Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EQUITY ONE, INC. | ' |
Entity Central Index Key | '0001042810 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 119,836,588 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Income producing | $3,097,700 | $3,153,131 | ||
Less: accumulated depreciation | -359,658 | -354,166 | ||
Income producing properties, net | 2,738,042 | 2,798,965 | ||
Construction in progress and land held for development | 169,916 | 104,464 | ||
Properties held for sale | 53,162 | 13,404 | ||
Properties, net | 2,961,120 | 2,916,833 | ||
Cash and cash equivalents | 29,316 | 25,583 | ||
Cash held in escrow and restricted cash | 33,616 | 10,912 | ||
Accounts and other receivables, net | 13,709 | 12,872 | ||
Investments in and advances to unconsolidated joint ventures | 82,310 | [1] | 91,772 | [1] |
Loans receivable, net | 0 | 60,711 | ||
Goodwill | 6,180 | 6,377 | ||
Other assets | 227,314 | 229,599 | ||
TOTAL ASSETS | 3,353,565 | 3,354,659 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ' | ' | ||
Mortgage notes payable | 408,554 | 430,155 | ||
Unsecured senior notes payable | 731,136 | 731,136 | ||
Term loan | 250,000 | 250,000 | ||
Unsecured revolving credit facilities | 133,000 | 91,000 | ||
Total notes payable, Gross | 1,522,690 | 1,502,291 | ||
Unamortized premium on notes payable, net | 4,607 | 6,118 | ||
Total notes payable | 1,527,297 | 1,508,409 | ||
Other liabilities: | ' | ' | ||
Accounts payable and accrued expenses | 51,107 | 44,227 | ||
Tenant security deposits | 8,602 | 8,928 | ||
Deferred tax liability | 12,382 | 11,764 | ||
Other liabilities | 175,144 | 177,383 | ||
Liabilities associated with properties held for sale | 281 | 33 | ||
Total liabilities | 1,774,813 | 1,750,744 | ||
Redeemable noncontrolling interests | 989 | 989 | ||
Commitments and contingencies | 0 | 0 | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | 0 | 0 | ||
Common stock, $0.01 par value – 150,000 shares authorized, 117,997 and 117,647 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,180 | 1,176 | ||
Additional paid-in capital | 1,700,834 | 1,693,873 | ||
Distributions in excess of earnings | -330,834 | -302,410 | ||
Accumulated other comprehensive (loss) income | -672 | 2,544 | ||
Total stockholders’ equity of Equity One, Inc. | 1,370,508 | 1,395,183 | ||
Noncontrolling interests | 207,255 | 207,743 | ||
Total equity | 1,577,763 | 1,602,926 | ||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,353,565 | $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 $) | Jun. 30, 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) | 117,997,140 | 117,646,772 |
Common stock, shares outstanding (in shares) | 117,997,140 | 117,646,772 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Real Estate Revenue, Net [Abstract] | ' | ' | ' | ' |
Minimum rent | $66,295 | $60,949 | $136,546 | $121,336 |
Expense recoveries | 19,631 | 19,675 | 39,391 | 38,266 |
Percentage rent | 933 | 628 | 3,114 | 2,665 |
Management and leasing services | 584 | 484 | 1,213 | 898 |
Total revenue | 87,443 | 81,736 | 180,264 | 163,165 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Property operating | 22,613 | 22,241 | 44,399 | 43,897 |
Depreciation and amortization | 27,666 | 22,797 | 53,933 | 44,530 |
General and administrative | 8,872 | 9,673 | 19,786 | 18,567 |
Total costs and expenses | 59,151 | 54,711 | 118,118 | 106,994 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292 | 27,025 | 62,146 | 56,171 |
OTHER INCOME AND EXPENSE: | ' | ' | ' | ' |
Investment income | 28 | 2,209 | 199 | 4,413 |
Equity in income of unconsolidated joint ventures | 1,268 | 615 | 9,529 | 1,050 |
Other income | 5 | 162 | 2,846 | 162 |
Interest expense | -16,086 | -16,701 | -32,986 | -33,937 |
Amortization of deferred financing fees | -601 | -603 | -1,200 | -1,209 |
Gain on extinguishment of debt | 0 | 107 | 1,074 | 107 |
Impairment loss | -13,892 | -2,662 | -13,892 | -2,662 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -986 | 10,152 | 27,716 | 24,095 |
Income tax provision of taxable REIT subsidiaries | -79 | -7 | -612 | -21 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | -1,065 | 10,145 | 27,104 | 24,074 |
DISCONTINUED OPERATIONS: | ' | ' | ' | ' |
Operations of income producing properties | 167 | 1,276 | -65 | 3,523 |
(Loss) gain on disposal of income producing properties | -144 | 25,663 | 3,152 | 36,859 |
Impairment loss | 0 | -128 | 0 | -128 |
Income tax provision of taxable REIT subsidiaries | 0 | -779 | 0 | -860 |
INCOME FROM DISCONTINUED OPERATIONS | 23 | 26,032 | 3,087 | 39,394 |
Gain on sale of operating properties | 1,141 | 0 | 883 | 0 |
NET INCOME | 99 | 36,177 | 31,074 | 63,468 |
Net income attributable to noncontrolling interests - continuing operations | -2,511 | -2,511 | -7,212 | -5,204 |
Net loss (income) attributable to noncontrolling interests - discontinued operations | 1 | -28 | 3 | -33 |
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ($2,411) | $33,638 | $23,865 | $58,231 |
(LOSS) EARNINGS PER COMMON SHARE - BASIC: | ' | ' | ' | ' |
Continuing operations (in usd per share) | ($0.02) | $0.06 | $0.17 | $0.16 |
Discontinued operations (in usd per share) | ' | $0.22 | $0.03 | $0.33 |
Earnings per common share - Basic (in usd per share) | ($0.02) | $0.28 | $0.20 | $0.49 |
Number of Shares Used in Computing Basic (Loss) Earnings per Share | 117,813 | 117,385 | 117,744 | 117,209 |
(LOSS) EARNINGS PER COMMON SHARE - DILUTED: | ' | ' | ' | ' |
Continuing operations (in usd per share) | ($0.02) | $0.06 | $0.17 | $0.16 |
Discontinued operations (in usd per share) | ' | $0.22 | $0.03 | $0.33 |
Earnings per common share - Diluted (in usd per share) | ($0.02) | $0.28 | $0.20 | $0.49 |
Number of Shares Used in Computing Diluted (Loss) Earnings per Share | 117,813 | 117,749 | 117,981 | 117,535 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.22 | $0.22 | $0.44 | $0.44 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
NET INCOME | ($99) | ($36,177) | ($31,074) | ($63,468) | ||||
OTHER COMPREHENSIVE (LOSS) INCOME: | ' | ' | ' | ' | ||||
Net amortization of interest rate contracts included in net income | 15 | 15 | 31 | 31 | ||||
Net unrealized (loss) gain on interest rate swaps (1) | -3,226 | [1] | 6,813 | [1] | -4,955 | [1] | 7,363 | [1] |
Net loss on interest rate swaps reclassified from accumulated other comprehensive income into interest expense | 866 | 885 | 1,708 | 1,804 | ||||
Other comprehensive (loss) income | -2,345 | 7,713 | -3,216 | 9,198 | ||||
COMPREHENSIVE (LOSS) INCOME | -2,246 | 43,890 | 27,858 | 72,666 | ||||
Comprehensive income attributable to noncontrolling interests | -2,510 | -2,539 | -7,209 | -5,237 | ||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | -4,756 | 41,351 | 20,649 | 67,429 | ||||
Equity Method Investee [Member] | ' | ' | ' | ' | ||||
OTHER COMPREHENSIVE (LOSS) INCOME: | ' | ' | ' | ' | ||||
Net unrealized (loss) gain on interest rate swaps (1) | ($101) | $43 | ($262) | $0 | ||||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized (losses) gains of $(101) and $(262) for the three and six months ended June 30, 2014, respectively, and $43 and $0 for the same periods during 2013, respectivel |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net unrealized (loss) gain on interest rate swaps (1) | ($3,226) | [1] | $6,813 | [1] | ($4,955) | [1] | $7,363 | [1] |
Equity Method Investee [Member] | ' | ' | ' | ' | ||||
Net unrealized (loss) gain on interest rate swaps (1) | ($101) | $43 | ($262) | $0 | ||||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized (losses) gains of $(101) and $(262) for the three and six months ended June 30, 2014, respectively, and $43 and $0 for the same periods during 2013, respectivel |
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 | 1,370,508 | 1,180 | 1,700,834 | -330,834 | -672 | 1,370,508 | ' | ' |
Issuance of common stock, net of withholding taxes (in shares) | ' | 359,000 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of withholding taxes | ' | 4 | 4,848 | ' | ' | 4,852 | ' | 4,852 |
Stock Repurchased During Period, Shares | ' | -9,000 | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | 0 | -205 | ' | ' | 205 | ' | 205 |
Share-based compensation expense | 2,194 | ' | 2,194 | ' | ' | 2,194 | ' | 2,194 |
Adjustments to Additional Paid in Capital, Restricted Stock Reclassified from Liability to Equity | 117 | ' | 117 | ' | ' | 117 | ' | ' |
Net income | 31,074 | ' | ' | 23,865 | ' | 23,865 | 7,209 | 31,074 |
Dividends declared on common stock | ' | ' | ' | -52,289 | ' | -52,289 | ' | -52,289 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | -6,927 | -6,927 |
Purchase of noncontrolling interest | ' | ' | 7 | ' | ' | -7 | -770 | 763 |
Other comprehensive loss | -3,216 | ' | ' | ' | -3,216 | -3,216 | ' | -3,216 |
Stockholders' Equity Attributable to Noncontrolling Interest | 207,255 | ' | ' | ' | ' | ' | 207,255 | ' |
BALANCE, (end of period) at Jun. 30, 2014 | $1,577,763 | ' | ' | ' | ' | ' | ' | $1,577,763 |
BALANCE, shares (end of period) at Jun. 30, 2014 | 117,997,140 | 117,997,000 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' |
Net income | $31,074,000 | $63,468,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Straight line rent adjustment | -1,739,000 | -961,000 |
Accretion of below market lease intangibles, net | -11,881,000 | -6,140,000 |
Amortization of below market ground lease intangibles | 298,000 | 298,000 |
Equity in income of unconsolidated joint ventures | -9,529,000 | -1,050,000 |
Gain on change in control of interests | -2,807,000 | 0 |
Income tax provision of taxable REIT subsidiaries | 612,000 | 881,000 |
(Decrease) increase in allowance for losses on accounts receivable | -675,000 | 1,453,000 |
Amortization of premium on notes payable, net | -1,262,000 | -1,331,000 |
Amortization of deferred financing fees | -1,200,000 | -1,209,000 |
Depreciation and amortization | 54,908,000 | 48,427,000 |
Share-based compensation expense | 1,980,000 | 3,165,000 |
Amortization of derivatives | 31,000 | 31,000 |
Gain on sale of real estate | -4,035,000 | -36,859,000 |
(Gain) loss on extinguishment of debt | -1,074,000 | 575,000 |
Operating distributions from joint ventures | 0 | 111,000 |
Impairment loss | -13,892,000 | -2,790,000 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Accounts and other receivables | -3,000 | -1,553,000 |
Other assets | -4,684,000 | -6,972,000 |
Accounts payable and accrued expenses | 5,098,000 | -1,883,000 |
Tenant security deposits | -45,000 | -352,000 |
Other liabilities | -741,000 | -3,789,000 |
Net cash provided by operating activities | 70,618,000 | 61,518,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901,000 | -37,000,000 |
Additions to income producing properties | -9,173,000 | -7,113,000 |
Additions to construction in progress | -33,423,000 | -17,758,000 |
Deposits for the acquisition of income producing properties | -425,000 | -1,150,000 |
Proceeds from sale of real estate and rental properties | 56,298,000 | 173,022,000 |
Increase in cash held in escrow | -22,704,000 | -10,258,000 |
Purchase of Below Market Leasehold Interest | 0 | 25,000,000 |
Increase in deferred leasing costs and lease intangibles | -2,757,000 | -4,527,000 |
Investment in joint ventures | -289,000 | -4,266,000 |
Repayments of (advances to) joint ventures | 27,000 | -143,000 |
Distributions from joint ventures | 16,232,000 | 1,595,000 |
Investment in loans receivable | ' | -12,000,000 |
Repayment of loans receivable | 60,526,000 | 28,659,000 |
Net cash (used in) provided by investing activities | -21,589,000 | 84,061,000 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -31,964,000 | -31,323,000 |
Net borrowings (repayments) under revolving credit facilities | 42,000,000 | -47,000,000 |
Proceeds from issuance of common stock | 4,852,000 | 8,176,000 |
Repurchase of common stock | -205,000 | -348,000 |
Payment of deferred financing costs | 0 | -6,000 |
Stock issuance costs | 0 | -94,000 |
Dividends paid to stockholders | -52,289,000 | -52,105,000 |
Purchase of noncontrolling interest | -763,000 | -18,917,000 |
Distributions to redeemable noncontrolling interests | 0 | -680,000 |
Distributions to noncontrolling interests | -6,927,000 | -5,041,000 |
Net cash used in financing activities | -45,296,000 | -147,338,000 |
Net increase (decrease) in cash and cash equivalents | 3,733,000 | -1,759,000 |
Cash and cash equivalents at beginning of the period | 25,583,000 | 27,416,000 |
Cash and cash equivalents at end of the period | 29,316,000 | 25,657,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Cash paid for interest (net of capitalized interest of $2,172 and $1,646 in 2014 and 2013, respectively) | 34,718,000 | 36,891,000 |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Income producing properties | -102,288,000 | 38,418,000 |
Intangible and other assets | -7,625,000 | 5,967,000 |
Intangible and other liabilities | -12,589,000 | -7,385,000 |
Assumption of mortgage notes payable | -11,423,000 | ' |
Cash paid for income producing properties | 85,901,000 | 37,000,000 |
Non-cash investing information: | ' | ' |
Investment in loan receivable | 0 | 8,500,000 |
Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | 41,488,000 | 66,888,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on sale of real estate | -1,125,000 | ' |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Net cash provided by operating activities | 60,484,000 | 52,387,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -350,000 | ' |
Additions to income producing properties | -3,690,000 | -4,603,000 |
Additions to construction in progress | -25,147,000 | -13,986,000 |
Deposits for the acquisition of income producing properties | 0 | 0 |
Proceeds from sale of real estate and rental properties | 29,598,000 | 118,363,000 |
Increase in cash held in escrow | ' | ' |
Purchase of Below Market Leasehold Interest | ' | 25,000,000 |
Increase in deferred leasing costs and lease intangibles | -1,773,000 | -2,204,000 |
Investment in joint ventures | ' | ' |
Repayments of (advances to) joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Net cash (used in) provided by investing activities | -52,844,000 | -51,010,000 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -7,640,000 | -1,377,000 |
Net borrowings (repayments) under revolving credit facilities | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | ' | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interest | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Distributions to noncontrolling interests | ' | ' |
Net cash used in financing activities | -7,640,000 | -1,377,000 |
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 | ' | ' |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Cash paid for income producing properties | ' | 37,000,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | 44,183,000 | 34,305,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on sale of real estate | -38,000 | ' |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Net cash provided by operating activities | 65,163,000 | 46,457,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,551,000 | ' |
Additions to income producing properties | -4,456,000 | -1,660,000 |
Additions to construction in progress | -7,077,000 | -3,401,000 |
Deposits for the acquisition of income producing properties | 0 | 0 |
Proceeds from sale of real estate and rental properties | 17,326,000 | 5,528,000 |
Increase in cash held in escrow | ' | ' |
Purchase of Below Market Leasehold Interest | ' | ' |
Increase in deferred leasing costs and lease intangibles | -725,000 | -1,696,000 |
Investment in joint ventures | -289,000 | -4,266,000 |
Repayments of (advances to) joint ventures | ' | -143,000 |
Distributions from joint ventures | 16,232,000 | 1,595,000 |
Investment in loans receivable | ' | -12,000,000 |
Repayment of loans receivable | 60,526,000 | 28,659,000 |
Net cash (used in) provided by investing activities | -33,149,000 | 4,543,000 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -24,324,000 | -26,362,000 |
Net borrowings (repayments) under revolving credit facilities | 0 | ' |
Proceeds from issuance of common stock | 0 | ' |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | ' | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interest | -763,000 | -18,917,000 |
Distributions to redeemable noncontrolling interests | ' | -680,000 |
Distributions to noncontrolling interests | -6,927,000 | -5,041,000 |
Net cash used in financing activities | -32,014,000 | -51,000,000 |
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 | ' | ' |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Cash paid for income producing properties | ' | ' |
Consolidated Entities [Member] | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | 31,074,000 | 63,468,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on sale of real estate | -883,000 | ' |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Net cash provided by operating activities | 70,618,000 | 61,518,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901,000 | ' |
Additions to income producing properties | -9,173,000 | -7,113,000 |
Additions to construction in progress | -33,423,000 | -17,758,000 |
Deposits for the acquisition of income producing properties | -425,000 | -1,150,000 |
Proceeds from sale of real estate and rental properties | 56,298,000 | 173,022,000 |
Increase in cash held in escrow | -22,704,000 | -10,258,000 |
Purchase of Below Market Leasehold Interest | ' | 25,000,000 |
Increase in deferred leasing costs and lease intangibles | -2,757,000 | -4,527,000 |
Investment in joint ventures | -289,000 | -4,266,000 |
Repayments of (advances to) joint ventures | ' | -143,000 |
Distributions from joint ventures | 16,232,000 | 1,595,000 |
Investment in loans receivable | ' | -12,000,000 |
Repayment of loans receivable | 60,526,000 | 28,659,000 |
Net cash (used in) provided by investing activities | -21,589,000 | 84,061,000 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -31,964,000 | -31,323,000 |
Net borrowings (repayments) under revolving credit facilities | 42,000,000 | -47,000,000 |
Proceeds from issuance of common stock | 4,852,000 | 8,176,000 |
Repurchase of common stock | -205,000 | -348,000 |
Payment of deferred financing costs | ' | -6,000 |
Stock issuance costs | ' | -94,000 |
Dividends paid to stockholders | -52,289,000 | -52,105,000 |
Purchase of noncontrolling interest | -763,000 | -18,917,000 |
Distributions to redeemable noncontrolling interests | ' | -680,000 |
Distributions to noncontrolling interests | -6,927,000 | -5,041,000 |
Net cash used in financing activities | -45,296,000 | -147,338,000 |
Net increase (decrease) in cash and cash equivalents | 3,733,000 | -1,759,000 |
Cash and cash equivalents at beginning of the period | 25,583,000 | 27,416,000 |
Cash and cash equivalents at end of the period | 29,316,000 | ' |
We acquired upon acquisition of certain income producing properties: | ' | ' |
Cash paid for income producing properties | ' | $37,000,000 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Common Stock, Shares, Issued | 117,997,140 | ' |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ' | ' |
Capitalized interest | $2,172 | $1,646 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2014, our consolidated shopping center portfolio comprised 135 properties, including 113 retail properties and six non-retail properties totaling approximately 14.6 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 June 30, 2014, our consolidated shopping center occupancy was 94.2% 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 and six month periods ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2014, our largest tenant is comprised of a related group of grocers, which includes Albertsons, Shaw's, and Star Market and accounted for approximately 510,956 square feet, or approximately 3.2%, of our GLA and approximately $9.4 million, or 3.6%, of our annual minimum rent. As of June 30, 2014, we had outstanding receivables from Albertsons, Shaw's, and Star Market of approximately $62,000. | |
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 operations. 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. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS") that removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, provides more useful information to users of financial statements through improved disclosure requirements and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Companies can choose to apply the ASU using either the full retrospective approach or a modified retrospective approach. We are currently evaluating both methods of adoption and the impact, if any, that the adoption of this ASU will have on our condensed consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Earlier adoption is permitted. The amendments can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards. We expect to apply the ASU prospectively and do not expect the adoption to have an impact on our condensed consolidated financial statements as our existing share-based payment awards do not fall within the scope of this ASU. |
Acquisitions
Acquisitions | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||||
Acquisitions | ||||||||||||||||||
The following table provides a summary of acquisition activity during the six months ended June 30, 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 | 65,012 | — | ||||||||||||
Center | ||||||||||||||||||
