Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EQUITY ONE, INC. | ' |
Entity Central Index Key | '0001042810 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 119,468,255 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Income producing | $3,260,321 | $3,153,131 | ||
Less: accumulated depreciation | -363,420 | -354,166 | ||
Income producing properties, net | 2,896,901 | 2,798,965 | ||
Construction in progress and land held for development | 90,807 | 104,464 | ||
Properties held for sale | 13,400 | 13,404 | ||
Properties, net | 3,001,108 | 2,916,833 | ||
Cash and cash equivalents | 29,265 | 25,583 | ||
Cash held in escrow and restricted cash | 9,797 | 10,912 | ||
Accounts and other receivables, net | 12,933 | 12,872 | ||
Investments in and advances to unconsolidated joint ventures | 82,658 | [1] | 91,772 | [1] |
Loans receivable, net | 0 | ' | ||
Goodwill | 6,377 | 6,377 | ||
Other assets | 238,213 | 229,599 | ||
TOTAL ASSETS | 3,380,351 | 3,354,659 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' | ||
Mortgage notes payable | 417,068 | 430,155 | ||
Unsecured senior notes payable | 731,136 | 731,136 | ||
Term loan | 250,000 | 250,000 | ||
Unsecured revolving credit facilities | 125,000 | 91,000 | ||
Total notes payable, Gross | 1,523,204 | 1,502,291 | ||
Unamortized premium on notes payable, net | 5,216 | 6,118 | ||
Total notes payable | 1,528,420 | 1,508,409 | ||
Other liabilities: | ' | ' | ||
Accounts payable and accrued expenses | 45,277 | 44,227 | ||
Tenant security deposits | 9,006 | 8,928 | ||
Deferred tax liability | 12,278 | 11,764 | ||
Other liabilities | 180,761 | 177,383 | ||
Liabilities associated with properties held for sale | ' | 33 | ||
Total liabilities | 1,775,742 | 1,750,744 | ||
Redeemable noncontrolling interests | 989 | 989 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | ' | ' | ||
Common stock, $0.01 par value – 150,000 shares authorized, 117,697 and 117,647 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 1,177 | 1,176 | ||
Additional paid-in capital | 1,695,698 | 1,693,873 | ||
Distributions in excess of earnings | -302,241 | -302,410 | ||
Accumulated other comprehensive income | 1,673 | 2,544 | ||
Total stockholders’ equity of Equity One, Inc. | 1,396,307 | 1,395,183 | ||
Noncontrolling interests | 207,313 | 207,743 | ||
Total equity | 1,603,620 | 1,602,926 | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,380,351 | $3,354,659 | ||
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 117,697,380 | 117,646,772 |
Common stock, shares outstanding (in shares) | 117,697,380 | 117,646,772 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Real Estate Revenue, Net [Abstract] | ' | ' | ||
Minimum rent | $70,127 | $60,387 | ||
Expense recoveries | 19,760 | 18,591 | ||
Percentage rent | 2,181 | 2,037 | ||
Management and leasing services | 629 | 414 | ||
Total revenue | 92,697 | 81,429 | ||
COSTS AND EXPENSES: | ' | ' | ||
Property operating | 21,662 | 21,656 | ||
Depreciation and amortization | 26,267 | 21,733 | ||
General and administrative | 10,914 | 8,894 | ||
Total costs and expenses | 58,843 | 52,283 | ||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,854 | 29,146 | ||
OTHER INCOME AND EXPENSE: | ' | ' | ||
Investment income | 171 | 2,202 | ||
Equity in income of unconsolidated joint ventures | 8,261 | 435 | ||
Other income | 2,841 | 2 | ||
Interest expense | -16,900 | -17,236 | ||
Amortization of deferred financing fees | -599 | -606 | ||
Gain on extinguishment of debt | 1,074 | ' | ||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 28,702 | 13,943 | ||
Income tax provision of taxable REIT subsidiaries | -533 | -14 | ||
INCOME FROM CONTINUING OPERATIONS | 28,169 | 13,929 | ||
DISCONTINUED OPERATIONS: | ' | ' | ||
Operations of income producing properties | -232 | 2,247 | ||
Gain on disposal of income producing properties | 3,296 | 11,196 | ||
Income tax provision of taxable REIT subsidiaries | ' | -81 | ||
INCOME FROM DISCONTINUED OPERATIONS | 3,064 | 13,362 | ||
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | -258 | 0 | ||
NET INCOME | 30,975 | 27,291 | ||
Net income attributable to noncontrolling interests - continuing operations | 4,701 | 2,693 | ||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | -5 | ||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $26,276 | $24,593 | ||
EARNINGS PER COMMON SHARE - BASIC: | ' | ' | ||
Continuing operations (in usd per share) | $0.20 | $0.09 | ||
Discontinued operations (in usd per share) | $0.03 | $0.11 | ||
Earnings per common share - Basic (in usd per share) | $0.22 | [1] | $0.21 | [1] |
Number of Shares Used in Computing Basic Earnings per Share | 117,675 | 117,032 | ||
EARNINGS PER COMMON SHARE - DILUTED: | ' | ' | ||
Continuing operations (in usd per share) | $0.20 | $0.09 | ||
Discontinued operations (in usd per share) | $0.03 | $0.11 | ||
Earnings per common share - Diluted (in usd per share) | $0.22 | [1] | $0.21 | [1] |
Number of Shares Used in Computing Diluted Earnings per Share | 117,936 | 117,398 | ||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.22 | $0.22 | ||
[1] | Note: EPS does not foot due to the rounding of the individual calculations. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ||
NET INCOME | ($30,975) | ($27,291) | ||
OTHER COMPREHENSIVE (LOSS) INCOME: | ' | ' | ||
Net amortization of interest rate contracts included in net income | 16 | 16 | ||
Net unrealized (loss) gain on interest rate swaps (1) | -1,729 | [1] | 550 | [1] |
Net loss on interest rate swaps reclassified from accumulated other comprehensive income into interest expense | -842 | -919 | ||
Other comprehensive (loss) income | -871 | 1,485 | ||
COMPREHENSIVE INCOME | 30,104 | 28,776 | ||
Comprehensive income attributable to noncontrolling interests | -4,699 | -2,698 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $25,405 | $26,078 | ||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized losses of $161 and $43 for the three months ended March 31, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net unrealized (loss) gain on interest rate swaps (1) | ($1,729) | [1] | $550 | [1] |
Equity Method Investee [Member] | ' | ' | ||
Net unrealized (loss) gain on interest rate swaps (1) | $161 | $43 | ||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized losses of $161 and $43 for the three months ended March 31, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Noncontrolling Interests [Member] | Comprehensive Income [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
BALANCE (beginning of period) at Dec. 31, 2013 | $1,602,926 | ' | ' | ' | ' | ' | ' | $1,602,926 |
BALANCE, shares (beginning of period) at Dec. 31, 2013 | 117,646,772 | 117,647,000 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,396,307 | 1,177 | 1,695,698 | -302,241 | 1,673 | 1,396,307 | ' | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 59,000 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | ' | 1 | 169 | ' | ' | 170 | ' | 170 |
Stock Repurchased During Period, Shares | ' | -9,000 | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | 0 | -205 | ' | ' | -205 | ' | -205 |
Share-based compensation expense | 1,843 | ' | 1,843 | ' | ' | 1,843 | ' | 1,843 |
Net income | 30,975 | ' | ' | 26,276 | ' | 26,276 | 4,699 | 30,975 |
Dividends declared on common stock | ' | ' | ' | -26,107 | ' | -26,107 | ' | -26,107 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | -4,421 | -4,421 |
Purchase of noncontrolling interest | ' | ' | 18 | ' | ' | 18 | -708 | -690 |
Other comprehensive loss | -871 | ' | ' | ' | -871 | -871 | ' | -871 |
Stockholders' Equity Attributable to Noncontrolling Interest | 207,313 | ' | ' | ' | ' | ' | 207,313 | ' |
BALANCE, (end of period) at Mar. 31, 2014 | $1,603,620 | ' | ' | ' | ' | ' | ' | $1,603,620 |
BALANCE, shares (end of period) at Mar. 31, 2014 | 117,697,380 | 117,697,000 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $30,975 | $27,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Straight line rent adjustment | -661 | -721 |
Accretion of below market lease intangibles, net | -8,207 | -3,066 |
Amortization of below market ground lease intangibles | 148 | 148 |
Equity in income of unconsolidated joint ventures | -8,261 | -435 |
Gain on change in control of interests | -2,807 | 0 |
Income tax provision of taxable REIT subsidiaries | 533 | 95 |
(Decrease) increase in allowance for losses on accounts receivable | -914 | 507 |
Amortization of premium on notes payable, net | -620 | -594 |
Amortization of deferred financing fees | 599 | 606 |
Depreciation and amortization | 26,776 | 23,838 |
Share-based compensation expense | 1,767 | 1,600 |
Amortization of derivatives | 16 | 16 |
Gain on sale of real estate | -3,038 | -11,196 |
(Gain) loss on extinguishment of debt | -1,074 | 682 |
Operating distributions from joint ventures | 0 | 1,011 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Accounts and other receivables | 923 | 2,239 |
Other assets | -8,487 | -11,087 |
Accounts payable and accrued expenses | -357 | 287 |
Tenant security deposits | 77 | -21 |
Other liabilities | 822 | -5,069 |
Net cash provided by operating activities | 28,210 | 26,131 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901 | ' |
Additions to income producing properties | -4,767 | -3,307 |
Additions to construction in progress | -13,220 | -10,110 |
Deposits for the acquisition of income producing properties | -250 | 0 |
Proceeds from sale of real estate and rental properties | 25,108 | 97,064 |
Decrease in cash held in escrow | 1,115 | 0 |
Increase in deferred leasing costs and lease intangibles | -1,412 | -2,398 |
Investment in joint ventures | -289 | -120 |
(Advances to) repayments of advances to joint ventures | -82 | 87 |
Distributions from joint ventures | 14,792 | ' |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | ' |
Net cash (used in) provided by investing activities | -4,380 | 69,216 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -22,895 | -5,577 |
Net borrowings (repayments) under revolving credit facilities | 34,000 | -67,500 |
Proceeds from issuance of common stock | 170 | 3,994 |
Repurchase of common stock | -205 | -157 |
Payment of deferred financing costs | 0 | -6 |
Stock issuance costs | 0 | -34 |
Dividends paid to stockholders | -26,107 | -26,024 |
Purchase of noncontrolling interest | -690 | 0 |
Distributions to redeemable noncontrolling interests | 0 | -236 |
Distributions to noncontrolling interests | -4,421 | -2,524 |
Net cash used in financing activities | -20,148 | -98,064 |
Net increase (decrease) in cash and cash equivalents | 3,682 | -2,717 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | 29,265 | 24,699 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Cash paid for interest (net of capitalized interest of $701 and $831 in 2014 and 2013, respectively) | 18,646 | 18,793 |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Income producing properties | 102,583 | ' |
Intangible and other assets | 7,609 | ' |
Intangible and other liabilities | 12,868 | ' |
Noncash or Part Noncash Acquisition, Fair Market Value of Debt Assumed | 11,423 | ' |
Assumption of mortgage notes payable | -11,353 | ' |
Cash paid for income producing properties | $85,901 | $0 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Common Stock, Shares, Issued | 117,697,380 | ' |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | ($12,868) | ' |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Capitalized interest | $701 | $831 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, our consolidated shopping center portfolio comprised 138 properties, including 116 retail properties and six non-retail properties totaling approximately 14.9 million square feet of gross leasable area, or GLA, 11 development or redevelopment properties with approximately 1.8 million square feet of GLA upon completion, and five land parcels. As of March 31, 2014, our consolidated shopping center occupancy was 93.9% and included national, regional and local tenants. Additionally, we had joint venture interests in 18 retail properties and two office buildings totaling approximately 3.2 million square feet of GLA. | |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Equity One, Inc. and its wholly-owned subsidiaries and those other entities in which we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Equity One, Inc. and its subsidiaries are hereinafter referred to as "the consolidated companies," the "Company," "we," "our," "us" or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. Certain operations have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented. Information in these notes to the condensed consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. | |
The condensed consolidated financial statements included in this report are unaudited. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three month periods ended March 31, 2014 and 2013 are not necessarily indicative of the results that may be expected for a full year. | |
Our unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q. Accordingly, these unaudited condensed consolidated financial statements do not contain certain information included in our annual financial statements and notes. The condensed consolidated balance sheet as of December 31, 2013 was derived from audited financial statements included in our 2013 Annual Report on Form 10-K but does not include all disclosures required under GAAP. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission (the "SEC") on March 3, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration of Credit Risk | |
A concentration of credit risk arises in our business when a 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 national 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 March 31, 2014, our largest tenant is comprised of a related group of grocers, which includes Albertsons, Shaw's, and Star Market and accounted for approximately 511,000 square feet, or approximately 3.2%, of our GLA and approximately $9.4 million, or 3.6%, of our annual minimum rent. As of March 31, 2014, we had outstanding receivables from Albertsons, Shaw's, and Star Market of approximately $56,000. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update ("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. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists and is intended to eliminate diversity in practice. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 amends the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The amendments require expanded disclosures for discontinued operations that would provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations and disclosure of the pretax profit or loss of individually significant components of an entity that do not qualify for discontinued operations reporting. ASU No. 2014-08 is to be applied prospectively to all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within fiscal years, and interim periods within those years, beginning after December 15, 2014. We have elected to early adopt the provisions of ASU No. 2014-08 beginning January 1, 2014. The adoption and implementation of this ASU resulted in the operations of certain current period dispositions being classified within continuing operations in our condensed consolidated statements of income. The adoption did not have an impact on our financial position or cash flows. The disclosures required by this ASU have been incorporated in the notes included herein. |
Acquisitions
Acquisitions | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||||
Acquisitions | ||||||||||||||||||
The following table provides a summary of acquisition activity during the three months ended March 31, 2014: | ||||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet/Acres | Purchase | Mortgage Assumed | ||||||||||||
Price | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
January 31, 2014 | Williamsburg at Dunwoody - | Dunwoody | GA | 0.14 | (1) | $ | 350 | $ | — | |||||||||
Outparcel (2) | ||||||||||||||||||
January 23, 2014 | Talega Village Center (2) (3) | San Clemente | CA | 102,282 | 23,000 | 11,353 | ||||||||||||
January 16, 2014 | Westwood Shopping | Bethesda | MD | 101,584 | 65,000 | — | ||||||||||||
Center (2) | ||||||||||||||||||
January 16, 2014 | Westwood Center II (2) | Bethesda | MD | 53,293 | 15,000 | — | ||||||||||||
Total | $ | 103,350 | $ | 11,353 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(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. | ||||||||||||||||||
(3) Property was acquired through the acquisition of our joint venture partners' interests in the property. See Note 5 for further discussion. | ||||||||||||||||||
The aggregate purchase price of the above property acquisitions have been preliminarily allocated as follows: | ||||||||||||||||||
Amount | Weighted Average Amortization Period | |||||||||||||||||
(In thousands) | (In years) | |||||||||||||||||
Land | $ | 82,178 | N/A | |||||||||||||||
Land improvements | 2,218 | 9.4 | ||||||||||||||||
Buildings | 22,571 | 37.9 | ||||||||||||||||
Tenant improvements | 1,165 | 5.4 | ||||||||||||||||
Above-market leases | 1,283 | 5.3 | ||||||||||||||||
In-place lease interests | 5,439 | 10.5 | ||||||||||||||||
Lease origination costs | 95 | 6.9 | ||||||||||||||||
Leasing commissions | 793 | 21.4 | ||||||||||||||||
Below-market leases | (12,322 | ) | 19.2 | |||||||||||||||
Above-market debt assumed | (70 | ) | 7.8 | |||||||||||||||
$ | 103,350 | |||||||||||||||||
During the three months ended March 31, 2014, we did not recognize any material measurement period adjustments related to prior year acquisitions. | ||||||||||||||||||
In conjunction with the acquisitions of Westwood Shopping Center and Westwood Center II, we entered into reverse Section 1031 like-kind exchange agreements with a third party intermediary, 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 intermediary is the legal owner of the entities which own these 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 their acquisition date. | ||||||||||||||||||
During the three months ended March 31, 2014 and 2013, we expensed approximately $1.4 million and $101,000, respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative costs in the condensed consolidated statements of income. |
Dispositions
Dispositions | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||||
Dispositions | ' | ||||||||||||||||
Dispositions | |||||||||||||||||
The following table provides a summary of disposition activity during the three months ended March 31, 2014: | |||||||||||||||||
Date Sold | Property Name | Region | City | State | Square | Gross Sales | |||||||||||
Feet | Price | ||||||||||||||||
Income producing property sold | (In thousands) | ||||||||||||||||
March 27, 2014 | Daniel Village | Southeast | Augusta | GA | 172,438 | $ | 10,125 | ||||||||||
