feb-03 | |
Hairston Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,644 | |
INITIAL COST TO COMPANY, Building & Improvements | 642 | |
Capitalized Subsequent to Acquisition or Improvements | 109 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,644 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 751 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,395 | |
Accumulated Depreciation | 143 | |
Date Acquired | 25-Aug-05 | |
Hammocks Town Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 16,856 | |
INITIAL COST TO COMPANY, Building & Improvements | 11,392 | |
Capitalized Subsequent to Acquisition or Improvements | 641 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 16,856 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,033 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 28,889 | |
Accumulated Depreciation | 1,701 | |
Date Acquired | 31-Dec-08 | |
Hampton Oaks [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 835 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 1,633 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,172 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,296 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,468 | |
Accumulated Depreciation | 312 | |
Date Acquired | 30-Nov-06 | |
Homestead Gas Station [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,170 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 103 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,220 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 53 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,273 | |
Accumulated Depreciation | 8 | |
Date Acquired | 8-Nov-04 | |
Kirkman Shoppes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,222 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,714 | |
Capitalized Subsequent to Acquisition or Improvements | 975 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,222 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,689 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,911 | |
Accumulated Depreciation | 4,071 | |
Date Acquired | 15-Aug-00 | |
Lago Mar [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,216 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,609 | |
Capitalized Subsequent to Acquisition or Improvements | 1,320 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,216 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,929 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,145 | |
Accumulated Depreciation | 2,177 | |
Date Acquired | 12-Feb-03 | |
Lake Mary [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 7,092 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,878 | |
Capitalized Subsequent to Acquisition or Improvements | 10,797 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,092 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,675 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 31,767 | |
Accumulated Depreciation | 9,552 | |
Date Acquired | 9-Nov-95 | |
Lantana Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,350 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,978 | |
Capitalized Subsequent to Acquisition or Improvements | 944 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,350 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,922 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,272 | |
Accumulated Depreciation | 3,347 | |
Date Acquired | 6-Jan-98 | |
Laurel Walk Apartments [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 105 | |
INITIAL COST TO COMPANY, Building & Improvements | 111 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 105 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 111 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 216 | |
Accumulated Depreciation | 23 | |
Date Acquired | 31-Oct-05 | |
Magnolia Shoppes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,558 | |
INITIAL COST TO COMPANY, Land | 7,176 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,886 | |
Capitalized Subsequent to Acquisition or Improvements | 532 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,176 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,418 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,594 | |
Accumulated Depreciation | 1,691 | |
Date Acquired | 31-Dec-08 | |
Market Place [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,667 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,078 | |
Capitalized Subsequent to Acquisition or Improvements | 122 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,577 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,290 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,867 | |
Accumulated Depreciation | 1,216 | |
Date Acquired | 12-Feb-03 | |
Marketplace Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,934 | |
INITIAL COST TO COMPANY, Land | 8,727 | |
INITIAL COST TO COMPANY, Building & Improvements | 22,188 | |
Capitalized Subsequent to Acquisition or Improvements | 2,493 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,737 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,671 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,408 | |
Accumulated Depreciation | 2,062 | |
Date Acquired | 4-Jan-11 | |
McAlphin Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,536 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,963 | |
Capitalized Subsequent to Acquisition or Improvements | 294 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,536 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,257 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,793 | |
Accumulated Depreciation | 1,966 | |
Date Acquired | 12-Feb-03 | |
N S B Regional [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,217 | |
INITIAL COST TO COMPANY, Building & Improvements | 8,896 | |
Capitalized Subsequent to Acquisition or Improvements | 364 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,217 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,260 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,477 | |
Accumulated Depreciation | 2,539 | |
Date Acquired | 12-Feb-03 | |
Oak Hill [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | [4] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [4] |
INITIAL COST TO COMPANY, Land | 690 | [4] |
INITIAL COST TO COMPANY, Building & Improvements | 2,760 | [4] |
Capitalized Subsequent to Acquisition or Improvements | 127 | [1],[4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,577 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,577 | [4] |