January 16, 2014 | Westwood Center II (2) | Bethesda | MD | 53,293 | 15,000 | — | ||||||||||||
Total | $ | 103,362 | $ | 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 | $ | 86,911 | N/A | |||||||||||||||
Land improvements | 2,209 | 9.4 | ||||||||||||||||
Buildings | 17,670 | 33.2 | ||||||||||||||||
Tenant improvements | 1,160 | 5.5 | ||||||||||||||||
Above-market leases | 1,315 | 5.4 | ||||||||||||||||
In-place lease interests | 5,424 | 10.7 | ||||||||||||||||
Lease origination costs | 97 | 6.9 | ||||||||||||||||
Leasing commissions | 789 | 21.5 | ||||||||||||||||
Below-market leases | (12,040 | ) | 19.5 | |||||||||||||||
Above-market debt assumed | (70 | ) | 7.8 | |||||||||||||||
Other acquired liabilities | (103 | ) | N/A | |||||||||||||||
$ | 103,362 | |||||||||||||||||
During the three and six months ended June 30, 2014, we did not recognize any material measurement period adjustments related to prior or current 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. Legal ownership of Westwood Shopping Center and Westwood Center II was transferred to us by the third party intermediary in July 2014. | ||||||||||||||||||
During the three and six months ended June 30, 2014, we expensed transaction-related costs in connection with completed or pending property acquisitions of approximately $142,000 and $1.5 million, respectively, and $617,000 and $718,000 for the same periods in 2013, respectively, which are included in general and administrative costs in the condensed consolidated statements of operations. |
Dispositions
Dispositions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||||
Dispositions | ' | ||||||||||||||||
Dispositions | |||||||||||||||||
The following table provides a summary of disposition activity during the six months ended June 30, 2014: | |||||||||||||||||
Date Sold | Property Name | Region | City | State | Square | Gross Sales | |||||||||||
Feet /Acres | Price | ||||||||||||||||
Income producing property sold | (In thousands) | ||||||||||||||||
June 30, 2014 | Riverside Square (1) | South Florida | Coral Springs | FL | 103,241 | $ | 12,380 | ||||||||||
June 30, 2014 | Oaktree Plaza (1) | South Florida | North Palm Beach | FL | 23,745 | 4,000 | |||||||||||
June 17, 2014 | Sunpoint Shopping Center (1) | North Florida | Ruskin | FL | 132,374 | 7,250 | |||||||||||
April 7, 2014 | Salerno Village Square (1) | South Florida | Stuart | FL | 77,677 | 8,646 | |||||||||||
March 27, 2014 | Daniel Village (1) | Southeast | Augusta | GA | 172,438 | 10,125 | |||||||||||
February 27, 2014 | Brawley Commons (1) | Southeast | Charlotte | NC | 119,189 | 5,450 | (2) | ||||||||||
January 15, 2014 | Stanley Marketplace | Southeast | Stanley | NC | 53,228 | 3,875 | |||||||||||
January 10, 2014 | Oak Hill Village | North Florida | Jacksonville | FL | 78,492 | 6,850 | |||||||||||
Total | $ | 58,576 | |||||||||||||||
______________________________________________ | |||||||||||||||||
(1) The results of operations for these properties are included in continuing operations in the condensed consolidated statements of operations for all periods presented. | |||||||||||||||||
(2) 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. | |||||||||||||||||
The results of operations for six of the properties sold during the six months ended June 30, 2014 and six properties classified as held for sale in 2014 in our South Florida region (Shoppes of Andros Isles), North Florida region (Forest Village, Mariners Crossing, New Smyrna Beach and Shoppes of North Port) and Southeast region (Smyth Valley Crossing) are included in continuing operations in the condensed consolidated statements of operations for all periods presented as they do not qualify as discontinued operations under the amended guidance. Subsequent to period end, we closed on the sale of the six properties classified as held for sale noted above, which had an aggregate net book value of $47.3 million as of June 30, 2014, for a gross sales price of $55.3 million. The related assets and liabilities of the properties are presented as held for sale in our condensed consolidated balance sheet as of June 30, 2014. | |||||||||||||||||
We have six properties in our Southeast and North Florida regions which had an aggregate net book value of $17.1 million as of June 30, 2014, under contract for an estimated gross sales price of $22.1 million. These contracts are in various stages of due diligence, and the properties have not met the criteria to be classified as held for sale. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
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 operations for all periods presented as they were classified as held for sale prior to the adoption of ASU No. 2014-08. | |||||||||||||||||
During the three and six months ended June 30, 2013, we sold twenty properties and two outparcels in our Southeast, South Florida, North Florida and West Coast regions for an aggregate sales price of $188.0 million. The results of operations for these properties are presented as discontinued operations in the condensed consolidated statements of operations for the three and six months ended June 30, 2013. | |||||||||||||||||
The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2014 and 2013 are shown below: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Rental revenue | $ | 185 | $ | 4,455 | $ | 147 | $ | 11,474 | |||||||||
Expenses: | |||||||||||||||||
Property operating expenses | 15 | 1,782 | 203 | 4,149 | |||||||||||||
Depreciation and amortization | — | 1,185 | — | 2,691 | |||||||||||||
General and administrative expenses | 3 | 6 | 9 | 9 | |||||||||||||
Operations of income producing properties | 167 | 1,482 | (65 | ) | 4,625 | ||||||||||||
Interest expense | — | (208 | ) | — | (424 | ) | |||||||||||
(Loss) gain on disposal of income producing properties | (144 | ) | 25,663 | 3,152 | 36,859 | ||||||||||||
Impairment loss | — | (128 | ) | — | (128 | ) | |||||||||||
Loss on extinguishment of debt | — | — | — | (682 | ) | ||||||||||||
Income tax provision | — | (779 | ) | — | (860 | ) | |||||||||||
Other income | — | 2 | — | 4 | |||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 24 | $ | 26,004 | $ | 3,090 | $ | 39,361 | |||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||
Additions to income producing properties | $ | — | $ | 260 | $ | — | $ | 403 | |||||||||
Increase in deferred leasing costs and lease intangibles | $ | — | $ | 299 | $ | — | $ | 501 | |||||||||
Straight line rent revenue | $ | 125 | $ | 29 | $ | — | $ | 240 | |||||||||
Amortization of above market lease intangibles, net | $ | — | $ | 138 | $ | — | $ | 271 | |||||||||
Investments_in_Joint_Ventures
Investments in Joint Ventures | 6 Months Ended | ||||||||||||||
Jun. 30, 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 | June 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||||
Investments in unconsolidated joint ventures: | (In thousands) | ||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,660 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,693 | 3,480 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 526 | 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 (5) | 1 | CA | 50.00% | 19,796 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (6) | 6 | FL, MA, NJ | 30.00% | 43,938 | 44,237 | ||||||||||
Total | 81,736 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 574 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 82,310 | $ | 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 June 30, 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) On July 2, 2014, we entered into an agreement with our joint venture partner in which both parties agreed to dissolve the joint venture and distribute the property in kind to the existing members at the current ownership percentages. Accordingly, the Parnassus Heights Medical Center will be held as a tenancy-in-common, and we will continue to account for our ownership interest under the equity method. | |||||||||||||||
(6) The investment balance as of June 30, 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 $1.3 million and $9.5 million for the three and six months ended June 30, 2014, respectively, and totaled $615,000 and $1.1 million, respectively, for the same periods in 2013. 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 operations, totaled approximately $584,000 and $1.2 million for the three and six months ended June 30, 2014, respectively, and $484,000 and $898,000 for the same periods in 2013, respectively. | |||||||||||||||
As of June 30, 2014 and December 31, 2013, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $250.0 million and $286.0 million, respectively, of which our aggregate proportionate share was $54.7 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 operations for the six months ended June 30, 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 June 30, 2014 represents our interest in the remaining cash held by the joint venture. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
Included within our consolidated operating properties as of June 30, 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. In July 2014, legal ownership of these entities was transferred to us by the qualified intermediary and, as such, the entities are no longer considered 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||||||||
Jun. 30, 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: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 113,125 | $ | 117,200 | |||||
Leasing commissions, net | 38,222 | 38,296 | |||||||
Prepaid expenses and other receivables | 30,283 | 26,763 | |||||||
Straight-line rent receivables, net | 22,648 | 21,490 | |||||||
Deferred financing costs, net | 7,147 | 8,347 | |||||||
Deposits and mortgage escrows | 8,652 | 7,763 | |||||||
Furniture, fixtures and equipment, net | 4,030 | 4,406 | |||||||
Fair value of interest rate swaps | 810 | 2,944 | |||||||
Deferred tax asset | 2,397 | 2,390 | |||||||
Total other assets | $ | 227,314 | $ | 229,599 | |||||
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
Borrowings | |
Mortgage Notes Payable | |
As of June 30, 2014, the weighted-average interest rate of our fixed rate mortgage notes payable was 5.95%. | |
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 six months ended June 30, 2014, we prepaid mortgage loans of $22.5 million which bore a weighted average interest rate of 6.1%. | |
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 June 30, 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 June 30, 2014, we had drawn $133.0 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 June 30, 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 June 30, 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 June 30, 2014, giving effect to the financial covenants applicable to these credit facilities, the maximum available to us thereunder was approximately $499.0 million, net of outstanding letters of credit with an aggregate face amount of $2.6 million, of which $133.0 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 June 30, 2014, we had three 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 June 30, 2014, the fair value of one of our interest rate swaps consisted of an asset of $810,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $921,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2013, the fair value of our interest rate swaps was an asset of $2.9 million, which is included in other assets in our condensed consolidated balance sheet. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income 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 | 6 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 166,196 | $ | 167,777 | ||||
Prepaid rent | 8,406 | 9,450 | ||||||
Other | 542 | 156 | ||||||
Total other liabilities | $ | 175,144 | $ | 177,383 | ||||
During the six months ended June 30, 2014, we recognized a $4.4 million net termination benefit, which is included in minimum rent in the accompanying condensed consolidated statement of operations, in relation to 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 | 6 Months Ended |
Jun. 30, 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. 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 June 30, 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 June 30, 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 | 6 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | 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 | 1,033 | 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 | $ | 207,255 | $ | 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 (loss) income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Loss) income from continuing operations | $ | (1,065 | ) | $ | 10,145 | $ | 27,104 | $ | 24,074 | ||||||||
Gain on sale of operating properties | 1,141 | — | 883 | — | |||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | (2,511 | ) | (7,212 | ) | (5,204 | ) | |||||||||
(Loss) income from continuing operations attributable to Equity One, Inc. | (2,435 | ) | 7,634 | 20,775 | 18,870 | ||||||||||||
Allocation of continuing income to participating securities | (224 | ) | (63 | ) | (438 | ) | (306 | ) | |||||||||
(Loss) income from continuing operations available to common stockholders | (2,659 | ) | 7,571 | 20,337 | 18,564 | ||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
operations | |||||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 | |||||||||||||
Allocation of income from discontinued operations to participating securities | — | (230 | ) | — | (356 | ) | |||||||||||
Income from discontinued operations available to common stockholders | 24 | 25,774 | 3,090 | 39,005 | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,635 | ) | $ | 33,345 | $ | 23,427 | $ | 57,569 | ||||||||
Weighted average shares outstanding — Basic | 117,813 | 117,385 | 117,744 | 117,209 | |||||||||||||
Basic (loss) earnings per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | ||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | |||||||||||||
(Loss) earnings per common share — Basic | $ | (0.02 | ) | $ | 0.28 | $ | 0.2 | $ | 0.49 | ||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net (loss) income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Loss) income from continuing operations | $ | (1,065 | ) | $ | 10,145 | $ | 27,104 | $ | 24,074 | ||||||||
Gain on sale of operating properties | 1,141 | — | 883 | — | |||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | (2,511 | ) | (7,212 | ) | (5,204 | ) | |||||||||
(Loss) income from continuing operations attributable to Equity One, Inc. | (2,435 | ) | 7,634 | 20,775 | 18,870 | ||||||||||||
Allocation of continuing income to participating securities | (224 | ) | (64 | ) | (438 | ) | (308 | ) | |||||||||
(Loss) income from continuing operations available to common stockholders | (2,659 | ) | 7,570 | 20,337 | 18,562 | ||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
operations | |||||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 | |||||||||||||
Allocation of income from discontinued operations to participating securities | — | (229 | ) | — | (354 | ) | |||||||||||
Income from discontinued operations available to common stockholders | 24 | 25,775 | 3,090 | 39,007 | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,635 | ) | $ | 33,345 | $ | 23,427 | $ | 57,569 | ||||||||
Weighted average shares outstanding — Basic | 117,813 | 117,385 | 117,744 | 117,209 | |||||||||||||
Stock options using the treasury method | — | 364 | 205 | 326 | |||||||||||||
Non-participating restricted stock using the treasury method | — | — | 6 | — | |||||||||||||
Executive Incentive Plan shares using the treasury method | — | — | 26 | — | |||||||||||||
Weighted average shares outstanding — Diluted | 117,813 | 117,749 | 117,981 | 117,535 | |||||||||||||
Diluted (loss) earnings per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | ||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | |||||||||||||
(Loss) earnings per common share — Diluted | $ | (0.02 | ) | $ | 0.28 | $ | 0.2 | $ | 0.49 | ||||||||
The computation of diluted EPS for the three months ended June 30, 2014 did not include 2.9 million shares of common stock, issuable upon the exercise of outstanding options, at prices ranging from $11.59 to $26.66 as the effect would be anti-dilutive. The computation of diluted EPS for the six months ended June 30, 2014 did not include 1.6 million shares of common stock, issuable upon the exercise of outstanding options, at prices ranging from $22.78 to $26.66, because the option prices were greater than the average market prices of our common shares during the period. The computation of diluted EPS for the three and six months ended June 30, 2013 did not include 945,000 and 1.4 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $24.45 to $26.66 and $24.12 to $26.66, respectively, because the option prices were greater than the average market prices of our common shares during these respective periods. | |||||||||||||||||
The computation of diluted EPS for both the three and six months ended June 30, 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 | 6 Months Ended | |||||||||||||||
Jun. 30, 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 six months ended June 30, 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 | 200 | 22.87 | ||||||||||||||
Exercised | (272 | ) | 17.49 | |||||||||||||
Forfeited or expired | (60 | ) | 23.14 | |||||||||||||
Outstanding at June 30, 2014 | 2,853 | $ | 21.97 | 4 | $ | 6,011 | ||||||||||
Exercisable at June 30, 2014 | 2,603 | $ | 21.96 | 3.5 | $ | 5,641 | ||||||||||
The fair value of the option grant was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | ||||||||||||||||
Dividend yield | 3.8 | % | ||||||||||||||
Risk-free interest rate | 2 | % | ||||||||||||||
Expected option life (years) | 6.25 | |||||||||||||||
Expected volatility | 39.8 | % | ||||||||||||||
The following table presents information regarding restricted stock activity during the six months ended June 30, 2014: | ||||||||||||||||
Unvested Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Unvested at January 1, 2014 | 857 | $ | 17.37 | |||||||||||||
Granted | 149 | 22.74 | ||||||||||||||
Vested | (83 | ) | 19.06 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Unvested at June 30, 2014 | 923 | * | $ | 18.09 | ||||||||||||
______________________________________________ | ||||||||||||||||
* 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 six months ended June 30, 2014, we granted 149,080 shares of restricted stock that are subject to forfeiture and vest over periods from 0 to 4 years. We measure compensation expense for restricted stock awards based on the fair value of our common stock at the date of grant and charge such amounts to expense ratably over the vesting period on a straight-line basis. The total grant-date value of the 82,770 shares of restricted stock that vested during the six months ended June 30, 2014 was approximately $1.6 million. | ||||||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations, is summarized as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Restricted stock expense | $ | 20 | $ | 1,490 | $ | 1,776 | $ | 3,031 | ||||||||
Stock option expense | 322 | 110 | 401 | 253 | ||||||||||||
Employee stock purchase plan discount | 9 | 6 | 17 | 9 | ||||||||||||
Total equity-based expense | 351 | 1,606 | 2,194 | 3,293 | ||||||||||||
Restricted stock classified as a liability | 26 | 39 | 131 | 39 | ||||||||||||
Total expense | 377 | 1,645 | 2,325 | 3,332 | ||||||||||||
Less amount capitalized | (164 | ) | (80 | ) | (345 | ) | (167 | ) | ||||||||
Net share-based compensation expense | $ | 213 | $ | 1,565 | $ | 1,980 | $ | 3,165 | ||||||||
As of June 30, 2014, we had $15.1 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 2.8 years. | ||||||||||||||||
Employment Related Agreements | ||||||||||||||||
Jeffrey Olson | ||||||||||||||||
In March 2014, Jeffrey Olson, our former Chief Executive Officer, informed us that he would not be renewing his employment agreement which was set to expire on December 31, 2014. On June 2, 2014, we entered into a Separation of Employment Agreement with Mr. Olson which resulted in a modification of the terms of his outstanding equity awards such that 58,240 shares of restricted stock that were scheduled to vest on December 31, 2014 are now scheduled to vest on August 29, 2014 and the post-employment window in which Mr. Olson can exercise his vested stock options was extended from three months to six months. In addition, the service and market conditions related to Mr. Olson's long-term incentive plan award ("LTIP") that was scheduled to vest on December 31, 2014 were modified such that the award is now scheduled to vest on August 29, 2014, subject to the market conditions being met. The modification of Mr. Olson’s stock options resulted in additional compensation expense of $232,000, as determined using a Black-Scholes-Merton model, which was recognized on the modification date as the options had previously vested. As a result of Mr. Olson’s separation and the related modification of the vesting conditions associated with his restricted stock and LTIP awards, all compensation expense previously recognized in relation to these awards (excluding the value of dividends previously paid on such awards) was reversed. The value of the modified restricted stock, as determined by the fair value of our common stock as of the modification date, and the fair value of the modified LTIP, as determined using a Monte Carlo simulation, will be recognized from the modification date through August 29, 2014. The modifications resulted in a net reversal of $1.7 million in compensation expense associated with these awards during the three and six months ended June 30, 2014. We expect to recognize $1.5 million in compensation expense in the third quarter of 2014 in connection with these awards. | ||||||||||||||||