February 27, 2014 | Brawley Commons | Southeast | Charlotte | NC | 119,189 | 5,450 | (1) | ||||||||||
January 15, 2014 | Stanley Marketplace | Southeast | Stanley | NC | 53,228 | 3,875 | |||||||||||
January 10, 2014 | Oak Hill | North Florida | Jacksonville | FL | 78,492 | 6,850 | |||||||||||
Total | $ | 26,300 | |||||||||||||||
______________________________________________ | |||||||||||||||||
(1) The property was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013. In conjunction with the sale of the property, the lender accepted the proceeds from the sale as full repayment of the loan. | |||||||||||||||||
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 additional non-core properties located primarily in the southeastern United States and north and central Florida. 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. | |||||||||||||||||
Upon the adoption of ASU No. 2014-08 on January 1, 2014, operations of properties held for sale and operating properties sold during the current period that were not previously classified as held for sale and/or reported as discontinued operations are reported in continuing operations as they do not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU No. 2014-08, we reported the operations and financial results of properties held for sale and operating properties sold as discontinued operations. | |||||||||||||||||
During the three months ended March 31, 2014, the results of operations for two of the properties sold (Daniel Village and Brawley Commons) and one property in our South Florida region classified as held for sale (Salerno Village) are included in continuing operations in the condensed consolidated statements of income for all periods presented as they do not qualify as discontinued operations under the amended guidance. In April 2014, we closed on the sale of Salerno Village, which had a net book value of $7.3 million as of March 31, 2014, for a sales price of $8.6 million. The related assets and liabilities of the property are presented as held for sale in our condensed consolidated balance sheet as of March 31, 2014. | |||||||||||||||||
We have six properties in our North Florida and Southeast regions under contract for an estimated gross sales price of $32.4 million, which are in various stages of due diligence but have not met the criteria to be classified as held for sale. If all of these properties are ultimately sold pursuant to their respective contracts, we anticipate that we would recognize a loss on the sale on three of these properties of approximately $1.4 million in the aggregate. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
During the three months ended March 31, 2014, the results of operations for two of the properties sold (Stanley Marketplace and Oak Hill) and one property in our South Florida region (Summerlin Square), with a net book value of $6.1 million, classified as held for sale as of December 31, 2013 are presented as discontinued operations in the condensed consolidated statements of income for all periods presented as they were classified as held for sale prior to the adoption of ASU No. 2014-08. | |||||||||||||||||
During the three months ended March 31, 2013, we sold twelve properties in our Southeast and North Florida regions for a total sales price of $100.6 million. The results of operations for these properties are presented as discontinued operations in the condensed consolidated statements of income for the three months ended March 31, 2013. | |||||||||||||||||
The components of income and expense relating to discontinued operations for the three months ended March 31, 2014 and 2013 are shown below: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Rental revenue | $ | 86 | $ | 7,019 | |||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | 312 | 2,367 | |||||||||||||||
Depreciation and amortization | — | 1,506 | |||||||||||||||
General and administrative expenses | 6 | 3 | |||||||||||||||
Operations of income producing properties | (232 | ) | 3,143 | ||||||||||||||
Interest expense | — | (216 | ) | ||||||||||||||
Gain on disposal of income producing properties | 3,296 | 11,196 | |||||||||||||||
Loss on extinguishment of debt | — | (682 | ) | ||||||||||||||
Income tax provision | — | (81 | ) | ||||||||||||||
Other income | — | 2 | |||||||||||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 2 | (5 | ) | ||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 3,066 | $ | 13,357 | |||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||
Additions to income producing properties | $ | — | $ | 143 | |||||||||||||
Increase in deferred leasing costs and lease intangibles | $ | — | $ | 202 | |||||||||||||
Straight line rent (expense) revenue | $ | (125 | ) | $ | 211 | ||||||||||||
Amortization of above market lease intangibles, net | $ | — | $ | 133 | |||||||||||||
Investments_in_Joint_Ventures
Investments in Joint Ventures | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investments in Joint Ventures | ' | ||||||||||||||
Investments in Joint Ventures | |||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | March 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||||
Investments in unconsolidated joint ventures: | (in thousands) | ||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,813 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,752 | 3,480 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 634 | 634 | ||||||||||
Madison 1235 Realty LLC | 1 | NY | 20.10% | 820 | 820 | ||||||||||
Talega Village Center JV, LLC (3) | 1 | CA | 100.00% | — | 2,828 | ||||||||||
Vernola Marketplace JV, LLC (4) | 1 | CA | 50.50% | 303 | 6,468 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 19,793 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (5) | 6 | FL, MA, NJ | 30.00% | 43,859 | 44,237 | ||||||||||
Total | 81,974 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 684 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 82,658 | $ | 91,772 | |||||||||||
joint ventures | |||||||||||||||
______________________________________________ | |||||||||||||||
(1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. | |||||||||||||||
(2) The investment balance as of March 31, 2014 and December 31, 2013 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
(3) We purchased our joint venture partners' interests in January 2014 and now own 100% of this entity. Prior to our acquisition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(4) Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. As described below, the property held by the joint venture was sold in January 2014. | |||||||||||||||
(5) The investment balance as of March 31, 2014 and December 31, 2013 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
Equity in income of unconsolidated joint ventures totaled $8.3 million and $435,000 for the three months ended March 31, 2014 and 2013, respectively. Management fees and leasing fees earned by us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying condensed consolidated statements of income, totaled approximately $629,000 and $414,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||
As of March 31, 2014 and December 31, 2013, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $250.8 million and $286.0 million, respectively, of which our aggregate proportionate share was $55.0 million and $72.5 million, respectively. | |||||||||||||||
In January 2014, we acquired Rockwood Capital's and Vestar Development Company's interests in Talega Village Center JV, LLC, the owner of Talega Village Center, a 102,000 square foot grocery-anchored shopping center located in San Clemente, California, for an additional investment of $6.2 million. Immediately prior to acquisition, we remeasured the fair value of our equity interest in the joint venture using a discounted cash flow analysis and recognized a gain of $2.8 million, including $561,000 attributable to a noncontrolling interest, which is included in other income in our condensed consolidated statement of income for the three months ended March 31, 2014. | |||||||||||||||
In January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, including the assumption of the existing mortgage of $22.9 million by the buyer. In connection with the sale, the joint venture recognized a gain of $14.7 million, of which our proportionate share was $7.4 million, including $1.6 million attributable to the noncontrolling interest, and we received distributions totaling $13.7 million, including $1.9 million that was distributed to the noncontrolling interest. The remaining investment balance as of March 31, 2014 represents our interest in the remaining cash held by the joint venture. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
Included within our consolidated operating properties as of March 31, 2014 are two properties, Westwood Shopping Center and Westwood Center II, which are owned by subsidiaries of a Section 1031 like-kind exchange intermediary. The agreements governing the operation of these entities provide us with the power to direct the activities that most significantly impact these entities' economic performance. The entities were deemed VIEs primarily because they do not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties. Additionally, we determined that the equity investor does not possess the characteristics of a controlling financial interest. Therefore, we concluded that we are the primary beneficiary of the VIEs as a result of our having the power to direct the activities that most significantly impact their economic performance and the obligation to absorb losses, as well as the right to receive benefits, that could be potentially significant to the VIEs. | |
Our consolidated operating properties as of December 31, 2013 included three Westwood Complex parcels that were owned at the time by a subsidiary of a qualified intermediary. Legal ownership of this entity was transferred to us by the qualified intermediary during the first quarter of 2014, 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 entities and any operating cash shortfalls that the entities may experience. |
Loans_Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Loans Receivable | ' |
Loans Receivable | |
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 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 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. 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, five of the seven parcels that comprise the Westwood Complex had been acquired. In connection with the acquisitions, $40.7 million of the $95.0 million mortgage loan and $5.8 million of the $12.0 million mezzanine loan were repaid by the respective borrowers and the entities holding these parcels were no longer considered VIEs. | |
In January 2014, we acquired the two remaining parcels 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 in full by the respective borrowers, and the entities holding these parcels were no longer considered VIEs. 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. |
Other_Assets
Other Assets | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Other Assets | |||||||||
The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 117,833 | $ | 117,200 | |||||
Leasing commissions, net | 38,952 | 38,296 | |||||||
Prepaid expenses and other receivables | 35,438 | 26,763 | |||||||
Straight-line rent receivables, net | 22,206 | 21,490 | |||||||
Deferred financing costs, net | 7,748 | 8,347 | |||||||
Deposits and mortgage escrows | 7,358 | 7,763 | |||||||
Furniture, fixtures and equipment, net | 4,122 | 4,406 | |||||||
Fair value of interest rate swaps | 2,184 | 2,944 | |||||||
Deferred tax asset | 2,372 | 2,390 | |||||||
Total other assets | $ | 238,213 | $ | 229,599 | |||||
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
Borrowings | |
Mortgage Notes Payable | |
As of March 31, 2014, the weighted-average interest rate of our fixed rate mortgage notes payable was 5.94%. | |
In connection with the acquisition of our joint venture partners' interests in Talega Village Center during January 2014, we assumed a mortgage loan with a principal balance of $11.4 million. The loan bears interest at 5.01% per annum and has a stated maturity date of October 1, 2036; however, both the lender and the borrower have the right to accelerate the maturity date of the loan to October 1, 2021, October 1, 2026 or October 1, 2031. | |
During the three months ended March 31, 2014, we prepaid a mortgage loan of $15.9 million which bore interest at a rate of 6.25%. | |
Included in mortgage notes payable as of December 31, 2013 is a mortgage note payable related to 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 accepted this amount as full repayment of the loan, resulting in the recognition of a net gain on extinguishment of debt of $882,000. | |
Unsecured Senior Notes | |
As of March 31, 2014, the weighted-average interest rate of our unsecured senior notes was 5.02%. | |
Unsecured Revolving Credit Facilities | |
Our primary credit facility is with a syndicate of banks and provides $575.0 million of unsecured revolving credit. As of March 31, 2014, we had drawn $125.0 million against the facility, which bore interest at a weighted-average rate of 1.32% per annum. As of December 31, 2013, we had drawn $91.0 million against the facility, which bore interest at a rate of 1.30% per annum. The facility also includes a facility fee applicable to the lending commitments thereunder, which fee was 0.25% per annum as of March 31, 2014. The facility expires on September 30, 2015, with a one year extension at our option, subject to certain conditions. | |
We also have a $5.0 million unsecured credit facility, for which there was no drawn balance as of March 31, 2014 and December 31, 2013. The facility bears interest at the one month LIBOR index rate plus 1.25% per annum and expires November 7, 2014. | |
As of March 31, 2014, giving effect to the financial covenants applicable to these credit facilities, the maximum available to us thereunder was approximately $466.0 million, net of outstanding letters of credit with an aggregate face amount of $2.6 million, of which $125.0 million was drawn. | |
Term Loan and Interest Rate Swaps | |
At times, we use derivative instruments, including interest rate swaps, to manage our exposure to variable interest rate risk. In this regard, we enter into derivative instruments that qualify as cash flow hedges and do not enter into such instruments for speculative purposes. As of March 31, 2014, we had interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective fixed interest rate under the loan agreement of 3.17% per annum. The swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The swap agreements mature on February 13, 2019, which is the maturity date of the term loan. As of March 31, 2014 and December 31, 2013, the fair value of our interest rate swaps consisted of an asset of $2.2 million and $2.9 million, respectively, which is included in other assets in our condensed consolidated balance sheets. 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 and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify $3.2 million as an increase to interest expense. |
Other_Liabilities
Other Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities | ' | |||||||
Other Liabilities | ||||||||
The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 170,289 | $ | 167,777 | ||||
Prepaid rent | 9,817 | 9,450 | ||||||
Other | 655 | 156 | ||||||
Total other liabilities | $ | 180,761 | $ | 177,383 | ||||
During the three months ended March 31, 2014, we recognized a $4.4 million net termination benefit at our property located at 101 7th Avenue in New York from the acceleration of the accretion of a below market lease liability upon the tenant vacating the space and rejecting the lease in connection with a bankruptcy filing. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We elected to be taxed as a REIT under the Internal Revenue Code (the "Code"), commencing with our taxable year ended December 31, 1995. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our REIT taxable income as defined under the Code. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our taxable REIT subsidiaries ("TRSs"), which include IRT Capital Corporation II ("IRT"), DIM Vastgoed, N.V. ("DIM"), Southeast US Holdings, B.V., MCC Redondo Beach II, LLC and C&C Delaware, Inc. Accordingly, the only provision for federal income taxes in our condensed consolidated financial statements relates to our consolidated TRSs. | |
Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays virtually no taxes in the Netherlands. As of March 31, 2014, DIM had federal and state net operating loss carry forwards of $4.8 million and $2.2 million, respectively, which begin to expire in 2027. As of March 31, 2014, IRT had federal and state net operating loss carry forwards of $2.0 million and $1.6 million, respectively, which begin to expire in 2030. | |
We believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for the tax liabilities are adequate for all years still subject to tax audit, which include all years after 2009. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interests | ' | |||||||
Noncontrolling Interests | ||||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Walden Woods Village, Ltd. (1) | $ | 989 | $ | 989 | ||||
Total redeemable noncontrolling interests | $ | 989 | $ | 989 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,091 | 1,081 | ||||||
Vestar/EQY Talega LLC (2) | — | 147 | ||||||
Vestar/EQY Vernola LLC (3) | 50 | 341 | ||||||
Vestar/EQY Canyon Trails LLC (4) | 27 | 29 | ||||||
Total noncontrolling interests included in total equity | $ | 207,313 | $ | 207,743 | ||||
______________________________________________ | ||||||||
(1) This entity owns Walden Woods Shopping Center. | ||||||||
(2) This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners' interest in January 2014. See Note 5 for further discussion. | ||||||||
(3) This entity holds our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | ||||||||
(4) This entity held our interest in Canyon Trails Towne Center. The property held by the joint venture was sold in December 2013. | ||||||||
Noncontrolling interests represent the portion of equity that we do not own in certain entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions under the Consolidation Topic of the FASB ASC. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
The following summarizes the calculation of basic EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Income from continuing operations | $ | 28,169 | $ | 13,929 | |||||
Loss on sale of operating properties | (258 | ) | — | ||||||
Net income attributable to noncontrolling interests - continuing operations | (4,701 | ) | (2,693 | ) | |||||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | |||||||