Accumulated Depreciation | 0 | [4] |
Date Acquired | 7-Dec-95 | [4] |
Oakbrook Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | [3] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [3] |
INITIAL COST TO COMPANY, Land | 7,706 | [3] |
INITIAL COST TO COMPANY, Building & Improvements | 16,079 | [3] |
Capitalized Subsequent to Acquisition or Improvements | 4,171 | [1],[3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,706 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,250 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,956 | [3] |
Accumulated Depreciation | 6,391 | [3] |
Date Acquired | 15-Aug-00 | [3] |
Oaktree Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,589 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,275 | |
Capitalized Subsequent to Acquisition or Improvements | 259 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,589 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,534 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,123 | |
Accumulated Depreciation | 485 | |
Date Acquired | 16-Oct-06 | |
Old Kings Commons [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,420 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | |
Capitalized Subsequent to Acquisition or Improvements | 966 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,420 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,971 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,391 | |
Accumulated Depreciation | 1,528 | |
Date Acquired | 12-Feb-03 | |
Pablo Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 5,327 | |
INITIAL COST TO COMPANY, Building & Improvements | 12,676 | |
Capitalized Subsequent to Acquisition or Improvements | 385 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,424 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,964 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,388 | |
Accumulated Depreciation | 2,238 | |
Date Acquired | 31-Aug-10 | |
Park Promenade [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,670 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,444 | |
Capitalized Subsequent to Acquisition or Improvements | 121 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,670 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,565 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,235 | |
Accumulated Depreciation | 2,453 | |
Date Acquired | 31-Jan-99 | |
Pavilion [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 10,827 | |
INITIAL COST TO COMPANY, Building & Improvements | 11,299 | |
Capitalized Subsequent to Acquisition or Improvements | 6,877 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,827 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,176 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 29,003 | |
Accumulated Depreciation | 4,554 | |
Date Acquired | 4-Feb-04 | |
Piedmont Peachtree Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 34,338 | |
INITIAL COST TO COMPANY, Building & Improvements | 17,992 | |
Capitalized Subsequent to Acquisition or Improvements | 764 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 34,338 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,756 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 53,094 | |
Accumulated Depreciation | 4,081 | |
Date Acquired | 6-Mar-06 | |
Pine Island [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 8,557 | |
INITIAL COST TO COMPANY, Building & Improvements | 12,860 | |
Capitalized Subsequent to Acquisition or Improvements | 2,509 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,557 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,369 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,926 | |
Accumulated Depreciation | 5,341 | |
Date Acquired | 26-Aug-99 | |
Pine Ridge Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,528 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,850 | |
Capitalized Subsequent to Acquisition or Improvements | 6,759 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,649 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,488 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,137 | |
Accumulated Depreciation | 3,556 | |
Date Acquired | 12-Feb-03 | |
Plaza Acadienne [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,108 | |
INITIAL COST TO COMPANY, Building & Improvements | 168 | |
Capitalized Subsequent to Acquisition or Improvements | -1,005 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,108 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | -837 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,271 | |
Accumulated Depreciation | 96 | |
Date Acquired | 12-Feb-03 | |
Plaza Escuela [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 10,041 | |
INITIAL COST TO COMPANY, Building & Improvements | 63,038 | |
Capitalized Subsequent to Acquisition or Improvements | 1,663 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,041 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 64,701 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 74,742 | |
Accumulated Depreciation | 4,017 | |
Date Acquired | 4-Jan-11 | |
Point Royale [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,720 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | |
Capitalized Subsequent to Acquisition or Improvements | 5,145 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,784 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,086 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,870 | |
Accumulated Depreciation | 3,184 | |
Date Acquired | 27-Jul-95 | |
Post Road Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 9,807 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,707 | |
Capitalized Subsequent to Acquisition or Improvements | 12 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,807 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,719 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,526 | |
Accumulated Depreciation | 255 | |
Date Acquired | 1-Mar-12 | |
Potrero Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 48,594 | |
INITIAL COST TO COMPANY, Building & Improvements | 74,701 | |
Capitalized Subsequent to Acquisition or Improvements | 676 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 48,594 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 75,377 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 123,971 | |
Accumulated Depreciation | 3,984 | |
Date Acquired | 1-Mar-12 | |
Prosperity Centre [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,597 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,838 | |