David Lukes | ||||||||||||||||
On April 2, 2014, we entered into an employment agreement with David Lukes, our Chief Executive Officer, which became effective as of May 12, 2014 and has an initial term which ends on May 12, 2018. 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 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 also received a signing bonus of $500,000, which is included in general and administrative expenses in the accompanying statements of operations for the three and six months ended June 30, 2014. Mr. Lukes will repay the signing bonus in full in the event he resigns without good reason or is terminated for cause within 12 months of the commencement of his employment. | ||||||||||||||||
Upon the commencement of his employment, Mr. Lukes received 200,000 stock options with an exercise price of $22.87 per share that will vest ratably on the first, second, third and fourth anniversaries of the grant date. In addition, Mr. Lukes received 68,956 shares of restricted stock that will vest ratably on the second, third, and fourth anniversaries of the grant date and a LTIP, under which Mr. Lukes' target award is 156,300 shares of our common stock. The number of shares of stock that will ultimately be issued under the LTIP 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 based on our absolute total shareholder return ("Absolute TSR") (25%), total shareholder return relative to specified peer companies ("Relative TSR") (25%) and growth in recurring funds from operations per share ("Recurring FFO Growth") (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 39,075 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 Absolute TSR and Relative TSR components of Mr. Lukes’ LTIP are considered market-based awards. Accordingly, the probability of meeting the market criteria was considered when calculating the estimated fair value of the awards on the date of grant using Monte Carlo simulations. Furthermore, compensation expense associated with these awards will be recognized over the requisite service period as long as the requisite service is provided, regardless of whether the market criteria are achieved and the awards are ultimately earned. The significant assumptions used to value these awards include the volatility of our common stock (24.3%), the volatility of the common stock of various peer companies (which ranged from 13.7% to 28.6%), and the risk-free interest rate (1.3%). The aggregate estimated fair value of these components of Mr. Lukes’ LTIP was $1.5 million which will be recognized over the four-year performance period. | ||||||||||||||||
The Recurring FFO Growth component of Mr. Lukes’ LTIP is considered a performance-based award which is earned subject to future performance measurement. The award was valued at $19.51 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the requisite service period. Compensation expense will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. | ||||||||||||||||
Chaim Katzman | ||||||||||||||||
On June 2, 2014, we entered into a Chairman Compensation Agreement with Chaim Katzman, our Chairman of the Board, which will replace Mr. Katzman’s existing Chairman Compensation Agreement with the Company following the expiration of its term on December 31, 2014. The initial term of the new Chairman Compensation Agreement ends December 31, 2017. Pursuant to the agreement, Mr. Katzman will receive 255,000 shares of restricted stock that will vest as follows: (i) 7,095 shares on January 31, 2015; and (ii) 7,083 shares on the last day of each calendar month beginning February 2015 and ending December 2017. The award was valued at $22.24 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the period from the date of grant to January 2, 2015, at which time Mr. Katzman’s restricted stock will be entitled to receive dividends. Compensation expense related to the award will be recognized over the period from June 2014 through December 2017. | ||||||||||||||||
Thomas Caputo | ||||||||||||||||
On June 25, 2014, we entered into a new employment agreement with Thomas Caputo, our President, which is effective as of January 1, 2015 immediately following the expiration of the current term of Mr. Caputo’s existing employment agreement with the Company and ends on December 31, 2016. Mr. Caputo's new employment agreement provides for an annual base salary of $750,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Caputo will be eligible for a target performance bonus of 100% of his base salary that will be payable in cash. Pursuant to the agreement, on January 1, 2015, we will grant to Mr. Caputo $1.0 million in shares of our restricted common stock (valued by the Compensation Committee on the date of grant based on the average closing price of a share of our common stock during the 10 trading days immediately preceding the grant date), which shares will fully vest on December 31, 2016 subject to Mr. Caputo then being employed by the Company. | ||||||||||||||||
Michael Makinen | ||||||||||||||||
On June 25, 2014, we entered into an employment agreement with Michael Makinen to serve as our Chief Operating Officer. The agreement became effective as of July 15, 2014, and the initial term ends on July 15, 2018. Mr. Makinen's employment agreement provides for an annual base salary of $400,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Makinen is eligible for a target performance bonus of $300,000, except that with respect to the 2014 calendar year, Mr. Makinen will receive an annual bonus of no less than $300,000 reduced pro rata based on the portion of calendar year 2014 during which Mr. Makinen 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. | ||||||||||||||||
Upon the commencement of his employment, Mr. Makinen received 5,000 shares of restricted stock that will vest in equal portions on the first and second anniversaries of the grant date and a LTIP, under which Mr. Makinen's target award will be 25,685 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. Makinen's employment. Mr. Makinen's LTIP award will share the same performance metrics and weightings as Mr. Lukes' LTIP award described above. Shares earned pursuant to the LTIP will be issued following the completion of the four-year performance period, subject to Mr. Makinen's continued employment through the end of such period. | ||||||||||||||||
Amended and Restated 2004 Employee Stock Purchase Plan | ||||||||||||||||
In 2004, we adopted an Employee Stock Purchase Plan (the “ESPP”) in order to provide a convenient means by which eligible employees could purchase shares of our common stock on a quarterly basis through payroll deductions and voluntary cash investments. The original ESPP terminated on March 31, 2014 pursuant to its own terms. Accordingly, our board of directors adopted an amended and restated ESPP which was approved by our stockholders at our May 2014 annual meeting. Under the amended and restated ESPP, the quarterly purchase price per share paid by employees is 85% of the average closing price per share of our common stock on the five trading days that immediately precede the last trading day of the quarter, provided, however, that in no event may the purchase price be less than the lower of (i) 85% of the closing price on the first trading day of the quarter or (ii) 85% of the closing price on the last trading day of the quarter. Shares purchased under the amended and restated ESPP are subject to a six-month holding requirement, subject to exceptions for hardship. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jun. 30, 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 (loss) 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 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 (loss) 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 (loss) income from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
South Florida | $ | 22,765 | $ | 23,296 | $ | 46,270 | $ | 46,337 | ||||||||
North Florida | 9,416 | 9,390 | 19,124 | 18,983 | ||||||||||||
Southeast | 8,857 | 9,491 | 18,385 | 18,882 | ||||||||||||
Northeast | 20,750 | 18,248 | 42,349 | 36,322 | ||||||||||||
West Coast | 19,414 | 17,011 | 37,697 | 33,950 | ||||||||||||
Non-retail | 906 | 394 | 1,832 | 660 | ||||||||||||
Total segment revenue | 82,108 | 77,830 | 165,657 | 155,134 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 1,076 | 211 | 1,738 | 722 | ||||||||||||
Accretion of below market lease intangibles, net | 3,675 | 3,211 | 11,656 | 6,411 | ||||||||||||
Management and leasing services | 584 | 484 | 1,213 | 898 | ||||||||||||
Total revenue | $ | 87,443 | $ | 81,736 | $ | 180,264 | $ | 163,165 | ||||||||
Net operating income (NOI): | ||||||||||||||||
South Florida | $ | 15,697 | $ | 15,520 | $ | 32,256 | $ | 31,353 | ||||||||
North Florida | 6,588 | 6,482 | 13,463 | 12,646 | ||||||||||||
Southeast (1) | 6,000 | 6,588 | 13,787 | 13,273 | ||||||||||||
Northeast | 14,723 | 12,875 | 29,205 | 25,584 | ||||||||||||
West Coast | 12,982 | 11,288 | 25,523 | 22,794 | ||||||||||||
Non-retail | 751 | 241 | 1,510 | 399 | ||||||||||||
Total NOI | 56,741 | 52,994 | 115,744 | 106,049 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 1,076 | 211 | 1,738 | 722 | ||||||||||||
Accretion of below market lease intangibles, net | 3,675 | 3,211 | 11,656 | 6,411 | ||||||||||||
Management and leasing services | 584 | 484 | 1,213 | 898 | ||||||||||||
Elimination of intersegment expenses | 2,754 | 2,595 | 5,514 | 5,188 | ||||||||||||
Investment income | 28 | 2,209 | 199 | 4,413 | ||||||||||||
Equity in income of unconsolidated joint ventures | 1,268 | 615 | 9,529 | 1,050 | ||||||||||||
Gain on extinguishment of debt | — | 107 | 1,074 | 107 | ||||||||||||
Other income | 5 | 162 | 2,846 | 162 | ||||||||||||
Less: | ||||||||||||||||
Depreciation and amortization expense | 27,666 | 22,797 | 53,933 | 44,530 | ||||||||||||
General and administrative expense | 8,872 | 9,673 | 19,786 | 18,567 | ||||||||||||
Interest expense | 16,086 | 16,701 | 32,986 | 33,937 | ||||||||||||
Amortization of deferred financing fees | 601 | 603 | 1,200 | 1,209 | ||||||||||||
Impairment loss | 13,892 | 2,662 | 13,892 | 2,662 | ||||||||||||
(Loss) income from continuing operations before tax and | $ | (986 | ) | $ | 10,152 | $ | 27,716 | $ | 24,095 | |||||||
discontinued operations | ||||||||||||||||
(1) Included in NOI for the Southeast region for the six months ended June 30, 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: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
South Florida | $ | 650,820 | $ | 690,328 | ||||||||||||
North Florida | 280,477 | 318,375 | ||||||||||||||
Southeast | 274,356 | 305,013 | ||||||||||||||
Northeast | 1,069,576 | 974,444 | ||||||||||||||
West Coast | 854,829 | 833,890 | ||||||||||||||
Non-retail | 60,150 | 61,273 | ||||||||||||||
Corporate assets | 110,195 | 157,932 | ||||||||||||||
Properties held for sale | 53,162 | 13,404 | ||||||||||||||
Total assets | $ | 3,353,565 | $ | 3,354,659 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
As of June 30, 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 June 30, 2014, we have invested an aggregate of approximately $70.0 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $69.4 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 June 30, 2014 will have a material adverse effect on our financial condition, results of operations or cash flows. | |
We were involved in litigation with the fee owner of the majority of the parking lot that services one of our shopping centers. The owner was 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 May 2014, we entered into an agreement to purchase the parking lot for $5.4 million, which approximates fair value, in order to settle our dispute with the fee owner and the transaction was consummated in July 2014. |
Environmental_Matters
Environmental Matters | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, we had three interest rate swap agreements with a notional amount of $250.0 million that are measured at fair value on a recurring basis. As of June 30, 2014, the fair value of one of our interest rate swaps consisted of an asset of $810,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $921,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2013, the fair value of our swaps was an asset of $2.9 million, which is included in other assets in our condensed consolidated balance sheet. The net unrealized loss on our interest rate swaps was $3.1 million and $4.7 million for the three and six months ended June 30, 2014, respectively, 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 (liabilities) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
June 30, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 810 | $ | — | $ | 810 | $ | — | |||||||||||||
Classified as a liability in accounts payable | $ | (921 | ) | $ | — | $ | (921 | ) | $ | — | |||||||||||
and accrued expenses | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 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 June 30, 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 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 June 30, 2014, none of which were reported in the condensed consolidated statements of operations because they were documented and qualified as hedging instruments. | |||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of June 30, 2014: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 11,900 | $ | — | $ | — | $ | 11,900 | $ | 9,573 | |||||||||||
Operating properties held for sale | 16,800 | — | 16,800 | — | 2,058 | ||||||||||||||||
Total | $ | 28,700 | $ | — | $ | 16,800 | $ | 11,900 | $ | 11,631 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses exclude impairments of $2.2 million recognized related to properties sold during the six months ended June 30, 2014 primarily based on sales contracts. | |||||||||||||||||||||
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 for use | 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: | |||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||
Overall capitalization rates | 10.00% | 15.00% | 12.50% | 15.50% | |||||||||||||||||
Discount rates | 12.00% | 14.50% | 10.00% | 13.50% | |||||||||||||||||
Terminal capitalization rates | 11.00% | 13.50% | 12.50% | 12.50% | |||||||||||||||||
During the six months ended June 30, 2014, we recognized $9.6 million of impairment losses on two operating properties located in the Southeast region considered an asset group and one operating property located in the North Florida region. The operating properties located in the Southeast region were impaired due to the increased financial uncertainties surrounding a dark anchor tenant and the reconsideration of our anticipated holding period for the assets. The operating property in the North Florida region was impaired due to the loss of an anchor tenant and the re-leasing of such space at lower rents, as well as the reconsideration of our anticipated holding period for the asset. During the year ended December 31, 2013, we recognized $2.4 million of impairment losses on operating properties located in the Southeast region. The estimated fair values related to the impairment assessments were primarily based on discounted cash flow analyses and, therefore, are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
During the six months ended June 30, 2014, we recognized $2.1 million of impairment losses on two properties held for sale located in the Southeast and South Florida regions. During the year ended December 31, 2013, we recognized an impairment loss of $1.3 million on a property held for sale located in the Southeast region. The estimated fair values related to the impairment assessments were based upon the expected sales prices as determined by executed contracts and, therefore, are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
During the year ended December 31, 2013, we recognized impairment losses of $3.1 million on land parcels located in the Southeast and West Coast regions. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. During the six months ended June 30, 2014, we did not recognize impairment losses on development properties held for use. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [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 June 30, 2014 and December 31, 2013 was approximately $447.3 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 $414.7 million and $438.0 million as of June 30, 2014 and December 31, 2013, respectively. | |
Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of June 30, 2014 and December 31, 2013 was approximately $791.2 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 $729.6 million and $729.4 million as of June 30, 2014 and December 31, 2013, respectively. | |
Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of June 30, 2014 and December 31, 2013 was approximately $258.8 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 June 30, 2014 and December 31, 2013. | |
The fair market value calculations of our debt as of June 30, 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 June 30, 2014, the fair value of one of our interest rate swaps consisted of an asset of $810,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $921,000, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2013, the fair value of our interest rate swaps was an asset of $2.9 million, which is included in other assets in our 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 June 30, 2014 and December 31, 2013, which approximates fair value as determined by discounted cash flow analyses. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 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 June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 161,172 | $ | 1,401,374 | $ | 1,398,654 | $ | (80 | ) | $ | 2,961,120 | |||||||||
Investment in affiliates | 2,678,334 | — | — | (2,678,334 | ) | — | ||||||||||||||
Other assets | 256,021 | 95,994 | 834,548 | (794,118 | ) | 392,445 | ||||||||||||||
TOTAL ASSETS | $ | 3,095,527 | $ | 1,497,368 | $ | 2,233,202 | $ | (3,472,532 | ) | $ | 3,353,565 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,712,598 | $ | 123,580 | $ | 451,719 | $ | (760,600 | ) | $ | 1,527,297 | |||||||||
Other liabilities | 12,420 | 87,612 | 181,082 | (33,598 | ) | 247,516 | ||||||||||||||
TOTAL LIABILITIES | 1,725,018 | 211,192 | 632,801 | (794,198 | ) | 1,774,813 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,370,509 | 1,286,176 | 1,599,412 | (2,678,334 | ) | 1,577,763 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,095,527 | $ | 1,497,368 | $ | 2,233,202 | $ | (3,472,532 | ) | $ | 3,353,565 | |||||||||
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 | $ | 1,424,571 | $ | 1,313,598 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,680,043 | — | — | (2,680,043 | ) | — | ||||||||||||||
Other assets | 229,761 | 92,916 | 918,026 | (802,877 | ) | 437,826 | ||||||||||||||
TOTAL ASSETS | $ | 3,088,601 | $ | 1,517,487 | $ | 2,231,624 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,979 | 90,894 | 170,872 | (42,410 | ) | 242,335 | ||||||||||||||
TOTAL LIABILITIES | 1,693,417 | 222,111 | 638,226 | (803,010 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,184 | 1,295,376 | 1,592,409 | (2,680,043 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,601 | $ | 1,517,487 | $ | 2,231,624 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,133 | $ | 43,391 | $ | 37,919 | $ | — | $ | 87,443 | ||||||||||
Equity in subsidiaries' earnings | 27,435 | — | — | (27,435 | ) | — | ||||||||||||||
Total costs and expenses | 10,336 | 23,890 | 25,199 | (274 | ) | 59,151 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 23,232 | 19,501 | 12,720 | (27,161 | ) | 28,292 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (25,725 | ) | (5,530 | ) | 2,220 | (243 | ) | (29,278 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (2,493 | ) | 13,971 | 14,940 | (27,404 | ) | (986 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 26 | (105 | ) | — | (79 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING | (2,493 | ) | 13,997 | 14,835 | (27,404 | ) | (1,065 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 7 | (53 | ) | 68 | 1 | 23 | ||||||||||||||
Gain from sale of operating properties | 8 | 1,125 | 8 | — | 1,141 | |||||||||||||||
NET (LOSS) INCOME | (2,478 | ) | 15,069 | 14,911 | (27,403 | ) | 99 | |||||||||||||
Other comprehensive loss | (2,278 | ) | — | (67 | ) | — | (2,345 | ) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME | (4,756 | ) | 15,069 | 14,844 | (27,403 | ) | (2,246 | ) | ||||||||||||
Comprehensive income attributable to | — | — | (2,510 | ) | — | (2,510 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (4,756 | ) | $ | 15,069 | $ | 12,334 | $ | (27,403 | ) | $ | (4,756 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the three months ended June 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 6,626 | $ | 41,687 | $ | 33,423 | $ | — | $ | 81,736 | ||||||||||