Allocation of continuing income to participating securities | (191 | ) | (382 | ) | |||||
Income from continuing operations available to common stockholders | 23,019 | 10,854 | |||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | (5 | ) | ||||||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | |||||||
Allocation of income from discontinued operations to participating securities | (25 | ) | — | ||||||
Income from discontinued operations available to common stockholders | 3,041 | 13,357 | |||||||
Net income available to common stockholders | $ | 26,060 | $ | 24,211 | |||||
Weighted average shares outstanding — Basic | 117,675 | 117,032 | |||||||
Basic earnings per share available to common stockholders: | |||||||||
Continuing operations | $ | 0.2 | $ | 0.09 | |||||
Discontinued operations | 0.03 | 0.11 | |||||||
Earnings per common share — Basic | $ | 0.22 | * | $ | 0.21 | * | |||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Income from continuing operations | $ | 28,169 | $ | 13,929 | |||||
Loss on sale of operating properties | (258 | ) | — | ||||||
Net income attributable to noncontrolling interests - continuing operations | (4,701 | ) | (2,693 | ) | |||||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | |||||||
Allocation of continuing income to participating securities | (191 | ) | (382 | ) | |||||
Income from continuing operations available to common stockholders | 23,019 | 10,854 | |||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | (5 | ) | ||||||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | |||||||
Allocation of income from discontinued operations to participating securities | (25 | ) | — | ||||||
Income from discontinued operations available to common stockholders | 3,041 | 13,357 | |||||||
Net income available to common stockholders | $ | 26,060 | $ | 24,211 | |||||
Weighted average shares outstanding — Basic | 117,675 | 117,032 | |||||||
Stock options using the treasury method | 261 | 366 | |||||||
Weighted average shares outstanding — Diluted | 117,936 | 117,398 | |||||||
Diluted earnings per share available to common stockholders: | |||||||||
Continuing operations | $ | 0.2 | $ | 0.09 | |||||
Discontinued operations | 0.03 | 0.11 | |||||||
Earnings per common share — Diluted | $ | 0.22 | * | $ | 0.21 | * | |||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||
The computation of diluted EPS for the three months ended March 31, 2014 and 2013 did not include 1.6 million and 1.4 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $22.78 to $26.66 and $23.52 to $26.66, respectively, because the option prices were greater than the average market prices of our common shares during this period. | |||||||||
The computation of diluted EPS for both the three months ended March 31, 2014 and 2013 did not include the 11.4 million joint venture units held by Liberty International Holdings Limited ("LIH"), which are redeemable by LIH for cash or, solely at our option, shares of our common stock on a one-for-one basis, subject to certain adjustments. These convertible units were not included in the diluted weighted average share count because their inclusion is anti-dilutive. |
ShareBased_Payments
Share-Based Payments | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Payments | ' | ||||||||||||
Share-Based Payments | |||||||||||||
The following table presents stock option activity during the three months ended March 31, 2014: | |||||||||||||
Shares Under Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||
Outstanding at January 1, 2014 | 2,985 | $ | 21.53 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (7 | ) | 18.88 | ||||||||||
Forfeited or expired | (60 | ) | 23.14 | ||||||||||
Outstanding at March 31, 2014 | 2,918 | $ | 21.5 | 4 | $ | 5,675 | |||||||
Exercisable at March 31, 2014 | 2,868 | $ | 21.54 | 4 | $ | 5,511 | |||||||
The following table presents information regarding restricted stock activity during the three months ended March 31, 2014: | |||||||||||||
Unvested | Weighted Average Grant-Date Fair Value | ||||||||||||
Shares | |||||||||||||
(In thousands) | |||||||||||||
Unvested at January 1, 2014 | 857 | $ | 17.37 | ||||||||||
Granted | 71 | 22.56 | |||||||||||
Vested | (51 | ) | 19.28 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested at March 31, 2014 | 877 | * | $ | 17.68 | |||||||||
______________________________________________ | |||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. | |||||||||||||
During the three months ended March 31, 2014, we granted 71,424 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 50,866 shares of restricted stock that vested during the three months ended March 31, 2014 was approximately $980,500. | |||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of income, is summarized as follows: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Restricted stock expense | $ | 1,756 | $ | 1,541 | |||||||||
Stock option expense | 79 | 143 | |||||||||||
Employee stock purchase plan discount | 8 | 3 | |||||||||||
Total equity-based expense | 1,843 | 1,687 | |||||||||||
Restricted stock classified as a liability | 105 | — | |||||||||||
Total expense | 1,948 | 1,687 | |||||||||||
Less amount capitalized | (181 | ) | (87 | ) | |||||||||
Net share-based compensation expense | $ | 1,767 | $ | 1,600 | |||||||||
As of March 31, 2014, we had $6.3 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our Amended and Restated Equity One 2000 Executive Incentive Compensation Plan. This expense is expected to be recognized over a weighted-average period of 1.5 years. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
Segment Reporting | ||||||||
We review operating and financial data for each property on an individual basis; therefore each of our individual properties is a separate operating segment. We have aggregated our operating segments in six reportable segments based primarily upon our method of internal reporting which classifies our operations by geographical area. Our reportable segments by geographical area are as follows: (1) South Florida – including Miami-Dade, Broward and Palm Beach Counties; (2) North Florida – including all of Florida north of Palm Beach County; (3) Southeast – including Georgia, Louisiana, 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, depreciation and amortization expense, gain (loss) on sale of real estate, gain (loss) on extinguishment of debt, equity in income of unconsolidated joint ventures, income tax provision from taxable REIT subsidiaries, amortization of deferred financing fees, 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 impairments, and to exclude straight line rent adjustments, accretion of below market lease intangibles (net), revenue earned from management and leasing services, investment income, equity in income of unconsolidated joint ventures, gain (loss) on sale of real estate, gain (loss) on extinguishment of debt and other income. NOI includes management fee expense recorded at each operating segment based on a percentage of revenue which is eliminated in consolidation. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with income from continuing operations before tax and discontinued operations as presented in our condensed consolidated financial statements. NOI should not be considered as an alternative to net income attributable to Equity One 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 from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenue: | ||||||||
South Florida | $ | 23,505 | $ | 23,041 | ||||
North Florida | 9,584 | 9,593 | ||||||
Southeast | 9,528 | 9,391 | ||||||
Northeast | 21,599 | 18,074 | ||||||
West Coast | 18,283 | 16,939 | ||||||
Non-retail | 926 | 266 | ||||||
Total segment revenue | 83,425 | 77,304 | ||||||
Add: | ||||||||
Straight line rent adjustment | 662 | 511 | ||||||
Accretion of below market lease intangibles, net | 7,981 | 3,200 | ||||||
Management and leasing services | 629 | 414 | ||||||
Total revenue | $ | 92,697 | $ | 81,429 | ||||
Net operating income (NOI): | ||||||||
South Florida | $ | 16,559 | $ | 15,833 | ||||
North Florida | 6,875 | 6,164 | ||||||
Southeast (1) | 7,787 | 6,685 | ||||||
Northeast | 14,482 | 12,709 | ||||||
West Coast | 12,541 | 11,506 | ||||||
Non-retail | 759 | 158 | ||||||
Total NOI | 59,003 | 53,055 | ||||||
Add: | ||||||||
Straight line rent adjustment | 662 | 511 | ||||||
Accretion of below market lease intangibles, net | 7,981 | 3,200 | ||||||
Management and leasing services | 629 | 414 | ||||||
Elimination of intersegment expenses | 2,760 | 2,593 | ||||||
Investment income | 171 | 2,202 | ||||||
Equity in income of unconsolidated joint ventures | 8,261 | 435 | ||||||
Gain on extinguishment of debt | 1,074 | — | ||||||
Other income | 2,841 | 2 | ||||||
Less: | ||||||||
Depreciation and amortization expense | 26,267 | 21,733 | ||||||
General and administrative expense | 10,914 | 8,894 | ||||||
Interest expense | 16,900 | 17,236 | ||||||
Amortization of deferred financing fees | 599 | 606 | ||||||
Income from continuing operations before tax and discontinued operations | $ | 28,702 | $ | 13,943 | ||||
(1) Included in NOI for the Southeast region for the three months ended March 31, 2014 is the reversal of $1.1 million in our allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants. | ||||||||
The following is a summary by segment of total assets included in the condensed consolidated balance sheets: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Assets: | ||||||||
South Florida | $ | 682,486 | $ | 690,328 | ||||
North Florida | 318,733 | 318,375 | ||||||
Southeast | 289,964 | 305,013 | ||||||
Northeast | 1,064,846 | 974,444 | ||||||
West Coast | 863,108 | 833,890 | ||||||
Non-retail | 60,842 | 61,273 | ||||||
Corporate assets | 86,972 | 157,932 | ||||||
Properties held for sale | 13,400 | 13,404 | ||||||
Total assets | $ | 3,380,351 | $ | 3,354,659 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
As of March 31, 2014, we had provided letters of credit having an aggregate face amount of $2.6 million as additional security for financial and other obligations. | |
As of March 31, 2014, we have invested an aggregate of approximately $56.6 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $82.8 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 March 31, 2014 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 March 31, 2014, the shopping center had a carrying value of $21.1 million and generated NOI of approximately $348,000 during the three months then ended. |
Environmental_Matters
Environmental Matters | 3 Months Ended |
Mar. 31, 2014 | |
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 | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, the fair value of our interest rate swaps was an asset of $2.2 million and $2.9 million, respectively, which is included in other assets in our condensed consolidated balance sheets. The net unrealized loss on our interest rate swaps was $1.6 million for the three months ended March 31, 2014 and is included in accumulated other comprehensive income. 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 measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
March 31, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives | $ | 2,184 | $ | — | $ | 2,184 | $ | — | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate derivatives | $ | 2,944 | $ | — | $ | 2,944 | $ | — | |||||||||||||
Valuation Methods | |||||||||||||||||||||
The fair values 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 March 31, 2014, 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 was attributable to the net change in unrealized gains and losses related to the interest rate swaps that remained outstanding as of March 31, 2014, none of which were reported in the condensed consolidated statements of income because they were documented and qualified as hedging instruments. | |||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||
There were no assets measured and recorded at fair value on a non-recurring basis as of March 31, 2014. | |||||||||||||||||||||
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 are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||||||||||||||
(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 equaled its fair value. | |||||||||||||||||||||
On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, result primarily from values established by Level 3 valuations. The carrying value is considered impaired when the total projected undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the asset as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuations of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Low | High | ||||||||||||||||||||
Overall capitalization rates | 12.50% | 15.50% | |||||||||||||||||||
Discount rates | 10.00% | 13.50% | |||||||||||||||||||
Terminal capitalization rates | 12.50% | 12.50% |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair value instrument disclosure [Abstract] | ' |
Financial Instruments Disclosure [Text Block] | ' |
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 condensed 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 as of December 31, 2013 approximated fair value due to their short maturities. | |
Mortgage Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of March 31, 2014 and December 31, 2013 was approximately $449.6 million and $461.5 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 $423.9 million and $438.0 million as of March 31, 2014 and December 31, 2013, respectively. | |
Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of March 31, 2014 and December 31, 2013 was approximately $770.4 million and $762.6 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 $729.5 million and $729.4 million as of March 31, 2014 and December 31, 2013, respectively. | |
Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of March 31, 2014 and December 31, 2013 was approximately $251.3 million and $248.7 million, respectively, calculated based on the net present value of payments over the term of the loan using estimated market rates for similar notes and remaining terms. The carrying amount of this loan was $250.0 million as of both March 31, 2014 and December 31, 2013. | |
The fair market value calculations of our debt as of March 31, 2014 and December 31, 2013 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations use a market rate spread over the risk free interest rate. This spread is determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate is used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate is subjective in nature, recent market data gathered suggest that the composite rates used for mortgages, senior notes and term loans are consistent with current market trends. | |
Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – As of March 31, 2014 and December 31, 2013, the fair value of our interest rate swaps was an asset of $2.2 million and $2.9 million, respectively, which is included in other assets in our condensed consolidated balance sheets. See Note 18 above for a discussion of the method used to value the interest rate swaps. | |
Redeemable Noncontrolling Interests (classified within Level 3 of the valuation hierarchy) – The carrying amount of the redeemable noncontrolling interests was $989,000 as of both March 31, 2014 and December 31, 2013, which approximates fair value as determined by discounted cash flow analyses. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 March 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 168,043 | $ | 1,394,577 | $ | 1,438,588 | $ | (100 | ) | $ | 3,001,108 | |||||||||
Investment in affiliates | 2,711,602 | — | — | (2,711,602 | ) | — | ||||||||||||||
Other assets | 230,511 | 97,006 | 843,356 | (791,630 | ) | 379,243 | ||||||||||||||
TOTAL ASSETS | $ | 3,110,156 | $ | 1,491,583 | $ | 2,281,944 | $ | (3,503,332 | ) | $ | 3,380,351 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,704,518 | $ | 130,669 | $ | 453,833 | $ | (760,600 | ) | $ | 1,528,420 | |||||||||
Other liabilities | 9,332 | 84,425 | 184,695 | (31,130 | ) | 247,322 | ||||||||||||||
TOTAL LIABILITIES | 1,713,850 | 215,094 | 638,528 | (791,730 | ) | 1,775,742 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,306 | 1,276,489 | 1,642,427 | (2,711,602 | ) | 1,603,620 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,110,156 | $ | 1,491,583 | $ | 2,281,944 | $ | (3,503,332 | ) | $ | 3,380,351 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | Entries | ||||||||||||||||
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 | 919,185 | (802,877 | ) | 437,826 | ||||||||||||||
TOTAL ASSETS | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,326 | $ | (3,482,553 | ) | $ | 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 | 1,614,827 | (2,679,543 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,326 | $ | (3,482,553 | ) | $ | 3,354,659 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended March 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,585 | $ | 48,838 | $ | 37,274 | $ | — | $ | 92,697 | ||||||||||
Equity in subsidiaries' earnings | 50,840 | — | — | (50,840 | ) | — | ||||||||||||||
Total costs and expenses | 13,107 | 23,925 | 22,023 | (212 | ) | 58,843 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 44,318 | 24,913 | 15,251 | (50,628 | ) | 33,854 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (17,880 | ) | (1,752 | ) | 14,723 | (243 | ) | (5,152 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 26,438 | 23,161 | 29,974 | (50,871 | ) | 28,702 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (19 | ) | (514 | ) | — | (533 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 26,438 | 23,142 | 29,460 | (50,871 | ) | 28,169 | ||||||||||||||
Income (loss) from discontinued operations | — | 3,110 | (51 | ) | 5 | 3,064 | ||||||||||||||
(Loss) gain from sale of operating properties | (288 | ) | — | 30 | — | (258 | ) | |||||||||||||
NET INCOME | 26,150 | 26,252 | 29,439 | (50,866 | ) | 30,975 | ||||||||||||||
Other comprehensive loss | (745 | ) | — | (126 | ) | — | (871 | ) | ||||||||||||
COMPREHENSIVE INCOME | 25,405 | 26,252 | 29,313 | (50,866 | ) | 30,104 | ||||||||||||||
Comprehensive income attributable to | — | — | (4,699 | ) | — | (4,699 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 25,405 | $ | 26,252 | $ | 24,614 | $ | (50,866 | ) | $ | 25,405 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended March 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,554 | $ | 41,989 | $ | 32,886 | $ | — | $ | 81,429 | ||||||||||
Equity in subsidiaries' earnings | 41,487 | — | — | (41,487 | ) | — | ||||||||||||||
