Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EQUITY ONE, INC. | ||
Entity Central Index Key | 1042810 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 124,931,700 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Income producing | $3,128,081 | $3,153,131 |
Less: accumulated depreciation | -381,533 | -354,166 |
Income producing properties, net | 2,746,548 | 2,798,965 |
Construction in progress and land held for development | 161,872 | 104,464 |
Properties held for sale | 0 | 13,404 |
Properties, net | 2,908,420 | 2,916,833 |
Cash and cash equivalents | 27,469 | 25,583 |
Cash held in escrow and restricted cash | 250 | 10,912 |
Accounts and other receivables, net | 11,859 | 12,872 |
Investments in and advances to unconsolidated joint ventures | 89,218 | 91,772 |
Loans receivable, net | 0 | 60,711 |
Goodwill | 6,038 | 6,377 |
Other assets | 218,971 | 229,599 |
TOTAL ASSETS | 3,262,225 | 3,354,659 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
Mortgage notes payable | 311,778 | 430,155 |
Unsecured senior notes payable | 731,136 | 731,136 |
Term loan | 250,000 | 250,000 |
Unsecured revolving credit facilities | 37,000 | 91,000 |
Total notes payable, Gross | 1,329,914 | 1,502,291 |
Unamortized premium on notes payable, net | 3,127 | 6,118 |
Total notes payable | 1,333,041 | 1,508,409 |
Other liabilities: | ||
Accounts payable and accrued expenses | 49,924 | 44,227 |
Tenant security deposits | 8,684 | 8,928 |
Deferred tax liability | 10,261 | 9,374 |
Other liabilities | 167,400 | 177,416 |
Total liabilities | 1,571,616 | 1,750,744 |
Redeemable noncontrolling interests | 0 | 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, 124,281 and 117,647 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,243 | 1,176 |
Additional paid-in capital | 1,843,348 | 1,693,873 |
Distributions in excess of earnings | -360,172 | -302,410 |
Accumulated other comprehensive (loss) income | -999 | 2,544 |
Total stockholders’ equity of Equity One, Inc. | 1,483,420 | 1,395,183 |
Noncontrolling interests | 207,189 | 207,743 |
Total equity | 1,690,609 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,262,225 | 3,354,659 |
DIM [Member] | ||
Other liabilities: | ||
Deferred tax liability | $12,567 | $11,764 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | |||
Capitalized interest | $4,969 | $2,863 | $4,742 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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) | 124,281,204 | 117,646,772 |
Common stock, shares outstanding (in shares) | 124,281,204 | 117,646,772 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUE: | ||||
Minimum rent | $268,257 | $248,086 | $227,013 | |
Expense recoveries | 77,640 | 77,499 | 67,329 | |
Percentage rent | 5,107 | 4,328 | 4,202 | |
Management and leasing services | 2,181 | 2,598 | 2,489 | |
Total revenue | 353,185 | 332,511 | 301,033 | |
COSTS AND EXPENSES: | ||||
Property operating | 89,493 | 89,647 | 79,971 | |
Depreciation and amortization | 101,345 | 87,266 | 79,415 | |
General and administrative | 41,174 | 39,514 | 42,473 | |
Total costs and expenses | 232,012 | 216,427 | 201,859 | |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 121,173 | 116,084 | 99,174 | |
OTHER INCOME AND EXPENSE: | ||||
Investment income | 365 | 6,631 | 7,241 | |
Equity in income of unconsolidated joint ventures | 10,990 | 1,648 | 542 | |
Other income | 3,454 | 216 | 45 | |
Interest expense | -64,031 | -68,145 | -70,665 | |
Amortization of deferred financing fees | -2,396 | -2,421 | -2,474 | |
Gain on sale of operating properties | 14,029 | 0 | 0 | |
(Loss) gain on extinguishment of debt | -2,750 | 107 | -29,146 | |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 21,850 | 5,641 | 8,909 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 58,984 | 48,479 | -4,192 | |
Income tax (provision) benefit of taxable REIT subsidiaries | -850 | 484 | 2,980 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 58,134 | 48,963 | -1,212 | |
DISCONTINUED OPERATIONS: | ||||
Operations of income producing properties | -238 | 5,769 | 12,858 | |
Gain on disposal of income producing properties | 3,222 | 39,587 | 16,588 | |
Impairment loss | 0 | -4,976 | -20,532 | |
Impairment loss | 4,976 | 20,532 | ||
Income tax provision of taxable REIT subsidiaries | -27 | -686 | -477 | |
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | 8,437 | |
NET INCOME | 61,091 | 88,657 | 7,225 | |
Net income attributable to noncontrolling interests – continuing operations | -12,206 | -10,209 | -10,676 | |
Net loss (income) attributable to noncontrolling interests – discontinued operations | 12 | -494 | -26 | |
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $48,897 | $77,954 | ($3,477) | |
EARNINGS (LOSS) PER COMMON SHARE – BASIC: | ||||
Continuing operations (in usd per share) | $0.37 | $0.32 | ($0.11) | |
Discontinued operations (in usd per share) | $0.02 | $0.33 | $0.07 | |
Earnings per common share - Basic (in usd per share) | $0.39 | $0.66 | [1] | ($0.04) |
Number of Shares Used in Computing Basic Earnings (Loss) per Share | 119,403 | 117,389 | 114,233 | |
EARNINGS (LOSS) PER COMMON SHARE – DILUTED: | ||||
Continuing operations (in usd per share) | $0.37 | $0.32 | ($0.11) | |
Discontinued operations (in usd per share) | $0.02 | $0.33 | $0.07 | |
Earnings per common share - Diluted (in usd per share) | $0.39 | $0.65 | ($0.04) | |
Number of Shares Used in Computing Diluted Earnings (Loss) per Share | 119,725 | 117,771 | 114,233 | |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.88 | $0.88 | $0.88 | |
[1] | Note: EPS does not foot due to the rounding of the individual calculations. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
NET INCOME | ($61,091) | ($88,657) | ($7,225) | |||
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||||
Net amortization of interest rate contracts included in net income | 63 | 63 | 64 | |||
Net unrealized (loss) gain on interest rate swaps (1) | -7,086 | [1] | 6,615 | [1] | -9,437 | [1] |
Net loss on interest rate swaps reclassified from accumulated other comprehensive income into interest expense | 3,480 | 3,451 | 2,942 | |||
Other comprehensive (loss) income | -3,543 | 10,129 | -6,431 | |||
COMPREHENSIVE INCOME | 57,548 | 98,786 | 794 | |||
Comprehensive income attributable to noncontrolling interests | -12,194 | -10,703 | -10,702 | |||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | 45,354 | 88,083 | -9,908 | |||
Equity Method Investee [Member] | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||||
Net unrealized (loss) gain on interest rate swaps (1) | $545 | $42 | $48 | |||
[1] | This amount includes our share of our unconsolidated joint ventures’ net unrealized losses of $545, $42 and $48 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Noncontrolling Interest [Member] | Comprehensive Income [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
BALANCE (beginning of period) at Dec. 31, 2011 | $1,625,202 | |||||||
BALANCE, shares (beginning of period) at Dec. 31, 2011 | 112,599,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | 1,169 | 1,679,227 | -276,085 | -7,585 | 1,396,726 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,753 | |||||||
Issuance of common stock, net of withholding taxes (in shares) | 4,384,000 | |||||||
Issuance of common stock, net of withholding taxes | 43 | 86,735 | 86,778 | 86,778 | ||||
Stock Repurchased During Period, Shares | -45,000 | |||||||
Stock Repurchased During Period, Value | 0 | -940 | -940 | -940 | ||||
Stock issuance costs | -883 | -883 | -883 | |||||
Share-based compensation expense | 7,113 | 7,113 | 7,113 | 7,113 | ||||
Restricted stock reclassified from liability to equity | 101 | 101 | 101 | |||||
Net income | 7,225 | -3,477 | -3,477 | 9,862 | 6,385 | |||
Dividends declared on common stock | -102,078 | -102,078 | -102,078 | |||||
Distributions to noncontrolling interests | 0 | -9,995 | -9,995 | |||||
Revaluation of redeemable noncontrolling interest | 0 | 185 | 0 | 185 | 0 | 185 | ||
Purchase of noncontrolling interest | -958 | -958 | -958 | |||||
Other comprehensive loss | -6,431 | -6,431 | -6,431 | -6,431 | ||||
BALANCE, (end of period) at Dec. 31, 2012 | 1,604,479 | |||||||
BALANCE, shares (end of period) at Dec. 31, 2012 | 116,938,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | 1,395,183 | 1,176 | 1,693,873 | -302,410 | 2,544 | 1,395,183 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,743 | 207,743 | ||||||
Issuance of common stock, net of withholding taxes (in shares) | 725,000 | |||||||
Issuance of common stock, net of withholding taxes | 7 | 8,891 | 8,898 | 8,898 | ||||
Stock Repurchased During Period, Shares | -16,000 | |||||||
Stock Repurchased During Period, Value | 0 | -388 | -388 | -388 | ||||
Stock issuance costs | -96 | -96 | -96 | |||||
Share-based compensation expense | 6,414 | 6,414 | 6,414 | 6,414 | ||||
Restricted stock reclassified from liability to equity | 51 | 51 | 51 | |||||
Net income | 88,657 | 77,954 | 77,954 | 10,008 | 87,962 | |||
Dividends declared on common stock | -104,279 | -104,279 | -104,279 | |||||
Distributions to noncontrolling interests | 0 | -10,038 | -10,038 | |||||
Revaluation of redeemable noncontrolling interest | 0 | -226 | 0 | -226 | 0 | -226 | ||
Purchase of noncontrolling interest | 0 | -9 | -9 | |||||
Reclassification of redeemable NCI to permanent equity | 29 | 29 | ||||||
Other comprehensive loss | 10,129 | 10,129 | 10,129 | 0 | 10,129 | |||
BALANCE, (end of period) at Dec. 31, 2013 | 1,602,926 | 1,602,926 | ||||||
BALANCE, shares (end of period) at Dec. 31, 2013 | 117,646,772 | 117,647,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stockholders' Equity Attributable to Parent | 1,483,420 | 1,243 | 1,843,348 | -360,172 | -999 | 1,483,420 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,189 | 207,189 | ||||||
Issuance of common stock, net of withholding taxes (in shares) | 6,699,000 | |||||||
Issuance of common stock, net of withholding taxes | 67 | 145,380 | 145,447 | 145,447 | ||||
Stock Repurchased During Period, Shares | -65,000 | |||||||
Stock Repurchased During Period, Value | 0 | -1,752 | -1,752 | -1,752 | ||||
Stock issuance costs | -591 | -591 | -591 | |||||
Share-based compensation expense | 7,498 | 7,498 | 7,498 | 7,498 | ||||
Restricted stock reclassified from liability to equity | 117 | 117 | 117 | |||||
Net income | 61,091 | 48,897 | 48,897 | 12,194 | 61,091 | |||
Dividends declared on common stock | -106,659 | -106,659 | -106,659 | |||||
Distributions to noncontrolling interests | -11,962 | -11,962 | ||||||
Purchase of noncontrolling interest | -1,177 | -1,177 | -786 | -1,963 | ||||
Other comprehensive loss | -3,543 | -3,543 | -3,543 | -3,543 | ||||
BALANCE, (end of period) at Dec. 31, 2014 | $1,690,609 | $1,690,609 | ||||||
BALANCE, shares (end of period) at Dec. 31, 2014 | 124,281,204 | 124,281,000 |
Consolidated_Statement_of_Equi1
Consolidated Statement of Equity (Parentheticals) (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $0 | $695 | $840 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net income | $61,091 | $88,657 | $7,225 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rent adjustment | -3,788 | -2,344 | -3,994 |
Accretion of below-market lease intangibles, net | -18,870 | -12,904 | -12,660 |
Amortization of below-market ground lease intangibles | 601 | 601 | 191 |
Equity in income of unconsolidated joint ventures | -10,990 | -1,648 | -542 |
Gain on change in control of interests | -2,807 | 0 | 0 |
Income tax provision (benefit) of taxable REIT subsidiaries | 877 | 202 | -2,503 |
(Decrease) increase in allowance for losses on accounts receivable | -27 | 3,736 | 979 |
Amortization of premium on notes payable, net | -2,400 | -2,478 | -2,627 |
Amortization of deferred financing fees | 2,396 | 2,421 | 2,485 |
Depreciation and amortization | 103,240 | 93,317 | 90,896 |
Share-based compensation expense | 7,267 | 6,173 | 6,863 |
Amortization of derivatives | 63 | 63 | 64 |
Gain on sale of real estate | -17,251 | -39,587 | -16,588 |
Loss on extinguishment of debt | 2,750 | 31 | 30,602 |
Operating distributions from joint ventures | 3,121 | 53 | 3,337 |
Impairment loss | 21,850 | 10,617 | 29,441 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts and other receivables | 1,169 | -2,950 | 2,241 |
Other assets | -71 | -4,653 | 26,824 |
Accounts payable and accrued expenses | -4,013 | -4,645 | -12,780 |
Tenant security deposits | -244 | -289 | 787 |
Other liabilities | 131 | -1,631 | 2,978 |
Net cash provided by operating activities | 144,095 | 132,742 | 153,219 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | -93,447 | -109,449 | -243,549 |
Additions to income producing properties | -19,376 | -13,661 | -20,175 |
Acquisition of land held for development | 0 | -3,000 | -9,505 |
Additions to construction in progress | -77,095 | -54,005 | -65,143 |
Deposits for the acquisition of income producing properties | -50 | -75 | 0 |
Proceeds from sale of real estate and rental properties | 145,470 | 286,511 | 41,994 |
Decrease (increase) in cash held in escrow | 10,662 | -10,662 | 91,592 |
Purchase of below-market leasehold interest | 0 | -25,000 | 0 |
Increase in deferred leasing costs and lease intangibles | -7,440 | -9,266 | -7,169 |
Investment in joint ventures | -9,028 | -30,401 | -26,392 |
(Advances to) repayments of advances to joint ventures | -154 | 5 | 517 |
Distributions from joint ventures | 16,394 | 12,576 | 567 |
Investment in loans receivable | -12,000 | -114,258 | |
Repayment of loans receivable | 60,526 | 91,474 | 19,258 |
Net cash provided by (used in) investing activities | 26,462 | 123,047 | -332,263 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | -132,564 | -48,279 | -66,173 |
Net (repayments) borrowings under revolving credit facilities | -54,000 | -81,000 | 34,000 |
Proceeds from senior debt borrowings | 0 | 0 | 296,823 |
Repayment of senior debt borrowings | -287,840 | ||
Borrowings under term loan | 0 | 0 | 250,000 |
Payment of deferred financing costs | -3,638 | 0 | -3,251 |
Proceeds from issuance of common stock | 145,447 | 8,898 | 86,778 |
Repurchase of common stock | -1,752 | -388 | -940 |
Stock issuance costs | -591 | -96 | -883 |
Dividends paid to stockholders | -106,659 | -104,279 | -102,078 |
Purchase of noncontrolling interests | -2,952 | -18,972 | 0 |
Distributions to redeemable noncontrolling interests | 0 | -3,468 | -944 |
Distributions to noncontrolling interests | -11,962 | -10,038 | -9,995 |
Net cash (used in) provided by financing activities | -168,671 | -257,622 | 195,497 |
Net increase (decrease) in cash and cash equivalents | 1,886 | -1,833 | 16,453 |
Cash and cash equivalents at beginning of the year | 25,583 | 27,416 | 10,963 |
Cash and cash equivalents at end of the year | 27,469 | 25,583 | 27,416 |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | |||
Cash paid for interest (net of capitalized interest of $4,969, $2,863 and $4,742 in 2014, 2013 and 2012, respectively) | 67,409 | 72,145 | 74,030 |
We acquired upon acquisition of certain income producing properties: | |||
Income producing properties | 115,567 | 161,719 | 261,139 |
Intangible and other assets | 7,362 | 10,559 | 60,357 |
Intangible and other liabilities | -12,194 | -27,128 | -42,496 |
Net assets acquired | 110,735 | 145,150 | 279,000 |
Assumption of mortgage notes payable | -11,353 | -35,701 | -35,451 |
Existing equity interest in Talega Village Center | -5,935 | 0 | 0 |
Cash paid for income producing properties | $93,447 | $109,449 | $243,549 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Statement Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Paid, Capitalized | $4,969 | $2,863 | $4,742 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation |
Organization | |
We are a real estate investment trust, or REIT, that owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. We were organized as a Maryland corporation in 1992, completed our initial public offering in May 1998, and have elected to be taxed as a REIT since 1995. | |
As of December 31, 2014, our consolidated shopping center portfolio comprised 122 properties, including 102 retail properties and five non-retail properties totaling approximately 13.5 million square feet of gross leasable area, or GLA, nine development or redevelopment properties with approximately 1.6 million square feet of GLA upon completion, and six land parcels. As of December 31, 2014, our consolidated shopping center occupancy was 95.0% 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 consolidated financial statements include the accounts of Equity One, Inc. and our wholly-owned subsidiaries and those other entities where we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Equity One, Inc. and its subsidiaries are hereinafter referred to as “the consolidated companies,” the “Company,” “we,” “our,” “us” or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. The operations of certain properties sold have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented as they were classified as held for sale prior to the adoption of Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." See Notes 2 and 5 for further discussion. Information in these notes to the consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Properties | |||||||
Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of operations. | |||||||
Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: | |||||||
Buildings | 30-55 years | ||||||
Building and land improvements | 2-40 years | ||||||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||||||
Furniture, fixtures and equipment | 3-10 years | ||||||
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. | |||||||
Business Combinations | |||||||
We account for business combinations, including the acquisition of real estate operating properties, using the acquisition method by recognizing and measuring the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. As a result, upon the acquisition of real estate operating properties, we estimate the fair value of the acquired tangible assets (consisting of land, building, building improvements, and tenant improvements), identified intangible assets and liabilities (consisting of the value of above- and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt, and redeemable units issued at the date of acquisition, where applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. We expense transaction costs associated with business combinations in the period incurred. | |||||||
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) for comparable leases measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental revenue over the estimated remaining term of the respective leases, which includes expected renewal option periods, if applicable. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. | |||||||
In determining the value of in-place leases, we consider current market conditions and costs to execute similar leases to arrive at an estimate of the carrying costs during the period expected to be required to lease the property from vacant to its existing occupancy. In estimating carrying costs, we include real estate taxes, insurance, and other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including lease commissions, legal, and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized to depreciation expense over the estimated remaining term of the respective leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. | |||||||
The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. | |||||||
Construction in Progress and Land Held for Development | |||||||
Construction in progress and land held for development are carried at cost and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land held for development on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. | |||||||