Equity in subsidiaries' earnings | 53,113 | — | — | (53,113 | ) | — | ||||||||||||||
Total costs and expenses | 10,805 | 22,195 | 21,854 | (143 | ) | 54,711 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 48,934 | 19,492 | 11,569 | (52,970 | ) | 27,025 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (16,532 | ) | (3,357 | ) | 3,241 | (225 | ) | (16,873 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,402 | 16,135 | 14,810 | (53,195 | ) | 10,152 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 30 | (37 | ) | — | (7 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,402 | 16,165 | 14,773 | (53,195 | ) | 10,145 | ||||||||||||||
Income from discontinued operations | 1,364 | 24,465 | 84 | 119 | 26,032 | |||||||||||||||
NET INCOME | 33,766 | 40,630 | 14,857 | (53,076 | ) | 36,177 | ||||||||||||||
Other comprehensive income | 7,585 | — | 128 | — | 7,713 | |||||||||||||||
COMPREHENSIVE INCOME | 41,351 | 40,630 | 14,985 | (53,076 | ) | 43,890 | ||||||||||||||
Comprehensive income attributable to | — | — | (2,539 | ) | — | (2,539 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 41,351 | $ | 40,630 | $ | 12,446 | $ | (53,076 | ) | $ | 41,351 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the six months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 12,718 | $ | 92,783 | $ | 74,763 | $ | — | $ | 180,264 | ||||||||||
Equity in subsidiaries' earnings | 78,277 | — | — | (78,277 | ) | — | ||||||||||||||
Total costs and expenses | 23,445 | 48,201 | 46,959 | (487 | ) | 118,118 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 67,550 | 44,582 | 27,804 | (77,790 | ) | 62,146 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (43,605 | ) | (7,283 | ) | 16,943 | (485 | ) | (34,430 | ) | |||||||||||
INCOME FROM CONTINUING | 23,945 | 37,299 | 44,747 | (78,275 | ) | 27,716 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 7 | (619 | ) | — | (612 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 23,945 | 37,306 | 44,128 | (78,275 | ) | 27,104 | ||||||||||||||
Income from discontinued operations | 7 | 3,057 | 17 | 6 | 3,087 | |||||||||||||||
(Loss) gain from sale of operating properties | (280 | ) | 1,125 | 38 | — | 883 | ||||||||||||||
NET INCOME | 23,672 | 41,488 | 44,183 | (78,269 | ) | 31,074 | ||||||||||||||
Other comprehensive loss | (3,023 | ) | — | (193 | ) | — | (3,216 | ) | ||||||||||||
COMPREHENSIVE INCOME | 20,649 | 41,488 | 43,990 | (78,269 | ) | 27,858 | ||||||||||||||
Comprehensive income attributable to | — | — | (7,209 | ) | — | (7,209 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 20,649 | $ | 41,488 | $ | 36,781 | $ | (78,269 | ) | $ | 20,649 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the six months ended June 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 13,181 | $ | 83,676 | $ | 66,308 | $ | — | $ | 163,165 | ||||||||||
Equity in subsidiaries' earnings | 96,236 | — | — | (96,236 | ) | — | ||||||||||||||
Total costs and expenses | 21,436 | 45,366 | 40,406 | (214 | ) | 106,994 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 87,981 | 38,310 | 25,902 | (96,022 | ) | 56,171 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (36,473 | ) | (3,623 | ) | 8,470 | (450 | ) | (32,076 | ) | |||||||||||
INCOME FROM CONTINUING | 51,508 | 34,687 | 34,372 | (96,472 | ) | 24,095 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 70 | (91 | ) | — | (21 | ) | |||||||||||||
subsidiaries | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 51,508 | 34,757 | 34,281 | (96,472 | ) | 24,074 | ||||||||||||||
Income from discontinued operations | 6,933 | 32,131 | 24 | 306 | 39,394 | |||||||||||||||
NET INCOME | 58,441 | 66,888 | 34,305 | (96,166 | ) | 63,468 | ||||||||||||||
Other comprehensive income | 8,988 | — | 210 | — | 9,198 | |||||||||||||||
COMPREHENSIVE INCOME | 67,429 | 66,888 | 34,515 | (96,166 | ) | 72,666 | ||||||||||||||
Comprehensive income attributable to | — | — | (5,237 | ) | — | (5,237 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 67,429 | $ | 66,888 | $ | 29,278 | $ | (96,166 | ) | $ | 67,429 | |||||||||
TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the six months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (55,029 | ) | $ | 60,484 | $ | 65,163 | $ | 70,618 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (350 | ) | (85,551 | ) | (85,901 | ) | |||||||||||||
Additions to income producing properties | (1,027 | ) | (3,690 | ) | (4,456 | ) | (9,173 | ) | ||||||||||||
Additions to construction in progress | (1,199 | ) | (25,147 | ) | (7,077 | ) | (33,423 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (425 | ) | — | — | (425 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 9,374 | 29,598 | 17,326 | 56,298 | ||||||||||||||||
Decrease in cash held in escrow | (22,704 | ) | — | — | (22,704 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (259 | ) | (1,773 | ) | (725 | ) | (2,757 | ) | ||||||||||||
Investment in joint ventures | — | — | (289 | ) | (289 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 27 | 27 | ||||||||||||||||
Distributions from joint ventures | — | — | 16,232 | 16,232 | ||||||||||||||||
Repayments from subsidiaries, net | 80,644 | (51,482 | ) | (29,162 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 64,404 | (52,844 | ) | (33,149 | ) | (21,589 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | — | (7,640 | ) | (24,324 | ) | (31,964 | ) | |||||||||||||
Net borrowings under revolving credit facilities | 42,000 | — | — | 42,000 | ||||||||||||||||
Proceeds from issuance of common stock | 4,852 | — | — | 4,852 | ||||||||||||||||
Repurchase of common stock | (205 | ) | — | — | (205 | ) | ||||||||||||||
Dividends paid to stockholders | (52,289 | ) | — | — | (52,289 | ) | ||||||||||||||
Purchase of noncontrolling interest | — | — | (763 | ) | (763 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (6,927 | ) | (6,927 | ) | ||||||||||||||
Net cash used in financing activities | (5,642 | ) | (7,640 | ) | (32,014 | ) | (45,296 | ) | ||||||||||||
Net increase in cash and cash equivalents | 3,733 | — | — | 3,733 | ||||||||||||||||
Cash and cash equivalents at beginning of the period | 25,583 | — | — | 25,583 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 29,316 | $ | — | $ | — | $ | 29,316 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Non- | Consolidated | |||||||||||||||||
for the six months ended June 30, 2013 | Inc. | Guarantor | ||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (37,326 | ) | $ | 52,387 | $ | 46,457 | $ | 61,518 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | — | (37,000 | ) | ||||||||||||||
Additions to income producing properties | (850 | ) | (4,603 | ) | (1,660 | ) | (7,113 | ) | ||||||||||||
Additions to construction in progress | (371 | ) | (13,986 | ) | (3,401 | ) | (17,758 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (1,150 | ) | — | — | (1,150 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 49,131 | 118,363 | 5,528 | 173,022 | ||||||||||||||||
Increase in cash held in escrow | (10,258 | ) | — | — | (10,258 | ) | ||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 28,659 | 28,659 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (627 | ) | (2,204 | ) | (1,696 | ) | (4,527 | ) | ||||||||||||
Investment in joint ventures | — | — | (4,266 | ) | (4,266 | ) | ||||||||||||||
Advances to joint ventures | — | — | (143 | ) | (143 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 1,595 | 1,595 | ||||||||||||||||
Repayments from subsidiaries, net | 94,653 | (86,580 | ) | (8,073 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 130,528 | (51,010 | ) | 4,543 | 84,061 | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,584 | ) | (1,377 | ) | (26,362 | ) | (31,323 | ) | ||||||||||||
Net repayments under revolving credit facilities | (47,000 | ) | — | — | (47,000 | ) | ||||||||||||||
Payment of deferred financing costs | (6 | ) | — | — | (6 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,176 | — | — | 8,176 | ||||||||||||||||
Repurchase of common stock | (348 | ) | — | — | (348 | ) | ||||||||||||||
Stock issuance costs | (94 | ) | — | — | (94 | ) | ||||||||||||||
Dividends paid to stockholders | (52,105 | ) | — | — | (52,105 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (18,917 | ) | (18,917 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (5,041 | ) | (5,041 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (680 | ) | (680 | ) | ||||||||||||||
Net cash used in financing activities | (94,961 | ) | (1,377 | ) | (51,000 | ) | (147,338 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,759 | ) | — | — | (1,759 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the period | $ | 25,657 | $ | — | $ | — | $ | 25,657 | ||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 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 June 30, 2014 unaudited condensed consolidated balance sheet date for potential recognition or disclosure in our condensed consolidated financial statements and have included such events in the footnotes herein. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 operations. 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. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS") that removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, provides more useful information to users of financial statements through improved disclosure requirements and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Companies can choose to apply the ASU using either the full retrospective approach or a modified retrospective approach. We are currently evaluating both methods of adoption and the impact, if any, that the adoption of this ASU will have on our condensed consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)." ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU No. 2014-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Earlier adoption is permitted. The amendments can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards. We expect to apply the ASU prospectively and do not expect the adoption to have an impact on our condensed consolidated financial statements as our existing share-based payment awards do not fall within the scope of this ASU. | |
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 June 30, 2014, our largest tenant is comprised of a related group of grocers, which includes Albertsons, Shaw's, and Star Market and accounted for approximately 510,956 square feet, or approximately 3.2%, of our GLA and approximately $9.4 million, or 3.6%, of our annual minimum rent. As of June 30, 2014, we had outstanding receivables from Albertsons, Shaw's, and Star Market of approximately $62,000. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Acquisition [Line Items] | ' | ||||||
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 | $ | 86,911 | N/A | ||||
Land improvements | 2,209 | 9.4 | |||||
Buildings | 17,670 | 33.2 | |||||
Tenant improvements | 1,160 | 5.5 | |||||
Above-market leases | 1,315 | 5.4 | |||||
In-place lease interests | 5,424 | 10.7 | |||||
Lease origination costs | 97 | 6.9 | |||||
Leasing commissions | 789 | 21.5 | |||||
Below-market leases | (12,040 | ) | 19.5 | ||||
Above-market debt assumed | (70 | ) | 7.8 | ||||
Other acquired liabilities | (103 | ) | N/A | ||||
$ | 103,362 | ||||||
Dispositions_Tables
Dispositions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Dispositions [Abstract] | ' | ||||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | ' | ||||||||||||||||
The following table provides a summary of disposition activity during the six months ended June 30, 2014: | |||||||||||||||||
Date Sold | Property Name | Region | City | State | Square | Gross Sales | |||||||||||
Feet /Acres | Price | ||||||||||||||||
Income producing property sold | (In thousands) | ||||||||||||||||
June 30, 2014 | Riverside Square (1) | South Florida | Coral Springs | FL | 103,241 | $ | 12,380 | ||||||||||
June 30, 2014 | Oaktree Plaza (1) | South Florida | North Palm Beach | FL | 23,745 | 4,000 | |||||||||||
June 17, 2014 | Sunpoint Shopping Center (1) | North Florida | Ruskin | FL | 132,374 | 7,250 | |||||||||||
April 7, 2014 | Salerno Village Square (1) | South Florida | Stuart | FL | 77,677 | 8,646 | |||||||||||
March 27, 2014 | Daniel Village (1) | Southeast | Augusta | GA | 172,438 | 10,125 | |||||||||||
February 27, 2014 | Brawley Commons (1) | Southeast | Charlotte | NC | 119,189 | 5,450 | (2) | ||||||||||
January 15, 2014 | Stanley Marketplace | Southeast | Stanley | NC | 53,228 | 3,875 | |||||||||||
January 10, 2014 | Oak Hill Village | North Florida | Jacksonville | FL | 78,492 | 6,850 | |||||||||||
Total | $ | 58,576 | |||||||||||||||
______________________________________________ | |||||||||||||||||
(1) The results of operations for these properties are included in continuing operations in the condensed consolidated statements of operations for all periods presented. | |||||||||||||||||
(2) 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 and six months ended June 30, 2014 and 2013 are shown below: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Rental revenue | $ | 185 | $ | 4,455 | $ | 147 | $ | 11,474 | |||||||||
Expenses: | |||||||||||||||||
Property operating expenses | 15 | 1,782 | 203 | 4,149 | |||||||||||||
Depreciation and amortization | — | 1,185 | — | 2,691 | |||||||||||||
General and administrative expenses | 3 | 6 | 9 | 9 | |||||||||||||
Operations of income producing properties | 167 | 1,482 | (65 | ) | 4,625 | ||||||||||||
Interest expense | — | (208 | ) | — | (424 | ) | |||||||||||
(Loss) gain on disposal of income producing properties | (144 | ) | 25,663 | 3,152 | 36,859 | ||||||||||||
Impairment loss | — | (128 | ) | — | (128 | ) | |||||||||||
Loss on extinguishment of debt | — | — | — | (682 | ) | ||||||||||||
Income tax provision | — | (779 | ) | — | (860 | ) | |||||||||||
Other income | — | 2 | — | 4 | |||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
Income from discontinued operations attributable to Equity One, Inc. | $ | 24 | $ | 26,004 | $ | 3,090 | $ | 39,361 | |||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||
Additions to income producing properties | $ | — | $ | 260 | $ | — | $ | 403 | |||||||||
Increase in deferred leasing costs and lease intangibles | $ | — | $ | 299 | $ | — | $ | 501 | |||||||||
Straight line rent revenue | $ | 125 | $ | 29 | $ | — | $ | 240 | |||||||||
Amortization of above market lease intangibles, net | $ | — | $ | 138 | $ | — | $ | 271 | |||||||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 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 | June 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||||||
Investments in unconsolidated joint ventures: | (In thousands) | ||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,660 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 3,693 | 3,480 | ||||||||||
Madison 2260 Realty LLC | 1 | NY | 8.60% | 526 | 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 (5) | 1 | CA | 50.00% | 19,796 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (6) | 6 | FL, MA, NJ | 30.00% | 43,938 | 44,237 | ||||||||||
Total | 81,736 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 574 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 82,310 | $ | 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 June 30, 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) On July 2, 2014, we entered into an agreement with our joint venture partner in which both parties agreed to dissolve the joint venture and distribute the property in kind to the existing members at the current ownership percentages. Accordingly, the Parnassus Heights Medical Center will be held as a tenancy-in-common, and we will continue to account for our ownership interest under the equity method. | |||||||||||||||
(6) The investment balance as of June 30, 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) | 6 Months Ended | ||||||||
Jun. 30, 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: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Lease intangible assets, net | $ | 113,125 | $ | 117,200 | |||||
Leasing commissions, net | 38,222 | 38,296 | |||||||
Prepaid expenses and other receivables | 30,283 | 26,763 | |||||||
Straight-line rent receivables, net | 22,648 | 21,490 | |||||||
Deferred financing costs, net | 7,147 | 8,347 | |||||||
Deposits and mortgage escrows | 8,652 | 7,763 | |||||||
Furniture, fixtures and equipment, net | 4,030 | 4,406 | |||||||
Fair value of interest rate swaps | 810 | 2,944 | |||||||
Deferred tax asset | 2,397 | 2,390 | |||||||
Total other assets | $ | 227,314 | $ | 229,599 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 166,196 | $ | 167,777 | ||||
Prepaid rent | 8,406 | 9,450 | ||||||
Other | 542 | 156 | ||||||
Total other liabilities | $ | 175,144 | $ | 177,383 | ||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 6 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | 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 | 1,033 | 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 | $ | 207,255 | $ | 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 (loss) income available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Loss) income from continuing operations | $ | (1,065 | ) | $ | 10,145 | $ | 27,104 | $ | 24,074 | ||||||||
Gain on sale of operating properties | 1,141 | — | 883 | — | |||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | (2,511 | ) | (7,212 | ) | (5,204 | ) | |||||||||
(Loss) income from continuing operations attributable to Equity One, Inc. | (2,435 | ) | 7,634 | 20,775 | 18,870 | ||||||||||||
Allocation of continuing income to participating securities | (224 | ) | (63 | ) | (438 | ) | (306 | ) | |||||||||
(Loss) income from continuing operations available to common stockholders | (2,659 | ) | 7,571 | 20,337 | 18,564 | ||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
operations | |||||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 | |||||||||||||
Allocation of income from discontinued operations to participating securities | — | (230 | ) | — | (356 | ) | |||||||||||
Income from discontinued operations available to common stockholders | 24 | 25,774 | 3,090 | 39,005 | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,635 | ) | $ | 33,345 | $ | 23,427 | $ | 57,569 | ||||||||
Weighted average shares outstanding — Basic | 117,813 | 117,385 | 117,744 | 117,209 | |||||||||||||
Basic (loss) earnings per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | ||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | |||||||||||||
(Loss) earnings per common share — Basic | $ | (0.02 | ) | $ | 0.28 | $ | 0.2 | $ | 0.49 | ||||||||
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 (loss) income available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Loss) income from continuing operations | $ | (1,065 | ) | $ | 10,145 | $ | 27,104 | $ | 24,074 | ||||||||
Gain on sale of operating properties | 1,141 | — | 883 | — | |||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | (2,511 | ) | (7,212 | ) | (5,204 | ) | |||||||||
(Loss) income from continuing operations attributable to Equity One, Inc. | (2,435 | ) | 7,634 | 20,775 | 18,870 | ||||||||||||
Allocation of continuing income to participating securities | (224 | ) | (64 | ) | (438 | ) | (308 | ) | |||||||||
(Loss) income from continuing operations available to common stockholders | (2,659 | ) | 7,570 | 20,337 | 18,562 | ||||||||||||
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 | |||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 1 | (28 | ) | 3 | (33 | ) | |||||||||||
operations | |||||||||||||||||
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 | |||||||||||||
Allocation of income from discontinued operations to participating securities | — | (229 | ) | — | (354 | ) | |||||||||||
Income from discontinued operations available to common stockholders | 24 | 25,775 | 3,090 | 39,007 | |||||||||||||
Net (loss) income available to common stockholders | $ | (2,635 | ) | $ | 33,345 | $ | 23,427 | $ | 57,569 | ||||||||
Weighted average shares outstanding — Basic | 117,813 | 117,385 | 117,744 | 117,209 | |||||||||||||
Stock options using the treasury method | — | 364 | 205 | 326 | |||||||||||||
Non-participating restricted stock using the treasury method | — | — | 6 | — | |||||||||||||
Executive Incentive Plan shares using the treasury method | — | — | 26 | — | |||||||||||||
Weighted average shares outstanding — Diluted | 117,813 | 117,749 | 117,981 | 117,535 | |||||||||||||
Diluted (loss) earnings per share available to common stockholders: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | ||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | |||||||||||||
(Loss) earnings per common share — Diluted | $ | (0.02 | ) | $ | 0.28 | $ | 0.2 | $ | 0.49 | ||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||
The following table presents stock option activity during the six months ended June 30, 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 | 200 | 22.87 | ||||||||||||||
Exercised | (272 | ) | 17.49 | |||||||||||||
Forfeited or expired | (60 | ) | 23.14 | |||||||||||||
Outstanding at June 30, 2014 | 2,853 | $ | 21.97 | 4 | $ | 6,011 | ||||||||||
Exercisable at June 30, 2014 | 2,603 | $ | 21.96 | 3.5 | $ | 5,641 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The fair value of the option grant was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | ||||||||||||||||
Dividend yield | 3.8 | % | ||||||||||||||
Risk-free interest rate | 2 | % | ||||||||||||||