Total costs and expenses | 10,632 | 23,170 | 18,552 | (71 | ) | 52,283 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 37,409 | 18,819 | 14,334 | (41,416 | ) | 29,146 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (18,303 | ) | (1,904 | ) | 5,229 | (225 | ) | (15,203 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,106 | 16,915 | 19,563 | (41,641 | ) | 13,943 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 40 | (54 | ) | — | (14 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,106 | 16,955 | 19,509 | (41,641 | ) | 13,929 | ||||||||||||||
Income (loss) from discontinued operations | 5,569 | 7,666 | (60 | ) | 187 | 13,362 | ||||||||||||||
NET INCOME | 24,675 | 24,621 | 19,449 | (41,454 | ) | 27,291 | ||||||||||||||
Other comprehensive income | 1,403 | — | 82 | — | 1,485 | |||||||||||||||
COMPREHENSIVE INCOME | 26,078 | 24,621 | 19,531 | (41,454 | ) | 28,776 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,698 | ) | — | (2,698 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 26,078 | $ | 24,621 | $ | 16,833 | $ | (41,454 | ) | $ | 26,078 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2014 | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
Inc. | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (35,785 | ) | $ | 26,429 | $ | 37,566 | $ | 28,210 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (350 | ) | (85,551 | ) | (85,901 | ) | |||||||||||||
Additions to income producing properties | (824 | ) | (2,094 | ) | (1,849 | ) | (4,767 | ) | ||||||||||||
Additions to construction in progress | (173 | ) | (9,341 | ) | (3,706 | ) | (13,220 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (250 | ) | — | — | (250 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 9,363 | 10,440 | 5,305 | 25,108 | ||||||||||||||||
Decrease in cash held in escrow | 1,115 | — | — | 1,115 | ||||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (80 | ) | (908 | ) | (424 | ) | (1,412 | ) | ||||||||||||
Investment in joint ventures | — | — | (289 | ) | (289 | ) | ||||||||||||||
Advances to joint ventures | — | — | (82 | ) | (82 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 14,792 | 14,792 | ||||||||||||||||
Repayments from subsidiaries, net | 22,458 | (23,626 | ) | 1,168 | — | |||||||||||||||
Net cash provided by (used in) investing activities | 31,609 | (25,879 | ) | (10,110 | ) | (4,380 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | — | (550 | ) | (22,345 | ) | (22,895 | ) | |||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from issuance of common stock | 170 | — | — | 170 | ||||||||||||||||
Repurchase of common stock | (205 | ) | — | — | (205 | ) | ||||||||||||||
Dividends paid to stockholders | (26,107 | ) | — | — | (26,107 | ) | ||||||||||||||
Purchase of noncontrolling interest | — | — | (690 | ) | (690 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (4,421 | ) | (4,421 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 7,858 | (550 | ) | (27,456 | ) | (20,148 | ) | |||||||||||||
Net increase in cash and cash equivalents | 3,682 | — | — | 3,682 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 25,583 | — | — | 25,583 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 29,265 | $ | — | $ | — | $ | 29,265 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2013 | Equity One, | Non- | Consolidated | |||||||||||||||||
Inc. | Guarantor | |||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (18,344 | ) | $ | 20,150 | $ | 24,325 | $ | 26,131 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Additions to income producing properties | (232 | ) | (2,484 | ) | (591 | ) | (3,307 | ) | ||||||||||||
Additions to construction in progress | (17 | ) | (8,664 | ) | (1,429 | ) | (10,110 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 41,496 | 55,568 | — | 97,064 | ||||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (372 | ) | (1,110 | ) | (916 | ) | (2,398 | ) | ||||||||||||
Investment in joint ventures | — | — | (120 | ) | (120 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 87 | 87 | ||||||||||||||||
Repayments from subsidiaries, net | 68,064 | (62,748 | ) | (5,316 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 108,939 | (19,438 | ) | (20,285 | ) | 69,216 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,585 | ) | (712 | ) | (1,280 | ) | (5,577 | ) | ||||||||||||
Net repayments under revolving credit facilities | (67,500 | ) | — | — | (67,500 | ) | ||||||||||||||
Payment of deferred financing costs | (6 | ) | — | — | (6 | ) | ||||||||||||||
Proceeds from issuance of common stock | 3,994 | — | — | 3,994 | ||||||||||||||||
Repurchase of common stock | (157 | ) | — | — | (157 | ) | ||||||||||||||
Stock issuance costs | (34 | ) | — | — | (34 | ) | ||||||||||||||
Dividends paid to stockholders | (26,024 | ) | — | — | (26,024 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (2,524 | ) | (2,524 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (236 | ) | (236 | ) | ||||||||||||||
Net cash used in financing activities | (93,312 | ) | (712 | ) | (4,040 | ) | (98,064 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (2,717 | ) | — | — | (2,717 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 24,699 | $ | — | $ | — | $ | 24,699 | ||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 unaudited condensed consolidated balance sheet date for potential recognition or disclosure in our condensed consolidated financial statements. | |
In March 2014, Jeffrey S. Olson, our Chief Executive Officer, informed us that he would not renew his employment agreement which expires on December 31, 2014. In April 2014, David Lukes was announced as our next Chief Executive Officer. Concurrent with the announcement, we entered into an employment agreement with Mr. Lukes that will be effective as of his start date, May 12, 2014. Mr. Lukes' employment agreement provides for an annual base salary of $850,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Lukes is eligible for a target performance bonus of 100% of his annualized base salary, except that with respect to the 2014 calendar year, Mr. Lukes will receive an annual bonus of no less than $850,000 reduced pro rata based on the portion of calendar year 2014 during which Mr. Lukes was not employed by the Company. Bonuses will be payable 50% in cash and 50% in shares of our restricted stock which will vest ratably over three years. Mr. Lukes will also receive a signing bonus of $500,000, which amount Mr. Lukes will repay in full in the event he fails to report to work, resigns without good reason or is terminated with cause within 12 months of the commencement of his employment. | |
Mr. Lukes will receive, upon the commencement of his employment, 200,000 stock options with an exercise price equal to the closing price of our common stock on the grant date that will vest ratably on the first, second, third and fourth anniversaries of the grant date. In addition, Mr. Lukes will receive 68,956 shares of restricted stock that will vest ratably on the second, third, and fourth anniversaries of the grant date and a long-term incentive plan award ("LTIP"), under which Mr. Lukes' target award will be 156,300 shares of our common stock. The number of shares of stock that will ultimately be awarded will be based on our performance during the four-year period beginning on the date of Mr. Lukes' employment. The performance metrics (and their weightings) are absolute total shareholder return (25%), total shareholder return relative to peer companies (25%) and growth in recurring funds from operations per share (25%). The remaining 25% of Mr. Lukes' award will be discretionary. For each of these four components, Mr. Lukes can earn 50%, 100% or 200% of the portion of the 156,300 target shares allocated to such component based on the actual performance compared to specified targets. Shares earned pursuant to the LTIP will be issued following the completion of the four-year performance period, subject to Mr. Lukes' continued employment through the end of such period. The shares will not participate in dividends, will possess no voting rights and will be excluded from our restricted share count during the performance period. | |
In April 2014, we prepaid a mortgage loan of $6.6 million which bore interest at a rate of 5.72% per annum and was scheduled to mature on July 10, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update ("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. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists and is intended to eliminate diversity in practice. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption and implementation of this ASU did not have a material impact on our results of operations, financial condition or cash flows. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 amends the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity's operations and financial results. The amendments require expanded disclosures for discontinued operations that would provide users of financial statements with more information about the assets, liabilities, revenues, and expenses of discontinued operations and disclosure of the pretax profit or loss of individually significant components of an entity that do not qualify for discontinued operations reporting. ASU No. 2014-08 is to be applied prospectively to all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within fiscal years, and interim periods within those years, beginning after December 15, 2014. We have elected to early adopt the provisions of ASU No. 2014-08 beginning January 1, 2014. The adoption and implementation of this ASU resulted in the operations of certain current period dispositions being classified within continuing operations in our condensed consolidated statements of income. The adoption did not have an impact on our financial position or cash flows. The disclosures required by this ASU have been incorporated in the notes included herein. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
A concentration of credit risk arises in our business when a 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 national 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 March 31, 2014, our largest tenant is comprised of a related group of grocers, which includes Albertsons, Shaw's, and Star Market and accounted for approximately 511,000 square feet, or approximately 3.2%, of our GLA and approximately $9.4 million, or 3.6%, of our annual minimum rent. As of March 31, 2014, we had outstanding receivables from Albertsons, Shaw's, and Star Market of approximately $56,000. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | |||||||||||||||||
The following table provides a summary of acquisition activity during the three months ended March 31, 2014: | ||||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet/Acres | Purchase | Mortgage Assumed | ||||||||||||
Price | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
January 31, 2014 | Williamsburg at Dunwoody - | Dunwoody | GA | 0.14 | (1) | $ | 350 | $ | — | |||||||||
Outparcel (2) | ||||||||||||||||||
January 23, 2014 | Talega Village Center (2) (3) | San Clemente | CA | 102,282 | 23,000 | 11,353 | ||||||||||||
January 16, 2014 | Westwood Shopping | Bethesda | MD | 101,584 | 65,000 | — | ||||||||||||
Center (2) | ||||||||||||||||||
January 16, 2014 | Westwood Center II (2) | Bethesda | MD | 53,293 | 15,000 | — | ||||||||||||
Total | $ | 103,350 | $ | 11,353 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(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. | ||||||||||||||||||
(3) Property was acquired through the acquisition of our joint venture partners' interests in the property. See Note 5 for further discussion. | ||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||||||
The aggregate purchase price of the above property acquisitions have been preliminarily allocated as follows: | ||||||||||||||||||
Amount | Weighted Average Amortization Period | |||||||||||||||||
(In thousands) | (In years) | |||||||||||||||||
Land | $ | 82,178 | N/A | |||||||||||||||
Land improvements | 2,218 | 9.4 | ||||||||||||||||
Buildings | 22,571 | 37.9 | ||||||||||||||||
Tenant improvements | 1,165 | 5.4 | ||||||||||||||||
Above-market leases | 1,283 | 5.3 | ||||||||||||||||
In-place lease interests | 5,439 | 10.5 | ||||||||||||||||
Lease origination costs | 95 | 6.9 | ||||||||||||||||
Leasing commissions | 793 | 21.4 | ||||||||||||||||
Below-market leases | (12,322 | ) | 19.2 | |||||||||||||||
Above-market debt assumed | (70 | ) | 7.8 | |||||||||||||||
$ | 103,350 | |||||||||||||||||
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | ' | ||||||||||||||||
The following table provides a summary of disposition activity during the three months ended March 31, 2014: | |||||||||||||||||
Date Sold | Property Name | Region | City | State | Square | Gross Sales | |||||||||||
Feet | Price | ||||||||||||||||
Income producing property sold | (In thousands) | ||||||||||||||||
March 27, 2014 | Daniel Village | Southeast | Augusta | GA | 172,438 | $ | 10,125 | ||||||||||
February 27, 2014 | Brawley Commons | Southeast | Charlotte | NC | 119,189 | 5,450 | (1) | ||||||||||
January 15, 2014 | Stanley Marketplace | Southeast | Stanley | NC | 53,228 | 3,875 | |||||||||||
January 10, 2014 | Oak Hill | North Florida | Jacksonville | FL | 78,492 | 6,850 | |||||||||||
Total | $ | 26,300 | |||||||||||||||
______________________________________________ | |||||||||||||||||
(1) The property was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013. In conjunction with the sale of the property, the lender accepted the proceeds from the sale as full repayment of the loan. | |||||||||||||||||
The components of income and expense relating to discontinued operations for the three months ended March 31, 2014 and 2013 are shown below: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Rental revenue | $ | 86 | $ | 7,019 | |||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | 312 | 2,367 | |||||||||||||||
Depreciation and amortization | — | 1,506 | |||||||||||||||
General and administrative expenses | 6 | 3 | |||||||||||||||
Operations of income producing properties | (232 | ) | 3,143 | ||||||||||||||
Interest expense | — | (216 | ) | ||||||||||||||
Gain on disposal of income producing properties | 3,296 | 11,196 | |||||||||||||||
Loss on extinguishment of debt | — | (682 | ) | ||||||||||||||
Income tax provision | — | (81 | ) | ||||||||||||||
Other income | — | 2 | |||||||||||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 2 | (5 | ) | ||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 3,066 | $ | 13,357 | |||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||
Additions to income producing properties | $ | — | $ | 143 | |||||||||||||
Increase in deferred leasing costs and lease intangibles | $ | — | $ | 202 | |||||||||||||
Straight line rent (expense) revenue | $ | (125 | ) | $ | 211 | ||||||||||||
Amortization of above market lease intangibles, net | $ | — | $ | 133 | |||||||||||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | ' | ||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | March 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||||
Investments in unconsolidated joint ventures: | (in thousands) | ||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,813 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,752 | 3,480 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 634 | 634 | ||||||||||
Madison 1235 Realty LLC | 1 | NY | 20.10% | 820 | 820 | ||||||||||
Talega Village Center JV, LLC (3) | 1 | CA | 100.00% | — | 2,828 | ||||||||||
Vernola Marketplace JV, LLC (4) | 1 | CA | 50.50% | 303 | 6,468 | ||||||||||
Parnassus Heights Medical Center | 1 | CA | 50.00% | 19,793 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (5) | 6 | FL, MA, NJ | 30.00% | 43,859 | 44,237 | ||||||||||
Total | 81,974 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 684 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 82,658 | $ | 91,772 | |||||||||||
joint ventures | |||||||||||||||
______________________________________________ | |||||||||||||||
(1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. | |||||||||||||||
(2) The investment balance as of March 31, 2014 and December 31, 2013 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||||||||||||||
(3) We purchased our joint venture partners' interests in January 2014 and now own 100% of this entity. Prior to our acquisition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(4) Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. As described below, the property held by the joint venture was sold in January 2014. | |||||||||||||||
(5) The investment balance as of March 31, 2014 and December 31, 2013 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. |
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Composition of Other Assets | ' | ||||||||
The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 117,833 | $ | 117,200 | |||||
Leasing commissions, net | 38,952 | 38,296 | |||||||
Prepaid expenses and other receivables | 35,438 | 26,763 | |||||||
Straight-line rent receivables, net | 22,206 | 21,490 | |||||||
Deferred financing costs, net | 7,748 | 8,347 | |||||||
Deposits and mortgage escrows | 7,358 | 7,763 | |||||||
Furniture, fixtures and equipment, net | 4,122 | 4,406 | |||||||
Fair value of interest rate swaps | 2,184 | 2,944 | |||||||
Deferred tax asset | 2,372 | 2,390 | |||||||
Total other assets | $ | 238,213 | $ | 229,599 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Composition of Other Liabilities | ' | |||||||
The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 170,289 | $ | 167,777 | ||||
Prepaid rent | 9,817 | 9,450 | ||||||
Other | 655 | 156 | ||||||
Total other liabilities | $ | 180,761 | $ | 177,383 | ||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Summary of Noncontrolling Interests | ' | |||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Walden Woods Village, Ltd. (1) | $ | 989 | $ | 989 | ||||
Total redeemable noncontrolling interests | $ | 989 | $ | 989 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM | 1,091 | 1,081 | ||||||
Vestar/EQY Talega LLC (2) | — | 147 | ||||||
Vestar/EQY Vernola LLC (3) | 50 | 341 | ||||||
Vestar/EQY Canyon Trails LLC (4) | 27 | 29 | ||||||
Total noncontrolling interests included in total equity | $ | 207,313 | $ | 207,743 | ||||
______________________________________________ | ||||||||
(1) This entity owns Walden Woods Shopping Center. | ||||||||
(2) This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners' interest in January 2014. See Note 5 for further discussion. | ||||||||
(3) This entity holds our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | ||||||||
(4) This entity held our interest in Canyon Trails Towne Center. The property held by the joint venture was sold in December 2013. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders | ' | ||||||||