Capitalized Subsequent to Acquisition or Improvements | 966 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,597 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,804 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,401 | |
Accumulated Depreciation | 5,203 | |
Date Acquired | 15-Aug-00 | |
Quincy Star Market [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,121 | |
INITIAL COST TO COMPANY, Building & Improvements | 18,445 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,121 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,445 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,566 | |
Accumulated Depreciation | 4,587 | |
Date Acquired | 7-Oct-04 | |
Ralphs Circle Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 9,833 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,856 | |
Capitalized Subsequent to Acquisition or Improvements | 940 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,833 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,796 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,629 | |
Accumulated Depreciation | 780 | |
Date Acquired | 14-Jul-11 | |
Ridge Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,905 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,450 | |
Capitalized Subsequent to Acquisition or Improvements | 1,584 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,905 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,034 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,939 | |
Accumulated Depreciation | 3,414 | |
Date Acquired | 15-Aug-00 | |
River Green Land [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,587 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | -1,087 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,500 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,500 | |
Accumulated Depreciation | 0 | |
Date Acquired | 27-Sep-05 | |
Riverside Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,423 | |
INITIAL COST TO COMPANY, Building & Improvements | 8,260 | |
Capitalized Subsequent to Acquisition or Improvements | 1,049 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,623 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,109 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,732 | |
Accumulated Depreciation | 2,568 | |
Date Acquired | 12-Feb-03 | |
Riverview Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,202 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,745 | |
Capitalized Subsequent to Acquisition or Improvements | 2,170 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,202 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,915 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,117 | |
Accumulated Depreciation | 1,797 | |
Date Acquired | 12-Feb-03 | |
Ryanwood Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,281 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,880 | |
Capitalized Subsequent to Acquisition or Improvements | 1,016 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,613 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,564 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,177 | |
Accumulated Depreciation | 2,291 | |
Date Acquired | 15-Aug-00 | |
Salerno Village Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,291 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,511 | |
Capitalized Subsequent to Acquisition or Improvements | 5,214 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,291 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,725 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,016 | |
Accumulated Depreciation | 1,643 | |
Date Acquired | 6-May-02 | |
Sawgrass Promenade [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 3,280 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,351 | |
Capitalized Subsequent to Acquisition or Improvements | 2,281 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,280 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,632 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,912 | |
Accumulated Depreciation | 4,661 | |
Date Acquired | 15-Aug-00 | |
Serramonte Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 81,049 | |
INITIAL COST TO COMPANY, Building & Improvements | 119,765 | |
Capitalized Subsequent to Acquisition or Improvements | 27,802 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 80,999 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 147,617 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 228,616 | |
Accumulated Depreciation | 15,092 | |
Date Acquired | 4-Jan-11 | |
Shaws At Medford [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 7,750 | |
INITIAL COST TO COMPANY, Building & Improvements | 11,390 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,750 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,390 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,140 | |
Accumulated Depreciation | 2,820 | |
Date Acquired | 7-Oct-04 | |
Shaws At Plymouth [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,917 | |
INITIAL COST TO COMPANY, Building & Improvements | 12,198 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,917 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,198 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,115 | |
Accumulated Depreciation | 3,017 | |
Date Acquired | 7-Oct-04 | |
Sheridan [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 60,500 | |
INITIAL COST TO COMPANY, Land | 38,888 | |
INITIAL COST TO COMPANY, Building & Improvements | 36,241 | |
Capitalized Subsequent to Acquisition or Improvements | 6,523 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 38,888 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 42,764 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 81,652 | |
Accumulated Depreciation | 11,972 | |
Date Acquired | 14-Jul-03 | |
Sherwood South [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 746 | |
INITIAL COST TO COMPANY, Building & Improvements | 2,412 | |
Capitalized Subsequent to Acquisition or Improvements | 1,087 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 746 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,499 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,245 | |
Accumulated Depreciation | 1,206 | |
Date Acquired | 12-Feb-03 | |
Shoppes At Andros Isle [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,009 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,832 | |