Long-lived Assets | |||||||
Properties Held and Used | |||||||
We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2014, we reviewed the operating properties, construction in progress and land held for development for impairment on a property-by-property and project-by-project basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC, as we determined our capital recycling initiatives and the fair values obtained from recent appraisals on certain of our properties to be possible indicators of impairment. | |||||||
Each property was assessed individually and, as a result, the assumptions used to derive future cash flows varied by property or project. These key assumptions are dependent on property-specific conditions, are inherently uncertain and consider the perspective of a third-party marketplace participant. The factors that may influence the assumptions include: | |||||||
• | historical project performance, including current occupancy, projected capitalization rates and net operating income; | ||||||
• | competitors’ presence and their actions; | ||||||
• | property specific attributes such as location desirability, anchor tenants and demographics; | ||||||
• | current local market economic and demographic conditions; and | ||||||
• | future expected capital expenditures and the period of time before net operating income is stabilized. | ||||||
After considering these factors, we project future cash flows for each property based on management’s intention for that property (holding period) and, if appropriate, an assumed sale at the final year of the holding period (reversion value) using a projected capitalization rate. If the carrying amount of the property exceeds the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge would be recognized to reduce the carrying value of the property to its fair value. | |||||||
Properties Held for Sale | |||||||
Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. 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 their disposition does 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 application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. | |||||||
Cash and Cash Equivalents | |||||||
We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. | |||||||
Cash Held in Escrow and Restricted Cash | |||||||
Cash held in escrow and restricted cash represents the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code") or cash that is not immediately available to us. | |||||||
Accounts and Other Receivables | |||||||
Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. | |||||||
Investments in Joint Ventures | |||||||
We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the entity should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. | |||||||
We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of operations. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. | |||||||
The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. | |||||||
These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. | |||||||
On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. | |||||||
Loans Receivable | |||||||
Loans receivable include both mortgage loans and mezzanine loans and are classified as held to maturity and recorded at the stated principal amount plus allowable deferred loan costs or fees, which are amortized as an adjustment of the loan’s yield over the term of the related loan. We evaluate the collectability of both interest and principal on the loan periodically to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the proportionate value of the underlying collateral asset if applicable. Interest income on performing loans is accrued as earned. | |||||||
Goodwill | |||||||
Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. | |||||||
We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. | |||||||
Deposits | |||||||
Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. | |||||||
Deferred Costs and Intangibles | |||||||
Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of loan origination fees, leasing costs and the value of intangible assets and liabilities when a property was acquired. Loan and other fees directly related to financing transactions with third parties are amortized over the term of the loan using the effective interest method. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. | |||||||
Noncontrolling Interests | |||||||
Noncontrolling interests generally represent the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. | |||||||
We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests also include amounts related to joint venture units issued by consolidated subsidiaries or VIEs in connection with certain property acquisitions. Joint venture units which are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income (loss) attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of operations. | |||||||
Derivative Instruments and Hedging Activities | |||||||
Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations as a component of net income or as a component of comprehensive income (loss) and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 13 for further detail on derivative activity. | |||||||
Fair Value of Assets and Liabilities | |||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: | |||||||
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. | ||||||
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||||||
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | |||||||
Revenue Recognition | |||||||
Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. | |||||||
Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, CAM and insurance is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. | |||||||
We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to co-investment partnerships is recorded on only that portion of the sales not attributable to our ownership interest. | |||||||
We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. | |||||||
Earnings Per Share | |||||||
Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders, based on their respective rights to receive dividends. | |||||||
Share-Based Compensation | |||||||
We grant restricted stock and stock option awards to our officers, directors and employees. The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting schedule of each award is determined by the compensation committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of non-vested restricted stock, which makes the restricted stock a participating security under the Earnings Per Share Topic of the FASB ASC. Certain stock options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. | |||||||
The fair value of each stock option awarded is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields, employee exercises and employee forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method described in the Share Compensation Topic of the FASB ASC is used for determining the expected life used in the valuation method. | |||||||
Compensation expense for restricted stock awards is based on the fair value of our common stock at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule, we have elected to recognize compensation expense on a straight-line basis. | |||||||
Segment Reporting | |||||||
We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. | |||||||
We historically aggregated our operating segments, which were identified as each of our individual properties, into six reportable segments based primarily upon our prior organizational structure and method of internal reporting which classified our operations by geographical area. Due to the organizational changes announced in June 2014, including the replacement of our regional president positions with a chief operating officer, we have reevaluated our segment reporting based on our new internal reporting structure. Our consolidated shopping center portfolio is primarily located in coastal markets throughout the United States with none of our properties located outside of the United States. Additionally, our chief operating decision maker reviews operating and financial data for each property on an individual basis and does not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Therefore, each of our individual properties has been deemed a separate operating segment, and, as no individual property constitutes more than 10% of our revenue, net income, or assets, the individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants, and operational processes, as well as long-term average financial performance. In accordance with the requirements of the Segment Reporting Topic of the FASB ASC, all prior periods have been restated to reflect the aggregation of our prior reportable segments into one reportable segment. | |||||||
Concentration of Credit Risk | |||||||
A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of December 31, 2014, no tenant accounted for more than 10% of our GLA or annual revenues. | |||||||
Recent Accounting Pronouncements | |||||||
The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: | |||||||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | ||||
Standards that are not yet adopted | |||||||
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) | The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. | 1-Jan-17 | We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. | ||||
Standards that were adopted | |||||||
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | The standard 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 standard requires 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. | 1-Jan-14 | The adoption and implementation of this standard resulted in the operations of certain current period dispositions being classified within continuing operations in our consolidated statements of operations. The adoption did not have an impact on our financial position or cash flows. The disclosures required by this standard have been incorporated in the notes included herein. | ||||
Properties
Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Properties | Properties | |||||||
The following table is a summary of the composition of income producing properties in the consolidated balance sheets: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land and land improvements | $ | 1,381,168 | $ | 1,364,729 | ||||
Building and building improvements | 1,593,032 | 1,669,401 | ||||||
Tenant and other improvements | 153,881 | 119,001 | ||||||
3,128,081 | 3,153,131 | |||||||
Less: accumulated depreciation | (381,533 | ) | (354,166 | ) | ||||
Income producing properties, net | $ | 2,746,548 | $ | 2,798,965 | ||||
Capitalized Costs | ||||||||
We capitalized external and internal costs related to development and redevelopment activities of $73.2 million and $1.4 million, respectively, in 2014 and $45.3 million and $1.1 million, respectively, in 2013. We capitalized external and internal costs related to tenant and other property improvements of $30.9 million and $361,000, respectively, in 2014 and $20.8 million and $270,000, respectively, in 2013. We capitalized external and internal costs related to successful leasing activities of $4.5 million and $3.6 million, respectively, in 2014 and $4.8 million and $4.5 million, respectively, in 2013. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||||
The following table provides a summary of acquisition activity during the year ended December 31, 2014: | ||||||||||||||||||
Date Purchased | Property Name | City | State | Square | Purchase | Mortgage | ||||||||||||
Feet /Acres | Price | Assumed | ||||||||||||||||
(In thousands) | ||||||||||||||||||
18-Nov-14 | Westport Office (1) | Westport | CT | 4,000 | $ | 2,300 | $ | — | ||||||||||
30-Jul-14 | West Roxbury - land parcel (2) | West Roxbury | MA | 1.38 | (3) | 5,250 | — | |||||||||||
31-Jan-14 | Williamsburg at Dunwoody - | Dunwoody | GA | 0.14 | (3) | 350 | — | |||||||||||
Outparcel | ||||||||||||||||||
January 23, 2014 | Talega Village Center (4) | San Clemente | CA | 102,282 | 22,750 | 11,353 | ||||||||||||
January 16, 2014 | Westwood Shopping Center | Bethesda | MD | 101,584 | 65,012 | — | ||||||||||||
January 16, 2014 | Westwood Center II | Bethesda | MD | 53,293 | 15,073 | — | ||||||||||||
Total | $ | 110,735 | $ | 11,353 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(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) Property was acquired as part of a litigation settlement with the fee owner of the majority of the parking lot that services one of our shopping centers. | ||||||||||||||||||
(3) In acres. | ||||||||||||||||||
(4) Property was acquired through the acquisition of our joint venture partners’ interests in the property. See Note 8 for further discussion. | ||||||||||||||||||
The aggregate purchase price of the above property acquisitions have been allocated as follows: | ||||||||||||||||||
Amount | Weighted Average Amortization Period | |||||||||||||||||
(In thousands) | (In years) | |||||||||||||||||
Land | $ | 93,256 | N/A | |||||||||||||||
Land improvements | 2,334 | 9.6 | ||||||||||||||||
Buildings | 18,747 | 33.5 | ||||||||||||||||
Tenant improvements | 1,230 | 5.6 | ||||||||||||||||
In-place lease interests | 5,577 | 10.5 | ||||||||||||||||
Above-market leases | 864 | 5.2 | ||||||||||||||||
Leasing commissions | 812 | 21 | ||||||||||||||||
Lease origination costs | 109 | 6.5 | ||||||||||||||||
Below-market leases | (11,959 | ) | 18.4 | |||||||||||||||
Above-market debt assumed | (70 | ) | 7.8 | |||||||||||||||
Other acquired liabilities | (165 | ) | N/A | |||||||||||||||
$ | 110,735 | |||||||||||||||||
During the year ended December 31, 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, Westwood Center II, and the West Roxbury land parcel, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which, for a maximum of 180 days, allow us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition dates, the third party intermediaries are the legal owner of the properties; however, we control the activities that most significantly impact each property and retain all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of these VIEs and consolidated the properties and their operations as of the respective acquisition dates. Legal ownership of Westwood Shopping Center, Westwood Center II and the West Roxbury land parcel was transferred to us by the third party intermediaries during the third quarter of 2014. | ||||||||||||||||||
During the year ended December 31, 2013, we acquired two shopping centers, five of the seven parcels that comprise the Westwood Complex and a land parcel for an aggregate purchase price of $148.2 million, including mortgages assumed of approximately $35.7 million. | ||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we expensed approximately $1.8 million, $3.3 million and $3.4 million, respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative costs in the consolidated statements of operations. The purchase price related to the 2014 acquisitions listed in the above table was funded by the use of our line of credit, cash on hand, dispositions and loan repayments. |
Acquisition_Of_A_Controlling_I
Acquisition Of A Controlling Interest In CapCo | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Acquisition Of A Controlling Interest In CapCo [Abstract] | ||||
Acquisition Of A Controlling Interest In Capco | Acquisition of a Controlling Interest in CapCo | |||
On January 4, 2011, we acquired a controlling ownership interest in CapCo, through a joint venture with Liberty International Holdings Limited, or LIH. At the time of the acquisition, CapCo, which was previously wholly-owned by LIH, owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. LIH is a subsidiary of Capital Shopping Centres Group PLC, a United Kingdom real estate investment trust. The results of CapCo’s operations have been included in our consolidated financial statements from the date of acquisition. | ||||
At the closing of the transaction, LIH contributed all of the outstanding shares of CapCo’s common stock to the joint venture in exchange for Class A Shares in the joint venture, representing an approximate 22% interest in the joint venture and we contributed a shared appreciation promissory note to the joint venture in the amount of $600.0 million and an additional $84.3 million in exchange for an approximate 78% interest in the joint venture, which consists of approximately 70% of the Class A joint venture shares and all of the Class B joint venture shares. The initial Class B joint venture shares are entitled to a preferred return of 1.5% per quarter. The actual payment of the Class B preferred return is limited to the extent that there is available cash remaining in any given period (subsequent to the payment of dividend equivalents to the holders of the Class A joint venture shares) and a decision to make such a distribution by the board of the joint venture. Any remaining available cash after the Class B preferred return is paid in a given period may be distributed, in an elective distribution, among the Class A and Class B joint venture shares, with 83.333% attributable to the Class B joint venture shares and 16.667% to the Class A joint venture shares on a pro-rata basis among the holders of such joint venture shares. Based on the respective ownership percentages held by Equity One and LIH, this allocation provides for, to the extent distributions in excess of available cash are distributed to the joint venture partners in the attribution of approximately 95% of such residual amounts to Equity One and the remaining 5% to LIH. | ||||
In addition, at the closing, LIH transferred and assigned to us an outstanding promissory note of CapCo in the amount of $67.0 million in exchange for approximately 4.1 million shares of our common stock and one share of our newly-established Class A common stock, that (i) was convertible into 10,000 shares of our common stock in certain circumstances and (ii) subject to certain limitations, entitled LIH to voting rights with respect to a number of shares of our common stock determined with reference to the number of joint venture shares held by LIH from time to time. Effective June 29, 2011, the one share of Class A common stock was converted in accordance with its terms into 10,000 shares of our common stock. In March 2012, LIH sold the shares of our common stock issued in exchange for the CapCo promissory note and upon conversion of the Class A common share in an underwritten public offering. | ||||
The joint venture shares received by LIH are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIH’s ability to participate in earnings of CapCo is limited to their right to receive distributions payable on their joint venture shares. These non-elective distributions are designed to mirror dividends paid on our common stock. As such, earnings attributable to the noncontrolling interest as reflected in our consolidated statement of operations will be limited to distributions made to LIH on its joint venture shares. Distributions to LIH for the years ended December 31, 2014, 2013 and 2012 were $10.0 million, $10.0 million and $10.0 million, respectively, which were equivalent to the per share dividends declared on our common stock, adjusted for certain prorations as stipulated by the terms of the transaction. | ||||