The following summarizes the calculation of basic EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Income from continuing operations | $ | 28,169 | $ | 13,929 | |||||
Loss on sale of operating properties | (258 | ) | — | ||||||
Net income attributable to noncontrolling interests - continuing operations | (4,701 | ) | (2,693 | ) | |||||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | |||||||
Allocation of continuing income to participating securities | (191 | ) | (382 | ) | |||||
Income from continuing operations available to common stockholders | 23,019 | 10,854 | |||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | (5 | ) | ||||||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | |||||||
Allocation of income from discontinued operations to participating securities | (25 | ) | — | ||||||
Income from discontinued operations available to common stockholders | 3,041 | 13,357 | |||||||
Net income available to common stockholders | $ | 26,060 | $ | 24,211 | |||||
Weighted average shares outstanding — Basic | 117,675 | 117,032 | |||||||
Basic earnings per share available to common stockholders: | |||||||||
Continuing operations | $ | 0.2 | $ | 0.09 | |||||
Discontinued operations | 0.03 | 0.11 | |||||||
Earnings per common share — Basic | $ | 0.22 | * | $ | 0.21 | * | |||
* Note: EPS does not foot due to the rounding of the individual calculations. | |||||||||
Summary of Calculation of Diluted EPS and Reconciliation of Net Income Available to Shareholders | ' | ||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share amounts) | |||||||||
Income from continuing operations | $ | 28,169 | $ | 13,929 | |||||
Loss on sale of operating properties | (258 | ) | — | ||||||
Net income attributable to noncontrolling interests - continuing operations | (4,701 | ) | (2,693 | ) | |||||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | |||||||
Allocation of continuing income to participating securities | (191 | ) | (382 | ) | |||||
Income from continuing operations available to common stockholders | 23,019 | 10,854 | |||||||
Income from discontinued operations | 3,064 | 13,362 | |||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | (5 | ) | ||||||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | |||||||
Allocation of income from discontinued operations to participating securities | (25 | ) | — | ||||||
Income from discontinued operations available to common stockholders | 3,041 | 13,357 | |||||||
Net income available to common stockholders | $ | 26,060 | $ | 24,211 | |||||
Weighted average shares outstanding — Basic | 117,675 | 117,032 | |||||||
Stock options using the treasury method | 261 | 366 | |||||||
Weighted average shares outstanding — Diluted | 117,936 | 117,398 | |||||||
Diluted earnings per share available to common stockholders: | |||||||||
Continuing operations | $ | 0.2 | $ | 0.09 | |||||
Discontinued operations | 0.03 | 0.11 | |||||||
Earnings per common share — Diluted | $ | 0.22 | * | $ | 0.21 | * | |||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
The following table presents stock option activity during the three months ended March 31, 2014: | |||||||||||||
Shares Under Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||
Outstanding at January 1, 2014 | 2,985 | $ | 21.53 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (7 | ) | 18.88 | ||||||||||
Forfeited or expired | (60 | ) | 23.14 | ||||||||||
Outstanding at March 31, 2014 | 2,918 | $ | 21.5 | 4 | $ | 5,675 | |||||||
Exercisable at March 31, 2014 | 2,868 | $ | 21.54 | 4 | $ | 5,511 | |||||||
Summary of Restricted Stock Activity | ' | ||||||||||||
The following table presents information regarding restricted stock activity during the three months ended March 31, 2014: | |||||||||||||
Unvested | Weighted Average Grant-Date Fair Value | ||||||||||||
Shares | |||||||||||||
(In thousands) | |||||||||||||
Unvested at January 1, 2014 | 857 | $ | 17.37 | ||||||||||
Granted | 71 | 22.56 | |||||||||||
Vested | (51 | ) | 19.28 | ||||||||||
Forfeited | — | — | |||||||||||
Unvested at March 31, 2014 | 877 | * | $ | 17.68 | |||||||||
______________________________________________ | |||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. | |||||||||||||
Share-Based Compensation Expense | ' | ||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of income, is summarized as follows: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Restricted stock expense | $ | 1,756 | $ | 1,541 | |||||||||
Stock option expense | 79 | 143 | |||||||||||
Employee stock purchase plan discount | 8 | 3 | |||||||||||
Total equity-based expense | 1,843 | 1,687 | |||||||||||
Restricted stock classified as a liability | 105 | — | |||||||||||
Total expense | 1,948 | 1,687 | |||||||||||
Less amount capitalized | (181 | ) | (87 | ) | |||||||||
Net share-based compensation expense | $ | 1,767 | $ | 1,600 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Financial Information Relating to Operations Presented by Segments | ' | |||||||
The following table sets forth the financial information relating to our continuing operations presented by segments and includes a reconciliation of NOI to income from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenue: | ||||||||
South Florida | $ | 23,505 | $ | 23,041 | ||||
North Florida | 9,584 | 9,593 | ||||||
Southeast | 9,528 | 9,391 | ||||||
Northeast | 21,599 | 18,074 | ||||||
West Coast | 18,283 | 16,939 | ||||||
Non-retail | 926 | 266 | ||||||
Total segment revenue | 83,425 | 77,304 | ||||||
Add: | ||||||||
Straight line rent adjustment | 662 | 511 | ||||||
Accretion of below market lease intangibles, net | 7,981 | 3,200 | ||||||
Management and leasing services | 629 | 414 | ||||||
Total revenue | $ | 92,697 | $ | 81,429 | ||||
Net operating income (NOI): | ||||||||
South Florida | $ | 16,559 | $ | 15,833 | ||||
North Florida | 6,875 | 6,164 | ||||||
Southeast (1) | 7,787 | 6,685 | ||||||
Northeast | 14,482 | 12,709 | ||||||
West Coast | 12,541 | 11,506 | ||||||
Non-retail | 759 | 158 | ||||||
Total NOI | 59,003 | 53,055 | ||||||
Add: | ||||||||
Straight line rent adjustment | 662 | 511 | ||||||
Accretion of below market lease intangibles, net | 7,981 | 3,200 | ||||||
Management and leasing services | 629 | 414 | ||||||
Elimination of intersegment expenses | 2,760 | 2,593 | ||||||
Investment income | 171 | 2,202 | ||||||
Equity in income of unconsolidated joint ventures | 8,261 | 435 | ||||||
Gain on extinguishment of debt | 1,074 | — | ||||||
Other income | 2,841 | 2 | ||||||
Less: | ||||||||
Depreciation and amortization expense | 26,267 | 21,733 | ||||||
General and administrative expense | 10,914 | 8,894 | ||||||
Interest expense | 16,900 | 17,236 | ||||||
Amortization of deferred financing fees | 599 | 606 | ||||||
Income from continuing operations before tax and discontinued operations | $ | 28,702 | $ | 13,943 | ||||
(1) Included in NOI for the Southeast region for the three months ended March 31, 2014 is the reversal of $1.1 million in our allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants. | ||||||||
Financial Information Relating to Assets Presented by Segments | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Assets: | ||||||||
South Florida | $ | 682,486 | $ | 690,328 | ||||
North Florida | 318,733 | 318,375 | ||||||
Southeast | 289,964 | 305,013 | ||||||
Northeast | 1,064,846 | 974,444 | ||||||
West Coast | 863,108 | 833,890 | ||||||
Non-retail | 60,842 | 61,273 | ||||||
Corporate assets | 86,972 | 157,932 | ||||||
Properties held for sale | 13,400 | 13,404 | ||||||
Total assets | $ | 3,380,351 | $ | 3,354,659 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
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: | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Low | High | ||||||||||||||||||||
Overall capitalization rates | 12.50% | 15.50% | |||||||||||||||||||
Discount rates | 10.00% | 13.50% | |||||||||||||||||||
Terminal capitalization rates | 12.50% | 12.50% | |||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The following are assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
March 31, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives | $ | 2,184 | $ | — | $ | 2,184 | $ | — | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate derivatives | $ | 2,944 | $ | — | $ | 2,944 | $ | — | |||||||||||||
Fair Value, Assets Measured on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis 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 are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||||||||||||||
(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 equaled its fair value. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of March 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 168,043 | $ | 1,394,577 | $ | 1,438,588 | $ | (100 | ) | $ | 3,001,108 | |||||||||
Investment in affiliates | 2,711,602 | — | — | (2,711,602 | ) | — | ||||||||||||||
Other assets | 230,511 | 97,006 | 843,356 | (791,630 | ) | 379,243 | ||||||||||||||
TOTAL ASSETS | $ | 3,110,156 | $ | 1,491,583 | $ | 2,281,944 | $ | (3,503,332 | ) | $ | 3,380,351 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,704,518 | $ | 130,669 | $ | 453,833 | $ | (760,600 | ) | $ | 1,528,420 | |||||||||
Other liabilities | 9,332 | 84,425 | 184,695 | (31,130 | ) | 247,322 | ||||||||||||||
TOTAL LIABILITIES | 1,713,850 | 215,094 | 638,528 | (791,730 | ) | 1,775,742 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,396,306 | 1,276,489 | 1,642,427 | (2,711,602 | ) | 1,603,620 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,110,156 | $ | 1,491,583 | $ | 2,281,944 | $ | (3,503,332 | ) | $ | 3,380,351 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating | Consolidated | |||||||||||||||
As of December 31, 2013 | Inc. | Subsidiaries | Guarantor | Entries | ||||||||||||||||
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 | 919,185 | (802,877 | ) | 437,826 | ||||||||||||||
TOTAL ASSETS | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,326 | $ | (3,482,553 | ) | $ | 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 | 1,614,827 | (2,679,543 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,099 | $ | 1,492,787 | $ | 2,256,326 | $ | (3,482,553 | ) | $ | 3,354,659 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended March 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,585 | $ | 48,838 | $ | 37,274 | $ | — | $ | 92,697 | ||||||||||
Equity in subsidiaries' earnings | 50,840 | — | — | (50,840 | ) | — | ||||||||||||||
Total costs and expenses | 13,107 | 23,925 | 22,023 | (212 | ) | 58,843 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 44,318 | 24,913 | 15,251 | (50,628 | ) | 33,854 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (17,880 | ) | (1,752 | ) | 14,723 | (243 | ) | (5,152 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 26,438 | 23,161 | 29,974 | (50,871 | ) | 28,702 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (19 | ) | (514 | ) | — | (533 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 26,438 | 23,142 | 29,460 | (50,871 | ) | 28,169 | ||||||||||||||
Income (loss) from discontinued operations | — | 3,110 | (51 | ) | 5 | 3,064 | ||||||||||||||
(Loss) gain from sale of operating properties | (288 | ) | — | 30 | — | (258 | ) | |||||||||||||
NET INCOME | 26,150 | 26,252 | 29,439 | (50,866 | ) | 30,975 | ||||||||||||||
Other comprehensive loss | (745 | ) | — | (126 | ) | — | (871 | ) | ||||||||||||
COMPREHENSIVE INCOME | 25,405 | 26,252 | 29,313 | (50,866 | ) | 30,104 | ||||||||||||||
Comprehensive income attributable to | — | — | (4,699 | ) | — | (4,699 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 25,405 | $ | 26,252 | $ | 24,614 | $ | (50,866 | ) | $ | 25,405 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended March 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,554 | $ | 41,989 | $ | 32,886 | $ | — | $ | 81,429 | ||||||||||
Equity in subsidiaries' earnings | 41,487 | — | — | (41,487 | ) | — | ||||||||||||||
Total costs and expenses | 10,632 | 23,170 | 18,552 | (71 | ) | 52,283 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 37,409 | 18,819 | 14,334 | (41,416 | ) | 29,146 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (18,303 | ) | (1,904 | ) | 5,229 | (225 | ) | (15,203 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,106 | 16,915 | 19,563 | (41,641 | ) | 13,943 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 40 | (54 | ) | — | (14 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 19,106 | 16,955 | 19,509 | (41,641 | ) | 13,929 | ||||||||||||||
Income (loss) from discontinued operations | 5,569 | 7,666 | (60 | ) | 187 | 13,362 | ||||||||||||||
NET INCOME | 24,675 | 24,621 | 19,449 | (41,454 | ) | 27,291 | ||||||||||||||
Other comprehensive income | 1,403 | — | 82 | — | 1,485 | |||||||||||||||
COMPREHENSIVE INCOME | 26,078 | 24,621 | 19,531 | (41,454 | ) | 28,776 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,698 | ) | — | (2,698 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 26,078 | $ | 24,621 | $ | 16,833 | $ | (41,454 | ) | $ | 26,078 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2014 | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
Inc. | Subsidiaries | Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (35,785 | ) | $ | 26,429 | $ | 37,566 | $ | 28,210 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (350 | ) | (85,551 | ) | (85,901 | ) | |||||||||||||
Additions to income producing properties | (824 | ) | (2,094 | ) | (1,849 | ) | (4,767 | ) | ||||||||||||
Additions to construction in progress | (173 | ) | (9,341 | ) | (3,706 | ) | (13,220 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (250 | ) | — | — | (250 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 9,363 | 10,440 | 5,305 | 25,108 | ||||||||||||||||
Decrease in cash held in escrow | 1,115 | — | — | 1,115 | ||||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (80 | ) | (908 | ) | (424 | ) | (1,412 | ) | ||||||||||||
Investment in joint ventures | — | — | (289 | ) | (289 | ) | ||||||||||||||
Advances to joint ventures | — | — | (82 | ) | (82 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 14,792 | 14,792 | ||||||||||||||||
Repayments from subsidiaries, net | 22,458 | (23,626 | ) | 1,168 | — | |||||||||||||||
Net cash provided by (used in) investing activities | 31,609 | (25,879 | ) | (10,110 | ) | (4,380 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | — | (550 | ) | (22,345 | ) | (22,895 | ) | |||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from issuance of common stock | 170 | — | — | 170 | ||||||||||||||||
Repurchase of common stock | (205 | ) | — | — | (205 | ) | ||||||||||||||
Dividends paid to stockholders | (26,107 | ) | — | — | (26,107 | ) | ||||||||||||||
Purchase of noncontrolling interest | — | — | (690 | ) | (690 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (4,421 | ) | (4,421 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 7,858 | (550 | ) | (27,456 | ) | (20,148 | ) | |||||||||||||
Net increase in cash and cash equivalents | 3,682 | — | — | 3,682 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 25,583 | — | — | 25,583 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 29,265 | $ | — | $ | — | $ | 29,265 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2013 | Equity One, | Non- | Consolidated | |||||||||||||||||
Inc. | Guarantor | |||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (18,344 | ) | $ | 20,150 | $ | 24,325 | $ | 26,131 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Additions to income producing properties | (232 | ) | (2,484 | ) | (591 | ) | (3,307 | ) | ||||||||||||
Additions to construction in progress | (17 | ) | (8,664 | ) | (1,429 | ) | (10,110 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 41,496 | 55,568 | — | 97,064 | ||||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (372 | ) | (1,110 | ) | (916 | ) | (2,398 | ) | ||||||||||||
Investment in joint ventures | — | — | (120 | ) | (120 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 87 | 87 | ||||||||||||||||
Repayments from subsidiaries, net | 68,064 | (62,748 | ) | (5,316 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 108,939 | (19,438 | ) | (20,285 | ) | 69,216 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,585 | ) | (712 | ) | (1,280 | ) | (5,577 | ) | ||||||||||||
Net repayments under revolving credit facilities | (67,500 | ) | — | — | (67,500 | ) | ||||||||||||||
Payment of deferred financing costs | (6 | ) | — | — | (6 | ) | ||||||||||||||
Proceeds from issuance of common stock | 3,994 | — | — | 3,994 | ||||||||||||||||
Repurchase of common stock | (157 | ) | — | — | (157 | ) | ||||||||||||||
Stock issuance costs | (34 | ) | — | — | (34 | ) | ||||||||||||||
Dividends paid to stockholders | (26,024 | ) | — | — | (26,024 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (2,524 | ) | (2,524 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (236 | ) | (236 | ) | ||||||||||||||
Net cash used in financing activities | (93,312 | ) | (712 | ) | (4,040 | ) | (98,064 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (2,717 | ) | — | — | (2,717 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 24,699 | $ | — | $ | — | $ | 24,699 | ||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Mar. 31, 2014 |
sqft | |
properties | |
Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 138 |
Square feet of gross leasable area | 14,900,000 |
Percentage occupancy | 93.90% |
Unconsolidated Properties [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Square feet of gross leasable area | 3,200,000 |
Retail Site [Member] | Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 116 |
Retail Site [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 18 |
Non-Retail Properties [Member] | Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 6 |
Development Properties [Member] | Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 11 |
Square feet of gross leasable area | 1,800,000 |
Land Parcels [Member] | Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 5 |
Office Buildings [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Annual minimum rent, gross leasable area | $70,127,000 | $60,387,000 | ' |
Outstanding receivables | 12,933,000 | ' | 12,872,000 |
Credit Concentration Risk [Member] | Albertsons, Shaw's and Star Market [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Square Feet/Acres | 511,000 | ' | ' |
Largest tenant accounted gross leasable area, percentage of total area | 3.20% | ' | ' |
Outstanding receivables | 56,000 | ' | ' |
Annual Minimum Rent [Member] | Credit Concentration Risk [Member] | Albertsons, Shaw's and Star Market [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Annual minimum rent, gross leasable area | $9,400,000 | ' | ' |
Percentage of annual minimum rent, gross leasable area | 3.60% | ' | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Acquisition Related Costs | $1,400,000 | $101,000 |