Expected option life (years) | 6.25 | |||||||||||||||
Expected volatility | 39.8 | % | ||||||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||||||
The following table presents information regarding restricted stock activity during the six months ended June 30, 2014: | ||||||||||||||||
Unvested Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Unvested at January 1, 2014 | 857 | $ | 17.37 | |||||||||||||
Granted | 149 | 22.74 | ||||||||||||||
Vested | (83 | ) | 19.06 | |||||||||||||
Forfeited | — | — | ||||||||||||||
Unvested at June 30, 2014 | 923 | * | $ | 18.09 | ||||||||||||
______________________________________________ | ||||||||||||||||
* 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 operations, is summarized as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Restricted stock expense | $ | 20 | $ | 1,490 | $ | 1,776 | $ | 3,031 | ||||||||
Stock option expense | 322 | 110 | 401 | 253 | ||||||||||||
Employee stock purchase plan discount | 9 | 6 | 17 | 9 | ||||||||||||
Total equity-based expense | 351 | 1,606 | 2,194 | 3,293 | ||||||||||||
Restricted stock classified as a liability | 26 | 39 | 131 | 39 | ||||||||||||
Total expense | 377 | 1,645 | 2,325 | 3,332 | ||||||||||||
Less amount capitalized | (164 | ) | (80 | ) | (345 | ) | (167 | ) | ||||||||
Net share-based compensation expense | $ | 213 | $ | 1,565 | $ | 1,980 | $ | 3,165 | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 (loss) income from continuing operations before tax and discontinued operations, the most directly comparable GAAP financial measure: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
South Florida | $ | 22,765 | $ | 23,296 | $ | 46,270 | $ | 46,337 | ||||||||
North Florida | 9,416 | 9,390 | 19,124 | 18,983 | ||||||||||||
Southeast | 8,857 | 9,491 | 18,385 | 18,882 | ||||||||||||
Northeast | 20,750 | 18,248 | 42,349 | 36,322 | ||||||||||||
West Coast | 19,414 | 17,011 | 37,697 | 33,950 | ||||||||||||
Non-retail | 906 | 394 | 1,832 | 660 | ||||||||||||
Total segment revenue | 82,108 | 77,830 | 165,657 | 155,134 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 1,076 | 211 | 1,738 | 722 | ||||||||||||
Accretion of below market lease intangibles, net | 3,675 | 3,211 | 11,656 | 6,411 | ||||||||||||
Management and leasing services | 584 | 484 | 1,213 | 898 | ||||||||||||
Total revenue | $ | 87,443 | $ | 81,736 | $ | 180,264 | $ | 163,165 | ||||||||
Net operating income (NOI): | ||||||||||||||||
South Florida | $ | 15,697 | $ | 15,520 | $ | 32,256 | $ | 31,353 | ||||||||
North Florida | 6,588 | 6,482 | 13,463 | 12,646 | ||||||||||||
Southeast (1) | 6,000 | 6,588 | 13,787 | 13,273 | ||||||||||||
Northeast | 14,723 | 12,875 | 29,205 | 25,584 | ||||||||||||
West Coast | 12,982 | 11,288 | 25,523 | 22,794 | ||||||||||||
Non-retail | 751 | 241 | 1,510 | 399 | ||||||||||||
Total NOI | 56,741 | 52,994 | 115,744 | 106,049 | ||||||||||||
Add: | ||||||||||||||||
Straight line rent adjustment | 1,076 | 211 | 1,738 | 722 | ||||||||||||
Accretion of below market lease intangibles, net | 3,675 | 3,211 | 11,656 | 6,411 | ||||||||||||
Management and leasing services | 584 | 484 | 1,213 | 898 | ||||||||||||
Elimination of intersegment expenses | 2,754 | 2,595 | 5,514 | 5,188 | ||||||||||||
Investment income | 28 | 2,209 | 199 | 4,413 | ||||||||||||
Equity in income of unconsolidated joint ventures | 1,268 | 615 | 9,529 | 1,050 | ||||||||||||
Gain on extinguishment of debt | — | 107 | 1,074 | 107 | ||||||||||||
Other income | 5 | 162 | 2,846 | 162 | ||||||||||||
Less: | ||||||||||||||||
Depreciation and amortization expense | 27,666 | 22,797 | 53,933 | 44,530 | ||||||||||||
General and administrative expense | 8,872 | 9,673 | 19,786 | 18,567 | ||||||||||||
Interest expense | 16,086 | 16,701 | 32,986 | 33,937 | ||||||||||||
Amortization of deferred financing fees | 601 | 603 | 1,200 | 1,209 | ||||||||||||
Impairment loss | 13,892 | 2,662 | 13,892 | 2,662 | ||||||||||||
(Loss) income from continuing operations before tax and | $ | (986 | ) | $ | 10,152 | $ | 27,716 | $ | 24,095 | |||||||
discontinued operations | ||||||||||||||||
(1) Included in NOI for the Southeast region for the six months ended June 30, 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 | ' | |||||||||||||||
The following is a summary by segment of total assets included in the condensed consolidated balance sheets: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
South Florida | $ | 650,820 | $ | 690,328 | ||||||||||||
North Florida | 280,477 | 318,375 | ||||||||||||||
Southeast | 274,356 | 305,013 | ||||||||||||||
Northeast | 1,069,576 | 974,444 | ||||||||||||||
West Coast | 854,829 | 833,890 | ||||||||||||||
Non-retail | 60,150 | 61,273 | ||||||||||||||
Corporate assets | 110,195 | 157,932 | ||||||||||||||
Properties held for sale | 53,162 | 13,404 | ||||||||||||||
Total assets | $ | 3,353,565 | $ | 3,354,659 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 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: | |||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||
Overall capitalization rates | 10.00% | 15.00% | 12.50% | 15.50% | |||||||||||||||||
Discount rates | 12.00% | 14.50% | 10.00% | 13.50% | |||||||||||||||||
Terminal capitalization rates | 11.00% | 13.50% | 12.50% | 12.50% | |||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The following are assets (liabilities) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
June 30, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 810 | $ | — | $ | 810 | $ | — | |||||||||||||
Classified as a liability in accounts payable | $ | (921 | ) | $ | — | $ | (921 | ) | $ | — | |||||||||||
and accrued expenses | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 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 for use | 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) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | ' | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||||||||||||||||||||||
As of June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||
Properties, net | $ | 161,172 | $ | 1,401,374 | $ | 1,398,654 | $ | (80 | ) | $ | 2,961,120 | |||||||||||||||||||||||||||||
Investment in affiliates | 2,678,334 | — | — | (2,678,334 | ) | — | ||||||||||||||||||||||||||||||||||
Other assets | 256,021 | 95,994 | 834,548 | (794,118 | ) | 392,445 | ||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 3,095,527 | $ | 1,497,368 | $ | 2,233,202 | $ | (3,472,532 | ) | $ | 3,353,565 | |||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||
Total notes payable | $ | 1,712,598 | $ | 123,580 | $ | 451,719 | $ | (760,600 | ) | $ | 1,527,297 | |||||||||||||||||||||||||||||
Other liabilities | 12,420 | 87,612 | 181,082 | (33,598 | ) | 247,516 | ||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 1,725,018 | 211,192 | 632,801 | (794,198 | ) | 1,774,813 | ||||||||||||||||||||||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||||||||||||||||||||||
INTERESTS | ||||||||||||||||||||||||||||||||||||||||
EQUITY | 1,370,509 | 1,286,176 | 1,599,412 | (2,678,334 | ) | 1,577,763 | ||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,095,527 | $ | 1,497,368 | $ | 2,233,202 | $ | (3,472,532 | ) | $ | 3,353,565 | |||||||||||||||||||||||||||||
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 | $ | 1,424,571 | $ | 1,313,598 | $ | (133 | ) | $ | 2,916,833 | |||||||||||||||||||||||||||||
Investment in affiliates | 2,680,043 | — | — | (2,680,043 | ) | — | ||||||||||||||||||||||||||||||||||
Other assets | 229,761 | 92,916 | 918,026 | (802,877 | ) | 437,826 | ||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 3,088,601 | $ | 1,517,487 | $ | 2,231,624 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 131,217 | $ | 467,354 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||||||||||||||||||||||
Other liabilities | 22,979 | 90,894 | 170,872 | (42,410 | ) | 242,335 | ||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 1,693,417 | 222,111 | 638,226 | (803,010 | ) | 1,750,744 | ||||||||||||||||||||||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||||||||||||||||||||||
INTERESTS | ||||||||||||||||||||||||||||||||||||||||
EQUITY | 1,395,184 | 1,295,376 | 1,592,409 | (2,680,043 | ) | 1,602,926 | ||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,601 | $ | 1,517,487 | $ | 2,231,624 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||||||||||||||||||||||||
AND EQUITY | ||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||||||||||||||||
for the three months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | for the six months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 6,133 | $ | 43,391 | $ | 37,919 | $ | — | $ | 87,443 | Total revenue | $ | 12,718 | $ | 92,783 | $ | 74,763 | $ | — | $ | 180,264 | |||||||||||||||||||
Equity in subsidiaries' earnings | 27,435 | — | — | (27,435 | ) | — | Equity in subsidiaries' earnings | 78,277 | — | — | (78,277 | ) | — | |||||||||||||||||||||||||||
Total costs and expenses | 10,336 | 23,890 | 25,199 | (274 | ) | 59,151 | Total costs and expenses | 23,445 | 48,201 | 46,959 | (487 | ) | 118,118 | |||||||||||||||||||||||||||
INCOME BEFORE OTHER INCOME AND | 23,232 | 19,501 | 12,720 | (27,161 | ) | 28,292 | INCOME BEFORE OTHER INCOME AND | 67,550 | 44,582 | 27,804 | (77,790 | ) | 62,146 | |||||||||||||||||||||||||||
EXPENSE, TAX AND DISCONTINUED | EXPENSE, TAX AND DISCONTINUED | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | OPERATIONS | |||||||||||||||||||||||||||||||||||||||
Other income and (expense) | (25,725 | ) | (5,530 | ) | 2,220 | (243 | ) | (29,278 | ) | Other income and (expense) | (43,605 | ) | (7,283 | ) | 16,943 | (485 | ) | (34,430 | ) | |||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING | (2,493 | ) | 13,971 | 14,940 | (27,404 | ) | (986 | ) | INCOME FROM CONTINUING | 23,945 | 37,299 | 44,747 | (78,275 | ) | 27,716 | |||||||||||||||||||||||||
OPERATIONS BEFORE TAX AND | OPERATIONS BEFORE TAX AND | |||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 26 | (105 | ) | — | (79 | ) | Income tax benefit (provision) of taxable REIT | — | 7 | (619 | ) | — | (612 | ) | |||||||||||||||||||||||||
subsidiaries | subsidiaries | |||||||||||||||||||||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING | (2,493 | ) | 13,997 | 14,835 | (27,404 | ) | (1,065 | ) | INCOME FROM CONTINUING OPERATIONS | 23,945 | 37,306 | 44,128 | (78,275 | ) | 27,104 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | 7 | (53 | ) | 68 | 1 | 23 | Income from discontinued operations | 7 | 3,057 | 17 | 6 | 3,087 | ||||||||||||||||||||||||||||
Gain from sale of operating properties | 8 | 1,125 | 8 | — | 1,141 | (Loss) gain from sale of operating properties | (280 | ) | 1,125 | 38 | — | 883 | ||||||||||||||||||||||||||||
NET (LOSS) INCOME | (2,478 | ) | 15,069 | 14,911 | (27,403 | ) | 99 | NET INCOME | 23,672 | 41,488 | 44,183 | (78,269 | ) | 31,074 | ||||||||||||||||||||||||||
Other comprehensive loss | (2,278 | ) | — | (67 | ) | — | (2,345 | ) | Other comprehensive loss | (3,023 | ) | — | (193 | ) | — | (3,216 | ) | |||||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | (4,756 | ) | 15,069 | 14,844 | (27,403 | ) | (2,246 | ) | COMPREHENSIVE INCOME | 20,649 | 41,488 | 43,990 | (78,269 | ) | 27,858 | |||||||||||||||||||||||||
Comprehensive income attributable to | — | — | (2,510 | ) | — | (2,510 | ) | Comprehensive income attributable to | — | — | (7,209 | ) | — | (7,209 | ) | |||||||||||||||||||||||||
noncontrolling interests | noncontrolling interests | |||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (4,756 | ) | $ | 15,069 | $ | 12,334 | $ | (27,403 | ) | $ | (4,756 | ) | COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 20,649 | $ | 41,488 | $ | 36,781 | $ | (78,269 | ) | $ | 20,649 | |||||||||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | TO EQUITY ONE, INC. | |||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | Condensed Consolidating Statement of Comprehensive Income | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||||||||||||||||
for the three months ended June 30, 2013 | Inc. | Subsidiaries | Guarantor | for the six months ended June 30, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 6,626 | $ | 41,687 | $ | 33,423 | $ | — | $ | 81,736 | Total revenue | $ | 13,181 | $ | 83,676 | $ | 66,308 | $ | — | $ | 163,165 | |||||||||||||||||||
Equity in subsidiaries' earnings | 53,113 | — | — | (53,113 | ) | — | Equity in subsidiaries' earnings | 96,236 | — | — | (96,236 | ) | — | |||||||||||||||||||||||||||
Total costs and expenses | 10,805 | 22,195 | 21,854 | (143 | ) | 54,711 | Total costs and expenses | 21,436 | 45,366 | 40,406 | (214 | ) | 106,994 | |||||||||||||||||||||||||||
INCOME BEFORE OTHER INCOME AND | 48,934 | 19,492 | 11,569 | (52,970 | ) | 27,025 | INCOME BEFORE OTHER INCOME AND | 87,981 | 38,310 | 25,902 | (96,022 | ) | 56,171 | |||||||||||||||||||||||||||
EXPENSE, TAX AND DISCONTINUED | EXPENSE, TAX AND DISCONTINUED | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | OPERATIONS | |||||||||||||||||||||||||||||||||||||||
Other income and (expense) | (16,532 | ) | (3,357 | ) | 3,241 | (225 | ) | (16,873 | ) | Other income and (expense) | (36,473 | ) | (3,623 | ) | 8,470 | (450 | ) | (32,076 | ) | |||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,402 | 16,135 | 14,810 | (53,195 | ) | 10,152 | INCOME FROM CONTINUING | 51,508 | 34,687 | 34,372 | (96,472 | ) | 24,095 | |||||||||||||||||||||||||||
BEFORE TAX AND DISCONTINUED | OPERATIONS BEFORE TAX AND | |||||||||||||||||||||||||||||||||||||||
OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) of taxable REIT | — | 30 | (37 | ) | — | (7 | ) | Income tax benefit (provision) of taxable REIT | — | 70 | (91 | ) | — | (21 | ) | |||||||||||||||||||||||||
subsidiaries | subsidiaries | |||||||||||||||||||||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,402 | 16,165 | 14,773 | (53,195 | ) | 10,145 | INCOME FROM CONTINUING OPERATIONS | 51,508 | 34,757 | 34,281 | (96,472 | ) | 24,074 | |||||||||||||||||||||||||||
Income from discontinued operations | 1,364 | 24,465 | 84 | 119 | 26,032 | Income from discontinued operations | 6,933 | 32,131 | 24 | 306 | 39,394 | |||||||||||||||||||||||||||||
NET INCOME | 33,766 | 40,630 | 14,857 | (53,076 | ) | 36,177 | NET INCOME | 58,441 | 66,888 | 34,305 | (96,166 | ) | 63,468 | |||||||||||||||||||||||||||
Other comprehensive income | 7,585 | — | 128 | — | 7,713 | Other comprehensive income | 8,988 | — | 210 | — | 9,198 | |||||||||||||||||||||||||||||
COMPREHENSIVE INCOME | 41,351 | 40,630 | 14,985 | (53,076 | ) | 43,890 | COMPREHENSIVE INCOME | 67,429 | 66,888 | 34,515 | (96,166 | ) | 72,666 | |||||||||||||||||||||||||||
Comprehensive income attributable to | — | — | (2,539 | ) | — | (2,539 | ) | Comprehensive income attributable to | — | — | (5,237 | ) | — | (5,237 | ) | |||||||||||||||||||||||||
noncontrolling interests | noncontrolling interests | |||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 41,351 | $ | 40,630 | $ | 12,446 | $ | (53,076 | ) | $ | 41,351 | COMPREHENSIVE INCOME ATTRIBUTABLE | $ | 67,429 | $ | 66,888 | $ | 29,278 | $ | (96,166 | ) | $ | 67,429 | |||||||||||||||||
TO EQUITY ONE, INC. | TO EQUITY ONE, INC. | |||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||||||||||||||||||||||
for the six months ended June 30, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (55,029 | ) | $ | 60,484 | $ | 65,163 | $ | 70,618 | |||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||
Acquisition of income producing properties | — | (350 | ) | (85,551 | ) | (85,901 | ) | |||||||||||||||||||||||||||||||||
Additions to income producing properties | (1,027 | ) | (3,690 | ) | (4,456 | ) | (9,173 | ) | ||||||||||||||||||||||||||||||||
Additions to construction in progress | (1,199 | ) | (25,147 | ) | (7,077 | ) | (33,423 | ) | ||||||||||||||||||||||||||||||||
Deposits for the acquisition of income producing properties | (425 | ) | — | — | (425 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from sale of real estate and rental properties | 9,374 | 29,598 | 17,326 | 56,298 | ||||||||||||||||||||||||||||||||||||
Decrease in cash held in escrow | (22,704 | ) | — | — | (22,704 | ) | ||||||||||||||||||||||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||||||||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (259 | ) | (1,773 | ) | (725 | ) | (2,757 | ) | ||||||||||||||||||||||||||||||||
Investment in joint ventures | — | — | (289 | ) | (289 | ) | ||||||||||||||||||||||||||||||||||
Repayments of advances to joint ventures | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||||||
Distributions from joint ventures | — | — | 16,232 | 16,232 | ||||||||||||||||||||||||||||||||||||
Repayments from subsidiaries, net | 80,644 | (51,482 | ) | (29,162 | ) | — | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 64,404 | (52,844 | ) | (33,149 | ) | (21,589 | ) | |||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||
Repayments of mortgage notes payable | — | (7,640 | ) | (24,324 | ) | (31,964 | ) | |||||||||||||||||||||||||||||||||
Net borrowings under revolving credit facilities | 42,000 | — | — | 42,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 4,852 | — | — | 4,852 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (205 | ) | — | — | (205 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | (52,289 | ) | — | — | (52,289 | ) | ||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | (763 | ) | (763 | ) | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | (6,927 | ) | (6,927 | ) | ||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (5,642 | ) | (7,640 | ) | (32,014 | ) | (45,296 | ) | ||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | 3,733 | — | — | 3,733 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 25,583 | — | — | 25,583 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of the period | $ | 29,316 | $ | — | $ | — | $ | 29,316 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Non- | Consolidated | |||||||||||||||||||||||||||||||||||||
for the six months ended June 30, 2013 | Inc. | Guarantor | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (37,326 | ) | $ | 52,387 | $ | 46,457 | $ | 61,518 | |||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||
Acquisition of income producing properties | — | (37,000 | ) | — | (37,000 | ) | ||||||||||||||||||||||||||||||||||
Additions to income producing properties | (850 | ) | (4,603 | ) | (1,660 | ) | (7,113 | ) | ||||||||||||||||||||||||||||||||
Additions to construction in progress | (371 | ) | (13,986 | ) | (3,401 | ) | (17,758 | ) | ||||||||||||||||||||||||||||||||
Deposits for the acquisition of income producing properties | (1,150 | ) | — | — | (1,150 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from sale of real estate and rental properties | 49,131 | 118,363 | 5,528 | 173,022 | ||||||||||||||||||||||||||||||||||||
Increase in cash held in escrow | (10,258 | ) | — | — | (10,258 | ) | ||||||||||||||||||||||||||||||||||
Purchase of below market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||||||||||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||||||||||||||||||||||
Repayment of loans receivable | — | — | 28,659 | 28,659 | ||||||||||||||||||||||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (627 | ) | (2,204 | ) | (1,696 | ) | (4,527 | ) | ||||||||||||||||||||||||||||||||
Investment in joint ventures | — | — | (4,266 | ) | (4,266 | ) | ||||||||||||||||||||||||||||||||||
Advances to joint ventures | — | — | (143 | ) | (143 | ) | ||||||||||||||||||||||||||||||||||
Distributions from joint ventures | — | — | 1,595 | 1,595 | ||||||||||||||||||||||||||||||||||||
Repayments from subsidiaries, net | 94,653 | (86,580 | ) | (8,073 | ) | — | ||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 130,528 | (51,010 | ) | 4,543 | 84,061 | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||
Repayments of mortgage notes payable | (3,584 | ) | (1,377 | ) | (26,362 | ) | (31,323 | ) | ||||||||||||||||||||||||||||||||
Net repayments under revolving credit facilities | (47,000 | ) | — | — | (47,000 | ) | ||||||||||||||||||||||||||||||||||
Payment of deferred financing costs | (6 | ) | — | — | (6 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 8,176 | — | — | 8,176 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (348 | ) | — | — | (348 | ) | ||||||||||||||||||||||||||||||||||
Stock issuance costs | (94 | ) | — | — | (94 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid to stockholders | (52,105 | ) | — | — | (52,105 | ) | ||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | (18,917 | ) | (18,917 | ) | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | (5,041 | ) | (5,041 | ) | ||||||||||||||||||||||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (680 | ) | (680 | ) | ||||||||||||||||||||||||||||||||||
Net cash used in financing activities | (94,961 | ) | (1,377 | ) | (51,000 | ) | (147,338 | ) | ||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (1,759 | ) | — | — | (1,759 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 27,416 | — | — | 27,416 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of the period | $ | 25,657 | $ | — | $ | — | $ | 25,657 | ||||||||||||||||||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Jun. 30, 2014 |
sqft | |
properties | |
Wholly Owned Properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of properties | 135 |
Square feet of gross leasable area | 14,600,000 |
Percentage occupancy | 94.20% |
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 | 113 |