In connection with the CapCo transaction, we also executed an Equityholders’ Agreement, among us, Capital Shopping Centers plc (“CSC”), LIH, Gazit-Globe Ltd. (“Gazit”), MGN (USA) Inc., Gazit (1995), Inc., MGN America, LLC, Silver Maple (2001), Inc. and Ficus, Inc. Pursuant to the Equityholders’ Agreement, we increased the size of our board of directors by one seat, effective January 4, 2011, and appointed David Fischel, a designee of CSC, to the board. Subject to its continuing to hold a minimum number of shares of our common stock (on a fully diluted basis), CSC has the right to nominate one candidate for election to our board of directors at each annual meeting of our stockholders at which directors are elected. | ||||
Also in connection with the CapCo transaction, we amended our charter to, among other things, (i) add foreign ownership limits and (ii) modify the existing ownership limits for individuals (as defined for purposes of certain provisions of the Code). The foreign ownership limits provide that, subject to certain exceptions, a foreign person may not acquire, beneficially or constructively, any shares of our capital stock, if immediately following the acquisition of such shares, the fair market value of the shares of our capital stock owned, directly and indirectly, by all foreign persons (other than LIH and its affiliates) would comprise 29% or more of the fair market value of the issued and outstanding shares of our capital stock. | ||||
The ownership limits for individuals in our charter were amended to provide that, subject to exceptions, no person (as such term is defined in our charter), other than an individual (who will be subject to the more restrictive limits discussed below), may own, or be deemed to own, directly and by virtue of certain constructive ownership provisions of the Code, more than 9.9% in value of the outstanding shares of our capital stock in the aggregate or more than 9.9%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock, and no individual may own, or be deemed to own, directly and by virtue of certain constructive ownership provisions of the Code, more than 5.0% in value of the outstanding shares of our capital stock in the aggregate or more than 5.0%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock. | ||||
Under our charter, the board of directors may increase the ownership limits. In addition, our board of directors, in its sole discretion, may exempt a person from the ownership limits and may establish a new limit applicable to that person if that person submits to the board of directors certain representations and undertakings, including representations that demonstrate, to the reasonable satisfaction of the board, that such ownership would not jeopardize our status as a REIT under the Code. | ||||
The fair value of the approximately 4.1 million shares of common stock transferred of $73.7 million was based on the closing market price of our common stock on the closing date of $18.15 per share. | ||||
We expensed approximately $7.2 million of acquisition-related costs in connection with the CapCo transaction of which $1.9 million was recorded in general and administrative expenses in the accompanying consolidated statements of operations for the year ended December 31, 2011. | ||||
As of the acquisition date, we classified three properties with fair values less costs to sell totaling approximately $36.3 million as held for sale. Results of these held for sale properties are included in “discontinued operations” on the consolidated statement of operations for the year ended December 31, 2011. | ||||
Simultaneously with the closing of the transaction, we contributed an additional $84.3 million to the joint venture in exchange for additional Class B joint venture shares, which amount was used to repay the remaining principal amount due on the mortgage loan secured by the Serramonte Shopping Center. Although the mortgage loan was paid off at closing, the liability is reflected in the fair value of net assets acquired since the obligation became ours upon closing. | ||||
The fair value of the noncontrolling interest in CapCo was estimated by reference to the amount that LIH would be entitled to receive upon a redemption of its Class A joint venture shares, which is equal to the value of the same number of shares of Equity One common stock plus any accrued but unpaid quarterly distributions with respect to the Class A joint venture shares. As a result, the fair value of the joint venture shares held by LIH was estimated at $18.15 per share, or $206.1 million in aggregate, equal to the value of Equity One common stock that LIH would have received had it redeemed its Class A joint venture shares on January 4, 2011. | ||||
The fair value of the identifiable assets acquired and liabilities assumed exceeded the sum of the fair value of the consideration transferred and the fair value of the noncontrolling interest. The fair value of the assets acquired significantly increased from the date the original purchase terms were agreed upon until the closing of the transaction on January 4, 2011. As a result, we recognized a gain of approximately $30.6 million, which is included in the line item entitled “gain on bargain purchase” in the consolidated statement of operations for the year ended December 31, 2011. The following table provides a reconciliation of the gain on bargain purchase (in thousands): | ||||
Fair value of net assets acquired | $ | 310,404 | ||
Fair value of consideration transferred | (73,698 | ) | ||
Fair value of noncontrolling interest | (206,145 | ) | ||
Gain on bargain purchase | $ | 30,561 | ||
Property_Dispositions
Property Dispositions | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Dispositions [Abstract] | ||||||||||||||
Dispositions | Dispositions | |||||||||||||
The following table provides a summary of disposition activity during the year ended December 31, 2014: | ||||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | |||||||||
Feet | Price | |||||||||||||
Income producing property sold | (in thousands) | |||||||||||||
December 19, 2014 | Market Place (1) | Norcross | GA | 73,686 | $ | 6,750 | ||||||||
December 5, 2014 | Tarpon Heights (1) | Galliano | LA | 56,605 | 1,570 | |||||||||
October 16, 2014 | Country Club Plaza (1) | Slidell | LA | 64,686 | 3,114 | |||||||||
October 16, 2014 | Crossing (1) | Slidell | LA | 113,989 | 4,790 | |||||||||
October 16, 2014 | Boulevard (1) | Lafayette | LA | 68,012 | 4,395 | |||||||||
October 1, 2014 | Summerlin Square | Fort Myers | FL | 97,806 | 6,350 | |||||||||
September 30, 2014 | Walden Woods (1)(2) | Plant City | FL | 72,950 | 4,640 | |||||||||
September 23, 2014 | 4101 South I-85 Industrial (1) | Charlotte | NC | 188,513 | 4,500 | |||||||||
August 1, 2014 | Shoppes of North Port (1) | North Port | FL | 84,705 | 7,000 | |||||||||
July 11, 2014 | New Smyrna Beach (1) | New Smyrna Beach | FL | 118,451 | 16,000 | |||||||||
July 11, 2014 | Shoppes at Andros Isle (1) | West Palm Beach | FL | 79,420 | 11,000 | |||||||||
July 11, 2014 | Mariners Crossing (1) | Spring Hill | FL | 97,812 | 8,540 | |||||||||
July 11, 2014 | Forest Village (1) | Tallahassee | FL | 71,526 | 7,000 | |||||||||
July 11, 2014 | Smyth Valley Crossing (1) | Marion | VA | 126,841 | 5,800 | |||||||||
June 30, 2014 | Riverside Square (1) | Coral Springs | FL | 103,241 | 12,380 | |||||||||
June 30, 2014 | Oaktree Plaza (1) | North Palm Beach | FL | 23,745 | 4,000 | |||||||||
June 17, 2014 | Sunpoint Shopping Center (1) | Ruskin | FL | 132,374 | 7,250 | |||||||||
April 7, 2014 | Salerno Village Square (1) | Stuart | FL | 77,677 | 8,646 | |||||||||
March 27, 2014 | Daniel Village (1) | Augusta | GA | 172,438 | 10,125 | |||||||||
February 27, 2014 | Brawley Commons (1)(3) | Charlotte | NC | 119,189 | 5,450 | |||||||||
January 15, 2014 | Stanley Marketplace | Stanley | NC | 53,228 | 3,875 | |||||||||
January 10, 2014 | Oak Hill Village | Jacksonville | FL | 78,492 | 6,850 | |||||||||
2,075,386 | $ | 150,025 | ||||||||||||
______________________________________________ | ||||||||||||||
(1) The results of operations for these properties are included in continuing operations in the consolidated statements of operations for all periods presented. | ||||||||||||||
(2) Prior to the sale of the property, we acquired the noncontrolling partners’ interests in the partnership that owned the property for $2.2 million. | ||||||||||||||
(3) 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. Although we expect our pace of disposition activity to slow, we will selectively explore future opportunities to sell additional non-core properties located primarily in the southeastern United States and north and central Florida. While 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. | ||||||||||||||
As a result of the adoption of ASU No. 2014-08 on January 1, 2014, the results of operations for 19 of the properties sold during the year ended December 31, 2014 are included in continuing operations in the consolidated statements of operations for all periods presented as they do not qualify as discontinued operations under the amended guidance. | ||||||||||||||
On November 10, 2014, we executed a contract for the sale of a property located in Massachusetts which has a net book value of $18.5 million and is encumbered by a $6.6 million mortgage loan that matures in 2024. The sale is subject to a number of significant contingencies, including the requirement that we obtain lender consent to a potential buyer’s assumption of the loan. We concluded that our carrying value of the property was recoverable as of December 31, 2014 based on our projected undiscounted cash flows from the property, which considered the low probability of sale. To the extent that the lender does not consent to a potential buyer's assumption of the loan, it is our intention to hold the property. However, if circumstances change which increase the probability of sale, we anticipate that we would recognize an impairment loss of $10.3 million. | ||||||||||||||
Additionally, we have two properties, with a total net book value of $17.7 million as of December 31, 2014, under contract for an estimated gross sales price of $27.1 million. The contracts are in due diligence, and the properties did not meet the criteria to be classified as held for sale. Subsequent to December 31, 2014, one property, which had an aggregate net book value of $5.4 million, met the criteria to be classified as held for sale. We expect to realize a loss of approximately $864,000 in connection with the sale which we anticipate will close during the first quarter of 2015. | ||||||||||||||
Discontinued Operations | ||||||||||||||
The results of operations for three of the properties sold during the year ended December 31, 2014 (Stanley Marketplace, Oak Hill Village and Summerlin Square) are presented as discontinued operations in the 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 year ended December 31, 2013, we sold thirty-two properties and four outparcels for an aggregate sales price of $295.2 million. During 2012, we sold four properties and two outparcels for a total sales price of $71.2 million, inclusive of $27.2 million of mortgage debt repaid by the buyer at closing. The results of operations for these properties are presented as discontinued operations in the consolidated statements of operations for all periods presented as they were sold prior to the adoption of ASU No. 2014-08. | ||||||||||||||
The components of income and expense relating to discontinued operations for the years ended December 31, 2014, 2013 and 2012 are shown below: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Rental revenue | $ | 157 | $ | 16,232 | $ | 36,472 | ||||||||
COSTS AND EXPENSES: | ||||||||||||||
Property operating expenses | 390 | 6,060 | 11,195 | |||||||||||
Depreciation and amortization | — | 3,787 | 8,896 | |||||||||||
General and administrative expenses | 5 | 24 | 14 | |||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE | (238 | ) | 6,361 | 16,367 | ||||||||||
OTHER INCOME AND EXPENSE AND TAX | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||
Interest expense | — | (806 | ) | (2,514 | ) | |||||||||
Gain on disposal of income producing properties | 3,222 | 39,587 | 16,588 | |||||||||||
Impairment loss | — | (4,976 | ) | (20,532 | ) | |||||||||
Loss on extinguishment of debt | — | (138 | ) | (1,456 | ) | |||||||||
Income tax provision of taxable REIT subsidiaries | (27 | ) | (686 | ) | (477 | ) | ||||||||
Other income | — | 352 | 461 | |||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | 8,437 | |||||||||||
Net loss (income) attributable to noncontrolling interests | 12 | (494 | ) | (26 | ) | |||||||||
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO | $ | 2,969 | $ | 39,200 | $ | 8,411 | ||||||||
EQUITY ONE, INC. | ||||||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||||
Additions to income producing properties | — | 630 | 5,357 | |||||||||||
Increase in deferred leasing costs and lease intangibles | — | 611 | 1,256 | |||||||||||
Straight-line rent revenue | — | 322 | 754 | |||||||||||
Amortization of above-market lease intangibles, net | — | 446 | 579 | |||||||||||
Interest expense included in discontinued operations above includes interest on debt that is to be assumed by the buyer or interest on debt that is required to be repaid as a result of the disposal transaction. |
Impairment
Impairment | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Asset Impairment Charges [Abstract] | ||||||||||||
Impairment | Impairments | |||||||||||
The following is a summary of the composition of impairment losses included in the consolidated statements of operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Goodwill (1) | $ | — | $ | 150 | $ | 378 | ||||||
Land held for development (2) | 2,230 | 3,085 | 740 | |||||||||
Properties held for use (2)(3) | 15,111 | 2,406 | 7,791 | |||||||||
Properties sold (4) | 4,509 | — | — | |||||||||
Impairment loss recognized in continuing operations | 21,850 | 5,641 | 8,909 | |||||||||
Goodwill (1) | — | 138 | 147 | |||||||||
Properties held for sale (4) | — | 4,838 | 20,385 | |||||||||
Impairment loss recognized in discontinued operations | — | 4,976 | 20,532 | |||||||||
Total impairment loss | $ | 21,850 | $ | 10,617 | $ | 29,441 | ||||||
______________________________________________ | ||||||||||||
(1) The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. | ||||||||||||
(2) The expected undiscounted probability weighted cash flows of each property was less than its carrying value. | ||||||||||||
(3) The properties are located in secondary markets for which our anticipated holding periods were reconsidered. Based on an assessment of the plans for each property, it was determined that there was an increased likelihood that holding periods for such properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | ||||||||||||
(4) The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. |
Accounts_And_Other_Receivables
Accounts And Other Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts And Other Receivables | Accounts and Other Receivables | |||||||
The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Tenants | $ | 13,529 | $ | 15,404 | ||||
Other | 1,376 | 2,287 | ||||||
Allowance for doubtful accounts | (3,046 | ) | (4,819 | ) | ||||
Total accounts and other receivables, net | $ | 11,859 | $ | 12,872 | ||||
For the years ended December 31, 2014, 2013 and 2012, we recognized bad debt expense of $97,000, $3.7 million and $900,000, respectively, which is included in property operating expenses in the accompanying consolidated statements of operations. Excluding the reversal of $1.1 million in the allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants, we recognized bad debt expense of $1.2 million during the year ended December 31, 2014. |
Investments_in_Joint_Ventures
Investments in Joint Ventures | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | Investments in Joint Ventures | ||||||||||||||
The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets: | |||||||||||||||
Investment Balance | |||||||||||||||
as of December 31, | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,629 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 10,534 | 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 | —% | — | 6,468 | ||||||||||
Parnassus Heights Medical Center (5) | 1 | CA | 50.00% | 19,256 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (6) | 6 | FL, MA, NJ | 30.00% | 44,689 | 44,237 | ||||||||||
Total | 88,454 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 764 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 89,218 | $ | 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 December 31, 2014 and 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) The property held by the joint venture was sold in January 2014. Prior to disposition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(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 is 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 December 31, 2014 and 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 $11.0 million, $1.6 million and $542,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Management fees and leasing fees paid to us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying consolidated statements of operations, totaled approximately $2.2 million, $2.6 million and $2.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
As of December 31, 2014 and 2013, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $220.5 million and $286.0 million, respectively, of which our aggregate proportionate share was $49.4 million and $72.5 million, respectively. During the years ended December 31, 2014 and 2013, we made investments of $6.9 million in G&I Investment South Florida Portfolio, LLC and $4.1 million in GRI-EQY I, LLC, respectively, in connection with repayments of indebtedness by those joint ventures. Although we have not guaranteed the debt of these joint ventures, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) on certain of the loans of the joint ventures. | |||||||||||||||
Equity One/Vestar Joint Ventures | |||||||||||||||
In December 2010, we acquired ownership interests in two properties located in California through partnerships (the “Equity One/Vestar JVs”) with Vestar Development Company (“Vestar”). In both of these joint ventures, we held a 95% interest, and they were consolidated. Each Equity One/Vestar JV held a 50.5% ownership interest in each of the California properties through two separate joint ventures with Rockwood Capital. The Equity One/Vestar JVs’ ownership interests in the properties were accounted for under the equity method. | |||||||||||||||
In January 2014, we acquired Rockwood Capital's and Vestar’s interests in Talega Village Center JV, LLC, the owner of Talega Village Center, 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 consolidated statement of operations for the year ended December 31, 2014. | |||||||||||||||
In January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, including the assumption of the existing mortgage of $22.9 million by the buyer. In connection with the sale, the joint venture recognized a gain of $14.7 million, of which our proportionate share was $7.4 million, including $1.6 million attributable to the noncontrolling interest, and we received distributions totaling $13.7 million, including $1.9 million that was distributed to the noncontrolling interest. | |||||||||||||||
New York Common Retirement Fund Joint Venture | |||||||||||||||
In May 2011, we formed a joint venture with the New York Common Retirement Fund (“NYCRF”) for the purpose of acquiring and operating high-quality neighborhood and community shopping centers. NYCRF holds a 70% interest in the joint venture, and we own a 30% interest which is accounted for under the equity method. We perform the day to day accounting and property management functions for the joint venture and, as such, earn a management fee for the services provided. | |||||||||||||||