Maximum [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Like-kind exchange agreement days, maximum | '180 days | ' |
Acquisitions_Summary_of_Income
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Jan. 23, 2014 | Jan. 31, 2014 | Jan. 16, 2014 | Jan. 16, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||
Dunwoody [Member] | San Clemente [Member] | San Clemente [Member] | Bethesda [Member] | Bethesda [Member] | Land [Member] | Land Improvements [Member] | Building [Member] | Leaseholds and Leasehold Improvements [Member] | Above Market Leases [Member] | Leases, Acquired-in-Place [Member] | Lease Origination Costs [Member] | Leasing Commissions [Member] | Off-Market Unfavorable Lease [Member] | Above Market Debt Assumed [Member] | |||||||
Williamsburg Outparcel [Member] | Talega Village Center [Member] | Talega Village Center [Member] | Westwood Shopping Center [Member] | Westwood Center II [Member] | |||||||||||||||||
acre | sqft | sqft | sqft | sqft | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $103,350 | ' | ' | ' | ' | ' | ' | $82,178 | $2,218 | $22,571 | $1,165 | $1,283 | $5,439 | $95 | $793 | ($12,322) | ($70) | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 2 days | '10 years 5 months 23 days | '6 years 10 months 10 days | '21 years 4 months 10 days | '19 years 2 months 23 days | '7 years 9 months | ||||
Acquired Tangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 5 months 5 days | '37 years 10 months 13 days | '5 years 4 months 17 days | ' | ' | ' | ' | ' | ' | ||||
Square Feet/Acres | ' | ' | 0 | [1] | 102,282 | [2] | 102,000 | 101,584 | 53,293 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Consideration Transferred | 103,350 | ' | 350 | [3] | 23,000 | [2],[3] | 6,200 | 65,000 | [3] | 15,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of mortgage notes payable | $11,353 | ' | $0 | [2] | $11,353 | [2] | ' | $0 | [2] | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | In acres. | ||||||||||||||||||||
[2] | acquisition of our joint venture partners' interests in the property. See Note 5 for further discussion. | ||||||||||||||||||||
[3] | The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. |
Dispositions_Summary_of_Dispos
Dispositions (Summary of Disposition Activity) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 2 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 27, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Jan. 15, 2014 | Jan. 10, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||
Salerno Village [Member] | Summerlin Square [Member] | North Florida And Southeast [Member] | Augusta [Member] | Charlotte [Member] | Charlotte [Member] | Stanley [Member] | Jacksonville [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Subsequent Event [Member] | Expected Loss on Sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | |||||
property | Income Producing Property Sold [Member] | Brawley Commons [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Brawley Commons and Daniel Village [Member] | Stanley Marketplace and Oak Hill [Member] | North Florida And Southeast [Member] | Salerno Village [Member] | property | Continuing Operations [Member] | Discontinued Operations [Member] | |||||||
Daniel Village [Member] | Brawley Commons [Member] | Stanley Market Place [Member] | Oak Hill [Member] | property | property | property | Salerno Village [Member] | Summerlin Square [Member] | |||||||||||
sqft | sqft | sqft | sqft | property | property | ||||||||||||||
Acquisitions And Dispositions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain (Loss) on Sale of Properties | $3,038,000 | $11,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | ' | ' | |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Real Estate Investment Property, Net | 3,001,108,000 | ' | 2,916,833,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Square Feet/Acres | ' | ' | ' | ' | ' | ' | 172,438 | ' | 119,189 | [1] | 53,228 | 78,492 | ' | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | 26,300,000 | ' | ' | ' | ' | ' | 10,125,000 | 5,500,000 | 5,450,000 | [1] | 3,875,000 | 6,850,000 | ' | ' | 100,600,000 | 8,600,000 | ' | ' | ' |
Number of Real Estate Properties Under Contract, Excluding Held-for-Sale | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |
Properties held for sale | $13,400,000 | ' | $13,404,000 | ' | $6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number Of Real Estate Properties Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 12 | ' | ' | ' | ' | |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | |
[1] | ) The property was encumbered by a $6.5 million mortgage loan which matured on July 1, 2013. In conjunction with the sale of the property, the lender accepted the proceeds from the sale as full repayment of the loan. |
Dispositions_Components_of_Inc
Dispositions (Components of Income and Expense Relating to Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Payments to Develop Real Estate Assets | $4,767 | $3,307 |
Increase (Decrease) in Lease Acquisition Costs | 1,412 | 2,398 |
Straight Line Rent | 661 | 721 |
Accretion of below market lease intangibles, net | -8,207 | -3,066 |
Sales of Real Estate | 26,300 | ' |
Gain (Loss) on Sale of Properties | 3,038 | 11,196 |
Rental revenue | 86 | 7,019 |
Property operating expenses | 312 | 2,367 |
Depreciation and amortization | ' | 1,506 |
Interest expense | ' | -216 |
Gain on disposal of income producing properties | 3,296 | 11,196 |
Loss on extinguishment of debt | ' | -682 |
Income tax provision | ' | -81 |
Other income | ' | 2 |
INCOME FROM DISCONTINUED OPERATIONS | 3,064 | 13,362 |
Net loss (income) attributable to noncontrolling interests | 2 | -5 |
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 6 | 3 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | -232 | 3,143 |
Expected Loss on Sale [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of Real Estate Properties Under Contract, Excluding Held-for-Sale | 3 | ' |
Gain (Loss) on Sale of Properties | 1,400 | ' |
Subsequent Event [Member] | Salerno Village [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Sales of Real Estate | 8,600 | ' |
North Florida And Southeast [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of Real Estate Properties Under Contract, Excluding Held-for-Sale | 6 | ' |
North Florida And Southeast [Member] | Under Contract [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Sales of Real Estate | 32,400 | ' |
Discontinued Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Payments to Develop Real Estate Assets | 0 | 143 |
Increase (Decrease) in Lease Acquisition Costs | 0 | 202 |
Straight Line Rent | -125 | 211 |
Accretion of below market lease intangibles, net | $0 | $133 |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Total | $81,974,000 | $91,170,000 | ||
Advances to unconsolidated joint ventures, Investment Balance | 684,000 | 602,000 | ||
Investments in and advances to unconsolidated joint ventures | 82,658,000 | [1] | 91,772,000 | [1] |
Madison 2260, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Cost method investment, ownership percentage | 8.60% | [1] | ' | |
Madison 1235, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Cost method investment, ownership percentage | 20.10% | [1] | ' | |
Madison 1235, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Cost method investment balance | 820,000 | [1] | 820,000 | [1] |
GRI-EQY I, LLC [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Net of deferred gains associated with the disposition of assets | 3,300,000 | 3,300,000 | ||
GRI-EQY I, LLC [Member] | Georgia, South Carolina & Florida [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 10 | [1],[2] | ' | |
Equity Method Investment, Ownership Percentage | 10.00% | [1],[2] | ' | |
Equity method investment balance | 12,813,000 | [1],[2] | 12,912,000 | [1],[2] |
G&I Investment South Florida Portfolio, LLC [Member] | Florida [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 3 | [1] | ' | |
Equity Method Investment, Ownership Percentage | 20.00% | [1] | ' | |
Equity method investment balance | 3,752,000 | [1] | 3,480,000 | [1] |
Talega Village Center JV, LLC [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Equity Method Investment, Ownership Percentage | 100.00% | 48.00% | ||
Talega Village Center JV, LLC [Member] | Vestar [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Noncontrolling interest ownership percentage | ' | 5.00% | ||
Talega Village Center JV, LLC [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1],[3] | ' | |
Equity Method Investment, Ownership Percentage | 100.00% | [1],[3] | ' | |
Equity method investment balance | 0 | [1],[3] | 2,828,000 | [1],[3] |
Vernola Marketplace Joint Venture Limited Liability Company [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Equity Method Investment, Ownership Percentage | 48.00% | 48.00% | ||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vestar [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Noncontrolling interest ownership percentage | 5.00% | 5.00% | ||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1],[4] | ' | |
Equity Method Investment, Ownership Percentage | 50.50% | [1],[4] | ' | |
Equity method investment balance | 303,000 | [1],[4] | 6,468,000 | [1],[4] |
Parnassus Heights Medical Center [Member] | California [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 1 | [1] | ' | |
Equity Method Investment, Ownership Percentage | 50.00% | [1] | ' | |
Equity method investment balance | 19,793,000 | [1] | 19,791,000 | [1] |
Equity One JV Portfolio, LLC (NYCRF) [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Net of deferred gains associated with the disposition of assets | 376,000 | 376,000 | ||
Equity One JV Portfolio, LLC (NYCRF) [Member] | Florida, Massachusetts, New Jersey [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Number of properties | 6 | [1],[5] | ' | |
Equity Method Investment, Ownership Percentage | 30.00% | [1],[5] | ' | |
Equity method investment balance | 43,859,000 | [1],[5] | 44,237,000 | [1],[5] |
Madison 2260, Realty, LLC [Member] | New York [Member] | ' | ' | ||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ||
Cost method investment balance | $634,000 | [1] | $634,000 | [1] |
[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 March 31, 2014 and December 31, 2013 is presented net of deferred gains of $3.3 million for both periods associated with the disposition of assets by us to the joint venture. | |||
[3] | We purchased our joint venture partners' interests in January 2014 and now own 100% of this entity. Prior to our acquisition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||
[4] | Our effective interest is 48% when considering the 5% noncontrolling interest held by Vestar Development Company. As described below, the property held by the joint venture was sold in January 2014. | |||
[5] | The investment balance as of March 31, 2014 and December 31, 2013 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. |
Investments_in_Joint_Ventures_2
Investments in Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 23, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Talega Village Center JV, LLC [Member] | Talega Village Center JV, LLC [Member] | Vestar [Member] | Vestar [Member] | Vestar [Member] | Equity One, Inc. [Member] | Management and Leasing Services [Member] | Management and Leasing Services [Member] | San Clemente [Member] | San Clemente [Member] | San Clemente [Member] | San Clemente [Member] | Vernola Marketplace [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Vestar/EQY Vernola LLC [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | ||||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Talega Village Center JV, LLC [Member] | Other Income [Member] | Other Income [Member] | Talega Village Center [Member] | Talega Village Center [Member] | Noncontrolling Interest [Member] | Other Income [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Equity Method Investee [Member] | Equity Method Investee [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Vernola Marketplace [Member] | Vernola Marketplace [Member] | Equity One, Inc. [Member] | |||||||||||
sqft | sqft | Talega Village Center [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Noncontrolling Interest [Member] | ||||||||||||||||||||||
Talega Village Center [Member] | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in income of unconsolidated joint ventures | $8,261,000 | $435,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,261,000 | $435,000 | |
Management Fees Revenue | 629,000 | 414,000 | ' | ' | ' | ' | ' | ' | ' | ' | 629,000 | 414,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 629,000 | 414,000 | |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,800,000 | 286,000,000 | 55,000,000 | 72,500,000 | ' | ' | ' | ' | ' | |
Equity Method Investment, Effective Interest | ' | ' | 48.00% | 48.00% | 100.00% | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Noncontrolling interest ownership percentage | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Consideration Transferred | 103,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | [1],[2] | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,807,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales of Real Estate | 26,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment in loan receivable (See Note 7) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Square Feet/Acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,282 | [2] | 102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable, net | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain (Loss) on Sale of Properties | 3,038,000 | 11,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | 7,400,000 | 1,600,000 | ' | ' | ' | |
Payments to Noncontrolling Interests | 690,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | |
Distributions from joint ventures | $14,792,000 | ' | $13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. | ||||||||||||||||||||||||||
[2] | acquisition of our joint venture partners' interests in the property. See Note 5 for further discussion. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (Variable Interest Entity, Primary Beneficiary [Member]) | Mar. 31, 2014 | Dec. 31, 2013 |
Westwood Shopping Center and Westwood Center II [Member] | Westwood Complex [Member] | |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Number of Entities | 2 | 3 |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Jan. 31, 2014 | Oct. 31, 2012 | |
Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Complex [Member] | Westwood Shopping Center and Westwood Center II [Member] | Westwood Complex [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] | |||||
acre | sqft | sqft | units | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable, net | $0 | ' | $12,000,000 | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | ' |
Square Feet/Acres | ' | ' | ' | ' | ' | ' | 22 | 214,767 | 211,020 | ' | ' | ' |
Number of units in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | ' | ' |
Mezzanine loan interest rate | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Real estate investment property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 |
Repayment of loans receivable | ' | ' | ' | 5,800,000 | ' | 40,700,000 | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 103,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | ' |
Real Estate Investment Property, at Cost | ' | $140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Assets_Composition_of_Ot
Other Assets (Composition of Other Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total other assets | $238,213 | $229,599 |
Other Assets [Member] | ' | ' |
Lease intangible assets, net | 117,833 | 117,200 |
Leasing commissions, net | 38,952 | 38,296 |
Prepaid expenses and other receivables | 35,438 | 26,763 |
Straight-line rent receivables, net | 22,206 | 21,490 |
Deferred financing costs, net | 7,748 | 8,347 |
Deposits and mortgage escrows | 7,358 | 7,763 |
Furniture, fixtures and equipment, net | 4,122 | 4,406 |
Fair value of interest rate swaps | 2,184 | 2,944 |
Deferred tax asset | 2,372 | 2,390 |
Total other assets | $238,213 | $229,599 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Mortgages [Member] | Senior Notes [Member] | Other Assets [Member] | Other Assets [Member] | Talega Village Center [Member] | Mortgages [Member] | Charlotte [Member] | Mortgages [Member] | Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Mortgages [Member] | Brawley Commons [Member] | Brawley Commons [Member] | Secondary Credit Facility [Member] | Secondary Credit Facility [Member] | Primary Credit Facility [Member] | Primary Credit Facility [Member] | Other Assets [Member] | Other Assets [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of at period end | ' | ' | ' | 5.94% | 5.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of mortgage notes payable | $11,353,000 | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 5.01% | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-13 | 13-Feb-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | 26,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | 1,074,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | 22,895,000 | 5,577,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 91,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.32% | 1.30% | ' | ' | ' | ' | ' | ' | ' |
Facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Margin, percentage above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under credit facility | 466,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate face amount of letters of credit pledged | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Nov-14 | ' | 30-Sep-15 | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | 250,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Feb-19 | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | 2,900,000 | 2,184,000 | 2,944,000 | 2,184,000 | 2,944,000 |
Interest rate cash flow hedge, gain (loss) to be reclassified during next 12 months | -3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | 2,184,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $15,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Liabilities_Composition_
Other Liabilities (Composition of Other Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Other Liabilities [Member] | Other Liabilities [Member] | 101 7th Avenue [Member] | |||
Schedule of Other Liabilities [Line Items] | ' | ' | ' | ' | ' |
Lease intangible liabilities, net | ' | ' | $170,289,000 | $167,777,000 | ' |
Prepaid rent | ' | ' | 9,817,000 | 9,450,000 | ' |
Other | ' | ' | 655,000 | 156,000 | ' |
Total other liabilities | 180,761,000 | 177,383,000 | 180,761,000 | 177,383,000 | ' |