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 | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Annual minimum rent, gross leasable area | $66,295,000 | $60,949,000 | $136,546,000 | $121,336,000 | ' |
Outstanding receivables | 13,709,000 | ' | 13,709,000 | ' | 12,872,000 |
Credit Concentration Risk [Member] | Albertsons, Shaw's and Star Market [Member] | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Square Feet/Acres | 510,956 | ' | 510,956 | ' | ' |
Largest tenant accounted gross leasable area, percentage of total area | 3.20% | ' | 3.20% | ' | ' |
Outstanding receivables | 61,693 | ' | 61,693 | ' | ' |
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 | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | |||||||||||||||||
Business Combination, Acquisition Related Costs | $100,000 | $617,000 | $1,500,000 | $718,000 | |||||||||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | ' | ' | ' | |||||||||||||||||
The following table provides a summary of acquisition activity during the six months ended June 30, 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 | 65,012 | — | |||||||||||||||
Center | |||||||||||||||||||||
January 16, 2014 | Westwood Center II (2) | Bethesda | MD | 53,293 | 15,000 | — | |||||||||||||||
Total | $ | 103,362 | $ | 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. | |||||||||||||||||||||
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 $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 23, 2014 | Jan. 31, 2014 | Jan. 16, 2014 | Jan. 16, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 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 | $103,362 | ' | ' | ' | ' | ' | $86,911 | $2,209 | $17,670 | $1,160 | $1,315 | $5,424 | $97 | $789 | ($12,040) | ($70) | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 24 days | '10 years 8 months 12 days | '6 years 10 months 24 days | '21 years 6 months | '19 years 6 months | '7 years 9 months 18 days | ||||
Acquired Tangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | '9 years 4 months 24 days | '33 years 2 months 12 days | '5 years 6 months | ' | ' | ' | ' | ' | ' | ||||
Square Feet/Acres | ' | 0 | [1] | 102,282 | [2] | 102,000 | 101,584 | 53,293 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Combination, Consideration Transferred | 103,362 | 350 | [3] | 23,000 | [2],[3] | 6,200 | 65,012 | [3] | 15,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of mortgage notes payable | $11,353 | $0 | [2] | $11,353 | [2] | ' | $0 | [2] | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | In acres. | |||||||||||||||||||
[2] | (3) Property was acquired through the 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 $) | 6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 2 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Mar. 27, 2014 | Jun. 30, 2014 | Feb. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 07, 2014 | Jun. 30, 2014 | Mar. 27, 2014 | Feb. 27, 2014 | Jan. 15, 2014 | Jun. 17, 2014 | Jan. 10, 2014 | |||||||||||
Shoppes of Andros Isles, Mariners Crossing, Smyth Valley Crossing, Forest Village, New Smyrna Beach and Shoppes of North Port [Member] | Summerlin Square [Member] | Stuart [Member] | Ruskin [Member] | North Florida And Southeast [Member] | Augusta [Member] | Charlotte [Member] | Charlotte [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | North Florida, South Florida and Southeast [Member] | South Florida [Member] | South Florida [Member] | South Florida [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | North Florida [Member] | North Florida [Member] | ||||||||||||||
Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | property | Income Producing Property Sold [Member] | Brawley Commons [Member] | Income Producing Property Sold [Member] | property | Stanley Marketplace and Oak Hill [Member] | North Florida, South Florida and Southeast [Member] | West Coast [Member] | North Florida, South Florida, Southeast and West Coast [Member] | Shoppes of Andros Isles, Mariners Crossing, Smyth Valley Crossing, Forest Village, New Smyrna Beach and Shoppes of North Port [Member] | Discontinued Operations [Member] | Assets Held-for-sale [Member] | Coral Springs [Member] | Stuart [Member] | North Palm Beach [Member] | Augusta [Member] | Charlotte [Member] | Stanley [Member] | Ruskin [Member] | Jacksonville [Member] | ||||||||||||||||
Salerno Village [Member] | Sunpoint Shopping Center [Member] | Daniel Village [Member] | Brawley Commons [Member] | property | property | property | Summerlin Square [Member] | Continuing Operations [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||
property | Shoppes of Andros Isles, Mariners Crossing, Smyth Valley Crossing, Forest Village, New Smyrna Beach and Shoppes of North Port [Member] | Riverside Square [Member] | Salerno Village [Member] | Oaktree Plaza [Member] | Daniel Village [Member] | Brawley Commons [Member] | Stanley Market Place [Member] | Sunpoint Shopping Center [Member] | Oak Hill [Member] | ||||||||||||||||||||||||||||
property | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Gain (Loss) on Sale of Properties | $4,035,000 | $36,859,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real Estate Investment Property, Net | 2,961,120,000 | ' | 2,916,833,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Square Feet/Acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,241 | [1] | 77,677 | [1] | 23,745 | [1] | 172,438 | [1] | 119,189 | [1],[2] | 53,228 | 132,374 | [1] | 78,492 | ||||
Sales of Real Estate | 58,576,000 | ' | ' | 55,300,000 | ' | 8,646,000 | [1] | 7,250,000 | [1] | ' | 10,125,000 | [1] | 5,500,000 | 5,450,000 | [1],[2] | ' | ' | ' | ' | 188,000,000 | ' | ' | ' | 12,380,000 | [1] | ' | 4,000,000 | [1] | ' | ' | 3,875,000 | ' | 6,850,000 | ||||
Number of Real Estate Properties Under Contract, Excluding Held-for-Sale | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Properties held for sale | 53,162,000 | ' | 13,404,000 | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number Of Real Estate Properties Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 2 | 20 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Book Value of Real Estate, Under Contract, Held for Use | ' | ' | ' | ' | ' | ' | ' | $17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | he results of operations for these properties are included in continuing operations in the condensed consolidated statements of operations for all periods presented. | ||||||||||||||||||||||||||||||||||||
[2] | 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 | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Payments to Develop Real Estate Assets | ' | ' | $9,173,000 | $7,113,000 |
Increase (Decrease) in Lease Acquisition Costs | ' | ' | 2,757,000 | 4,527,000 |
Straight Line Rent | ' | ' | 1,739,000 | 961,000 |
Accretion of below market lease intangibles, net | ' | ' | -11,881,000 | -6,140,000 |
Sales of Real Estate | ' | ' | 58,576,000 | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | ' | 128,000 | ' | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | ' | ' | ' | 128,000 |
Rental revenue | 185,000 | 4,455,000 | 147,000 | 11,474,000 |
Property operating expenses | 15,000 | 1,782,000 | 203,000 | 4,149,000 |
Depreciation and amortization | ' | 1,185,000 | ' | 2,691,000 |
Interest expense | ' | -208,000 | ' | -424,000 |
(Loss) gain on disposal of income producing properties | -144,000 | 25,663,000 | 3,152,000 | 36,859,000 |
Loss on extinguishment of debt | ' | ' | ' | -682,000 |
Income tax provision | 0 | -779,000 | 0 | -860,000 |
Other income | ' | 2,000 | ' | 4,000 |
INCOME FROM DISCONTINUED OPERATIONS | 23,000 | 26,032,000 | 3,087,000 | 39,394,000 |
Net loss (income) attributable to noncontrolling interests | 1,000 | -28,000 | 3,000 | -33,000 |
Income from discontinued operations attributable to Equity One, Inc. | 24,000 | 26,004,000 | 3,090,000 | 39,361,000 |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 3,000 | 6,000 | 9,000 | 9,000 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 167,000 | 1,482,000 | -65,000 | 4,625,000 |
Shoppes of Andros Isles, Mariners Crossing, Smyth Valley Crossing, Forest Village, New Smyrna Beach and Shoppes of North Port [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Sales of Real Estate | ' | ' | 55,300,000 | ' |
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 | ' | 6 | ' |
Sales of Real Estate, Under Contract, Held for Use | 22,100,000 | ' | 22,100,000 | ' |
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 | 260,000 | ' | ' |
Increase (Decrease) in Lease Acquisition Costs | 0 | 299,000 | ' | ' |
Straight Line Rent | 125,000 | 29,000 | ' | ' |
Accretion of below market lease intangibles, net | $0 | $138,000 | ' | ' |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
Madison 2260, Realty, LLC [Member] | Madison 1235, Realty, LLC [Member] | Madison 1235, Realty, LLC [Member] | Madison 1235, Realty, LLC [Member] | GRI-EQY I, LLC [Member] | GRI-EQY I, LLC [Member] | GRI-EQY I, LLC [Member] | G&I Investment South Florida Portfolio, LLC [Member] | G&I Investment South Florida Portfolio, LLC [Member] | Talega Village Center JV, LLC [Member] | Talega Village Center JV, LLC [Member] | Talega Village Center JV, LLC [Member] | Talega Village Center JV, LLC [Member] | Talega Village Center JV, LLC [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Parnassus Heights Medical Center [Member] | Parnassus Heights Medical Center [Member] | Equity One JV Portfolio, LLC (NYCRF) [Member] | Equity One JV Portfolio, LLC (NYCRF) [Member] | Equity One JV Portfolio, LLC (NYCRF) [Member] | Madison 2260, Realty, LLC [Member] | Madison 2260, Realty, LLC [Member] | |||||||||||||||||||||||
New York [Member] | New York [Member] | New York [Member] | New York [Member] | Georgia, South Carolina & Florida [Member] | Georgia, South Carolina & Florida [Member] | Florida [Member] | Florida [Member] | Vestar [Member] | California [Member] | California [Member] | Vestar [Member] | California [Member] | California [Member] | California [Member] | California [Member] | Florida, Massachusetts, New Jersey [Member] | Florida, Massachusetts, New Jersey [Member] | New York [Member] | New York [Member] | ||||||||||||||||||||||||||||
properties | properties | properties | properties | properties | properties | properties | properties | ||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method and Cost Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Number of properties | ' | ' | 1 | [1] | 1 | [1] | ' | ' | ' | 10 | [1],[2] | ' | 3 | [1] | ' | ' | ' | ' | 1 | [1],[3] | ' | ' | ' | 1 | [1],[4] | ' | 1 | [1],[5] | ' | ' | 6 | [1],[6] | ' | ' | ' | ||||||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | [1],[2] | ' | 20.00% | [1] | ' | ' | ' | ' | 100.00% | [1],[3] | ' | ' | ' | 50.50% | [1],[4] | ' | 50.00% | [1],[5] | ' | ' | 30.00% | [1],[6] | ' | ' | ' | ||||||||||||||
Cost method investment, ownership percentage | ' | ' | 8.60% | [1] | 20.10% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 48.00% | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Cost method investment balance | ' | ' | ' | ' | $820,000 | [1] | $820,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $526,000 | [1] | $634,000 | [1] | ||||||||||||||||
Equity method investment balance | ' | ' | ' | ' | ' | ' | ' | 12,660,000 | [1],[2] | 12,912,000 | [1],[2] | 3,693,000 | [1] | 3,480,000 | [1] | ' | ' | ' | 0 | [1],[3] | 2,828,000 | [1],[3] | ' | ' | 303,000 | [1],[4] | 6,468,000 | [1],[4] | 19,796,000 | [1],[5] | 19,791,000 | [1],[5] | ' | 43,938,000 | [1],[6] | 44,237,000 | [1],[6] | ' | ' | ||||||||
Total | 81,736,000 | 91,170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Advances to unconsolidated joint ventures, Investment Balance | 574,000 | 602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | 82,310,000 | [1] | 91,772,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Net of deferred gains associated with the disposition of assets | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $376,000 | ' | ' | ' | ' | ||||||||||||||||||||
Noncontrolling interest ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[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 June 30, 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] | On July 2, 2014, we entered into an agreement with our joint venture partner in which both parties agreed to dissolve the joint venture and distribute the property in kind to the existing members at the current ownership percentages. Accordingly, the Parnassus Heights Medical Center will be held as a tenancy-in-common, and we will continue to account for our ownership interest under the equity method. | ||||||||||||||||||||||||||||||||||||||||||||||
[6] | The investment balance as of June 30, 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 | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 23, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | ||
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] | Management and Leasing Services [Member] | Management and Leasing Services [Member] | Management and Leasing Services [Member] | Management and Leasing Services [Member] | San Clemente [Member] | San Clemente [Member] | San Clemente [Member] | Vernola Marketplace [Member] | Equity Method Investments [Member] | Vestar/EQY Vernola LLC [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||||
Vernola Marketplace Joint Venture Limited Liability Company [Member] | Talega Village Center JV, LLC [Member] | Other Income [Member] | Other Income [Member] | Other Income [Member] | Other Income [Member] | Talega Village Center [Member] | Talega Village Center [Member] | Other Income [Member] | Vernola Marketplace Joint Venture Limited Liability Company [Member] | Vernola Marketplace [Member] | Equity One, Inc. [Member] | San Clemente [Member] | Equity Method Investments [Member] | |||||||||||||||
sqft | sqft | Equity One, Inc. [Member] | Equity One, Inc. [Member] | Talega Village Center [Member] | Vernola Marketplace [Member] | |||||||||||||||||||||||
Talega Village Center [Member] | ||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in income of unconsolidated joint ventures | $1,268,000 | $615,000 | $9,529,000 | $1,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,268,000 | $615,000 | $9,529,000 | $1,050,000 | ' | ' | |
Management Fees Revenue | 584,000 | 484,000 | 1,213,000 | 898,000 | ' | ' | ' | ' | ' | ' | ' | 584,000 | 484,000 | 1,213,000 | 898,000 | ' | ' | ' | ' | ' | ' | 584,000 | 484,000 | 1,213,000 | 898,000 | ' | ' | |
Equity Method Investment, Summarized Financial Information, Long-term Debt | 250,000,000 | ' | 250,000,000 | ' | 286,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity Method Investment, Long-term Debt, Entity's Portion | 54,700,000 | ' | 54,700,000 | ' | 72,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity Method Investment, Effective Interest | ' | ' | ' | ' | ' | ' | 48.00% | 100.00% | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Noncontrolling interest ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Consideration Transferred | ' | ' | 103,362,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | [1],[2] | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | 2,807,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | 561,000 | ' | |
Sales of Real Estate | ' | ' | 58,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment in loan receivable | ' | ' | 0 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Square Feet/Acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,282 | [2] | 102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable, net | 0 | ' | 0 | ' | 60,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain (Loss) on Sale of Properties | ' | ' | 4,035,000 | 36,859,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | 1,600,000 | |
Payments to Noncontrolling Interests | ' | ' | 763,000 | 18,917,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | |
Distributions from joint ventures | ' | ' | $16,232,000 | $1,595,000 | ' | $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] | (3) Property was acquired through the 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]) | Jun. 30, 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 $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Dec. 31, 2013 | 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 | $60,711,000 | ' | $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 | 103,362,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total other assets | $227,314 | $229,599 |
Other Assets [Member] | ' | ' |
Lease intangible assets, net | 113,125 | 117,200 |
Leasing commissions, net | 38,222 | 38,296 |
Prepaid expenses and other receivables | 30,283 | 26,763 |
Straight-line rent receivables, net | 22,648 | 21,490 |
Deferred financing costs, net | 7,147 | 8,347 |
Deposits and mortgage escrows | 8,652 | 7,763 |
Furniture, fixtures and equipment, net | 4,030 | 4,406 |
Fair value of interest rate swaps | 810 | 2,944 |
Deferred tax asset | 2,397 | 2,390 |
Total other assets | $227,314 | $229,599 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 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] | 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] | 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] | Talega Village Center [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] | Other Liabilities [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 | ' | ' | ' | ' | ' | 5.95% | 5.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of mortgage notes payable | ' | ' | $11,353,000 | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.01% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-36 | 1-Jul-13 | 13-Feb-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales of Real Estate | ' | ' | 58,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | 0 | 107,000 | 1,074,000 | 107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | 31,964,000 | 31,323,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,000,000 | 91,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 499,000,000 | ' | 499,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate face amount of letters of credit pledged | 2,600,000 | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Feb-19 | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Number of Instruments Held | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 810,000 | 2,900,000 | ' | 810,000 | 2,944,000 | 810,000 | 2,944,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 921,000 | 921,000 | ' | 921,000 | ' |
Interest rate cash flow hedge, gain (loss) to be reclassified during next 12 months | -3,200,000 | ' | -3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | 810,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Liabilities_Composition_
Other Liabilities (Composition of Other Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Other Liabilities [Member] | Other Liabilities [Member] | 101 7th Avenue [Member] | |||
Schedule of Other Liabilities [Line Items] | ' | ' | ' | ' | ' |
Lease intangible liabilities, net | ' | ' | $166,196,000 | $167,777,000 | ' |
Prepaid rent | ' | ' | 8,406,000 | 9,450,000 | ' |
Other | ' | ' | 542,000 | 156,000 | ' |
Total other liabilities | 175,144,000 | 177,383,000 | 175,144,000 | 177,383,000 | ' |
Gain (Loss) on Contract Termination | ' | ' | ' | ' | $4,400,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income tax benefit (provision) of taxable REIT subsidiaries | ($79,000) | ($7,000) | ($612,000) | ($21,000) |
Income tax expense of taxable REIT subsidiaries | 0 | 779,000 | 0 | 860,000 |
Dim Vastgoed N V [Member] | ' | ' | ' | ' |
Federal net operating loss carry forwards | 4,800,000 | ' | 4,800,000 | ' |
State net operating loss carry forwards | 2,200,000 | ' | 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 | ' | 2,000,000 | ' |
State net operating loss carry forwards | $1,600,000 | ' | $1,600,000 | ' |
Tax Credit Carryforward, Expiration Date | ' | ' | 31-Dec-30 | ' |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Redeemable noncontrolling interests | $989 | $989 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,255 | 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 | 1,033 | 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 $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2014 |
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 | $58,576 | ' | ' | $49,000 | ' |
Common Stock, Shares, Issued | 117,997,140 | ' | 117,646,772 | ' | ' |
Redeemable noncontrolling interests | 989 | ' | 989 | ' | ' |
Investment in loan receivable | 0 | 8,500 | ' | 22,900 | ' |
Gain (Loss) on Sale of Properties | 4,035 | 36,859 | ' | 14,700 | ' |
Payments to Noncontrolling Interests | $763 | $18,917 | ' | ' | $1,900 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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 | $11.59 | $24.45 | $22.78 | $24.12 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $26.66 | $26.66 | $26.66 | $26.66 |
Earnings Per Share: | ' | ' | ' | ' |
Common stock not included in the calculation of EPS, shares | 2,900,000 | 900,000 | 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 | 11,400,000 | 11,400,000 |
Joint ventures shares, conversion to one share of company common stock | 1 | ' | 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 | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ($1,065) | $10,145 | $27,104 | $24,074 |
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | 1,141 | 0 | 883 | 0 |