In August 2014, the joint venture acquired a 34,000 square foot retail center in Windermere, Florida for a gross purchase price of $13.0 million. The center is adjacent to the shopping center that was acquired from the same developer in December 2013. The purchase price was funded through partner contributions, of which our proportionate share was $2.0 million, and the origination of a $6.5 million mortgage loan, which bears interest at LIBOR plus a margin of 1.35% and matures in December 2023. In connection with the transaction, the joint venture entered into an interest rate swap which converts the mortgage loan to a fixed interest rate, providing an effective fixed interest rate under the loan of 3.82% per annum, and designated the swap as a qualifying cash flow hedge. | |||||||||||||||
During 2013, the joint venture acquired three newly developed parcels and two shopping centers for a gross purchase price of $95.4 million. The purchases were funded through partner contributions, of which our proportionate share was $17.2 million, and the origination of mortgage loans totaling $40.0 million. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities |
Our consolidated operating properties as of December 31, 2013 included various Westwood Complex parcels that were owned at the time by various subsidiaries of a Section 1031 like-kind exchange intermediary. The agreements that governed the operation of these entities provided us with the power to direct the activities that most significantly impacted the entities’ economic performance. The entities were deemed VIEs primarily because they did not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties. Additionally, we determined that the equity investors did not possess the characteristics of a controlling financial interest. Therefore, we concluded that we were the primary beneficiary of the VIEs as a result of our having the power to direct the activities that most significantly impacted 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. Legal ownership of these entities was transferred to us by the qualified intermediary during the first and third quarters of 2014 and, as such, these entities are no longer considered VIEs. | |
The majority of the operations of these VIEs were funded with cash flows generated from the properties. We did not provide financial support to any of these VIEs that we were not previously contractually required to provide; our contractual commitments consisted primarily of funding any capital expenditures, including tenant improvements, which were deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may have experienced. |
Loans_Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable |
In October 2012, we purchased a $95.0 million mortgage loan secured by the Westwood Complex, a 22-acre site located in Bethesda, Maryland that consists of 214,767 square feet of retail space, a 211,020 square foot apartment building, and a 62-unit assisted living facility. The loan bore interest at 5.0% per annum and had a stated maturity date of January 15, 2014. Concurrent with the loan transaction, we also entered into a purchase contract to acquire the complex for an aggregate purchase price of $140.0 million. The purchase contract contemplated closing dates for the various parcels that comprise the complex that were the earlier of January 15, 2014 or upon the seller’s identification of a property (or properties) which it could purchase with the proceeds from the sale of the parcels. To the extent that the closing dates under the purchase contract occurred prior to January 15, 2014, the parties agreed that the applicable portions of the mortgage loan collateralized by such parcels would be repaid on the respective closing dates. Based on our initial assessment of the structure of the transaction, we determined that the entities that owned the parcels within the complex that we had yet to legally acquire were VIEs and that we were not the primary beneficiary of these entities as we did not have the power to direct the activities that most significantly impacted their economic performance. | |
In March 2013, we also funded a $12.0 million mezzanine loan to an entity that indirectly owned a portion of the Westwood Complex. The loan was secured by the entity’s indirect ownership interests in the complex, bore interest at 5.0% per annum, and was scheduled to mature on the earlier of June 1, 2013 or our acquisition of certain parcels comprising the complex pursuant to the aforementioned purchase contract. During May 2013, the loan agreement was amended to extend the maturity date to the earlier of January 15, 2014 or our acquisition of the parcels indirectly securing the mezzanine loan. We determined that the borrower was a VIE and that we held a variable interest in the entity through our investment in the loan; however, we concluded that we were not the primary beneficiary of the entity because we did not have the power to direct the activities that most significantly impacted its economic performance. | |
As of December 31, 2013, five of the seven parcels that comprise the Westwood Complex had been acquired. In connection with the acquisitions, $40.7 million of the $95.0 million mortgage loan and $5.8 million of the $12.0 million mezzanine loan were repaid by the respective borrowers and the entities holding these parcels were no longer considered VIEs. | |
In January 2014, we acquired the two remaining parcels within the Westwood Complex for an aggregate gross purchase price of $80.0 million. Concurrent with the acquisitions, the outstanding principal balance of the $95.0 million mortgage loan and the $12.0 million mezzanine loan were repaid 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. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill | Goodwill | |||||||
The following table presents goodwill activity during the years ended December 31, 2014 and 2013: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 6,377 | $ | 6,527 | ||||
Impairment | — | (150 | ) | |||||
Allocated to property sale | (339 | ) | — | |||||
Balance at end of period | $ | 6,038 | $ | 6,377 | ||||
Other_Assets
Other Assets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Other Assets | Other Assets | |||||||||||
The following is a summary of the composition of other assets included in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets, net | $ | 106,064 | $ | 117,200 | ||||||||
Leasing commissions, net | 39,141 | 38,296 | ||||||||||
Prepaid expenses and other receivables | 26,880 | 26,763 | ||||||||||
Straight-line rent receivables, net | 24,412 | 21,490 | ||||||||||
Deferred financing costs, net | 9,322 | 8,347 | ||||||||||
Deposits and mortgage escrows | 6,356 | 7,763 | ||||||||||
Furniture, fixtures and equipment, net | 3,809 | 4,406 | ||||||||||
Fair value of interest rate swaps | 681 | 2,944 | ||||||||||
Deferred tax asset | 2,306 | 2,390 | ||||||||||
Total other assets | $ | 218,971 | $ | 229,599 | ||||||||
In connection with our development of The Gallery at Westbury Plaza in Nassau County, New York, we remediated various environmental matters that existed when we acquired the property in November 2009. The site was eligible for participation in New York State’s Brownfield Cleanup Program, which provides for refundable New York State franchise tax credits for costs incurred to remediate and develop a qualified site. We applied for participation in the program and subsequently received a certificate of completion from the New York State Department of Environmental Conservation in August 2012. The certificate of completion confirmed our adherence to the cleanup requirements and ability to seek reimbursement for a portion of qualified costs incurred as part of the environmental remediation and development of the property. As of December 31, 2014 and 2013, we have recognized a receivable of $22.0 million and $22.4 million, respectively, which is included in other assets in our consolidated balance sheets with a corresponding reduction to the cost of the project, for the reimbursable costs that will be paid to us subject to statutory deferrals over the next two years. | ||||||||||||
The following is a summary of the composition of intangible assets and accumulated amortization in the consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets: | ||||||||||||
Above-market leases | $ | 21,322 | $ | 21,149 | ||||||||
In-place lease interests | 124,469 | 126,219 | ||||||||||
Below-market ground leases | 34,094 | 34,094 | ||||||||||
Lease origination costs | 3,115 | 3,426 | ||||||||||
Lease incentives | 7,395 | 5,853 | ||||||||||
Total intangibles | 190,395 | 190,741 | ||||||||||
Accumulated amortization: | ||||||||||||
Above-market leases | 12,435 | 10,508 | ||||||||||
In-place lease interests | 65,503 | 57,752 | ||||||||||
Below-market ground leases | 1,394 | 793 | ||||||||||
Lease origination costs | 2,310 | 2,402 | ||||||||||
Lease incentives | 2,689 | 2,086 | ||||||||||
Total accumulated amortization | 84,331 | 73,541 | ||||||||||
Lease intangible assets, net | $ | 106,064 | $ | 117,200 | ||||||||
The following is a summary of amortization expense included in the consolidated statements of operations related to lease intangible assets: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Above-market lease amortization (1) | $ | 2,605 | $ | 3,669 | $ | 4,129 | ||||||
In-place lease amortization (2) | 14,824 | 14,530 | 16,642 | |||||||||
Below-market ground lease amortization (3) | 601 | 601 | 191 | |||||||||
Lease origination cost amortization (2) | 298 | 338 | 454 | |||||||||
Lease incentive amortization (1) | 780 | 735 | 593 | |||||||||
Total lease intangible asset amortization | $ | 19,108 | $ | 19,873 | $ | 22,009 | ||||||
___________________________________________ | ||||||||||||
(1) Amounts are recognized as a reduction of minimum rent. | ||||||||||||
(2) Amounts are included in depreciation and amortization expenses. | ||||||||||||
(3) Amounts are included in property operating expenses. | ||||||||||||
As of December 31, 2014, the estimated amortization of lease intangible assets for the next five years is as follows: | ||||||||||||
Year Ending December 31, | Amount | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 13,700 | ||||||||||
2016 | 10,821 | |||||||||||
2017 | 8,634 | |||||||||||
2018 | 7,265 | |||||||||||
2019 | 5,653 | |||||||||||
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Borrowings | Borrowings | |||||||
Mortgage Notes Payable | ||||||||
The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Fixed rate mortgage loans | $ | 311,778 | $ | 430,155 | ||||
Unamortized premium, net | 4,500 | 7,816 | ||||||
Total | $ | 316,278 | $ | 437,971 | ||||
Weighted average interest rate, excluding unamortized premium | 6.03 | % | 5.99 | % | ||||
As of December 31, 2014, the net book value of the properties collateralizing the mortgage notes payable totaled $645.9 million. | ||||||||
During the years ended December 31, 2014 and 2013, we prepaid $115.4 million and $24.0 million in mortgage loans with a weighted average interest rate of 5.74% and 6.88%, respectively. We recognized a loss on extinguishment of debt in conjunction with the prepayments of $3.3 million during the year ended December 31, 2014. | ||||||||
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 we and the lender have the right to accelerate the maturity date of the loan to October 1, 2021, October 1, 2026 or October 1, 2031. | ||||||||
Included in mortgage notes payable as of December 31, 2013 is a mortgage note payable related to Brawley Commons, a property 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 | ||||||||
Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
5.375% Senior Notes, due 10/15/15 | $ | 107,505 | $ | 107,505 | ||||
6.0% Senior Notes, due 9/15/16 | 105,230 | 105,230 | ||||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | ||||||
6.0% Senior Notes, due 9/15/17 | 116,998 | 116,998 | ||||||
3.75% Senior Notes, due 11/15/22 | 300,000 | 300,000 | ||||||
Total Unsecured Senior Notes | 731,136 | 731,136 | ||||||
Unamortized discount, net | (1,373 | ) | (1,698 | ) | ||||
Total | $ | 729,763 | $ | 729,438 | ||||
Weighted average interest rate, excluding unamortized discount | 5.02 | % | 5.02 | % | ||||
In November 2012, we redeemed all of our $250.0 million 6.25% unsecured senior notes, which were scheduled to mature in December 2014, at a redemption price equal to the principal amount of the notes and a required make-whole premium of $27.8 million. In connection with the redemption, we recognized a loss on early extinguishment of debt of $29.6 million, which was comprised of the aforementioned make-whole premium and deferred fees and costs associated with the senior notes. | ||||||||
The indentures under which our unsecured senior notes were issued have several covenants that limit our ability to incur debt, require us to maintain an unencumbered asset to unsecured debt ratio above a specified level and limit our ability to consolidate, sell, lease, or convey substantially all of our assets to, or merge with, any other entity. These notes have also been guaranteed by many of our subsidiaries. | ||||||||
Unsecured Revolving Credit Facilities | ||||||||
In December 2014, we closed on a new $600.0 million unsecured revolving credit facility which replaced our $575.0 million credit facility. The facility, which serves as our primary credit facility, is with a syndicate of banks and can be increased through an accordion feature up to an aggregate of $900.0 million, subject to bank participation. The facility bears interest at applicable LIBOR plus a margin of 0.875% to 1.550%, depending on the credit ratings of our unsecured senior notes. The facility also includes a facility fee applicable to the aggregate lending commitments thereunder which varies from 0.125% to 0.300% per annum depending on the credit ratings of our unsecured senior notes. As of December 31, 2014, the interest rate margin applicable to amounts outstanding under the facility was 1.05% per annum and the facility fee was 0.20% per annum. The facility includes a competitive bid option which allows us to conduct auctions among the participating banks for borrowings at any one time outstanding up to 50% of the lender commitments then in effect, a $75.0 million swing line facility for short term borrowings, a $50.0 million letter of credit commitment and a $56.9 million multicurrency subfacility. The facility expires on December 31, 2018, with two six-month extensions at our option, subject to certain conditions. The facility contains a number of customary restrictions on our business and also includes various financial covenants, including maximum unencumbered and total leverage ratios, a maximum secured indebtedness ratio, a minimum fixed charge coverage ratio and a minimum unencumbered interest coverage ratio. The facility also contains customary affirmative covenants and events of default, including a cross default to our other material indebtedness and the occurrence of a change of control. If a material default under the facility were to arise, our ability to pay dividends is limited to the amount necessary to maintain our status as a REIT unless the default is a payment default or bankruptcy event in which case we are prohibited from paying any dividends. As of December 31, 2014, we had drawn $37.0 million against the facility, which bore interest at a weighted average rate of 1.22% per annum. As of December 31, 2013, we had drawn $91.0 million against the $575.0 million credit facility, which bore interest at a rate of 1.30% per annum. | ||||||||
We also have a $5.0 million unsecured credit facility with City National Bank of Florida, for which there was no drawn balance as of December 31, 2014 and 2013. The facility bears interest at LIBOR plus 1.25% per annum and expires on May 7, 2015. | ||||||||
As of December 31, 2014, giving effect to the financial covenants applicable to these credit facilities, the maximum available to us thereunder was approximately $605.0 million, excluding $37.0 million drawn against the facility and outstanding letters of credit with an aggregate face amount of $2.2 million. | ||||||||
Term Loan and Interest Rate Swaps | ||||||||
In December 2014, the terms of the $250.0 million unsecured term loan were amended to reduce the interest margin. The term loan bears interest, at our option, at the base rate plus a margin of 0.00% to 0.80% or one month LIBOR plus a margin of 0.90% to 1.80%, depending on the credit ratings of our unsecured senior notes. In connection with the interest rate swap discussed below, we have elected and, will continue to elect, the one month LIBOR option, which as of December 31, 2014 resulted in a margin of 1.150%. The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants and events of default and remedies which are generally the same as those provided in our $600.0 million unsecured revolving credit facility. As of December 31, 2014, we had interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective weighted average fixed interest rate under the loan agreement of 2.62% per annum. The swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The term loan and swap agreements mature on February 13, 2019. As of December 31, 2014, the fair value of one of our interest rate swaps consisted of an asset of $681,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $952,000, which is included in accounts payable and accrued expenses in our 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 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 $2.9 million as an increase to interest expense. | ||||||||
Principal maturities of borrowings, including mortgage notes payable, unsecured senior notes payable, term loan and unsecured revolving credit facilities are as follows: | ||||||||
Year Ending December 31, | Amount | |||||||
(In thousands) | ||||||||
2015 | $ | 133,984 | ||||||
2016 | 180,630 | |||||||
2017 | 289,285 | |||||||
2018 | 98,864 | |||||||
2019 | 274,244 | |||||||
Thereafter | 352,907 | |||||||
Total | $ | 1,329,914 | ||||||
Interest costs incurred, excluding amortization and accretion of discount and premium, were $71.4 million, $74.3 million and $80.5 million in the years ended December 31, 2014, 2013 and 2012, respectively, of which $5.0 million, $2.9 million and $4.7 million, respectively, were capitalized. |
Other_Liabilities
Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities | Other Liabilities | |||||||
The following is a summary of the composition of other liabilities included in the consolidated balance sheets: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 157,486 | $ | 167,777 | ||||
Prepaid rent | 9,607 | 9,450 | ||||||
Other | 307 | 189 | ||||||
Total other liabilities | $ | 167,400 | $ | 177,416 | ||||
During the year ended December 31, 2014, we recognized a $4.4 million net termination benefit, which is included in minimum rent in the accompanying 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. | ||||||||
In May 2013, we executed a lease amendment with the tenant at our retail condominium at 1175 Third Avenue in New York City, New York, which included the purchase of a significant portion of the below-market leasehold interest held by the tenant under the terms of the original lease agreement. Pursuant to the terms of the amendment, we paid the tenant $25.0 million in exchange for increased rents during a new ten-year base term and a reset of the rent payable during the option periods subsequent to the initial ten-year base term to the market rental rates prevailing at such times. The $25.0 million payment has been reflected as a reduction of the unamortized below-market lease intangible liability we recognized when we acquired the retail condominium, and the remaining portion of the liability is being amortized over the new ten-year base term. | ||||||||