Capitalized Subsequent to Acquisition or Improvements | 73 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,009 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,905 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,914 | |
Accumulated Depreciation | 1,471 | |
Date Acquired | 8-Dec-06 | |
Shoppes At Silverlakes [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 10,306 | |
INITIAL COST TO COMPANY, Building & Improvements | 10,131 | |
Capitalized Subsequent to Acquisition or Improvements | 2,679 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,306 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,810 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,116 | |
Accumulated Depreciation | 3,393 | |
Date Acquired | 12-Feb-03 | |
Shoppes Of Jonathan's Landing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,146 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,442 | |
Capitalized Subsequent to Acquisition or Improvements | 425 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,146 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,867 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,013 | |
Accumulated Depreciation | 1,325 | |
Date Acquired | 15-Aug-00 | |
Shoppes Of North Port [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,452 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,807 | |
Capitalized Subsequent to Acquisition or Improvements | 1,241 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,452 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,048 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,500 | |
Accumulated Depreciation | 2,081 | |
Date Acquired | 5-Dec-00 | |
Shops At Skylake [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 15,226 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,206 | |
Capitalized Subsequent to Acquisition or Improvements | 25,138 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,226 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 32,344 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 47,570 | |
Accumulated Depreciation | 9,187 | |
Date Acquired | 19-Aug-97 | |
Siegen Village [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,329 | |
INITIAL COST TO COMPANY, Building & Improvements | 9,691 | |
Capitalized Subsequent to Acquisition or Improvements | -617 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,329 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,074 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,403 | |
Accumulated Depreciation | 2,574 | |
Date Acquired | 12-Feb-03 | |
Smyth Valley Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'VA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,537 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,890 | |
Capitalized Subsequent to Acquisition or Improvements | 690 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,537 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,580 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,117 | |
Accumulated Depreciation | 1,159 | |
Date Acquired | 12-Feb-03 | |
South Beach [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 9,545 | |
INITIAL COST TO COMPANY, Building & Improvements | 19,228 | |
Capitalized Subsequent to Acquisition or Improvements | 5,302 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,545 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,530 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 34,075 | |
Accumulated Depreciation | 7,163 | |
Date Acquired | 12-Feb-03 | |
South Point [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,666 | |
INITIAL COST TO COMPANY, Land | 7,142 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,098 | |
Capitalized Subsequent to Acquisition or Improvements | 76 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,142 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,174 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,316 | |
Accumulated Depreciation | 1,332 | |
Date Acquired | 8-Dec-06 | |
Southbury Green [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 21,000 | |
INITIAL COST TO COMPANY, Land | 18,483 | |
INITIAL COST TO COMPANY, Building & Improvements | 31,857 | |
Capitalized Subsequent to Acquisition or Improvements | 5,335 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,744 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 36,931 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 55,675 | |
Accumulated Depreciation | 2,893 | |
Date Acquired | 27-Oct-11 | |
St Lucie Land [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 7,728 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | -2,128 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,600 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,600 | |
Accumulated Depreciation | 0 | |
Date Acquired | 27-Nov-06 | |
Stanley Market Place [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | [4] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [4] |
INITIAL COST TO COMPANY, Land | 396 | [4] |
INITIAL COST TO COMPANY, Building & Improvements | 669 | [4] |
Capitalized Subsequent to Acquisition or Improvements | 2,654 | [1],[4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,719 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,719 | [4] |
Accumulated Depreciation | 0 | [4] |
Date Acquired | 12-Feb-03 | [4] |
Star's At Cambridge [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 11,358 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,854 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,358 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,854 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,212 | |
Accumulated Depreciation | 3,433 | |
Date Acquired | 7-Oct-04 | |
Summerlin Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | [4] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [4] |
INITIAL COST TO COMPANY, Land | 2,187 | [4] |
INITIAL COST TO COMPANY, Building & Improvements | 7,989 | [4] |
Capitalized Subsequent to Acquisition or Improvements | -2,993 | [1],[4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,670 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,513 | [4] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,183 | [4] |
Accumulated Depreciation | 276 | [4] |
Date Acquired | 10-Jun-98 | [4] |
Sun Point [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,025 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,228 | |
Capitalized Subsequent to Acquisition or Improvements | 2,057 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,025 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,285 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,310 | |