Net income attributable to noncontrolling interests - continuing operations | 2,511 | 2,511 | 7,212 | 5,204 |
Income from continuing operations attributable to Equity One, Inc. | -2,435 | 7,634 | 20,775 | 18,870 |
Net Income (Loss) Available to Common Stockholders, Continuing Operations | -2,659 | 7,571 | 20,337 | 18,564 |
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 |
Net loss (income) attributable to noncontrolling interests - discontinued operations | 1 | -28 | 3 | -33 |
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 |
Allocation of discontinued loss to restricted share awards and to Class A common stockholder | -224 | -63 | -438 | -306 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Discontinued Operations | ' | -230 | ' | -356 |
Net Income (Loss) Available to Common Stockholders, Discontinued Operations | 24 | 25,774 | 3,090 | 39,005 |
Net income (loss) available to common stockholders | ($2,635) | $33,345 | $23,427 | $57,569 |
Weighted average shares outstanding - Basic (in shares) | 117,813 | 117,385 | 117,744 | 117,209 |
Basic earnings per share from continuing operations (in usd per share) | ($0.02) | $0.06 | $0.17 | $0.16 |
Basic earnings per share from discontinued operations (in usd per share) | ' | $0.22 | $0.03 | $0.33 |
Earnings per common share - Basic (in usd per share) | ($0.02) | $0.28 | $0.20 | $0.49 |
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 | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ($1,065) | $10,145 | $27,104 | $24,074 |
Gain (Loss) on Sale of Properties, before Applicable Income Taxes | 1,141 | 0 | 883 | 0 |
Income from continuing operations attributable to Equity One, Inc. | -2,435 | 7,634 | 20,775 | 18,870 |
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 |
Net loss (income) attributable to noncontrolling interests - discontinued operations | 1 | -28 | 3 | -33 |
Income from discontinued operations attributable to Equity One, Inc. | 24 | 26,004 | 3,090 | 39,361 |
Net Income (Loss) Available to Common Stockholders, Discontinued Operations, Basic | 24 | 25,775 | 3,090 | 39,007 |
Net income available to common stockholders | -2,635 | 33,345 | 23,427 | 57,569 |
Weighted average shares outstanding - Basic (in shares) | 117,813 | 117,385 | 117,744 | 117,209 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 364 | 205 | 326 |
Stock options using the treasury method | 0 | 0 | 6 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 0 | 0 | 26 | 0 |
Weighted average shares outstanding - Diluted | 117,813 | 117,749 | 117,981 | 117,535 |
Diluted earnings per share from continuing operations (in usd per share) | ($0.02) | $0.06 | $0.17 | $0.16 |
Diluted earnings per share from discontinued operations (in usd per share) | ' | $0.22 | $0.03 | $0.33 |
Earnings per common share - Diluted (in usd per share) | ($0.02) | $0.28 | $0.20 | $0.49 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Continuing Operations, Diluted | 224 | 64 | 438 | 308 |
Net Income (Loss) Available to Common Stockholders, Continuing Operations, Diluted | -2,659 | 7,570 | 20,337 | 18,562 |
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 | $0 | ($229) | $0 | ($354) |
ShareBased_Payments_Narrative_
Share-Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | 12-May-14 | Jun. 30, 2014 | 12-May-14 | Dec. 31, 2015 | Jan. 01, 2015 | Jul. 15, 2014 | Jul. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 12-May-14 | Jun. 30, 2014 | 12-May-14 | 12-May-14 | 12-May-14 | Jul. 15, 2014 | Jun. 30, 2014 | 12-May-14 | 12-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 02, 2014 | 12-May-14 | 12-May-14 | Jun. 02, 2014 | Jul. 15, 2014 | Jun. 30, 2014 | Jun. 02, 2014 | Jun. 02, 2014 | Dec. 31, 2015 | Jul. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | 12-May-14 | Jul. 15, 2014 | 12-May-14 | ||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Pre-modification [Member] | Post-modification [Member] | Cash [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Market Awards [Member] | Market Awards [Member] | Market Awards [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Restricted Stock Grants And Long-Term Incentive Compensation Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock and Performance Awards [Member] | Restricted Stock and Performance Awards [Member] | Common Stock [Member] | Common Stock [Member] | General and Administrative Expense [Member] | |||||
Minimum [Member] | President [Member] | President [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Outgoing Chief Executive Officer [Member] | Outgoing Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Minimum [Member] | Maximum [Member] | Outgoing Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Chief Operating Officer [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Outgoing Chief Executive Officer [Member] | Outgoing Chief Executive Officer [Member] | Scenario, Forecast [Member] | Chief Executive Officer [Member] | Scenario, Forecast [Member] | Chief Executive Officer [Member] | |||||||||||
Minimum [Member] | Recurring FFO Growth [Member] | Discretionary [Member] | Chief Operating Officer [Member] | Absolute Shareholder Return [Member] | Total Shareholder Return Relative to Peer Community [Member] | Deferred Bonus [Member] | Deferred Bonus [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | President [Member] | Chief Operating Officer [Member] | Outgoing Chief Executive Officer [Member] | Chief Operating Officer [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche One [Member] | Share-based Compensation Award, Subsequent Tranches [Member] | ||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award, First Traunch of Shares to be Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,095 | 7,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Post-employment Exercise Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $232,000 | ' | ' | ' | ' | ' | |
Share-based compensation expense | ' | 1,980,000 | 3,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Modification, Impact on Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | |
Stock Granted, Value, Share-based Compensation, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Grant Calculation, Number of Trading Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | |
Officers' Compensation | ' | ' | ' | 850,000 | ' | ' | 750,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | ' | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Executive shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | 923,000 | [1] | 857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000 | ' | ' | ' | ' | 68,956 | ' | ' | ' | 255,000 | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | |
Vest over period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | '4 years | ' | ' | ' | ' | ' | '0 years | '4 years | ' | ' | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.80% | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.51 | ' | ' | ' | ' | ' | ' | $18.09 | [1] | $17.37 | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation, Signing Bonus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | |
Grant date value, vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total vesting-date value of shares vested in a period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,577,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total unrecognized compensation expense related to unvested and restricted share-based payment arrangements | $15,100,000 | $15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Recognizable weighted-average period (in years) | ' | '2 years 9 months 11 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted | ' | $22.87 | ' | $22.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,300 | 25,685 | ' | |
Deferred Compensation Arrangement with Individual, Target Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,075 | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0.25 | '0.25 | ' | ' | '0.25 | '0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Performance Metric, Number of Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
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% | ' | ' | |
Employee Stock Purchase Plan Discount | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[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 $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Share Under Option (in shares): | ' |
Beginning balance | 2,985,000 |
Granted | 200,000 |
Exercised | -272,000 |
Forfeited or expired | -60,000 |
Ending balance | 2,853,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '3 years 11 months 16 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $6,011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $5,641 |
Weighted-Average Exercise Price (in dollars per share): | ' |
Beginning balance | $21.53 |
Granted | $22.87 |
Exercised | $17.49 |
Forfeited or expired | $23.14 |
Ending balance | $21.97 |
Shares Under Option, Exercisable | 2,603,000 |
Weighted-Average Exercise Price, Exercisable | $21.96 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 5 months 22 days |
Employee Stock Option [Member] | ' |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.80% |
Share Under Option (in shares): | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 39.80% |
Summary_of_Restricted_Stock_Ac
(Summary of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | ||
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 | $18.09 | [1] | $17.37 |
Unvested Shares (in shares): | ' | ' | |
Unvested beginning balance | 857,000 | ' | |
Granted | 149,000 | ' | |
Vested | -83,000 | ' | |
Forfeited | 0 | ' | |
Unvested ending balance | 923,000 | [1] | ' |
Weighted-Average Price (in dollars per share): | ' | ' | |
Granted | $22.74 | ' | |
Vested | $19.06 | ' | |
Forfeited | $0 | ' | |
Total vesting-date value of shares vested in a period | $1,577,806 | ' | |
Minimum [Member] | ' | ' | |
Unvested Shares (in shares): | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '0 years | ' | |
Maximum [Member] | ' | ' | |
Unvested Shares (in shares): | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 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_of1
Share-Based Payments (Summary of Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Restricted stock expense | $20 | $1,490 | $1,776 | $3,031 |
Stock option expense | 322 | 110 | 401 | 253 |
Employee stock purchase plan discount | 9 | 6 | 17 | 9 |
Total equity-based expense | 351 | 1,606 | 2,194 | 3,293 |
Deferred Compensation Share-based Arrangements, Liability | 26 | 39 | 131 | 39 |
Total expense | 377 | 1,645 | 2,325 | 3,332 |
Less amount capitalized | -164 | -80 | -345 | -167 |
Net share-based compensation expense | $213 | $1,565 | $1,980 | $3,165 |
Segment_Reporting_Financial_In
Segment Reporting (Financial Information Relating to Operations Presented by Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
segment | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Number of reportable segments | ' | ' | 6 | ' | |
Straight Line Rent | ' | ' | $1,739,000 | $961,000 | |
Management and leasing services | 584,000 | 484,000 | 1,213,000 | 898,000 | |
Total revenue | 87,443,000 | 81,736,000 | 180,264,000 | 163,165,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292,000 | 27,025,000 | 62,146,000 | 56,171,000 | |
Investment income | 28,000 | 2,209,000 | 199,000 | 4,413,000 | |
Equity in income of unconsolidated joint ventures | 1,268,000 | 615,000 | 9,529,000 | 1,050,000 | |
Gain on sale of land | ' | ' | 4,035,000 | 36,859,000 | |
Gain on extinguishment of debt | 0 | 107,000 | 1,074,000 | 107,000 | |
Depreciation and amortization | 27,666,000 | 22,797,000 | 53,933,000 | 44,530,000 | |
General and administrative | 8,872,000 | 9,673,000 | 19,786,000 | 18,567,000 | |
Interest expense | 16,086,000 | 16,701,000 | 32,986,000 | 33,937,000 | |
Amortization of deferred financing fees | 601,000 | 603,000 | 1,200,000 | 1,209,000 | |
Impairment loss on goodwill and income producing properties | 13,892,000 | 2,662,000 | 13,892,000 | 2,662,000 | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -986,000 | 10,152,000 | 27,716,000 | 24,095,000 | |
Southeast [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Valuation Allowances and Reserves, Recoveries | ' | ' | 1,100,000 | ' | |
Operating Segments [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 82,108,000 | 77,830,000 | 165,657,000 | 155,134,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 56,741,000 | 52,994,000 | 115,744,000 | 106,049,000 | |
Operating Segments [Member] | South Florida [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 22,765,000 | 23,296,000 | 46,270,000 | 46,337,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 15,697,000 | 15,520,000 | 32,256,000 | 31,353,000 | |
Operating Segments [Member] | North Florida [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 9,416,000 | 9,390,000 | 19,124,000 | 18,983,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 6,588,000 | 6,482,000 | 13,463,000 | 12,646,000 | |
Operating Segments [Member] | Southeast [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 8,857,000 | 9,491,000 | 18,385,000 | 18,882,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 6,000,000 | 6,588,000 | 13,787,000 | [1] | 13,273,000 |
Operating Segments [Member] | Northeast [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 20,750,000 | 18,248,000 | 42,349,000 | 36,322,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 14,723,000 | 12,875,000 | 29,205,000 | 25,584,000 | |
Operating Segments [Member] | West Coast [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 19,414,000 | 17,011,000 | 37,697,000 | 33,950,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 12,982,000 | 11,288,000 | 25,523,000 | 22,794,000 | |
Operating Segments [Member] | Non Retail [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Total segment revenues | 906,000 | 394,000 | 1,832,000 | 660,000 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 751,000 | 241,000 | 1,510,000 | 399,000 | |
Segment Reconciling Items [Member] | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | |
Straight Line Rent | 1,076,000 | 211,000 | 1,738,000 | 722,000 | |
Accretion Expense | 3,675,000 | 3,211,000 | 11,656,000 | 6,411,000 | |
Management and leasing services | 584,000 | 484,000 | 1,213,000 | 898,000 | |
Elimination of intersegment expenses | 2,754,000 | 2,595,000 | 5,514,000 | 5,188,000 | |
Investment income | 28,000 | 2,209,000 | 199,000 | 4,413,000 | |
Equity in income of unconsolidated joint ventures | 1,268,000 | 615,000 | 9,529,000 | 1,050,000 | |
Other income | 5,000 | 162,000 | 2,846,000 | 162,000 | |
Gain on extinguishment of debt | 0 | 107,000 | 1,074,000 | 107,000 | |
Depreciation and amortization | 27,666,000 | 22,797,000 | 53,933,000 | 44,530,000 | |
General and administrative | ' | ' | 19,786,000 | 18,567,000 | |
Interest expense | 16,086,000 | 16,701,000 | 32,986,000 | 33,937,000 | |
Amortization of deferred financing fees | 601,000 | 603,000 | 1,200,000 | 1,209,000 | |
Impairment loss on goodwill and income producing properties | $13,892,000 | $2,662,000 | $13,892,000 | $2,662,000 | |
[1] | Included in NOI for the Southeast region for the six months ended June 30, 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | $3,353,565 | $3,354,659 |
South Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 650,820 | 690,328 |
North Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 280,477 | 318,375 |
Southeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 274,356 | 305,013 |
Northeast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 1,069,576 | 974,444 |
West Coast [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 854,829 | 833,890 |
Non Retail [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 60,150 | 61,273 |
Corporate assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 110,195 | 157,932 |
Assets held for sale or sold [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | $53,162 | $13,404 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Loss Contingencies [Line Items] | ' |
Investment in development or redevelopment projects | $70 |
Letters of Credit Outstanding, Amount | 2.6 |
Payments to Acquire Land | 5.35 |
Capital Addition Purchase Commitments [Member] | ' |
Loss Contingencies [Line Items] | ' |
Additional investment required to complete the project | $69.40 |
Commitments and contingencies expense period | 'P2Y |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |||||||||
properties | properties | Other Assets [Member] | Other Assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [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] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Equity One, Inc. [Member] | Equity One, Inc. [Member] | North Florida And Southeast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | North Florida [Member] | South Florida and Southeast [Member] | Southeast and West Coast [Member] | ||||||||||||
Other Assets [Member] | Other Assets [Member] | Accounts Payable and Accrued Liabilities [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, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [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] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | property | property | |||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative, Number of Instruments Held | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative, Notional Amount | $250,000,000 | ' | $250,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Asset, Number of Instruments Held | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair value of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 810,000 | 2,900,000 | ' | 810,000 | 2,944,000 | 0 | 0 | 810,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 921,000 | 921,000 | ' | 0 | ' | 921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | ' | 810,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net unrealized (loss) gain on interest rate swaps (1) | -3,226,000 | [1] | 6,813,000 | [1] | -4,955,000 | [1] | 7,363,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of of operating property | ' | ' | ' | ' | ' | ' | ' | 9,573,000 | [2] | 2,406,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | 2,400,000 | ' | ' | ' | ' | ||||||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | 2,058,000 | [2] | 1,313,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,313,000 | [3] | ' | 2,058,000 | [3] | ' | ||||
Number of properites held for sale with recorded impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 3,085,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | |||||||
Goodwill, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of Long-Lived Assets Held-for-use, Number of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 1 | ' | ' | ||||||||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized (losses) gains of $(101) and $(262) for the three and six months ended June 30, 2014, respectively, and $43 and $0 for the same periods during 2013, respectivel | |||||||||||||||||||||||||||||||||||
[2] | Total losses exclude impairments of $2.2 million recognized related to properties sold during the six months ended June 30, 2014 primarily based on sales contracts. | |||||||||||||||||||||||||||||||||||
[3] | Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) (USD $) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 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] | 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] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Other Assets [Member] | ||||
Level 1 [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 | ' | ' | ' | $810,000 | $2,944,000 | $0 | $0 | $810,000 | $2,944,000 | $0 | $0 | $810,000 | $2,900,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | ' | ' | ' | -921,000 | ' | 0 | ' | -921,000 | ' | 0 | ' | ' | ' |
Fair value of interest rate swaps | ' | 810,000 | 2,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured and Recorded as Fair Value on a Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 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] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Terminal cap rate [Member] [Member] | Terminal cap rate [Member] [Member] | Terminal cap rate [Member] [Member] | Terminal cap rate [Member] [Member] | Overall cap rate [Member] | Overall cap rate [Member] | Overall cap rate [Member] | Overall cap rate [Member] | South Florida and Southeast [Member] | North Florida [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | |||||||||||
Level 1 [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, Inputs, Level 3 [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] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [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] | 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, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | property | property | |||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment of Long-Lived Assets Sold | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair Value Inputs, Cap Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 12.50% | 13.50% | 12.50% | 10.00% | 12.50% | 15.00% | 15.50% | ' | ' | ' | ' | ' | ||||||
Operating Properties Held-for-investment, Fair Value Disclosure | ' | ' | ' | ' | 11,900,000 | 6,600,000 | 0 | 0 | 0 | 0 | 11,900,000 | 6,600,000 | [1] | 5,400,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment loss | ' | ' | ' | ' | 9,573,000 | [2] | 2,406,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ||||