Gain (Loss) on Contract Termination | ' | ' | ' | ' | $4,400,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income tax benefit (provision) of taxable REIT subsidiaries | ($533,000) | ($14,000) |
Income tax expense of taxable REIT subsidiaries | ' | 81,000 |
Dim Vastgoed N V [Member] | ' | ' |
Federal net operating loss carry forwards | 4,800,000 | ' |
State net operating loss carry forwards | 2,200,000 | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-27 | ' |
I R T Capital Corporation [Member] | ' | ' |
Federal net operating loss carry forwards | 2,000,000 | ' |
State net operating loss carry forwards | $1,600,000 | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-30 | ' |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Redeemable noncontrolling interests | $989 | $989 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,313 | 207,743 | ||
Walden Woods Village Ltd [Member] | ' | ' | ||
Redeemable noncontrolling interests | 989 | [1] | 989 | [1] |
CapCo [Member] | ' | ' | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,145 | 206,145 | ||
DIM [Member] | ' | ' | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,091 | 1,081 | ||
Vestar/EQY Talega LLC [Member] | ' | ' | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | [2] | 147 | [2] |
Vestar/EQY Vernola LLC [Member] | ' | ' | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 50 | [3] | 341 | [3] |
Vestar/EQY Canyon Trails LLC [Member] | ' | ' | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $27 | [4] | $29 | [4] |
[1] | This entity owns Walden Woods Shopping Center. | |||
[2] | This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners' interest in January 2014. See Note 5 for further discussion. | |||
[3] | This entity holds our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | |||
[4] | This entity held our interest in Canyon Trails Towne Center. The property held by the joint venture was sold in December 2013. |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | |
Equity One, Inc. [Member] | Vernola Marketplace [Member] | Vestar/EQY Vernola LLC [Member] | ||||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | Equity One, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | $26,300,000 | ' | ' | ' | $49,000,000 | ' |
Common Stock, Shares, Issued | 117,697,380 | ' | 117,646,772 | ' | ' | ' |
Redeemable noncontrolling interests | 989,000 | ' | 989,000 | ' | ' | ' |
Investment in loan receivable (See Note 7) | ' | ' | ' | ' | 22,900,000 | ' |
Gain (Loss) on Sale of Properties | 3,038,000 | 11,196,000 | ' | ' | 14,700,000 | ' |
Payments to Noncontrolling Interests | $690,000 | $0 | ' | ' | ' | $1,900,000 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Option [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $22.78 | $23.52 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $26.66 | $26.66 |
Earnings Per Share: | ' | ' |
Common stock not included in the calculation of EPS, shares | 1,600,000 | 1,400,000 |
Class A Joint Venture Shares [Member] | ' | ' |
Earnings Per Share: | ' | ' |
Common stock not included in the calculation of EPS, shares | 11,400,000 | 11,400,000 |
Joint ventures shares, conversion to one share of company common stock | 1 | ' |
Earnings_Per_Share_Summary_of_
Earnings Per Share (Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Income (loss) from continuing operations | $28,169 | $13,929 | ||
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | -258 | 0 | ||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | ||
Net Income (Loss) Available to Common Stockholders, Continuing Operations | 23,019 | 10,854 | ||
Income from discontinued operations | 3,064 | 13,362 | ||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | -5 | ||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | ||
Allocation of discontinued loss to restricted share awards and to Class A common stockholder | -191 | -382 | ||
Participating Securities, Distributed and Undistributed Earnings (Loss), Discontinued Operations | -25 | ' | ||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations | 3,041 | 13,357 | ||
Net income (loss) available to common stockholders | 26,060 | 24,211 | ||
Weighted average shares outstanding - Basic (in shares) | 117,675 | 117,032 | ||
Basic earnings per share from continuing operations (in usd per share) | $0.20 | $0.09 | ||
Basic earnings per share from discontinued operations (in usd per share) | $0.03 | $0.11 | ||
Earnings per common share - Basic (in usd per share) | $0.22 | [1] | $0.21 | [1] |
Restricted Share Awards And To Class A Common Stock [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Participating Securities, Distributed and Undistributed Earnings (Loss), Discontinued Operations | ($25) | $0 | ||
[1] | Note: EPS does not foot due to the rounding of the individual calculations. |
Earnings_Per_Share_Summary_of_1
Earnings Per Share (Summary of Calculation of Diluted EPS and Reconciliation of Net Loss (Income) Available to Shareholders) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Income (loss) from continuing operations | $28,169 | $13,929 | ||
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | -258 | 0 | ||
Income from continuing operations attributable to Equity One, Inc. | 23,210 | 11,236 | ||
Allocation of discontinued loss to restricted share awards and to Class A common stockholder | -191 | -382 | ||
Net Income (Loss) Available to Common Stockholders, Continuing Operations | 23,019 | 10,854 | ||
Income from discontinued operations | 3,064 | 13,362 | ||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 2 | -5 | ||
Income from discontinued operations attributable to Equity One, Inc. | 3,066 | 13,357 | ||
Participating Securities, Distributed and Undistributed Earnings (Loss), Discontinued Operations | -25 | ' | ||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations | 3,041 | 13,357 | ||
Net income available to common stockholders | 26,060 | 24,211 | ||
Weighted average shares outstanding - Basic (in shares) | 117,675 | 117,032 | ||
Stock options using the treasury method | 261 | 366 | ||
Weighted average shares outstanding - Diluted | 117,936 | 117,398 | ||
Diluted earnings per share from continuing operations (in usd per share) | $0.20 | $0.09 | ||
Diluted earnings per share from discontinued operations (in usd per share) | $0.03 | $0.11 | ||
Earnings per common share - Diluted (in usd per share) | $0.22 | [1] | $0.21 | [1] |
Restricted Share Awards And To Class A Common Stock [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Participating Securities, Distributed and Undistributed Earnings (Loss), Discontinued Operations | ($25) | $0 | ||
[1] | Note: EPS does not foot due to the rounding of the individual calculations. |
ShareBased_Payments_Narrative_
Share-Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Total unrecognized compensation expense related to unvested and restricted share-based payment arrangements | $6,300,000 | ' | |
Recognizable weighted-average period (in years) | '1 year 6 months | ' | |
Performance Shares [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Executive shares | 800,000 | ' | |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Executive shares | 877,000 | [1] | 857,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 71,424 | ' | |
Grant date value, vested | 50,866 | ' | |
Total vesting-date value of shares vested in a period | $980,500 | ' | |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Minimum [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Vest over period (in years) | '2 years | ' | |
Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Maximum [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Vest over period (in years) | '3 years | ' | |
[1] | Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. |
ShareBased_Payments_Summary_of
Share-Based Payments (Summary of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $5,675 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $5,511 |
Share Under Option (in shares): | ' |
Beginning balance | 2,985 |
Granted | 0 |
Exercised | -7 |
Forfeited or expired | -60 |
Ending balance | 2,918 |
Shares Under Option, Exercisable | 2,868 |
Weighted-Average Exercise Price (in dollars per share): | ' |
Beginning balance | $21.53 |
Granted | $0 |
Exercised | $18.88 |
Forfeited or expired | $23.14 |
Ending balance | $21.50 |
Weighted-Average Exercise Price, Exercisable | $21.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 11 months 16 days |
Summary_of_Restricted_Stock_Ac
(Summary of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | ||
Restricted Stock [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $17.68 | [1] | $17.37 |
Unvested Shares (in shares): | ' | ' | |
Unvested beginning balance | 857,000 | ' | |
Granted | 71,424 | ' | |
Vested | -50,866 | ' | |
Forfeited | 0 | ' | |
Unvested ending balance | 877,000 | [1] | ' |
Weighted-Average Price (in dollars per share): | ' | ' | |
Granted | $22.56 | ' | |
Vested | $19.28 | ' | |
Forfeited | $0 | ' | |
[1] | Does not include 800,000 shares of restricted stock awarded to certain executives which are subject to performance vesting conditions and are not entitled to vote or receive dividends during the performance period. |
ShareBased_Payments_Summary_of1
Share-Based Payments (Summary of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Restricted stock expense | $1,756 | $1,541 |
Stock option expense | 79 | 143 |
Employee stock purchase plan discount | 8 | 3 |
Total equity-based expense | 1,843 | 1,687 |
Restricted stock classified as a liability | 105 | 0 |
Total expense | 1,948 | 1,687 |
Less amount capitalized | -181 | -87 |
Net share-based compensation expense | $1,767 | $1,600 |
Segment_Reporting_Financial_In
Segment Reporting (Financial Information Relating to Operations Presented by Segments) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
segment | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Valuation Allowances and Reserves, Recoveries | $1,100,000 | ' | ||
Number of reportable segments | 6 | ' | ||
Straight Line Rent | 661,000 | 721,000 | ||
Management and leasing services | 629,000 | 414,000 | ||
Total revenue | 92,697,000 | 81,429,000 | ||
Operating Income (Loss) | 33,854,000 | 29,146,000 | ||
Investment income | 171,000 | 2,202,000 | ||
Equity in income of unconsolidated joint ventures | 8,261,000 | 435,000 | ||
Other income | 2,841,000 | 2,000 | ||
Gain on sale of land | 3,038,000 | 11,196,000 | ||
Gain on extinguishment of debt | 1,074,000 | ' | ||
Depreciation and amortization expense | 26,776,000 | 23,838,000 | ||
General and administrative | 10,914,000 | 8,894,000 | ||
Interest expense | 16,900,000 | 17,236,000 | ||
Amortization of deferred financing fees | 599,000 | 606,000 | ||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 28,702,000 | 13,943,000 | ||
Operating Segments [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 83,425,000 | 77,304,000 | ||
Operating Income (Loss) | 59,003,000 | 53,055,000 | ||
Operating Segments [Member] | South Florida [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 23,505,000 | 23,041,000 | ||
Operating Income (Loss) | 16,559,000 | 15,833,000 | ||
Operating Segments [Member] | North Florida [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 9,584,000 | 9,593,000 | ||
Operating Income (Loss) | 6,875,000 | 6,164,000 | ||
Operating Segments [Member] | Southeast [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 9,528,000 | 9,391,000 | ||
Operating Income (Loss) | 7,787,000 | [1] | 6,685,000 | [1] |
Operating Segments [Member] | Northeast [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 21,599,000 | 18,074,000 | ||
Operating Income (Loss) | 14,482,000 | 12,709,000 | ||
Operating Segments [Member] | West Coast [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 18,283,000 | 16,939,000 | ||
Operating Income (Loss) | 12,541,000 | 11,506,000 | ||
Operating Segments [Member] | Non-retail [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Total segment revenues | 926,000 | 266,000 | ||
Operating Income (Loss) | 759,000 | 158,000 | ||
Segment Reconciling Items [Member] | ' | ' | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ||
Straight Line Rent | 662,000 | 511,000 | ||
Accretion Expense | 7,981,000 | 3,200,000 | ||
Management and leasing services | 629,000 | 414,000 | ||
Elimination of intersegment expenses | 2,760,000 | 2,593,000 | ||
Investment income | 171,000 | 2,202,000 | ||
Equity in income of unconsolidated joint ventures | 8,261,000 | 435,000 | ||
Other income | 2,841,000 | 2,000 | ||
Gain on extinguishment of debt | 1,074,000 | 0 | ||
Depreciation and amortization expense | 26,267,000 | 21,733,000 | ||
General and administrative | 10,914,000 | 8,894,000 | ||
Interest expense | 16,900,000 | 17,236,000 | ||
Amortization of deferred financing fees | $599,000 | $606,000 | ||
[1] | Included in NOI for the Southeast region for the three months ended March 31, 2014 is the reversal of $1.1 million in our allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants. |
Segment_Reporting_Financial_In1
Segment Reporting (Financial Information Relating to Assets Presented by Segments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $3,380,351 | $3,354,659 |
South Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 682,486 | 690,328 |
North Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 318,733 | 318,375 |
Southeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 289,964 | 305,013 |
Northeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,064,846 | 974,444 |
West Coast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 863,108 | 833,890 |
Non-retail [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 60,842 | 61,273 |
Corporate assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 86,972 | 157,932 |
Assets held for sale or sold [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $13,400 | $13,404 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Loss Contingencies [Line Items] | ' |
Investment in development or redevelopment projects | $56,600,000 |
Letters of Credit Outstanding, Amount | 2,600,000 |
Pending Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Shopping Center Carrying Value | 21,100,000 |
Shopping Center Net Operating Income | 348,000 |
Capital Addition Purchase Commitments [Member] | ' |
Loss Contingencies [Line Items] | ' |
Additional investment required to complete the project | $82,800,000 |
Commitments and contingencies expense period | 'P2Y |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |||
properties | Other Assets [Member] | Other Assets [Member] | Danville San Ramon Medical [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Equity One, Inc. [Member] | ||||
Other Assets [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative, Notional Amount | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value of interest rate swaps | ' | ' | ' | ' | ' | 2,200,000 | 2,900,000 | 2,184,000 | 2,944,000 | 2,184,000 | 2,944,000 | ' | ||
Interest Rate Derivative Assets, at Fair Value | ' | ' | 2,184,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net unrealized (loss) gain on interest rate swaps (1) | -1,729,000 | [1] | 550,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,600,000 |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | 518,000 | ' | ' | ' | ' | ' | ' | ' | ||
Number of properites held for sale with recorded impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Impairment of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill, Impairment Loss | $138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized losses of $161 and $43 for the three months ended March 31, 2014 and 2013, respectively. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) (USD $) | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Danville San Ramon Medical [Member] | Other Assets [Member] | Other Assets [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Other Assets [Member] | ||||
Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | $2,184 | $2,944 | $0 | $2,184 | $2,944 | $0 | $0 | $2,200 | $2,900 |
Fair value of interest rate swaps | ' | 2,184 | 2,944 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | $518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured and Recorded as Fair Value on a Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | 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 | Dec. 31, 2013 | ||
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] | Minimum [Member] | Maximum [Member] | Terminal cap rate [Member] [Member] | Terminal cap rate [Member] [Member] | Overall cap rate [Member] | Overall cap rate [Member] | ||||
Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value Inputs, Cap Rate | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 12.50% | 12.50% | 15.50% | ||
Operating Properties Held-for-investment, Fair Value Disclosure | ' | ' | $6,600 | $0 | $0 | $6,600 | [1] | ' | ' | ' | ' | ' | ' | |
Impairment loss | ' | ' | 2,406 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating Properties Held-for-sale, Fair Value Disclosure | ' | ' | 3,875 | 0 | 3,875 | 0 | ' | ' | ' | ' | ' | ' | ||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | 1,313 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Development Properties Held-for-investment | ' | ' | 6,400 | 0 | 0 | 6,400 | ' | ' | ' | ' | ' | ' | ||
Impairment of Real Estate | ' | ' | 3,085 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Assets, Fair Value Disclosure | ' | 5,400 | 16,875 | 0 | 3,875 | 13,000 | ' | ' | ' | ' | ' | ' | ||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | 10.00% | 13.50% | ' | ' | ' | ' | ||
Impairment loss on goodwill and income producing properties | ' | ' | $6,804 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[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 equaled its fair value. | |||||||||||||
[2] | Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Term loan | $250,000,000 | $250,000,000 |
Redeemable noncontrolling interests | 989,000 | 989,000 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 423,900,000 | 438,000,000 |
Interest Rate Swap [Member] | Other Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swaps | 2,200,000 | 2,900,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans Receivable, Fair Value Disclosure | ' | 60,700,000 |
Loans Payable, Fair Value Disclosure | 251,300,000 | 248,700,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Redeemable Noncontrolling Interest, Equity, Fair Value | 989,000 | 989,000 |
Mortgage Loans on Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 449,600,000 | 461,500,000 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value Disclosure | 770,400,000 | 762,600,000 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swaps | 2,184,000 | 2,944,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swaps | 2,184,000 | 2,944,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swaps | 0 | 0 |