Accumulated Depreciation | 2,554 | |
Date Acquired | 5-May-06 | |
Sunlake-Equity One LLC [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 9,861 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 25,984 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,208 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,637 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 35,845 | |
Accumulated Depreciation | 2,585 | |
Date Acquired | 1-Feb-05 | |
Tamarac Town Square [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,742 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,610 | |
Capitalized Subsequent to Acquisition or Improvements | 1,371 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,643 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,080 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,723 | |
Accumulated Depreciation | 1,868 | |
Date Acquired | 12-Feb-03 | |
Tarpon Heights [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,133 | |
INITIAL COST TO COMPANY, Building & Improvements | 631 | |
Capitalized Subsequent to Acquisition or Improvements | 223 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,133 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 854 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,987 | |
Accumulated Depreciation | 310 | |
Date Acquired | 12-Feb-03 | |
TD Bank Skylake [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,041 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 453 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,064 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 430 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,494 | |
Accumulated Depreciation | 27 | |
Date Acquired | 17-Dec-09 | |
The Boulevard [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,360 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,675 | |
Capitalized Subsequent to Acquisition or Improvements | 648 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,360 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,323 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,683 | |
Accumulated Depreciation | 838 | |
Date Acquired | 12-Feb-03 | |
The Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'LA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,591 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,650 | |
Capitalized Subsequent to Acquisition or Improvements | 769 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,591 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,419 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,010 | |
Accumulated Depreciation | 1,201 | |
Date Acquired | 12-Feb-03 | |
The Gallery at Westbury [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 27,481 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,537 | |
Capitalized Subsequent to Acquisition or Improvements | 82,541 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 39,716 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 73,843 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 113,559 | |
Accumulated Depreciation | 3,721 | |
Date Acquired | 16-Nov-09 | |
Plaza At St. Lucie West [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 790 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,082 | |
Capitalized Subsequent to Acquisition or Improvements | 964 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 790 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,046 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,836 | |
Accumulated Depreciation | 833 | |
Date Acquired | 15-Aug-00 | |
Thomasville Commons [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NC | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,212 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,567 | |
Capitalized Subsequent to Acquisition or Improvements | 1,844 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,212 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,411 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,623 | |
Accumulated Depreciation | 1,748 | |
Date Acquired | 12-Feb-03 | |
Town & Country [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,503 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,397 | |
Capitalized Subsequent to Acquisition or Improvements | 457 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,354 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,003 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,357 | |
Accumulated Depreciation | 1,511 | |
Date Acquired | 12-Feb-03 | |
Treasure Coast Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | [3] |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [3] |
INITIAL COST TO COMPANY, Land | 1,359 | [3] |
INITIAL COST TO COMPANY, Building & Improvements | 9,728 | [3] |
Capitalized Subsequent to Acquisition or Improvements | 1,922 | [1],[3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,359 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,650 | [3] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,009 | [3] |
Accumulated Depreciation | 2,820 | [3] |
Date Acquired | 12-Feb-03 | [3] |
Unigold [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,304 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,413 | |
Capitalized Subsequent to Acquisition or Improvements | 2,044 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,304 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,457 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,761 | |
Accumulated Depreciation | 2,278 | |
Date Acquired | 12-Feb-03 | |
Union City Commons (Land) [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 8,084 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | -5,684 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,400 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,400 | |
Accumulated Depreciation | 0 | |
Date Acquired | 22-Jun-06 | |
Von's Circle West [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,342 | |
INITIAL COST TO COMPANY, Land | 18,219 | |
INITIAL COST TO COMPANY, Building & Improvements | 18,909 | |
Capitalized Subsequent to Acquisition or Improvements | 2,777 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,274 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,631 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,905 | |
Accumulated Depreciation | 2,123 | |
Date Acquired | 16-Mar-11 | |
Walden Woods [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 950 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,780 | |