As of December 31, 2014 and 2013, the gross carrying amount of our lease intangible liabilities, which are composed of below-market leases, was $226.8 million and $228.7 million, respectively, and the accumulated amortization was $69.3 million and $60.9 million, respectively. | ||||||||
Included in the consolidated statements of operations as an increase to minimum rent for the years ended December 31, 2014, 2013 and 2012 is $22.3 million, $17.3 million and $17.4 million, respectively, of accretion related to lease intangible liabilities. | ||||||||
As of December 31, 2014, the estimated accretion of lease intangible liabilities for the next five years is as follows: | ||||||||
Year Ending December 31, | Amount | |||||||
(In thousands) | ||||||||
2015 | $ | 14,452 | ||||||
2016 | 12,975 | |||||||
2017 | 12,034 | |||||||
2018 | 11,362 | |||||||
2019 | 10,120 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
We elected to be taxed as a REIT under the Code, commencing with our taxable year ended December 31, 1995. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our REIT taxable income (excluding net capital gains) to our stockholders. The difference between net income available to common stockholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences, such as real estate depreciation and amortization, deduction of deferred compensation and deferral of gains on sold properties utilizing like kind exchanges. Also, at least 95% of our gross income in any year must be derived from qualifying sources. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our REIT taxable income as defined under the Code. We distributed sufficient taxable income for the year ended December 31, 2014; therefore, we anticipate that no federal income or excise taxes will be incurred. We distributed sufficient taxable income for the years ended December 31, 2013 and 2012; therefore, no federal income or excise taxes were incurred. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to state income or franchise taxes in certain states in which some of our properties are located and excise taxes on our undistributed taxable income. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our taxable REIT subsidiaries (“TRSs”). Accordingly, the only material provision for federal income taxes in our consolidated financial statements relates to our consolidated TRSs. | ||||||||||||
Further, we believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for tax liabilities are adequate for all years still subject to tax audit, which include all years after 2010. | ||||||||||||
The following table reconciles GAAP net income to taxable income: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
GAAP net income (loss) attributable to Equity One | $ | 48,897 | $ | 77,954 | $ | (3,477 | ) | |||||
Net (income) loss attributable to taxable REIT subsidiaries | (1,214 | ) | (585 | ) | 4,964 | |||||||
GAAP net income from REIT operations | 47,683 | 77,369 | 1,487 | |||||||||
Book/tax differences: | ||||||||||||
Joint ventures | (2,494 | ) | 14,941 | 4,530 | ||||||||
Depreciation | 21,856 | 10,899 | 7,399 | |||||||||
Sale of property | (12,998 | ) | (36,220 | ) | (925 | ) | ||||||
Exercise of stock options and restricted shares | (3,378 | ) | (398 | ) | 6,009 | |||||||
Interest expense | 1,908 | 1,558 | 3,152 | |||||||||
Deferred/prepaid/above and below-market rents, net | (7,922 | ) | (4,363 | ) | (2,388 | ) | ||||||
Impairment loss | 21,620 | 5,353 | 21,511 | |||||||||
Brownfield tax credits (see Note 12) | 9,225 | — | — | |||||||||
Amortization | (756 | ) | 136 | 227 | ||||||||
Acquisition costs | 1,771 | 2,771 | 1,941 | |||||||||
Other, net | (1,700 | ) | 549 | (1,583 | ) | |||||||
Adjusted taxable income (1) | $ | 74,815 | $ | 72,595 | $ | 41,360 | ||||||
______________________________________________ | ||||||||||||
(1) | Adjusted taxable income subject to 90% dividend requirements. | |||||||||||
The following summarizes the tax status of dividends paid: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | ||||||
Ordinary income | 68.84 | % | 66.37 | % | 43.72 | % | ||||||
Return of capital | 28.51 | % | 31.21 | % | 54.1 | % | ||||||
Capital gains | 2.65 | % | 2.42 | % | 2.18 | % | ||||||
Taxable REIT Subsidiaries | ||||||||||||
We are subject to federal, state and local income taxes on the income from our TRS activities, which include IRT Capital Corporation II (“IRT”), DIM, Southeast US Holdings, B.V. (“Southeast”) and C&C Delaware, Inc. At December 31, 2014, Southeast owned an economic interest in DIM of 98% and in February 2015, it entered into a conditional settlement agreement to acquire the remaining 2.0% interest in DIM which is held by minority shareholders. Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays virtually no income taxes in the Netherlands. | ||||||||||||
Income taxes have been provided for on the asset and liability method as required by the Income Taxes Topic of the FASB ASC. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting bases and the tax bases of the TRS assets and liabilities. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that the deferred tax asset will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. | ||||||||||||
Our total pre-tax income (loss) and income tax (provision) benefit relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
U.S. income (loss) before income taxes | $ | 2,281 | $ | 784 | $ | (7,452 | ) | |||||
Foreign (loss) income before income taxes | (190 | ) | 3 | (15 | ) | |||||||
Total income (loss) before income taxes | 2,091 | 787 | (7,467 | ) | ||||||||
Less income tax (provision) benefit: | ||||||||||||
Current federal and state | 10 | (69 | ) | 72 | ||||||||
Deferred federal and state | (887 | ) | (133 | ) | 2,431 | |||||||
Total income tax (provision) benefit | (877 | ) | (202 | ) | 2,503 | |||||||
Net income (loss) from taxable REIT subsidiaries | $ | 1,214 | $ | 585 | $ | (4,964 | ) | |||||
Our total pre-tax income (loss) from continuing operations and income tax (provision) benefit from continuing operations included above relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
U.S. income (loss) before income taxes | $ | 2,212 | $ | (1,582 | ) | $ | (9,161 | ) | ||||
Foreign (loss) income before income taxes | (190 | ) | 3 | (15 | ) | |||||||
Income (loss) from continuing operations before income taxes | 2,022 | (1,579 | ) | (9,176 | ) | |||||||
Less income tax (provision) benefit: | ||||||||||||
Current federal and state | 10 | (34 | ) | 72 | ||||||||
Deferred federal and state | (860 | ) | 518 | 2,908 | ||||||||
Total income tax (provision) benefit | (850 | ) | 484 | 2,980 | ||||||||
Income (loss) from continuing operations from taxable REIT | $ | 1,172 | $ | (1,095 | ) | $ | (6,196 | ) | ||||
subsidiaries | ||||||||||||
We recorded tax provisions from discontinued operations of $27,000, $686,000 and $477,000 during the years ended December 31, 2014, 2013 and 2012, respectively. The tax provisions relate to taxable income generated by the disposition of properties. | ||||||||||||
The total income tax (provision) benefit differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (708 | ) | $ | (239 | ) | $ | 2,616 | ||||
State taxes, net of federal (provision) benefit | (80 | ) | (69 | ) | 272 | |||||||
Foreign tax rate differential | (19 | ) | (5 | ) | (7 | ) | ||||||
Other | (63 | ) | 117 | (370 | ) | |||||||
Valuation allowance increase | (7 | ) | (6 | ) | (8 | ) | ||||||
Total income tax (provision) benefit | $ | (877 | ) | $ | (202 | ) | $ | 2,503 | ||||
______________________________________________ | ||||||||||||
(1) | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | |||||||||||
The income tax (provision) benefit from continuing operations differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (681 | ) | $ | 344 | $ | 3,044 | |||||
State taxes, net of federal (provision) benefit | (80 | ) | 34 | 321 | ||||||||
Foreign tax rate differential | (19 | ) | (5 | ) | (7 | ) | ||||||
Other | (63 | ) | 117 | (370 | ) | |||||||
Valuation allowance increase | (7 | ) | (6 | ) | (8 | ) | ||||||
Total income tax (provision) benefit from continuing operations | $ | (850 | ) | $ | 484 | $ | 2,980 | |||||
______________________________________________ | ||||||||||||
(1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | ||||||||||||
Our deferred tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Disallowed interest | $ | 2,722 | $ | 2,842 | ||||||||
Net operating loss | 3,099 | 2,996 | ||||||||||
Other | 82 | 110 | ||||||||||
Valuation allowance | (164 | ) | (162 | ) | ||||||||
Total deferred tax assets | 5,739 | 5,786 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Other real estate investments | (15,439 | ) | (14,133 | ) | ||||||||
Mortgage revaluation | (466 | ) | (748 | ) | ||||||||
Other | (95 | ) | (279 | ) | ||||||||
Total deferred tax liabilities | (16,000 | ) | (15,160 | ) | ||||||||
Net deferred tax liability | $ | (10,261 | ) | $ | (9,374 | ) | ||||||
As of December 31, 2014, the net deferred tax liability of $10.3 million consisted of a $2.3 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $12.6 million deferred tax liability associated with DIM. As of December 31, 2013 the net deferred tax liability of $9.4 million consisted of a $2.4 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and an $11.8 million deferred tax liability associated with DIM. | ||||||||||||
The tax deduction for interest paid by the TRS to the REIT is subject to certain limitations pursuant to U.S. federal tax law. Such interest may only be deducted in any tax year in which the TRS’ income exceeds certain thresholds. Such disallowed interest may be carried forward and utilized in future years, subject to the same limitation. As of December 31, 2014, IRT had approximately $7.2 million of disallowed interest carry forwards, with a tax value of $2.7 million. This carry forward does not expire. IRT expects to realize the benefits of its net deferred tax asset of approximately $2.3 million as of December 31, 2014, primarily from identified tax planning strategies, as well as projected taxable income. Southeast had a net operating loss carry forward of $650,000 as of December 31, 2014, which begins to expire in 2016. A valuation allowance of $164,000 is provided for this asset. As of December 31, 2014, DIM had federal and state net operating loss carry forwards of approximately $5.2 million and $2.2 million, respectively, which begin to expire in 2027. As of December 31, 2014, IRT had federal and state net operating loss carry forwards of approximately $2.0 million and $1.6 million, respectively, which begin to expire in 2030. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ||||||||
Noncontrolling Interests | Noncontrolling Interests | |||||||
The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Walden Woods Village, Ltd. (1) | $ | — | $ | 989 | ||||
Total redeemable noncontrolling interests | $ | — | $ | 989 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM (2) | 1,044 | 1,081 | ||||||
Vestar/EQY Talega LLC (3) | — | 147 | ||||||
Vestar/EQY Vernola LLC (4) | — | 341 | ||||||
Vestar/EQY Canyon Trails LLC (5) | — | 29 | ||||||
Total noncontrolling interests included in total equity | $ | 207,189 | $ | 207,743 | ||||
______________________________________________ | ||||||||
(1) This entity owned Walden Woods Shopping Center, which was sold in September 2014. Prior to the sale, we acquired the noncontrolling partners’ interests in Walden Woods Village, Ltd. for $2.2 million. | ||||||||
(2) As of December 31, 2014 and 2013, our ownership interest in DIM was 98.0% and 97.8%, respectively. In February 2015, we entered into a settlement agreement to acquire the remaining 2.0% interest held by minority shareholders, which is subject to various conditions including the approval by the Dutch court. | ||||||||
(3) This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners’ interest in January 2014. See Note 8 for further discussion. | ||||||||
(4) This entity held our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | ||||||||
(5) This entity held our interest in Canyon Trails Towne Center. The property held by the joint venture was sold in December 2013. | ||||||||
Noncontrolling interest represents the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interest in accordance with the provisions under the Consolidation Topic of the FASB ASC. During the years ended December 31, 2014, 2013 and 2012, there were no material effects on the equity attributable to us resulting from changes in our ownership interest in our subsidiaries other than those related to Danbury 6 Associates LLC and Southbury 84 Associates LLC as noted below. | ||||||||
Acquisition of a Controlling Interest in CapCo | ||||||||
On January 4, 2011, we acquired a controlling ownership interest in CapCo, through a joint venture with Liberty International Holdings Limited, or LIH. At the time of the acquisition, CapCo, which was previously wholly-owned by LIH, owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. LIH is a subsidiary of Capital Shopping Centres Group PLC, or CSC, a United Kingdom real estate investment trust. As a result of the transaction, we increased the size of our board of directors by one seat and added David Fischel, a designee of CSC, to our board pursuant to an Equityholders’ Agreement with CSC, LIH and Gazit-Globe, Ltd. ("Gazit"). The results of CapCo’s operations have been included in our consolidated financial statements from the date of acquisition. Upon consolidation, we recorded $206.1 million of noncontrolling interest, which represented the fair value of the portion of CapCo’s equity that we did not own upon acquisition. The $206.1 million of noncontrolling interest is reflected in the equity section of our consolidated balance sheet as permanent equity as of December 31, 2014. | ||||||||
At the closing of the transaction, LIH contributed all of the outstanding shares of CapCo’s common stock to the joint venture in exchange for 11.4 million Class A Shares in the joint venture, representing an approximate 22% interest in the joint venture, and we contributed a shared appreciation promissory note to the joint venture in the amount of $600.0 million and an additional $84.3 million in exchange for an approximate 78% interest in the joint venture consisting of Class A Shares and Class B Shares. The joint venture shares received by LIH are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIH’s ability to participate in the earnings of CapCo is limited to their right to receive distributions payable on their Class A Shares. These distributions consist of a non-elective distribution equivalent to the dividend paid on our common stock and, if the return on our Class B Shares exceeds a certain threshold, a voluntary residual distribution paid on both Class A Shares and Class B Shares. As such, earnings attributable to the noncontrolling interest as reflected in our consolidated statement of operations are limited to distributions made to LIH on its Class A joint venture shares. Considering that dividends are generally declared and paid in the same quarter, subsequent changes to the noncontrolling interest will only occur if dividends are declared but not paid, or if we acquire all or a portion of LIH’s interest or if its Class A joint venture shares are converted into our common stock. | ||||||||
Distributions to LIH for each of the years ended December 31, 2014, 2013 and 2012 were $10.0 million, which were equivalent to the per share dividends declared on our common stock, adjusted for certain prorations as stipulated by the terms of the transaction. | ||||||||
Acquisition of a Controlling Interest in Danbury 6 Associates and Southbury 84 Associates | ||||||||
In October 2011, we acquired a 60% controlling financial interest in two VIEs, Danbury 6 Associates LLC and Southbury 84 Associates LLC, which owned Danbury Green and Southbury Green, respectively. We determined that we were the primary beneficiary of these entities and, accordingly, consolidated their results as of the acquisition date. Upon consolidation, we recorded $19.0 million of noncontrolling interests which represented the estimated fair value of the preferred equity interests, which were entitled to a cumulative 5% annual preferred return, held by the noncontrolling interest holders. Because the operating agreements contained certain provisions that would potentially require us to redeem the noncontrolling interests at the balance of the holders' contributed capital as adjusted for unpaid preferred returns due to them pursuant to the operating agreements, we initially recorded the $19.0 million of noncontrolling interests associated with these ventures in the mezzanine section of our consolidated balance sheets and reflected such interests at their redemption value at each subsequent balance sheet date. In March 2013, we received formal notice from the noncontrolling interest holders electing to have their interests redeemed (at which time we reclassified the interests to other liabilities as mandatorily redeemable financial instruments pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC) and subsequently acquired their interests for a purchase price of $18.9 million during May 2013. |
Stockholders_Equity_and_Earnin
Stockholders’ Equity and Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Stockholders’ Equity and Earnings (Loss) Per Share | Stockholders’ Equity and Earnings (Loss) Per Share | |||||||||||
During each quarter of 2014, our Board of Directors declared cash dividends of $0.22 per share on our common stock. These dividends were paid in March, June, September and December 2014. | ||||||||||||
In September 2014, we completed an underwritten public offering and concurrent private placement totaling 4.5 million shares of our common stock at a price to the public and in the private placement of $23.30 per share. In the concurrent private placement, 675,000 shares were purchased by Gazit First Generation LLC, an affiliate of our largest stockholder, Gazit, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. The offerings generated net proceeds to us of approximately $104.6 million before expenses. The stock issuance costs and underwriting discounts were approximately $561,000. We used the net proceeds to fund development and redevelopment activities, to repay secured and unsecured debt and for general corporate purposes. | ||||||||||||
In August 2012, we completed an underwritten public offering and concurrent private placement totaling 4.1 million shares of our common stock at a price to the public and in the private placement of $21.20 per share. In the concurrent private placement, 500,000 shares were purchased by MGN (USA), Inc., an affiliate of Gazit. The offerings generated proceeds to us of approximately $85.6 million. The stock issuance costs and underwriting discounts were approximately $813,000. We used the net proceeds to reduce the outstanding balance under our unsecured revolving credit facility. | ||||||||||||
Earnings (Loss) per Share | ||||||||||||
The following summarizes the calculation of basic earnings per share ("EPS") and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating basic EPS: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) from continuing operations | $ | 58,134 | $ | 48,963 | $ | (1,212 | ) | |||||