Unsecured Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | $729,500,000 | $729,400,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real Estate Investment Property, Net | $3,001,108 | $2,916,833 |
Investment in affiliates | 684 | 602 |
Other assets | 238,213 | 229,599 |
TOTAL ASSETS | 3,380,351 | 3,354,659 |
LIABILITIES | ' | ' |
Total notes payable | 1,528,420 | 1,508,409 |
Other liabilities | 180,761 | 177,383 |
Liabilities associated with properties held for sale | ' | 33 |
Total liabilities | 1,775,742 | 1,750,744 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,603,620 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,380,351 | 3,354,659 |
Equity One, Inc. [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 168,043 | 178,797 |
Investment in affiliates | 2,711,602 | 2,679,543 |
Other assets | 230,511 | 229,759 |
TOTAL ASSETS | 3,110,156 | 3,088,099 |
LIABILITIES | ' | ' |
Total notes payable | 1,704,518 | 1,670,438 |
Other liabilities | 9,332 | 22,478 |
Total liabilities | 1,713,850 | 1,692,916 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | 1,396,306 | 1,395,183 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,110,156 | 3,088,099 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 1,394,577 | 1,401,028 |
Investment in affiliates | ' | ' |
Other assets | 97,006 | 91,759 |
TOTAL ASSETS | 1,491,583 | 1,492,787 |
LIABILITIES | ' | ' |
Total notes payable | 130,669 | 131,217 |
Other liabilities | 84,425 | 89,111 |
Total liabilities | 215,094 | 220,328 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | 1,276,489 | 1,272,459 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,491,583 | 1,492,787 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 1,438,588 | 1,337,141 |
Investment in affiliates | ' | ' |
Other assets | 843,356 | 919,185 |
TOTAL ASSETS | 2,281,944 | 2,256,326 |
LIABILITIES | ' | ' |
Total notes payable | 453,833 | 467,354 |
Other liabilities | 184,695 | 173,156 |
Total liabilities | 638,528 | 640,510 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,642,427 | 1,614,827 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 2,281,944 | 2,256,326 |
Eliminating Entries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | -100 | -133 |
Investment in affiliates | -2,711,602 | -2,679,543 |
Other assets | -791,630 | -802,877 |
TOTAL ASSETS | -3,503,332 | -3,482,553 |
LIABILITIES | ' | ' |
Total notes payable | -760,600 | -760,600 |
Other liabilities | -31,130 | -42,410 |
Total liabilities | -791,730 | -803,010 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | -2,711,602 | -2,679,543 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | -3,503,332 | -3,482,553 |
Consolidated Entities [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 3,001,108 | 2,916,833 |
Investment in affiliates | ' | ' |
Other assets | 379,243 | 437,826 |
TOTAL ASSETS | 3,380,351 | 3,354,659 |
LIABILITIES | ' | ' |
Total notes payable | 1,528,420 | 1,508,409 |
Other liabilities | 247,322 | 242,335 |
Total liabilities | 1,775,742 | 1,750,744 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,603,620 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,380,351 | $3,354,659 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total revenue | $92,697 | $81,429 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,854 | 29,146 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 28,702 | 13,943 |
Income tax benefit (provision) of taxable REIT subsidiaries | -533 | -14 |
INCOME FROM CONTINUING OPERATIONS | 28,169 | 13,929 |
Income (loss) from discontinued operations | 3,064 | 13,362 |
Gain (Loss) on Sale of Properties | 3,038 | 11,196 |
NET INCOME | 30,975 | 27,291 |
Other comprehensive income | -871 | 1,485 |
COMPREHENSIVE INCOME | 30,104 | 28,776 |
Comprehensive income attributable to noncontrolling interests | -4,699 | -2,698 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 25,405 | 26,078 |
Equity One, Inc. [Member] | ' | ' |
Total revenue | 6,585 | 6,554 |
Equity in subsidiaries' earnings | 50,840 | 41,487 |
Total costs and expenses | 13,107 | 10,632 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 44,318 | 37,409 |
Other income and (expense) | -17,880 | -18,303 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 26,438 | 19,106 |
Income tax benefit (provision) of taxable REIT subsidiaries | ' | ' |
INCOME FROM CONTINUING OPERATIONS | 26,438 | 19,106 |
Income (loss) from discontinued operations | 0 | 5,569 |
Gain (Loss) on Sale of Properties | -288 | ' |
NET INCOME | 26,150 | 24,675 |
Other comprehensive income | -745 | 1,403 |
COMPREHENSIVE INCOME | 25,405 | 26,078 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 25,405 | 26,078 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Total revenue | 48,838 | 41,989 |
Equity in subsidiaries' earnings | ' | ' |
Total costs and expenses | 23,925 | 23,170 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 24,913 | 18,819 |
Other income and (expense) | -1,752 | -1,904 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 23,161 | 16,915 |
Income tax benefit (provision) of taxable REIT subsidiaries | -19 | 40 |
INCOME FROM CONTINUING OPERATIONS | 23,142 | 16,955 |
Income (loss) from discontinued operations | 3,110 | 7,666 |
Gain (Loss) on Sale of Properties | 0 | ' |
NET INCOME | 26,252 | 24,621 |
Other comprehensive income | ' | ' |
COMPREHENSIVE INCOME | 26,252 | 24,621 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 26,252 | 24,621 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Total revenue | 37,274 | 32,886 |
Equity in subsidiaries' earnings | ' | ' |
Total costs and expenses | 22,023 | 18,552 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 15,251 | 14,334 |
Other income and (expense) | 14,723 | 5,229 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 29,974 | 19,563 |
Income tax benefit (provision) of taxable REIT subsidiaries | -514 | -54 |
INCOME FROM CONTINUING OPERATIONS | 29,460 | 19,509 |
Income (loss) from discontinued operations | -51 | -60 |
Gain (Loss) on Sale of Properties | 30 | ' |
NET INCOME | 29,439 | 19,449 |
Other comprehensive income | -126 | 82 |
COMPREHENSIVE INCOME | 29,313 | 19,531 |
Comprehensive income attributable to noncontrolling interests | -4,699 | -2,698 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 24,614 | 16,833 |
Eliminating Entries [Member] | ' | ' |
Total revenue | 0 | 0 |
Equity in subsidiaries' earnings | -50,840 | -41,487 |
Total costs and expenses | -212 | -71 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | -50,628 | -41,416 |
Other income and (expense) | -243 | -225 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -50,871 | -41,641 |
Income tax benefit (provision) of taxable REIT subsidiaries | ' | ' |
INCOME FROM CONTINUING OPERATIONS | -50,871 | -41,641 |
Income (loss) from discontinued operations | 5 | 187 |
Gain (Loss) on Sale of Properties | 0 | ' |
NET INCOME | -50,866 | -41,454 |
Other comprehensive income | ' | ' |
COMPREHENSIVE INCOME | -50,866 | -41,454 |
Comprehensive income attributable to noncontrolling interests | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | -50,866 | -41,454 |
Consolidated Entities [Member] | ' | ' |
Total revenue | 92,697 | 81,429 |
Equity in subsidiaries' earnings | ' | ' |
Total costs and expenses | 58,843 | 52,283 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,854 | 29,146 |
Other income and (expense) | -5,152 | -15,203 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 28,702 | 13,943 |
Income tax benefit (provision) of taxable REIT subsidiaries | -533 | -14 |
INCOME FROM CONTINUING OPERATIONS | 28,169 | 13,929 |
Income (loss) from discontinued operations | 3,064 | 13,362 |
Gain (Loss) on Sale of Properties | -258 | ' |
NET INCOME | 30,975 | 27,291 |
Other comprehensive income | -871 | 1,485 |
COMPREHENSIVE INCOME | 30,104 | 28,776 |
Comprehensive income attributable to noncontrolling interests | -4,699 | -2,698 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $25,405 | $26,078 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net cash (used in) provided by operating activities | $28,210 | $26,131 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901 | ' |
Additions to income producing properties | -4,767 | -3,307 |
Additions to construction in progress | -13,220 | -10,110 |
Deposits for the acquisition of income producing properties | -250 | 0 |
Proceeds from sale of real estate and rental properties | 25,108 | 97,064 |
Decrease in cash held in escrow | 1,115 | 0 |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | ' |
Increase in deferred leasing costs and lease intangibles | -1,412 | -2,398 |
Investment in joint ventures | -289 | -120 |
Distributions from joint ventures | 14,792 | ' |
Net cash (used in) provided by investing activities | -4,380 | 69,216 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -22,895 | -5,577 |
Net borrowings (repayments) under revolving credit facilities | 34,000 | -67,500 |
Proceeds from issuance of common stock | 170 | 3,994 |
Payments for Repurchase of Common Stock | 205 | 157 |
Payment of deferred financing costs | 0 | -6 |
Stock issuance costs | 0 | -34 |
Dividends paid to stockholders | -26,107 | -26,024 |
Purchase of noncontrolling interest | -690 | 0 |
Payments of Ordinary Dividends, Noncontrolling Interest | 4,421 | 2,524 |
Distributions to redeemable noncontrolling interests | 0 | -236 |
Net cash used in financing activities | -20,148 | -98,064 |
Net increase (decrease) in cash and cash equivalents | 3,682 | -2,717 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | 29,265 | 24,699 |
(Advances to) repayments of advances to joint ventures | -82 | 87 |
Parent Company [Member] | ' | ' |
Net cash (used in) provided by operating activities | -35,785 | -18,344 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | ' | ' |
Additions to income producing properties | -824 | -232 |
Additions to construction in progress | -173 | -17 |
Deposits for the acquisition of income producing properties | -250 | ' |
Proceeds from sale of real estate and rental properties | 9,363 | 41,496 |
Decrease in cash held in escrow | 1,115 | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -80 | -372 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Repayments from subsidiaries, net | 22,458 | 68,064 |
Net cash (used in) provided by investing activities | 31,609 | 108,939 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | ' | -3,585 |
Net borrowings (repayments) under revolving credit facilities | ' | -67,500 |
Proceeds from issuance of common stock | ' | 3,994 |
Payments for Repurchase of Common Stock | ' | -157 |
Payment of deferred financing costs | ' | -6 |
Stock issuance costs | ' | -34 |
Dividends paid to stockholders | ' | -26,024 |
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Net cash used in financing activities | ' | -93,312 |
Net increase (decrease) in cash and cash equivalents | ' | -2,717 |
Cash and cash equivalents at beginning of the period | ' | 27,416 |
Cash and cash equivalents at end of the period | ' | 24,699 |
(Advances to) repayments of advances to joint ventures | ' | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 26,429 | 20,150 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -350 | ' |
Additions to income producing properties | -2,094 | -2,484 |
Additions to construction in progress | -9,341 | -8,664 |
Deposits for the acquisition of income producing properties | 0 | ' |
Proceeds from sale of real estate and rental properties | 10,440 | 55,568 |
Decrease in cash held in escrow | ' | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -908 | -1,110 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Repayments from subsidiaries, net | -23,626 | -62,748 |
Net cash (used in) provided by investing activities | -25,879 | -19,438 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -550 | -712 |
Net borrowings (repayments) under revolving credit facilities | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Payments for Repurchase of Common Stock | 0 | 0 |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | ' | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interest | ' | ' |
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Net cash used in financing activities | -550 | -712 |
Net increase (decrease) in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of the period | ' | ' |
Cash and cash equivalents at end of the period | ' | ' |
(Advances to) repayments of advances to joint ventures | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 37,566 | 24,325 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,551 | ' |
Additions to income producing properties | -1,849 | -591 |
Additions to construction in progress | -3,706 | -1,429 |
Deposits for the acquisition of income producing properties | 0 | ' |
Proceeds from sale of real estate and rental properties | 5,305 | ' |
Decrease in cash held in escrow | ' | ' |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | ' |
Increase in deferred leasing costs and lease intangibles | -424 | -916 |
Investment in joint ventures | -289 | -120 |
Repayments of advances to joint ventures | -82 | ' |
Distributions from joint ventures | 14,792 | ' |
Repayments from subsidiaries, net | 1,168 | -5,316 |
Net cash (used in) provided by investing activities | -10,110 | -20,285 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -22,345 | -1,280 |
Net borrowings (repayments) under revolving credit facilities | 0 | ' |
Proceeds from issuance of common stock | 0 | ' |
Payments for Repurchase of Common Stock | 0 | 0 |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | ' | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interest | -690 | ' |
Payments of Ordinary Dividends, Noncontrolling Interest | 4,421 | 2,524 |
Distributions to redeemable noncontrolling interests | ' | -236 |
Net cash used in financing activities | -27,456 | -4,040 |
Net increase (decrease) in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of the period | ' | ' |
Cash and cash equivalents at end of the period | ' | ' |
(Advances to) repayments of advances to joint ventures | ' | -87 |
Consolidated Entities [Member] | ' | ' |
Net cash (used in) provided by operating activities | 28,210 | 26,131 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901 | ' |
Additions to income producing properties | -4,767 | -3,307 |
Additions to construction in progress | -13,220 | -10,110 |
Deposits for the acquisition of income producing properties | -250 | ' |
Proceeds from sale of real estate and rental properties | 25,108 | 97,064 |
Decrease in cash held in escrow | 1,115 | ' |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | ' |
Increase in deferred leasing costs and lease intangibles | -1,412 | -2,398 |
Investment in joint ventures | -289 | -120 |
Repayments of advances to joint ventures | -82 | ' |
Distributions from joint ventures | 14,792 | ' |
Repayments from subsidiaries, net | ' | ' |
Net cash (used in) provided by investing activities | -4,380 | 69,216 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -22,895 | -5,577 |
Net borrowings (repayments) under revolving credit facilities | 34,000 | -67,500 |
Proceeds from issuance of common stock | 170 | 3,994 |
Payments for Repurchase of Common Stock | -205 | -157 |
Payment of deferred financing costs | ' | -6 |
Stock issuance costs | ' | -34 |
Dividends paid to stockholders | -26,107 | -26,024 |
Purchase of noncontrolling interest | -690 | ' |
Payments of Ordinary Dividends, Noncontrolling Interest | 4,421 | 2,524 |
Distributions to redeemable noncontrolling interests | ' | -236 |
Net cash used in financing activities | -20,148 | -98,064 |
Net increase (decrease) in cash and cash equivalents | 3,682 | -2,717 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | 29,265 | 24,699 |
(Advances to) repayments of advances to joint ventures | ' | -87 |
Equity One, Inc. [Member] | ' | ' |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | ' | ' |
Net borrowings (repayments) under revolving credit facilities | 34,000 | ' |
Proceeds from issuance of common stock | 170 | ' |
Payments for Repurchase of Common Stock | -205 | ' |
Dividends paid to stockholders | -26,107 | ' |
Purchase of noncontrolling interest | ' | ' |
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' |
Net cash used in financing activities | 7,858 | ' |
Net increase (decrease) in cash and cash equivalents | 3,682 | ' |
Cash and cash equivalents at beginning of the period | 25,583 | ' |
Cash and cash equivalents at end of the period | $29,265 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2014 | Mar. 31, 2014 | |
Subsequent Event [Line Items] | ' | ' |
Granted | ' | 0 |
Number of Performance Components | 4 | ' |
Mortgages [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.25% |
Mortgage Loans Prepaid Without Penalty Amount | ' | 15,900,000 |
Mortgages [Member] | Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.72% | ' |
Mortgage Loans Prepaid Without Penalty Amount | 6,600,000 | ' |
Chief Executive Officer [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Officers' Compensation | 850,000 | ' |
Chief Executive Officer [Member] | Deferred Bonus [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 100.00% | ' |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 850,000 | ' |
Chief Executive Officer [Member] | Signing Bonus [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 500,000 | ' |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 'P12M | ' |
Cash [Member] | Chief Executive Officer [Member] | Deferred Bonus [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Description | '0.5 | ' |
Stock Options [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Granted | 200,000 | ' |
Restricted Stock [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Vest over period (in years) | '3 years | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | 68,956 | ' |
Restricted Stock [Member] | Chief Executive Officer [Member] | Deferred Bonus [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Deferred Compensation Arrangement with Individual, Description | '0.5 | ' |
Common Stock [Member] | Chief Executive Officer [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option One | 50.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Two | 100.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Three | 200.00% | ' |
Common Stock [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Vest over period (in years) | '4 years | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | 156,300 | ' |
Absolute Shareholder Return [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | '0.25 | ' |
Total Shareholder Return Relative to Peer Community [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | '0.25 | ' |
Recurring FFO Growth [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | '0.25 | ' |
Discretionary [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | '0.25 | ' |