Capitalized Subsequent to Acquisition or Improvements | 1,155 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 881 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,004 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,885 | |
Accumulated Depreciation | 2,781 | |
Date Acquired | 1-Jan-99 | |
Waterstone [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,422 | |
INITIAL COST TO COMPANY, Building & Improvements | 7,508 | |
Capitalized Subsequent to Acquisition or Improvements | 655 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,422 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,163 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,585 | |
Accumulated Depreciation | 1,653 | |
Date Acquired | 10-Apr-92 | |
Webster Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,819 | |
INITIAL COST TO COMPANY, Land | 5,033 | |
INITIAL COST TO COMPANY, Building & Improvements | 14,465 | |
Capitalized Subsequent to Acquisition or Improvements | 1,654 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,033 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,119 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,152 | |
Accumulated Depreciation | 3,141 | |
Date Acquired | 12-Oct-06 | |
Webster Plaza Solar Project [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 0 | |
INITIAL COST TO COMPANY, Building & Improvements | 0 | |
Capitalized Subsequent to Acquisition or Improvements | 732 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 732 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 732 | |
Accumulated Depreciation | 61 | |
Wesley Chapel Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,389 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,311 | |
Capitalized Subsequent to Acquisition or Improvements | 4,926 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,389 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,237 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,626 | |
Accumulated Depreciation | 3,420 | |
Date Acquired | 12-Feb-03 | |
West Bird Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 5,280 | |
INITIAL COST TO COMPANY, Building & Improvements | 12,539 | |
Capitalized Subsequent to Acquisition or Improvements | 409 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,280 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,948 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,228 | |
Accumulated Depreciation | 1,693 | |
Date Acquired | 31-Aug-10 | |
West Lakes Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 2,141 | |
INITIAL COST TO COMPANY, Building & Improvements | 5,789 | |
Capitalized Subsequent to Acquisition or Improvements | 663 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,141 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,452 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,593 | |
Accumulated Depreciation | 2,802 | |
Date Acquired | 6-Nov-96 | |
West Roxbury Shaw's Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 9,207 | |
INITIAL COST TO COMPANY, Building & Improvements | 13,588 | |
Capitalized Subsequent to Acquisition or Improvements | 1,945 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,207 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,533 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,740 | |
Accumulated Depreciation | 3,858 | |
Date Acquired | 7-Oct-04 | |
Westbury Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'NY | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 37,853 | |
INITIAL COST TO COMPANY, Building & Improvements | 58,273 | |
Capitalized Subsequent to Acquisition or Improvements | 10,550 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,843 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 65,833 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 106,676 | |
Accumulated Depreciation | 8,109 | |
Date Acquired | 29-Oct-09 | |
Westport Outparcels [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,347 | |
INITIAL COST TO COMPANY, Building & Improvements | 1,010 | |
Capitalized Subsequent to Acquisition or Improvements | -4 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,347 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,006 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,353 | |
Accumulated Depreciation | 185 | |
Date Acquired | 14-Sep-06 | |
Westport Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,720 | |
INITIAL COST TO COMPANY, Land | 4,180 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,446 | |
Capitalized Subsequent to Acquisition or Improvements | 183 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,180 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,629 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,809 | |
Accumulated Depreciation | 950 | |
Date Acquired | 17-Dec-04 | |
Westridge [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MD | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 14,112 | |
INITIAL COST TO COMPANY, Building & Improvements | 17,088 | |
Capitalized Subsequent to Acquisition or Improvements | 10 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,112 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,098 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 31,210 | |
Accumulated Depreciation | 519 | |
Date Acquired | 5-Jun-13 | |
Whole Foods At Swampscott [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 5,139 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,539 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,139 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,539 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,678 | |
Accumulated Depreciation | 1,613 | |
Date Acquired | 7-Oct-04 | |
Williamsburg At Dunwoody [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'GA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,347 | |
INITIAL COST TO COMPANY, Building & Improvements | 3,615 | |
Capitalized Subsequent to Acquisition or Improvements | 1,388 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,347 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,003 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,350 | |
Accumulated Depreciation | 1,206 | |
Date Acquired | 12-Feb-03 | |
Willows Shopping Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 54,544 | |
INITIAL COST TO COMPANY, Land | 20,999 | |
INITIAL COST TO COMPANY, Building & Improvements | 38,007 | |