Net income attributable to noncontrolling interests - continuing operations | (12,206 | ) | (10,209 | ) | (10,676 | ) | ||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 45,928 | 38,754 | (11,888 | ) | ||||||||
Allocation of continuing income to participating securities | (1,759 | ) | (1,045 | ) | (1,082 | ) | ||||||
Income (loss) from continuing operations available to common stockholders | 44,169 | 37,709 | (12,970 | ) | ||||||||
Income from discontinued operations | 2,957 | 39,694 | 8,437 | |||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 12 | (494 | ) | (26 | ) | |||||||
operations | ||||||||||||
Income from discontinued operations available to common stockholders | 2,969 | 39,200 | 8,411 | |||||||||
Net income (loss) available to common stockholders | $ | 47,138 | $ | 76,909 | $ | (4,559 | ) | |||||
Weighted average shares outstanding – Basic | 119,403 | 117,389 | 114,233 | |||||||||
Basic earnings (loss) per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | |||||
Discontinued operations | 0.02 | 0.33 | 0.07 | |||||||||
Earnings (loss) per common share — Basic | $ | 0.39 | $ | 0.66 | * | $ | (0.04 | ) | ||||
* Note: EPS does not foot due to the rounding of the individual calculations. | ||||||||||||
The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating diluted EPS: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) from continuing operations | $ | 58,134 | $ | 48,963 | $ | (1,212 | ) | |||||
Net income attributable to noncontrolling interests - continuing operations | (12,206 | ) | (10,209 | ) | (10,676 | ) | ||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 45,928 | 38,754 | (11,888 | ) | ||||||||
Allocation of continuing income to participating securities | (1,759 | ) | (1,045 | ) | (1,082 | ) | ||||||
Income (loss) from continuing operations available to common stockholders | 44,169 | 37,709 | (12,970 | ) | ||||||||
Income from discontinued operations | 2,957 | 39,694 | 8,437 | |||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 12 | (494 | ) | (26 | ) | |||||||
operations | ||||||||||||
Income from discontinued operations available to common stockholders | 2,969 | 39,200 | 8,411 | |||||||||
Net income (loss) available to common stockholders | $ | 47,138 | $ | 76,909 | $ | (4,559 | ) | |||||
Weighted average shares outstanding – Basic | 119,403 | 117,389 | 114,233 | |||||||||
Stock options using the treasury method | 222 | 288 | — | |||||||||
Non-participating restricted stock using the treasury method | 40 | — | — | |||||||||
Executive Incentive Plan shares using the treasury method | 60 | 94 | — | |||||||||
Weighted average shares outstanding – Diluted | 119,725 | 117,771 | 114,233 | |||||||||
Diluted earnings (loss) per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | |||||
Discontinued operations | 0.02 | 0.33 | 0.07 | |||||||||
Earnings (loss) per common share — Diluted | $ | 0.39 | $ | 0.65 | $ | (0.04 | ) | |||||
The computation of diluted EPS for the years ended December 31, 2014 and 2013 did not include 532,000 and 1.4 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $24.12 to $26.66 and $23.52 to $26.66, respectively, because the option prices were greater than the average market price of our common shares during the period. The computation of diluted EPS for the year ended December 31, 2012 did not include 3.5 million shares of common stock issuable upon the exercise of outstanding options, at prices ranging from $11.59 to $26.66, because their effect would be anti-dilutive. | ||||||||||||
The computation of diluted EPS for the years ended December 31, 2014, 2013 and 2012 did not include the 11.4 million joint venture units held by LIH which are convertible into our common stock. The LIH shares are redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. These convertible units are not included in the diluted weighted average share count because their inclusion is anti-dilutive. |
ShareBased_Payment_Plans
Share-Based Payment Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Payment Plans | Share-Based Payment Plans | ||||||||||||
The Equity One Amended and Restated 2000 Executive Incentive Compensation Plan (the “2000 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, and deferred stock, other stock-related awards and performance or annual incentive awards that may be settled in cash, stock or other property. The persons eligible to receive an award under the 2000 Plan are our officers, directors, employees and independent contractors. Following an amendment to the 2000 Plan, approved by our stockholders on May 2, 2011, the total number of shares of common stock that may be issuable under the 2000 Plan is 13.5 million shares, plus (i) the number of shares with respect to which options previously granted under the 2000 Plan terminate without being exercised, and (ii) the number of shares that are surrendered in payment of the exercise price for any awards or any tax withholding requirements. The 2000 Plan will terminate on the earlier of May 2, 2021 or the date on which all shares reserved for issuance under the 2000 Plan have been issued. As of December 31, 2014, 5.8 million shares were available for issuance under the 2000 Plan, as amended. | |||||||||||||
Options and Restricted Stock | |||||||||||||
As of December 31, 2014, we had stock options and restricted stock outstanding under the 2000 Plan. The following table provides a summary of stock option activity for 2014: | |||||||||||||
Shares | Weighted | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Under | Average Exercise | ||||||||||||
Option | Price | ||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||
Outstanding at the beginning of year | 2,985 | $ | 21.53 | ||||||||||
Granted | 200 | 22.87 | |||||||||||
Exercised | (1,917 | ) | 21.09 | ||||||||||
Forfeited or expired | (60 | ) | 23.14 | ||||||||||
Outstanding at the end of year | 1,208 | $ | 22.37 | 4 | $ | 3,723 | |||||||
Exercisable at the end of year | 958 | $ | 22.43 | 2.8 | $ | 2,911 | |||||||
The total cash or other consideration received from options exercised during the years ended December 31, 2014, 2013 and 2012 was $40.4 million, $8.7 million and $493,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $6.1 million, $4.6 million and $319,000, respectively. | |||||||||||||
During the year ended December 31, 2014, the fair value of the options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | |||||||||||||
Dividend yield | 3.80% | ||||||||||||
Risk-free interest rate | 2.00% | ||||||||||||
Expected option life | 6.3 years | ||||||||||||
Expected volatility | 39.80% | ||||||||||||
The options were granted with an exercise price equivalent to the current stock price on the grant date. No options were granted during the years ended December 31, 2013 and 2012. | |||||||||||||
Restricted Stock Grants and Long-Term Incentive Compensation Plan | |||||||||||||
The following table presents information regarding restricted stock activity during the year ended December 31, 2014: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant-Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Unvested at January 1, 2014 | 857 | * | $ | 17.37 | |||||||||
Granted | 187 | 22.95 | |||||||||||
Vested | (281 | ) | 18.89 | ||||||||||
Forfeited or cancelled | (583 | ) | 7.75 | ||||||||||
Unvested at December 31, 2014 | 180 | $ | 22.91 | ||||||||||
______________________________________________ | |||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which were subject to performance vesting conditions and were not entitled to vote or receive dividends during the performance period that ended on December 31, 2014. As none of the market conditions were ultimately met, no shares vested in connection with the awards. | |||||||||||||
The weighted average grant-date fair value of restricted stock granted during the years ended December 31, 2013 and 2012 was $22.40 and $18.85, respectively. Shares of restricted stock granted during the year ended December 31, 2014 are subject to forfeiture and vest over periods from 0 to 5 years. During the year ended December 31, 2014, the total grant-date value of the shares of restricted stock that vested was $5.3 million. | |||||||||||||
Share-Based Compensation Expense | |||||||||||||
Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations, is summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Restricted stock expense | $ | 6,818 | $ | 5,931 | $ | 6,060 | |||||||
Stock option expense | 650 | 465 | 1,040 | ||||||||||
Employee stock purchase plan discount | 30 | 18 | 13 | ||||||||||
Total equity-based expense | 7,498 | 6,414 | 7,113 | ||||||||||
Restricted stock classified as a liability | 289 | 117 | 51 | ||||||||||
Total expense | 7,787 | 6,531 | 7,164 | ||||||||||
Less amount capitalized | (520 | ) | (358 | ) | (301 | ) | |||||||
Net share-based compensation expense | $ | 7,267 | $ | 6,173 | $ | 6,863 | |||||||
As of December 31, 2014, we had $10.8 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our 2000 Plan. This expense is expected to be recognized over a weighted average period of 3.1 years. | |||||||||||||
Discounts offered to participants under our 2004 Employee Stock Purchase Plan represent the difference between the market value of our stock on the purchase date and the purchase price of shares as provided under the plan. | |||||||||||||
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 vested 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 was scheduled to vest on August 29, 2014. However, as none of the market conditions were ultimately met, no shares vested in connection with the LTIP. | |||||||||||||
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, were recognized from the modification date through August 29, 2014. | |||||||||||||
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 statement of operations for the year ended December 31, 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 is 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 is 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 for this component will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary portion of Mr. Lukes’ LTIP prior to the completion of the performance period. | |||||||||||||
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, we granted Mr. Katzman 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 is 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 granted Mr. Caputo 39,370 shares of our restricted common stock, which will fully vest on December 31, 2016 subject to Mr. Caputo then being employed by the Company. Compensation expense related to the award will be recognized over the period from January 2015 through December 2016. | |||||||||||||
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 is 25,685 shares of our common stock. The number of shares of stock that will ultimately be awarded is based on our performance during the four-year period beginning on the date of Mr. Makinen’s employment. 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. | |||||||||||||
Mr. Makinen’s LTIP award shares the same performance metrics and weightings as Mr. Lukes’ LTIP award described above. The significant assumptions used to value the Absolute TSR and Relative TSR components of Mr. Makinen’s LTIP include the volatility of our common stock (23.1%), the volatility of the common stock of various peer companies (which ranged from 14.1% to 25.7%), and the risk-free interest rate (1.3%). The aggregate estimated fair value of these components was $253,000, which will be recognized over the four-year performance period. The Recurring FFO Growth component of Mr. Makinen’s LTIP was valued at $20.68 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 for the Recurring FFO Growth component will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary portion of Mr. Makinen’s LTIP prior to the completion of the performance period. | |||||||||||||
401(k) Plan | |||||||||||||
We have a 401(k) defined contribution plan (the “401(k) Plan”) covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We match 100% of each employee’s contribution up to 3.0% of the employee’s annual compensation and, thereafter, match 50% of the next 3.0% of the employee’s annual compensation. Employees’ contributions and our matching contributions vest immediately. Our contributions to the 401(k) Plan for the years ended December 31, 2014, 2013 and 2012 were $424,000, $414,000 and $432,000, respectively. | |||||||||||||
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. |
Future_Minimum_Rental_Income
Future Minimum Rental Income | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Future Minimum Rental Income | Future Minimum Rental Income | ||||
Our properties are leased to tenants under operating leases that expire at various dates through the year 2040. Future minimum rents under non-cancelable operating leases as of December 31, 2014, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 238,035 | |||
2016 | 210,951 | ||||
2017 | 182,452 | ||||
2018 | 158,752 | ||||
2019 | 131,519 | ||||
Thereafter | 626,182 | ||||
Total | $ | 1,547,891 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
As of December 31, 2014, we had provided letters of credit having an aggregate face amount of $2.2 million as additional security for financial and other obligations. | |||||
As of December 31, 2014, we had invested an aggregate of approximately $102.6 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $39.0 million to complete, based on our current plans and estimates, which we anticipate will be expended over the next two years. In addition, we have other significant projects for which we have outstanding obligations to fund approximately $18.9 million, and we expect these funds will be primarily expended in 2015. These obligations, comprised principally of construction contracts, are generally due as the work is performed and are expected to be financed by funds available under our credit facilities, proceeds from property dispositions and available cash. | |||||
We are subject to litigation in the normal course of business. However, we do not believe that any of the litigation outstanding as of December 31, 2014 will have a material adverse effect on our financial condition, results of operations or cash flows. | |||||
Certain of our shopping centers are subject to non-cancelable long-term ground leases that expire at various dates through the year 2076 and in most cases provide for renewal options. In addition, we have non-cancelable operating leases for office space and equipment that expire at various dates through the year 2021. As of December 31, 2014, future minimum rental payments under non-cancelable operating leases are as follows: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 1,784 | |||
2016 | 1,673 | ||||
2017 | 1,420 | ||||
2018 | 1,406 | ||||
2019 | 1,427 | ||||
Thereafter | 36,922 | ||||
Total | $ | 44,632 | |||
During the years ended December 31, 2014, 2013 and 2012, we recognized approximately $1.5 million, $1.4 million and $1.2 million, respectively, of rental expense related to our non-cancelable operating leases. |
Environmental_Matters
Environmental Matters | 12 Months Ended |
Dec. 31, 2014 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters |
We are subject to numerous environmental laws and regulations. The operation of dry cleaning and gas station facilities at our shopping centers are the principal environmental concerns. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations and we have established procedures to monitor dry cleaning operations. Where available, we have applied and been accepted into state sponsored environmental programs. Several properties in the portfolio will require or are currently undergoing varying levels of environmental remediation. We have environmental insurance policies covering most of our properties which limits our exposure to some of these conditions, although these policies are subject to limitations and environmental conditions known at the time of acquisition are typically excluded from coverage. Management believes that the ultimate disposition of currently known environmental matters will not have a material effect on our financial condition, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
As of December 31, 2014 and 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 December 31, 2014, the fair value of one of our interest rate swaps consisted of an asset of $681,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $952,000, which is included in accounts payable and accrued expenses in our 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 consolidated balance sheet. The net unrealized (loss) gain on our interest rate swaps was $(3.2) million and $9.9 million for the years ended December 31, 2014 and 2013, respectively, and is included in accumulated other comprehensive (loss) income. The fair values of the interest rate swaps are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. | |||||||||||||||||||||
The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
December 31, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 681 | $ | — | $ | 681 | $ | — | |||||||||||||
Classified as a liability in accounts payable | $ | 952 | $ | — | $ | 952 | $ | — | |||||||||||||
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 December 31, 2014, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized loss included in other comprehensive (loss) income was attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of December 31, 2014, none of which were reported in the consolidated statement of operations because they were documented and qualified as hedging instruments. | |||||||||||||||||||||
As of December 31, 2014, we had a long-term incentive plan for two of our executives with components based on our total shareholder return, as well as our total shareholder return versus returns for seven of our peer companies. The fair value of these components was determined using the average trial-specific value of the awards eligible for grant under the plan based upon a Monte Carlo simulation model. This model considers various assumptions, including time value, volatility factors, current market and contractual prices as well as projected future market prices for our common stock as well as the common stock of our peer companies over the performance period. Substantially all of these assumptions are observable in the marketplace throughout the full term of the plan, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2014: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 22,700 | $ | — | $ | — | $ | 22,700 | (2) | $ | 15,111 | ||||||||||
Development properties held and used | 7,370 | — | — | 7,370 | 2,230 | ||||||||||||||||
Total | $ | 30,070 | $ | — | $ | — | $ | 30,070 | $ | 17,341 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. | |||||||||||||||||||||
(2) $11.9 million of the total represents the fair value of operating properties as of the date they were impaired during the second quarter of 2014. As of December 31, 2014, the carrying amounts of the properties no longer equaled their fair values. | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2013: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 6,600 | $ | — | $ | — | $ | 6,600 | (2) | $ | 2,406 | ||||||||||
Operating properties held for sale | 3,875 | — | 3,875 | — | 1,313 | ||||||||||||||||
Development properties held and used | 6,400 | — | — | 6,400 | 3,085 | ||||||||||||||||
Total | $ | 16,875 | $ | — | $ | 3,875 | $ | 13,000 | $ | 6,804 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||||||||||||||
(2) $5.4 million of the total represents the fair value of an operating property as of the date it was impaired during the third quarter of 2013. As of December 31, 2013, the carrying amount of the property no longer equaled its fair value. | |||||||||||||||||||||