Operating Properties Held-for-sale, Fair Value Disclosure | ' | ' | ' | ' | 16,800,000 | 3,875,000 | 0 | 0 | 16,800,000 | 3,875,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment of Long-Lived Assets to be Disposed of | ' | ' | ' | ' | 2,058,000 | [2] | 1,313,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,058,000 | [3] | ' | 1,313,000 | [3] | ' | ' | ||
Impairment of Long-Lived Assets to be Disposed of, Number of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ||||||
Impairment of Long-Lived Assets Held-for-use, Number of Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 | ' | ||||||
Development Properties Held-for-investment | ' | ' | ' | ' | ' | 6,400,000 | ' | 0 | ' | 0 | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment of Real Estate | ' | ' | ' | ' | ' | 3,085,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 10.00% | 14.50% | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment loss on goodwill and income producing properties | 13,892,000 | 2,662,000 | 13,892,000 | 2,662,000 | 11,631,000 | [2] | 6,804,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure | ' | ' | ' | ' | $28,700,000 | $16,875,000 | $0 | $0 | $16,800,000 | $3,875,000 | $11,900,000 | $13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[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 exclude impairments of $2.2 million recognized related to properties sold during the six months ended June 30, 2014 primarily based on sales contracts. | |||||||||||||||||||||||||||||||||||
[3] | 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 $) | Jun. 30, 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 |
Derivative Asset, Number of Instruments Held | 1 | ' |
Redeemable noncontrolling interests | 989,000 | 989,000 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 414,700,000 | 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 | 810,000 | 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 | 258,800,000 | 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 | 447,300,000 | 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 | 791,200,000 | 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 | 810,000 | 2,944,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 921,000 | ' |
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 | 810,000 | 2,944,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 921,000 | ' |
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 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | ' |
Unsecured Debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior Notes | $729,600,000 | $729,400,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Real Estate Investment Property, Net | $2,961,120 | $2,916,833 |
Investment in affiliates | 574 | 602 |
Other assets | 227,314 | 229,599 |
TOTAL ASSETS | 3,353,565 | 3,354,659 |
LIABILITIES | ' | ' |
Total notes payable | 1,527,297 | 1,508,409 |
Other liabilities | 175,144 | 177,383 |
Liabilities associated with properties held for sale | 281 | 33 |
Total liabilities | 1,774,813 | 1,750,744 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,577,763 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,353,565 | 3,354,659 |
Equity One, Inc. [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 161,172 | 178,797 |
Investment in affiliates | 2,678,334 | 2,680,043 |
Other assets | 256,021 | 229,761 |
TOTAL ASSETS | 3,095,527 | 3,088,601 |
LIABILITIES | ' | ' |
Total notes payable | 1,712,598 | 1,670,438 |
Other liabilities | 12,420 | 22,979 |
Total liabilities | 1,725,018 | 1,693,417 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | 1,370,509 | 1,395,184 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,095,527 | 3,088,601 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 1,401,374 | 1,424,571 |
Investment in affiliates | ' | ' |
Other assets | 95,994 | 92,916 |
TOTAL ASSETS | 1,497,368 | 1,517,487 |
LIABILITIES | ' | ' |
Total notes payable | 123,580 | 131,217 |
Other liabilities | 87,612 | 90,894 |
Total liabilities | 211,192 | 222,111 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | 1,286,176 | 1,295,376 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,497,368 | 1,517,487 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 1,398,654 | 1,313,598 |
Investment in affiliates | ' | ' |
Other assets | 834,548 | 918,026 |
TOTAL ASSETS | 2,233,202 | 2,231,624 |
LIABILITIES | ' | ' |
Total notes payable | 451,719 | 467,354 |
Other liabilities | 181,082 | 170,872 |
Total liabilities | 632,801 | 638,226 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,599,412 | 1,592,409 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 2,233,202 | 2,231,624 |
Eliminating Entries [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | -80 | -133 |
Investment in affiliates | -2,678,334 | -2,680,043 |
Other assets | -794,118 | -802,877 |
TOTAL ASSETS | -3,472,532 | -3,483,053 |
LIABILITIES | ' | ' |
Total notes payable | -760,600 | -760,600 |
Other liabilities | -33,598 | -42,410 |
Total liabilities | -794,198 | -803,010 |
Redeemable noncontrolling interests | 0 | ' |
EQUITY | -2,678,334 | -2,680,043 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | -3,472,532 | -3,483,053 |
Consolidated Entities [Member] | ' | ' |
ASSETS | ' | ' |
Real Estate Investment Property, Net | 2,961,120 | 2,916,833 |
Investment in affiliates | ' | ' |
Other assets | 392,445 | 437,826 |
TOTAL ASSETS | 3,353,565 | 3,354,659 |
LIABILITIES | ' | ' |
Total notes payable | 1,527,297 | 1,508,409 |
Other liabilities | 247,516 | 242,335 |
Total liabilities | 1,774,813 | 1,750,744 |
Redeemable noncontrolling interests | 989 | 989 |
EQUITY | 1,577,763 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,353,565 | $3,354,659 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Depreciation and amortization | $27,666 | $22,797 | $53,933 | $44,530 |
Total revenue | 87,443 | 81,736 | 180,264 | 163,165 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292 | 27,025 | 62,146 | 56,171 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 986 | -10,152 | -27,716 | -24,095 |
Income tax benefit (provision) of taxable REIT subsidiaries | -79 | -7 | -612 | -21 |
INCOME FROM CONTINUING OPERATIONS | -1,065 | 10,145 | 27,104 | 24,074 |
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 |
Gain (Loss) on Sale of Properties | ' | ' | 4,035 | 36,859 |
NET INCOME | 99 | 36,177 | 31,074 | 63,468 |
Other comprehensive (loss) income | -2,345 | 7,713 | -3,216 | 9,198 |
COMPREHENSIVE (LOSS) INCOME | -2,246 | 43,890 | 27,858 | 72,666 |
Comprehensive income attributable to noncontrolling interests | -2,510 | -2,539 | -7,209 | -5,237 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | -4,756 | 41,351 | 20,649 | 67,429 |
Equity One, Inc. [Member] | ' | ' | ' | ' |
Total revenue | 6,133 | 6,626 | 12,718 | 13,181 |
Equity in subsidiaries' earnings | 27,435 | 53,113 | 78,277 | 96,236 |
Total costs and expenses | 10,336 | 10,805 | 23,445 | 21,436 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 23,232 | 48,934 | 67,550 | 87,981 |
Other income and (expense) | -25,725 | -16,532 | -43,605 | -36,473 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 2,493 | -32,402 | -23,945 | -51,508 |
Income tax benefit (provision) of taxable REIT subsidiaries | ' | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS | -2,493 | 32,402 | 23,945 | 51,508 |
Income from discontinued operations | 7 | 1,364 | 7 | 6,933 |
Gain (Loss) on Sale of Properties | 8 | ' | -280 | ' |
NET INCOME | -2,478 | 33,766 | 23,672 | 58,441 |
Other comprehensive (loss) income | -2,278 | 7,585 | -3,023 | 8,988 |
COMPREHENSIVE (LOSS) INCOME | -4,756 | 41,351 | 20,649 | 67,429 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | -4,756 | 41,351 | 20,649 | 67,429 |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenue | 43,391 | 41,687 | 92,783 | 83,676 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 23,890 | 22,195 | 48,201 | 45,366 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 19,501 | 19,492 | 44,582 | 38,310 |
Other income and (expense) | -5,530 | -3,357 | -7,283 | -3,623 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -13,971 | -16,135 | -37,299 | -34,687 |
Income tax benefit (provision) of taxable REIT subsidiaries | 26 | 30 | 7 | 70 |
INCOME FROM CONTINUING OPERATIONS | 13,997 | 16,165 | 37,306 | 34,757 |
Income from discontinued operations | -53 | 24,465 | 3,057 | 32,131 |
Gain (Loss) on Sale of Properties | 1,125 | ' | 1,125 | ' |
NET INCOME | 15,069 | 40,630 | 41,488 | 66,888 |
Other comprehensive (loss) income | ' | ' | ' | 0 |
COMPREHENSIVE (LOSS) INCOME | 15,069 | 40,630 | 41,488 | 66,888 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 15,069 | 40,630 | 41,488 | 66,888 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenue | 37,919 | 33,423 | 74,763 | 66,308 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 25,199 | 21,854 | 46,959 | 40,406 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 12,720 | 11,569 | 27,804 | 25,902 |
Other income and (expense) | 2,220 | 3,241 | 16,943 | 8,470 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -14,940 | -14,810 | -44,747 | -34,372 |
Income tax benefit (provision) of taxable REIT subsidiaries | -105 | -37 | -619 | -91 |
INCOME FROM CONTINUING OPERATIONS | 14,835 | 14,773 | 44,128 | 34,281 |
Income from discontinued operations | 68 | 84 | 17 | 24 |
Gain (Loss) on Sale of Properties | 8 | ' | 38 | ' |
NET INCOME | 14,911 | 14,857 | 44,183 | 34,305 |
Other comprehensive (loss) income | -67 | 128 | -193 | 210 |
COMPREHENSIVE (LOSS) INCOME | 14,844 | 14,985 | 43,990 | 34,515 |
Comprehensive income attributable to noncontrolling interests | -2,510 | -2,539 | -7,209 | -5,237 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 12,334 | 12,446 | 36,781 | 29,278 |
Eliminating Entries [Member] | ' | ' | ' | ' |
Total revenue | 0 | 0 | 0 | 0 |
Equity in subsidiaries' earnings | -27,435 | -53,113 | -78,277 | -96,236 |
Total costs and expenses | -274 | -143 | -487 | -214 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | -27,161 | -52,970 | -77,790 | -96,022 |
Other income and (expense) | -243 | -225 | -485 | -450 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 27,404 | 53,195 | 78,275 | 96,472 |
Income tax benefit (provision) of taxable REIT subsidiaries | ' | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS | -27,404 | -53,195 | -78,275 | -96,472 |
Income from discontinued operations | 1 | 119 | 6 | 306 |
Gain (Loss) on Sale of Properties | 0 | ' | 0 | ' |
NET INCOME | -27,403 | -53,076 | -78,269 | -96,166 |
Other comprehensive (loss) income | ' | ' | ' | 0 |
COMPREHENSIVE (LOSS) INCOME | -27,403 | -53,076 | -78,269 | -96,166 |
Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | -27,403 | -53,076 | -78,269 | -96,166 |
Consolidated Entities [Member] | ' | ' | ' | ' |
Total revenue | 87,443 | 81,736 | 180,264 | 163,165 |
Equity in subsidiaries' earnings | ' | ' | ' | ' |
Total costs and expenses | 59,151 | 54,711 | 118,118 | 106,994 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292 | 27,025 | 62,146 | 56,171 |
Other income and (expense) | -29,278 | -16,873 | -34,430 | -32,076 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 986 | -10,152 | -27,716 | -24,095 |
Income tax benefit (provision) of taxable REIT subsidiaries | -79 | -7 | -612 | -21 |
INCOME FROM CONTINUING OPERATIONS | -1,065 | 10,145 | 27,104 | 24,074 |
Income from discontinued operations | 23 | 26,032 | 3,087 | 39,394 |
Gain (Loss) on Sale of Properties | 1,141 | ' | 883 | ' |
NET INCOME | 99 | 36,177 | 31,074 | 63,468 |
Other comprehensive (loss) income | -2,345 | 7,713 | -3,216 | 9,198 |
COMPREHENSIVE (LOSS) INCOME | -2,246 | 43,890 | 27,858 | 72,666 |
Comprehensive income attributable to noncontrolling interests | -2,510 | -2,539 | -7,209 | -5,237 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | ($4,756) | $41,351 | $20,649 | $67,429 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net cash (used in) provided by operating activities | $70,618 | $61,518 |
Cash paid for income producing properties | 85,901 | 37,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901 | -37,000 |
Additions to income producing properties | -9,173 | -7,113 |
Additions to construction in progress | -33,423 | -17,758 |
Deposits for the acquisition of income producing properties | -425 | -1,150 |
Proceeds from sale of real estate and rental properties | 56,298 | 173,022 |
Increase in cash held in escrow | -22,704 | -10,258 |
Purchase of Below Market Leasehold Interest | 0 | 25,000 |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | 28,659 |
Increase in deferred leasing costs and lease intangibles | -2,757 | -4,527 |
Investment in joint ventures | -289 | -4,266 |
Repayments of (advances to) joint ventures | 27 | -143 |
Distributions from joint ventures | -16,232 | -1,595 |
Net cash (used in) provided by investing activities | -21,589 | 84,061 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -31,964 | -31,323 |
Net borrowings (repayments) under revolving credit facilities | 42,000 | -47,000 |
Proceeds from issuance of common stock | 4,852 | 8,176 |
Repurchase of common stock | -205 | -348 |
Payment of deferred financing costs | 0 | -6 |
Stock issuance costs | 0 | -94 |
Dividends paid to stockholders | -52,289 | -52,105 |
Purchase of noncontrolling interest | -763 | -18,917 |
Payments of Ordinary Dividends, Noncontrolling Interest | 6,927 | 5,041 |
Distributions to redeemable noncontrolling interests | 0 | -680 |
Net cash used in financing activities | -45,296 | -147,338 |
Net increase (decrease) in cash and cash equivalents | 3,733 | -1,759 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | 29,316 | 25,657 |
Parent Company [Member] | ' | ' |
Net cash (used in) provided by operating activities | -55,029 | -37,326 |
Cash paid for income producing properties | ' | 0 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | ' | ' |
Additions to income producing properties | -1,027 | -850 |
Additions to construction in progress | -1,199 | -371 |
Deposits for the acquisition of income producing properties | -425 | -1,150 |
Proceeds from sale of real estate and rental properties | 9,374 | 49,131 |
Increase in cash held in escrow | -22,704 | -10,258 |
Purchase of Below Market Leasehold Interest | ' | ' |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -259 | -627 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Repayments of (advances to) joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Repayments from subsidiaries, net | 80,644 | 94,653 |
Net cash (used in) provided by investing activities | 64,404 | 130,528 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | ' | -3,584 |
Net borrowings (repayments) under revolving credit facilities | 42,000 | -47,000 |
Proceeds from issuance of common stock | 4,852 | 8,176 |
Repurchase of common stock | -205 | -348 |
Payment of deferred financing costs | ' | -6 |
Stock issuance costs | ' | -94 |
Dividends paid to stockholders | -52,289 | -52,105 |
Purchase of noncontrolling interest | ' | ' |
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' |
Distributions to redeemable noncontrolling interests | ' | ' |
Net cash used in financing activities | -5,642 | -94,961 |
Net increase (decrease) in cash and cash equivalents | 3,733 | -1,759 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | 29,316 | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 60,484 | 52,387 |
Cash paid for income producing properties | ' | 37,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -350 | ' |
Additions to income producing properties | -3,690 | -4,603 |
Additions to construction in progress | -25,147 | -13,986 |
Deposits for the acquisition of income producing properties | 0 | 0 |
Proceeds from sale of real estate and rental properties | 29,598 | 118,363 |
Increase in cash held in escrow | ' | ' |
Purchase of Below Market Leasehold Interest | ' | 25,000 |
Investment in loans receivable | ' | ' |
Repayment of loans receivable | ' | ' |
Increase in deferred leasing costs and lease intangibles | -1,773 | -2,204 |
Investment in joint ventures | ' | ' |
Repayments of advances to joint ventures | ' | ' |
Repayments of (advances to) joint ventures | ' | ' |
Distributions from joint ventures | ' | ' |
Repayments from subsidiaries, net | -51,482 | -86,580 |
Net cash (used in) provided by investing activities | -52,844 | -51,010 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -7,640 | -1,377 |
Net borrowings (repayments) under revolving credit facilities | ' | ' |
Proceeds from issuance of common stock | 0 | ' |
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 | -7,640 | -1,377 |
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 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash (used in) provided by operating activities | 65,163 | 46,457 |
Cash paid for income producing properties | ' | ' |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,551 | ' |
Additions to income producing properties | -4,456 | -1,660 |
Additions to construction in progress | -7,077 | -3,401 |
Deposits for the acquisition of income producing properties | 0 | 0 |
Proceeds from sale of real estate and rental properties | 17,326 | 5,528 |
Increase in cash held in escrow | ' | ' |
Purchase of Below Market Leasehold Interest | ' | ' |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | 28,659 |
Increase in deferred leasing costs and lease intangibles | -725 | -1,696 |
Investment in joint ventures | -289 | -4,266 |
Repayments of advances to joint ventures | 27 | ' |
Repayments of (advances to) joint ventures | ' | -143 |
Distributions from joint ventures | -16,232 | -1,595 |
Repayments from subsidiaries, net | -29,162 | -8,073 |
Net cash (used in) provided by investing activities | -33,149 | 4,543 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -24,324 | -26,362 |
Net borrowings (repayments) under revolving credit facilities | 0 | ' |
Proceeds from issuance of common stock | 0 | ' |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | ' | ' |
Stock issuance costs | ' | ' |
Dividends paid to stockholders | 0 | ' |
Purchase of noncontrolling interest | -763 | -18,917 |
Payments of Ordinary Dividends, Noncontrolling Interest | 6,927 | 5,041 |
Distributions to redeemable noncontrolling interests | ' | -680 |
Net cash used in financing activities | -32,014 | -51,000 |
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 | ' | ' |
Consolidated Entities [Member] | ' | ' |
Net cash (used in) provided by operating activities | 70,618 | 61,518 |
Cash paid for income producing properties | ' | 37,000 |
INVESTING ACTIVITIES: | ' | ' |
Acquisition of income producing properties | -85,901 | ' |
Additions to income producing properties | -9,173 | -7,113 |
Additions to construction in progress | -33,423 | -17,758 |
Deposits for the acquisition of income producing properties | -425 | -1,150 |
Proceeds from sale of real estate and rental properties | 56,298 | 173,022 |
Increase in cash held in escrow | -22,704 | -10,258 |
Purchase of Below Market Leasehold Interest | ' | 25,000 |
Investment in loans receivable | ' | -12,000 |
Repayment of loans receivable | 60,526 | 28,659 |
Increase in deferred leasing costs and lease intangibles | -2,757 | -4,527 |
Investment in joint ventures | -289 | -4,266 |
Repayments of advances to joint ventures | 27 | ' |
Repayments of (advances to) joint ventures | ' | -143 |
Distributions from joint ventures | -16,232 | -1,595 |
Repayments from subsidiaries, net | ' | ' |
Net cash (used in) provided by investing activities | -21,589 | 84,061 |
FINANCING ACTIVITIES: | ' | ' |
Repayments of mortgage notes payable | -31,964 | -31,323 |
Net borrowings (repayments) under revolving credit facilities | 42,000 | -47,000 |
Proceeds from issuance of common stock | 4,852 | 8,176 |
Repurchase of common stock | -205 | -348 |
Payment of deferred financing costs | ' | -6 |
Stock issuance costs | ' | -94 |
Dividends paid to stockholders | -52,289 | -52,105 |
Purchase of noncontrolling interest | -763 | -18,917 |
Payments of Ordinary Dividends, Noncontrolling Interest | 6,927 | 5,041 |
Distributions to redeemable noncontrolling interests | ' | -680 |
Net cash used in financing activities | -45,296 | -147,338 |
Net increase (decrease) in cash and cash equivalents | 3,733 | -1,759 |
Cash and cash equivalents at beginning of the period | 25,583 | 27,416 |
Cash and cash equivalents at end of the period | $29,316 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 6 Months Ended | 0 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2014 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | 12-May-14 | |
Mortgages [Member] | Chief Executive Officer [Member] | Common Stock [Member] | Performance Shares [Member] | Recurring FFO Growth [Member] | Discretionary [Member] | ||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | Performance Shares [Member] | ||||
Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation | ' | ' | $850,000 | ' | ' | ' | ' |
Vest over period (in years) | ' | ' | ' | ' | '4 years | ' | ' |
Granted | 200,000 | ' | 200,000 | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | ' | ' | ' | 156,300 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ' | ' | ' | ' | ' | '0.25 | '0.25 |
Performance Metric, Number of Components | ' | ' | ' | ' | 4 | ' | ' |
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% | ' | ' | ' |
Mortgage Loans Prepaid Without Penalty Amount | ' | $22,500,000 | ' | ' | ' | ' | ' |