Capitalized Subsequent to Acquisition or Improvements | 6,808 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,037 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 44,777 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 65,814 | |
Accumulated Depreciation | 4,513 | |
Date Acquired | 4-Jan-11 | |
Young Circle [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 13,409 | |
INITIAL COST TO COMPANY, Building & Improvements | 8,895 | |
Capitalized Subsequent to Acquisition or Improvements | 418 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 13,409 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,313 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,722 | |
Accumulated Depreciation | 2,086 | |
Date Acquired | 19-May-05 | |
Corporate [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 0 | |
INITIAL COST TO COMPANY, Building & Improvements | 242 | |
Capitalized Subsequent to Acquisition or Improvements | -1,106 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | -864 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | -864 | |
Accumulated Depreciation | -238 | |
Mandarin Landing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 4,443 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,747 | |
Capitalized Subsequent to Acquisition or Improvements | 11,306 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,443 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,053 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,496 | |
Accumulated Depreciation | 4,845 | |
Date Acquired | 10-Dec-99 | |
Manor Care [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'MD | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 6,397 | |
INITIAL COST TO COMPANY, Building & Improvements | 6,747 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,397 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,747 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,144 | |
Accumulated Depreciation | 78 | |
Date Acquired | 5-Sep-13 | |
Mariners Crossing [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'FL | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
INITIAL COST TO COMPANY, Land | 1,262 | |
INITIAL COST TO COMPANY, Building & Improvements | 4,447 | |
Capitalized Subsequent to Acquisition or Improvements | 2,852 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,511 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,050 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,561 | |
Accumulated Depreciation | 2,102 | |
Date Acquired | 12-Sep-00 | |
The Village Center [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CT | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,618 | |
INITIAL COST TO COMPANY, Land | 18,284 | |
INITIAL COST TO COMPANY, Building & Improvements | 36,021 | |
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 36,021 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 54,305 | |
Accumulated Depreciation | 267 | |
Date Acquired | 23-Oct-13 | |
Pleasanton Plaza [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Location | 'CA | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,968 | |
INITIAL COST TO COMPANY, Land | 19,390 | |
INITIAL COST TO COMPANY, Building & Improvements | 20,197 | |
Capitalized Subsequent to Acquisition or Improvements | 17 | [1] |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,390 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,214 | |
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,604 | |
Accumulated Depreciation | $147 | |
Date Acquired | 25-Oct-13 | |
[1] | Includes asset impairments recognized. | |
[2] | Represents aggregate cost for federal income tax purposes. | |
[3] | Aventura Square encumbrance is cross collateralized with Oakbrook Square and Treasure Coast Plaza. | |
[4] | Classified as held-for-sale. |
Real_Estate_Investments_And_Ac1
Real Estate Investments And Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Tenant Improvements, Estimated Useful Life Of Assets | 'Lesser of minimum lease term or economic useful life | ' | ' |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $3,314,540 | $3,068,886 | $2,668,133 |
Improvements | 58,603 | 24,022 | 559,536 |
Acquisitions | 164,719 | 273,185 | 944,598 |
Cost of real estate sold/written off | -266,863 | -51,553 | -1,103,381 |
Balance at end of year | 3,270,999 | 3,314,540 | 3,068,886 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -297,736 | -244,044 | -200,688 |
Depreciation expense | -70,354 | -66,758 | -67,876 |
Cost of real estate sold/written off | 13,924 | 13,066 | 24,520 |
Balance at end of year | ($354,166) | ($297,736) | ($244,044) |
Building [Member] | Minimum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '55 years | ' | ' |
Buildings And Land Improvements [Member] | Minimum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Buildings And Land Improvements [Member] | Maximum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Mortgage_Loans_On_Real_Estate_
Mortgage Loans On Real Estate (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $107,000 | ' | ' | |
Carrying Amount of Mortgages | 60,711 | ' | ' | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 140,708 | 45,279 | 0 | |
New loans, including capitalized costs | 24,820 | [1] | 114,518 | 45,114 |
Accrued interest | 228 | [1] | 2,277 | 196 |
Additions during year: | 25,048 | 116,795 | 45,310 | |
Collection of principal | -104,264 | [1] | -19,258 | 0 |
Collection of interest | -516 | [1] | -2,000 | -28 |
Amortization of capitalized costs | -265 | -108 | -3 | |
Deductions during year: | -105,045 | -21,366 | -31 | |
Balance at end of year | 60,711 | 140,708 | 45,279 | |
Mortgage Loans on Real Estate [Member] | ' | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |
Location | 'Maryland | ' | ' | |
Interest Rate | 5.00% | ' | ' | |
Final Maturity Date | 15-Jan-14 | ' | ' | |
Periodic Payment Terms | 'Interest only | ' | ' | |
Mortgage Loans on Real Estate, Prior Liens | 95,000 | ' | ' | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 95,000 | ' | ' | |
Carrying Amount of Mortgages | 54,444 | ' | ' | |
Mezzanine Loan [Member] | ' | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | |
Location | 'Maryland | ' | ' | |
Interest Rate | 5.00% | ' | ' | |
Final Maturity Date | 15-Jan-14 | ' | ' | |
Periodic Payment Terms | 'Interest only | ' | ' | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | 12,000 | ' | ' | |
Carrying Amount of Mortgages | $6,267 | ' | ' | |
[1] | Includes amounts related to loans provided in connection with dispositions. See Note 11 for additional information. |