On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures, when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the asset as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||
Overall capitalization rates | 8.00% | 15.00% | 12.50% | 15.50% | |||||||||||||||||
Discount rates | 9.50% | 14.50% | 10.00% | 13.50% | |||||||||||||||||
Terminal capitalization rates | 8.50% | 13.50% | 12.50% | 12.50% | |||||||||||||||||
During the years ended December 31, 2014 and 2013, we recognized $15.1 million and $2.4 million, respectively, of impairment losses on operating properties. 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 year ended December 31, 2013, we recognized an impairment loss of $1.3 million on a property held for sale. The estimated fair value related to the impairment assessment was based upon the expected sales price as determined by an executed contract and, therefore, is classified within Level 2 of the fair value hierarchy. During the year ended December 31, 2014, we did not recognize impairment losses on properties held for sale. | |||||||||||||||||||||
During the year ended December 31, 2014, we recognized impairment losses of $2.2 million on land parcels. During the year ended December 31, 2013, we recognized impairment losses of $3.1 million on land parcels. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
We also performed annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, resulted from values established by Level 3 valuations. We estimated the fair value of the reporting unit using discounted projected future cash flows, which approximated a current sales price. If the results of this analysis indicated that the carrying value of the reporting unit exceeded its fair value, an impairment was recognized to reduce the carrying value of the goodwill to fair value. During the year ended December 31, 2013, we recognized goodwill impairment losses of $288,000. No goodwill impairment losses were recognized during the year ended December 31, 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The estimated fair values of financial instruments have been determined by us using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. We have used the following market assumptions and/or estimation methods: | |
Cash and Cash Equivalents, Accounts and Other Receivables, Accounts Payable and Accrued Expenses and Unsecured Revolving Credit Facilities (classified within Levels 1, 2 and 3 of the valuation hierarchy) – The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short maturities. | |
Loans Receivable (classified within Level 2 of the valuation hierarchy) – The carrying value of the loans receivable of $60.7 million 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 December 31, 2014 and 2013 was approximately $337.4 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 $316.3 million and $438.0 million as of December 31, 2014 and 2013, respectively. | |
Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of December 31, 2014 and 2013 was approximately $772.9 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 $729.8 million and $729.4 million as of December 31, 2014 and 2013, respectively. | |
Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of December 31, 2014 and 2013 was approximately $249.8 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 December 31, 2014 and 2013. | |
The fair market value calculations of our debt as of December 31, 2014 and 2013 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations used a market rate spread over the risk-free interest rate. This spread was determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate was used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate was subjective in nature, recent market data gathered suggested that the composite rates used for mortgages, senior notes and term loans are consistent with current market trends. | |
Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – As of December 31, 2014, the fair value of one of our interest rate swaps consisted of an asset of $681,000, which is included in other assets, and the fair value of the remaining interest rate swaps consisted of a liability of $952,000, which is included in accounts payable and accrued expenses in our 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 consolidated balance sheet. See Note 22 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 December 31, 2013, which approximated fair value as determined by discounted cash flow analyses. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | |||||||||||||||||||
Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes and our term loan and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 138,293 | $ | 1,505,455 | $ | 1,264,755 | $ | (83 | ) | $ | 2,908,420 | |||||||||
Investment in affiliates | 2,760,512 | — | — | (2,760,512 | ) | — | ||||||||||||||
Other assets | 225,509 | 97,860 | 840,614 | (810,178 | ) | 353,805 | ||||||||||||||
TOTAL ASSETS | $ | 3,124,314 | $ | 1,603,315 | $ | 2,105,369 | $ | (3,570,773 | ) | $ | 3,262,225 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,616,764 | $ | 122,580 | $ | 354,297 | $ | (760,600 | ) | $ | 1,333,041 | |||||||||
Other liabilities | 24,130 | 104,920 | 159,186 | (49,661 | ) | 238,575 | ||||||||||||||
TOTAL LIABILITIES | 1,640,894 | 227,500 | 513,483 | (810,261 | ) | 1,571,616 | ||||||||||||||
EQUITY | 1,483,420 | 1,375,815 | 1,591,886 | (2,760,512 | ) | 1,690,609 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,124,314 | $ | 1,603,315 | $ | 2,105,369 | $ | (3,570,773 | ) | $ | 3,262,225 | |||||||||
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 | $ | 1,477,463 | $ | 1,260,706 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,588 | — | — | (2,679,588 | ) | — | ||||||||||||||
Other assets | 230,215 | 97,553 | 913,390 | (803,332 | ) | 437,826 | ||||||||||||||
TOTAL ASSETS | $ | 3,088,600 | $ | 1,575,016 | $ | 2,174,096 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 152,571 | $ | 446,000 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,979 | 100,921 | 161,300 | (42,865 | ) | 242,335 | ||||||||||||||
TOTAL LIABILITIES | 1,693,417 | 253,492 | 607,300 | (803,465 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,321,524 | 1,565,807 | (2,679,588 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,600 | $ | 1,575,016 | $ | 2,174,096 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
NONCONTROLLING INTERESTS AND | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 23,897 | $ | 189,544 | $ | 139,813 | $ | (69 | ) | $ | 353,185 | |||||||||
Equity in subsidiaries’ earnings | 158,825 | — | — | (158,825 | ) | — | ||||||||||||||
Total costs and expenses | 50,548 | 98,641 | 83,859 | (1,036 | ) | 232,012 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 132,174 | 90,903 | 55,954 | (157,858 | ) | 121,173 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (83,650 | ) | (11,885 | ) | 35,164 | (1,818 | ) | (62,189 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 79,018 | 91,118 | (159,676 | ) | 58,984 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (84 | ) | (766 | ) | — | (850 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 78,934 | 90,352 | (159,676 | ) | 58,134 | ||||||||||||||
(Loss) income from discontinued operations | (19 | ) | 3,040 | (72 | ) | 8 | 2,957 | |||||||||||||
NET INCOME | 48,505 | 81,974 | 90,280 | (159,668 | ) | 61,091 | ||||||||||||||
Other comprehensive loss | (3,151 | ) | — | (392 | ) | — | (3,543 | ) | ||||||||||||
COMPREHENSIVE INCOME | 45,354 | 81,974 | 89,888 | (159,668 | ) | 57,548 | ||||||||||||||
Comprehensive income attributable to | — | — | (12,194 | ) | — | (12,194 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 45,354 | $ | 81,974 | $ | 77,694 | $ | (159,668 | ) | $ | 45,354 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 176,068 | $ | 130,065 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries’ earnings | 177,773 | — | — | (177,773 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 95,501 | 77,162 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 159,869 | 80,567 | 52,903 | (177,255 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,052 | ) | (9,688 | ) | 29,659 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING | 73,817 | 70,879 | 82,562 | (178,779 | ) | 48,479 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING | 74,010 | 70,953 | 82,779 | (178,779 | ) | 48,963 | ||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 101,451 | 87,447 | (178,363 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 101,451 | 87,615 | (178,363 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | (193 | ) | (10,510 | ) | — | (10,703 | ) | ||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 101,258 | $ | 77,105 | $ | (178,363 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 156,634 | $ | 118,420 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries’ earnings | 121,105 | — | — | (121,105 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 83,757 | 72,668 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,050 | 72,877 | 45,752 | (121,505 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,431 | ) | (6,450 | ) | 12,381 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 66,427 | 58,133 | (122,371 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 66,524 | 61,016 | (122,371 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 57,523 | 74,074 | (121,354 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 57,523 | 74,533 | (121,354 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | (839 | ) | (9,863 | ) | — | (10,702 | ) | ||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,684 | $ | 64,670 | $ | (121,354 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (93,893 | ) | $ | 121,436 | $ | 116,552 | $ | 144,095 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (80,350 | ) | (13,097 | ) | (93,447 | ) | |||||||||||||
Additions to income producing properties | (1,360 | ) | (9,309 | ) | (8,707 | ) | (19,376 | ) | ||||||||||||
Additions to construction in progress | (5,420 | ) | (58,312 | ) | (13,363 | ) | (77,095 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (50 | ) | — | — | (50 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 41,730 | 76,328 | 27,412 | 145,470 | ||||||||||||||||
Decrease in cash held in escrow | 10,662 | — | — | 10,662 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (655 | ) | (3,487 | ) | (3,298 | ) | (7,440 | ) | ||||||||||||
Investment in joint ventures | — | — | (9,028 | ) | (9,028 | ) | ||||||||||||||
Advances to joint ventures | — | — | (154 | ) | (154 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 16,394 | 16,394 | ||||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||
Repayments from subsidiaries, net | 72,065 | (16,658 | ) | (55,407 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 116,972 | (91,788 | ) | 1,278 | 26,462 | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | — | (29,648 | ) | (102,916 | ) | (132,564 | ) | |||||||||||||
Net repayments under revolving credit facilities | (54,000 | ) | — | — | (54,000 | ) | ||||||||||||||
Payment of deferred financing costs | (3,638 | ) | — | — | (3,638 | ) | ||||||||||||||
Proceeds from issuance of common stock | 145,447 | — | — | 145,447 | ||||||||||||||||
Repurchase of common stock | (1,752 | ) | — | — | (1,752 | ) | ||||||||||||||
Stock issuance costs | (591 | ) | — | — | (591 | ) | ||||||||||||||
Dividends paid to stockholders | (106,659 | ) | — | — | (106,659 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (2,952 | ) | (2,952 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,962 | ) | (11,962 | ) | ||||||||||||||
Net cash used in financing activities | (21,193 | ) | (29,648 | ) | (117,830 | ) | (168,671 | ) | ||||||||||||
Net increase in cash and cash equivalents | 1,886 | — | — | 1,886 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 25,583 | — | — | 25,583 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,469 | $ | — | $ | — | $ | 27,469 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (82,023 | ) | $ | 116,610 | $ | 98,155 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (60,000 | ) | (49,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,248 | ) | (4,777 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,152 | ) | (14,122 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing | (75 | ) | — | — | (75 | ) | ||||||||||||||
properties | ||||||||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below-market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,796 | ) | (3,187 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Repayments from subsidiaries, net | 189,418 | (107,772 | ) | (81,646 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,633 | (90,331 | ) | (47,255 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,898 | — | — | 8,898 | ||||||||||||||||
Repurchase of common stock | (388 | ) | — | — | (388 | ) | ||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,523 | ) | $ | 112,397 | $ | 167,345 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,386 | ) | (2,044 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Advances to subsidiaries, net | (208,037 | ) | 52,400 | 155,637 | — | |||||||||||||||
Net cash used in investing activities | (123,048 | ) | (94,554 | ) | (114,661 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Proceeds from issuance of common stock | 86,778 | — | — | 86,778 | ||||||||||||||||
Repurchase of common stock | (940 | ) | — | — | (940 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Asset Impairment Charges | $8,000,000 | $13,900,000 | $21,850,000 | $10,617,000 | $29,441,000 | |||||||||||||||||||||
Goodwill, Impairment Loss | 288,000 | |||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Data (unaudited) | |||||||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||||||||
Quarter | Quarter (2) | Quarter | Quarter (2) | |||||||||||||||||||||||
2014 | (In thousands, except per share data) | |||||||||||||||||||||||||
Total revenue | $ | 92,697 | $ | 87,567 | $ | 86,377 | $ | 86,544 | ||||||||||||||||||
Income from continuing operations (1) | $ | 27,911 | $ | 76 | $ | 20,897 | $ | 9,250 | ||||||||||||||||||
Net income | $ | 30,975 | $ | 99 | $ | 20,801 | $ | 9,216 | ||||||||||||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 26,276 | $ | (2,411 | ) | $ | 18,307 | $ | 6,725 | |||||||||||||||||
Basic per share data | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.2 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||||||||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||||||||||||
Diluted per share data | ||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.2 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||||||||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||||||||||||
_______________________________________________ | ||||||||||||||||||||||||||
(1) | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | |||||||||||||||||||||||||
(2) | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | |||||||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | |||||||||||||||||||||||
2013 | (In thousands, except per share data) | |||||||||||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | ||||||||||||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | ||||||||||||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | ||||||||||||||||||
Net income attributable to Equity One, Inc. | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | ||||||||||||||||||
Basic per share data | ||||||||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||||||||
Diluted per share data | ||||||||||||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | ||||||||||||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | ||||||||||||||||||
_______________________________________________ | ||||||||||||||||||||||||||
(1) | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | 22,700,000 | 6,600,000 | |||||||||||||||||||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 3,875,000 | |||||||||||||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 7,370,000 | 6,400,000 | |||||||||||||||||||||||
Assets, Fair Value Disclosure | 30,070,000 | 30,070,000 | 16,875,000 | |||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 15,100,000 | [1] | 2,406,000 | [2] | ||||||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 1,313,000 | [2] | ||||||||||||||||||||||||
Impairment of Real Estate | 2,200,000 | [2] | 3,085,000 | [2] | ||||||||||||||||||||||
Asset Impairment Charges | 17,341,000 | [1] | 6,804,000 | [2] | ||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | |||||||||||||||||||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 0 | |||||||||||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | |||||||||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | |||||||||||||||||||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 3,875,000 | |||||||||||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | |||||||||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 3,875,000 | |||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | [3] | 11,900,000 | 22,700,000 | [3] | 6,600,000 | [4] | 5,400,000 | ||||||||||||||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 0 | |||||||||||||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 7,370,000 | 6,400,000 | |||||||||||||||||||||||
Assets, Fair Value Disclosure | 30,070,000 | 30,070,000 | 13,000,000 | |||||||||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 15,111,000 | [5],[6] | 2,406,000 | [5],[6] | 7,791,000 | [5],[6] | ||||||||||||||||||||
Impairment of Real Estate | 2,230,000 | [6] | 3,085,000 | [6] | 740,000 | [6] | ||||||||||||||||||||
Impairment of Long-Lived Assets Sold | 4,509,000 | [7] | 0 | [7] | 0 | [7] | ||||||||||||||||||||
Goodwill, Impairment Loss | $0 | [8] | $150,000 | [8] | $378,000 | [8] | ||||||||||||||||||||
[1] | Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. | |||||||||||||||||||||||||
[2] | Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||||||||||||||||||
[3] | epresents the fair value of operating properties as of the date they were impaired during the second quarter of 2014. As of December 31, 2014, the carrying amounts of the properties no longer equaled their fair values. | |||||||||||||||||||||||||
[4] | $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. | |||||||||||||||||||||||||
[5] | The properties are located in secondary markets for which our anticipated holding periods were reconsidered. Based on an assessment of the plans for each property, it was determined that there was an increased likelihood that holding periods for such properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | |||||||||||||||||||||||||
[6] | The expected undiscounted probability weighted cash flows of each property was less than its carrying value. | |||||||||||||||||||||||||
[7] | The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. | |||||||||||||||||||||||||
[8] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties |
Refer to Note 17 for a discussion of the private placements to Gazit First Generation LLC during 2014 and to MGN (USA), Inc., during 2012, affiliates of our largest stockholder, Gazit. | |
We received rental income from affiliates of Gazit of approximately $240,000, $246,000 and $339,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
General and administrative expenses incurred by us on behalf of Gazit, which are reimbursed, totaled approximately $958,000, $1.2 million and $758,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The balance due from Gazit, which is included in accounts and other receivables, was approximately $303,000 and $283,000 as of December 31, 2014 and 2013, respectively. | |
We reimbursed MGN Icarus, Inc., an affiliate of Gazit, for certain travel expenses incurred by the Chairman of our Board of Directors. The amounts reimbursed totaled approximately $271,000, $111,000 and $243,000 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our December 31, 2014 consolidated balance sheet date for potential recognition or disclosure in our consolidated financial statements and have also included such events in the footnotes herein. | |
In October 2014, Mark Langer, our Executive Vice President and Chief Financial Officer, informed us that he would not renew his employment agreement which expires on June 30, 2015. On January 26, 2015, we entered into a four-year employment agreement with Matthew Ostrower to serve as our next Chief Financial Officer upon Mr. Langer's departure. Mr. Ostrower’s employment agreement provides for an annual base salary of $500,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Ostrower is eligible for an annual target performance bonus of $400,000. Bonuses will be payable 50% in cash and 50% in shares of our restricted stock which will vest ratably over three years. Mr. Ostrower will also be reimbursed up to $30,000 for expenses incurred in relocating to New York in connection with his employment. | |
Upon the commencement of his employment, Mr. Ostrower will receive 22,189 shares of restricted stock that will vest ratably on the first, second, third, and fourth anniversaries of the grant date and a long-term incentive plan award ("LTIP"), under which Mr. Ostrower’s target award will be 44,379 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. Ostrower’s employment. The performance metrics (and their weightings) are absolute total shareholder return (25%), total shareholder return relative to peer companies (25%) and growth in recurring funds from operations per share (25%). The remaining 25% of Mr. Ostrower’s award is discretionary. For each of these four components, Mr. Ostrower can earn 50%, 100% or 200% of the portion of the 44,379 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. Ostrower’s continued employment through the end of such period. The shares will not participate in dividends, will possess no voting rights and will be excluded from our restricted share count during the performance period. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II | ||||||||||||||||||||
Equity One, Inc. | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Balance at | Charged to | Adjustments | Deductions | Balance at end | |||||||||||||||||
beginning of | expense | to valuation | of period | ||||||||||||||||||
period | accounts | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,819 | $ | 1,032 | $ | (1,059 | ) | (1) | $ | (1,746 | ) | $ | 3,046 | ||||||||
Allowance for deferred tax asset | 162 | 2 | — | — | 164 | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | 3,182 | 3,736 | — | (2,099 | ) | 4,819 | |||||||||||||||
Allowance for deferred tax asset | 213 | — | — | (51 | ) | 162 | |||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | 5,265 | 979 | — | (3,062 | ) | 3,182 | |||||||||||||||
Allowance for deferred tax asset | 205 | 8 | — | — | 213 | ||||||||||||||||
(1) Represents the reversal of certain historical real estate tax billings for which a settlement was reached with the tenants. | |||||||||||||||||||||
Note: Amounts above include those amounts recorded in discontinued operations. |
Summary_Of_Real_Estate_And_Acc
Summary Of Real Estate And Accumulated Depreciation (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule III Summary of Real Estate and Accumulated Depreciation | SCHEDULE III | ||||||||||||||||||||||||||||
Equity One, Inc. | |||||||||||||||||||||||||||||
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Acquisition (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
90-30 Metropolitan | NY | $ | — | $ | 5,105 | $ | 21,378 | $ | 952 | $ | 5,105 | $ | 22,330 | $ | 27,435 | $ | (1,845 | ) | 2007 | 9/1/11 | |||||||||
101 7th Avenue | NY | — | 21,699 | 40,518 | 3,753 | 21,699 | 44,271 | 65,970 | (2,465 | ) | 1930 | 5/16/11 | |||||||||||||||||
200 Potrero | CA | — | 4,778 | 1,469 | 384 | 4,778 | 1,853 | 6,631 | (231 | ) | 1928 | 12/27/12 | |||||||||||||||||
1175 Third Avenue | NY | 6,512 | 28,282 | 22,115 | (377 | ) | 28,070 | 21,950 | 50,020 | (1,954 | ) | 1995 | 9/22/10 | ||||||||||||||||
1225-1239 Second | NY | 16,245 | 14,253 | 11,288 | 44 | 14,274 | 11,311 | 25,585 | (545 | ) | 1963 | 10/5/12 | |||||||||||||||||
Avenue | |||||||||||||||||||||||||||||
5335 CITGO | MD | — | 6,203 | 103 | — | 6,203 | 103 | 6,306 | (34 | ) | 1958 | 9/5/13 | |||||||||||||||||
5471 CITGO | MD | — | 4,107 | 78 | — | 4,107 | 78 | 4,185 | (26 | ) | 1959 | 9/5/13 | |||||||||||||||||
Alafaya Commons | FL | — | 6,858 | 10,720 | 1,645 | 6,858 | 12,365 | 19,223 | (2,365 | ) | 1987 | 2/12/03 | |||||||||||||||||
Alafaya Village | FL | — | 1,444 | 4,967 | 162 | 1,444 | 5,129 | 6,573 | (1,205 | ) | 1986 | 4/20/06 | |||||||||||||||||
Ambassador Row | LA | — | 3,880 | 10,570 | 2,566 | 3,880 | 13,136 | 17,016 | (3,841 | ) | 1980 | 2/12/03 | |||||||||||||||||
Ambassador Row | LA | — | 3,110 | 9,208 | 3,004 | 3,110 | 12,212 | 15,322 | (3,428 | ) | 1986 | 2/12/03 | |||||||||||||||||
Courtyard | |||||||||||||||||||||||||||||
Antioch Land | CA | — | 7,060 | — | (3,290 | ) | 3,770 | — | 3,770 | — | n/a | 1/4/11 | |||||||||||||||||
Atlantic Village | FL | — | 1,190 | 4,760 | 6,117 | 1,190 | 10,877 | 12,067 | (3,442 | ) | 1984 | 6/30/95 | |||||||||||||||||
Aventura Square (2) | FL | 22,599 | 46,811 | 17,851 | 2,102 | 45,855 | 20,909 | 66,764 | (2,252 | ) | 1991 | 10/5/11 | |||||||||||||||||
Banco Popular Office | FL | — | 3,363 | 1,566 | 567 | 3,363 | 2,133 | 5,496 | (629 | ) | 1971 | 9/27/05 | |||||||||||||||||
Building | |||||||||||||||||||||||||||||
Beauclerc Village | FL | — | 651 | 2,242 | 1,590 | 651 | 3,832 | 4,483 | (2,314 | ) | 1962 | 5/15/98 | |||||||||||||||||
Bird Ludlum | FL | — | 4,088 | 16,318 | 3,225 | 4,088 | 19,543 | 23,631 | (9,111 | ) | 1988 | 8/11/94 | |||||||||||||||||
Bluebonnet Village | LA | — | 2,290 | 4,168 | 2,191 | 2,290 | 6,359 | 8,649 | (2,005 | ) | 1983 | 2/12/03 | |||||||||||||||||
Bluffs Square | FL | — | 3,232 | 9,917 | 689 | 3,232 | 10,606 | 13,838 | (4,659 | ) | 1986 | 8/15/00 | |||||||||||||||||
Boca Village Square | FL | — | 3,385 | 10,174 | 4,835 | 4,620 | 13,774 | 18,394 | (2,227 | ) | 1978 | 8/15/00 | |||||||||||||||||
Bowlmor Lanes | MD | — | 12,128 | 863 | — | 12,128 | 863 | 12,991 | (147 | ) | 1960 | 5/7/13 | |||||||||||||||||
Boynton Plaza | FL | — | 2,943 | 9,100 | 3,531 | 2,943 | 12,631 | 15,574 | (2,259 | ) | 1978 | 8/15/00 | |||||||||||||||||
BridgeMill | GA | 6,846 | 8,593 | 6,310 | 728 | 8,593 | 7,038 | 15,631 | (2,341 | ) | 2000 | 11/13/03 | |||||||||||||||||
Broadway Plaza | NY | — | 7,500 | — | 40,992 | 9,002 | 39,490 | 48,492 | (346 | ) | 2014 | 6/8/12 | |||||||||||||||||
Broadway Outparcels | NY | — | 2,000 | — | 5,355 | 2,000 | 5,355 | 7,355 | — | n/a | 10/1/12 | ||||||||||||||||||
Brookside Plaza | CT | — | 2,291 | 26,260 | 7,987 | 2,291 | 34,247 | 36,538 | (8,899 | ) | 1985 | 1/12/06 | |||||||||||||||||
Buckhead Station | GA | — | 27,138 | 45,277 | 1,905 | 27,138 | 47,182 | 74,320 | (10,398 | ) | 1996 | 3/9/07 | |||||||||||||||||
Cambridge Star | MA | — | 11,358 | 13,854 | — | 11,358 | 13,854 | 25,212 | (3,805 | ) | 1953 | 10/7/04 | |||||||||||||||||
Market | |||||||||||||||||||||||||||||
Cashmere Corners | FL | — | 1,947 | 5,707 | 17 | 1,947 | 5,724 | 7,671 | (1,958 | ) | 2001 | 8/15/00 | |||||||||||||||||
Centre Pointe Plaza | NC | — | 2,081 | 4,411 | 1,369 | 2,081 | 5,780 | 7,861 | (1,904 | ) | 1989 | 2/12/03 | |||||||||||||||||
Chapel Trail | FL | — | 3,641 | 5,777 | 3,011 | 3,641 | 8,788 | 12,429 | (2,767 | ) | 2007 | 5/10/06 | |||||||||||||||||
Charlotte Square | FL | — | 4,155 | 4,414 | 622 | 4,155 | 5,036 | 9,191 | (1,436 | ) | 1980 | 2/12/03 | |||||||||||||||||
Chastain Square | GA | — | 10,689 | 5,937 | 961 | 10,689 | 6,898 | 17,587 | (2,052 | ) | 1981 | 2/12/03 | |||||||||||||||||
Circle Center West | CA | — | 10,800 | 10,340 | 936 | 10,800 | 11,276 | 22,076 | (1,576 | ) | 1989 | 3/15/11 | |||||||||||||||||
Clocktower Plaza | NY | — | 25,184 | 19,462 | 30 | 25,184 | 19,492 | 44,676 | (1,610 | ) | 1985 | 9/28/12 | |||||||||||||||||
Compo Acres | CT | — | 18,305 | 12,195 | 2,942 | 18,305 | 15,137 | 33,442 | (1,188 | ) | 1960 | 3/1/12 | |||||||||||||||||
Copps Hill | CT | 16,694 | 14,146 | 24,626 | 109 | 14,146 | 24,735 | 38,881 | (4,530 | ) | 2002 | 3/31/10 | |||||||||||||||||
Coral Reef Shopping | FL | — | 16,464 | 4,376 | 1,619 | 17,517 | 4,942 | 22,459 | (1,153 | ) | 1968 | 9/1/06 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Countryside Shops | FL | — | 11,343 | 13,853 | 4,009 | 11,343 | 17,862 | 29,205 | (5,087 | ) | 1986 | 2/12/03 | |||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Acquisition (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Crossroads Square | FL | $ | — | $ | 3,592 | $ | 4,401 | $ | 7,516 | $ | 3,520 | $ | 11,989 | $ | 15,509 | $ | (3,367 | ) | 1973 | 8/15/00 | |||||||||
Culver Center | CA | 64,000 | 74,868 | 59,958 | 4,974 | 75,214 | 64,586 | 139,800 | (5,410 | ) | 1950 | 11/16/11 | |||||||||||||||||
Danbury Green | CT | 24,700 | 17,547 | 21,560 | 8,479 | 18,143 | 29,443 | 47,586 | (4,357 | ) | 2006 | 10/27/11 | |||||||||||||||||
Darinor Plaza | CT | — | — | 16,991 | 162 | — | 17,153 | 17,153 | (2,081 | ) | 1978 | 8/28/12 | |||||||||||||||||
El Novillo | FL | — | 250 | 1,000 | 158 | 250 | 1,158 | 1,408 | (490 | ) | 1970 | 4/30/98 | |||||||||||||||||
Elmwood Oaks | LA | — | 4,088 | 8,221 | 842 | 4,088 | 9,063 | 13,151 | (2,912 | ) | 1989 | 2/12/03 | |||||||||||||||||
Ft. Caroline | FL | — | 701 | 2,800 | 1,791 | 700 | 4,592 | 5,292 | (1,782 | ) | 1985 | 1/24/94 | |||||||||||||||||
Gateway Plaza at | FL | — | 2,301 | 5,529 | — | 2,301 | 5,529 | 7,830 | (1,054 | ) | 1991 | 3/19/10 | |||||||||||||||||
Aventura | |||||||||||||||||||||||||||||
Glengary Shoppes | FL | 15,521 | 7,488 | 13,969 | 405 | 7,488 | 14,374 | 21,862 | (2,535 | ) | 1995 | 12/31/08 | |||||||||||||||||
Greenwood | FL | — | 4,117 | 10,295 | 3,686 | 4,117 | 13,981 | 18,098 | (4,097 | ) | 1982 | 2/12/03 | |||||||||||||||||
Hairston Center | GA | — | 1,644 | 642 | (1,940 | ) | 134 | 212 | 346 | (159 | ) | 2000 | 8/25/05 | ||||||||||||||||
Hammocks Town | FL | — | 16,856 | 11,392 | 700 | 16,856 | 12,092 | 28,948 | (2,056 | ) | 1987 | 12/31/08 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Hampton Oaks | GA | — | 835 | — | 1,813 | 1,171 | 1,477 | 2,648 | (377 | ) | 2009 | 11/30/06 | |||||||||||||||||
Homestead | FL | — | 1,170 | — | 230 | 1,170 | 230 | 1,400 | (9 | ) | n/a | 11/8/04 | |||||||||||||||||
Jonathan’s Landing | FL | — | 1,146 | 3,442 | 583 | 1,146 | 4,025 | 5,171 | (1,475 | ) | 1997 | 8/15/00 | |||||||||||||||||
Kirkman Shoppes | FL | — | 6,222 | 9,714 | 4,761 | 6,904 | 13,793 | 20,697 | (3,007 | ) | 1973 | 8/15/00 | |||||||||||||||||
Lago Mar | FL | — | 4,216 | 6,609 | 1,820 | 4,216 | 8,429 | 12,645 | (2,453 | ) | 1995 | 2/12/03 | |||||||||||||||||
Lake Mary Centre | FL | — | 7,092 | 13,878 | 15,223 | 7,092 | 29,101 | 36,193 | (9,347 | ) | 1988 | 11/9/95 | |||||||||||||||||
Lantana Village | FL | — | 1,350 | 7,978 | 954 | 1,350 | 8,932 | 10,282 | (3,594 | ) | 1976 | 1/6/98 | |||||||||||||||||
Magnolia Shoppes | FL | 13,292 | 7,176 | 10,886 | 1,051 | 7,176 | 11,937 | 19,113 | (2,108 | ) | 1998 | 12/31/08 | |||||||||||||||||
Mandarin Landing | FL | — | 4,443 | 4,747 | 11,358 | 4,443 | 16,105 | 20,548 | (5,596 | ) | 1976 | 12/10/99 | |||||||||||||||||
Marketplace Shopping | CA | — | 8,727 | 22,188 | 2,671 | 8,737 | 24,849 | 33,586 | (2,778 | ) | 1990 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
McAlpin Square | GA | — | 3,536 | 6,963 | 462 | 3,536 | 7,425 | 10,961 | (2,161 | ) | 1979 | 2/12/03 | |||||||||||||||||
Medford Shaw's | MA | — | 7,750 | 11,390 | (5,537 | ) | 7,750 | 5,853 | 13,603 | (3,125 | ) | 1995 | 10/7/04 | ||||||||||||||||
Supermarket | |||||||||||||||||||||||||||||
Old Kings Commons | FL | — | 1,420 | 5,005 | 1,018 | 1,420 | 6,023 | 7,443 | (1,727 | ) | 1988 | 2/12/03 | |||||||||||||||||
Pablo Plaza | FL | — | 5,327 | 12,676 | 368 | 5,424 | 12,947 | 18,371 | (2,838 | ) | 1973 | 8/31/10 | |||||||||||||||||
Park Promenade | FL | — | 2,670 | 6,444 | (1,414 | ) | 1,893 | 5,807 | 7,700 | (2,629 | ) | 1987 | 1/31/99 | ||||||||||||||||
Pavilion | FL | — | 10,827 | 11,299 | 7,334 | 10,827 | 18,633 | 29,460 | (5,220 | ) | 1982 | 2/4/04 | |||||||||||||||||
Piedmont Peachtree | GA | — | 34,338 | 17,992 | 925 | 34,338 | 18,917 | 53,255 | (4,572 | ) | 1978 | 3/6/06 | |||||||||||||||||
Crossing | |||||||||||||||||||||||||||||
Pine Island | FL | — | 8,557 | 12,860 | 3,041 | 8,557 | 15,901 | 24,458 | (5,931 | ) | 1999 | 8/26/99 | |||||||||||||||||
Pine Ridge Square | FL | — | 6,528 | 9,850 | 6,976 | 6,649 | 16,705 | 23,354 | (4,245 | ) | 1986 | 2/12/03 | |||||||||||||||||
Plaza Acadienne | LA | — | 2,108 | 168 | (1,005 | ) | 921 | 350 | 1,271 | (120 | ) | 1980 | 2/12/03 | ||||||||||||||||
Plaza Escuela | CA | — | 10,041 | 63,038 | 3,445 | 10,041 | 66,483 | 76,524 | (5,522 | ) | 2002 | 1/4/11 | |||||||||||||||||
Pleasanton Plaza | CA | 19,634 | 19,390 | 20,197 | 100 | 19,390 | 20,297 | 39,687 | (1,025 | ) | 1981 | 10/25/13 | |||||||||||||||||
Plymouth Shaw's | MA | — | 4,917 | 12,198 | 1 | 4,917 | 12,199 | 17,116 | (3,344 | ) | 1993 | 10/7/04 | |||||||||||||||||
Supermarket | |||||||||||||||||||||||||||||
Point Royale | FL | — | 3,720 | 5,005 | 5,361 | 4,926 | 9,160 | 14,086 | (3,513 | ) | 1970 | 7/27/95 | |||||||||||||||||
Post Road Plaza | CT | — | 9,807 | 2,707 | 68 | 9,807 | 2,775 | 12,582 | (394 | ) | 1978 | 3/1/12 | |||||||||||||||||
Potrero | CA | — | 48,594 | 74,701 | 764 | 48,594 | 75,465 | 124,059 | (6,210 | ) | 1968 | 3/1/12 | |||||||||||||||||
Prosperity Centre | FL | — | 6,015 | 13,838 | 1,438 | 6,015 | 15,276 | 21,291 | (5,697 | ) | 1993 | 8/15/00 | |||||||||||||||||
Quincy Star Market | MA | — | 6,121 | 18,445 | 7 | 6,121 | 18,452 | 24,573 | (5,082 | ) | 1965 | 10/7/04 | |||||||||||||||||
Ralph’s Circle Center | CA | — | 9,833 | 5,856 | 940 | 9,833 | 6,796 | 16,629 | (1,100 | ) | 1983 | 7/14/11 | |||||||||||||||||
Ridge Plaza | FL | — | 3,905 | 7,450 | 1,951 | 3,898 | 9,408 | 13,306 | (3,699 | ) | 1984 | 8/15/00 | |||||||||||||||||
River Green Land | GA | — | 2,587 | — | (1,087 | ) | 1,500 | — | 1,500 | — | n/a | 9/27/05 | |||||||||||||||||
Riverview Shopping | NC | — | 2,202 | 4,745 | 2,167 | 2,202 | 6,912 | 9,114 | (1,979 | ) | 1973 | 2/12/03 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||
COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Acquisition (1) | Land | Building & | Total | Accumulated | Date of | Date | ||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Ryanwood | FL | $ | — | $ | 2,281 | $ | 6,880 | $ | 1,015 | $ | 2,613 | $ | 7,563 | $ | 10,176 | $ | (2,493 | ) | 1987 | 8/15/00 | |||||||||
Salerno Village | FL | — | 166 | — | 125 | 166 | 125 | 291 | (29 | ) | 1900 | 1/1/00 | |||||||||||||||||
Sawgrass Promenade | FL | — | 3,280 | 9,351 | 2,646 | 3,280 | 11,997 | 15,277 | (5,090 | ) | 1982 | 8/15/00 | |||||||||||||||||
Serramonte Shopping | CA | — | 81,049 | 119,765 | 33,275 | 82,824 | 151,265 | 234,089 | (20,577 | ) | 1968 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Sheridan Plaza | FL | 59,449 | 38,888 | 36,241 | 6,532 | 38,888 | 42,773 | 81,661 | (13,342 | ) | 1973 | 7/14/03 | |||||||||||||||||
Sherwood South | LA | — | 746 | 2,412 | 1,082 | 746 | 3,494 | 4,240 | (1,299 | ) | 1972 | 2/12/03 | |||||||||||||||||
Shoppes of | FL | — | 7,706 | 16,079 | 4,208 | 7,706 | 20,287 | 27,993 | (7,024 | ) | 1974 | 8/15/00 | |||||||||||||||||
Oakbrook (2) | |||||||||||||||||||||||||||||
Shoppes of | FL | — | 10,306 | 10,131 | 2,760 | 10,306 | 12,891 | 23,197 | (3,798 | ) | 1995 | 2/12/03 | |||||||||||||||||
Silverlakes | |||||||||||||||||||||||||||||
Shops at Skylake | FL | — | 15,226 | 7,206 | 25,716 | 15,226 | 32,922 | 48,148 | (10,114 | ) | 1999 | 8/19/97 | |||||||||||||||||
Shops at St. Lucie | FL | — | 790 | 3,082 | 983 | 790 | 4,065 | 4,855 | (932 | ) | 2006 | 8/15/00 | |||||||||||||||||
Siegen Village | LA | — | 4,329 | 9,691 | 8 | 4,329 | 9,699 | 14,028 | (2,856 | ) | 1988 | 2/12/03 | |||||||||||||||||
South Beach | FL | — | 9,545 | 19,228 | 7,970 | 9,662 | 27,081 | 36,743 | (7,896 | ) | 1990 | 2/12/03 | |||||||||||||||||
South Point Center | FL | — | 7,142 | 7,098 | 76 | 7,142 | 7,174 | 14,316 | (1,521 | ) | 2003 | 12/8/06 | |||||||||||||||||
Southbury Green | CT | — | 18,483 | 31,857 | 5,483 | 18,744 | 37,079 | 55,823 | (4,172 | ) | 1997 | 10/27/11 | |||||||||||||||||
St. Lucie Land | FL | — | 7,728 | — | (4,128 | ) | 3,600 | — | 3,600 | — | n/a | 11/27/06 | |||||||||||||||||
Summerlin Square | FL | — | 2,187 | 7,989 | (9,101 | ) | 366 | 709 | 1,075 | (294 | ) | 1986 | 6/10/98 | ||||||||||||||||
Sunlake | FL | — | 9,861 | — | 25,974 | 35,738 | 97 | 35,835 | (3,077 | ) | 2010 | 2/1/05 | |||||||||||||||||
Swampscott Whole | MA | — | 5,139 | 6,539 | — | 5,139 | 6,539 | 11,678 | (1,787 | ) | 1967 | 10/7/04 | |||||||||||||||||
Foods | |||||||||||||||||||||||||||||
Talega Village Center | CA | 11,080 | 14,273 | 9,266 | 474 | 14,273 | 9,740 | 24,013 | (371 | ) | 2007 | 1/23/14 | |||||||||||||||||
Tamarac Town Square | FL | — | 4,742 | 5,610 | 1,707 | 4,643 | 7,416 | 12,059 | (2,237 | ) | 1987 | 2/12/03 | |||||||||||||||||
TD Bank Skylake | FL | — | 2,041 | — | 453 | 2,064 | 430 | 2,494 | (38 | ) | n/a | 12/17/09 | |||||||||||||||||
The Gallery at | NY | — | 27,481 | 3,537 | 86,564 | 40,031 | 77,551 | 117,582 | (7,854 | ) | 2012 | 11/16/09 | |||||||||||||||||
Westbury | |||||||||||||||||||||||||||||
The Village Center | CT | 15,234 | 18,284 | 36,021 | 408 | 19,419 | 35,294 | 54,713 | (1,207 | ) | 1973 | 10/23/13 | |||||||||||||||||
Thomasville | NC | — | 1,212 | 4,567 | 1,851 | 1,212 | 6,418 | 7,630 | (1,934 | ) | 1991 | 2/12/03 | |||||||||||||||||
Commons | |||||||||||||||||||||||||||||
Town & Country | FL | — | 2,503 | 4,397 | 458 | 2,354 | 5,004 | 7,358 | (1,646 | ) | 1993 | 2/12/03 | |||||||||||||||||
Treasure Coast (2) | FL | — | 1,359 | 9,728 | 2,034 | 1,359 | 11,762 | 13,121 | (3,201 | ) | 1983 | 2/12/03 | |||||||||||||||||
Unigold Shopping | FL | — | 4,304 | 6,413 | 2,038 | 4,304 | 8,451 | 12,755 | (2,550 | ) | 1987 | 2/12/03 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Union City Commons | GA | — | 8,084 | — | (5,684 | ) | 2,400 | — | 2,400 | — | n/a | 6/22/06 | |||||||||||||||||
Land | |||||||||||||||||||||||||||||
Von's Circle Center | CA | 9,867 | 18,219 | 18,909 | 3,098 | 18,274 | 21,952 | 40,226 | (2,931 | ) | 1972 | 3/16/11 | |||||||||||||||||
Waterstone | FL | — | 1,422 | 7,508 | 671 | 1,422 | 8,179 | 9,601 | (1,907 | ) | 2005 | 4/10/92 | |||||||||||||||||
Webster Plaza | MA | 6,568 | 5,033 | 14,465 | 2,447 | 5,033 | 16,912 | 21,945 | (3,659 | ) | 1963 | 10/12/06 | |||||||||||||||||
Wesley Chapel | GA | — | 6,389 | 4,311 | (403 | ) | 3,514 | 6,783 | 10,297 | (3,904 | ) | 1989 | 2/12/03 | ||||||||||||||||
West Bird | FL | — | 5,280 | 12,539 | 494 | 5,280 | 13,033 | 18,313 | (2,206 | ) | 1977 | 8/31/10 | |||||||||||||||||
West Lake Plaza | FL | — | 2,141 | 5,789 | 757 | 2,141 | 6,546 | 8,687 | (2,998 | ) | 1984 | 11/6/96 | |||||||||||||||||
West Roxbury | MA | — | 14,457 | 13,588 | 1,996 | 14,496 | 15,545 | 30,041 | (4,271 | ) | 1973 | 10/7/04 | |||||||||||||||||
Shaw's Plaza | |||||||||||||||||||||||||||||
Westbury Plaza | NY | — | 37,853 | 58,273 | 10,701 | 40,843 | 65,984 | 106,827 | (10,324 | ) | 1993 | 10/29/09 | |||||||||||||||||
Westport Office | CT | — | 995 | 1,214 | — | 995 | 1,214 | 2,209 | (6 | ) | 1984 | 11/18/14 | |||||||||||||||||
Westport | FL | — | 1,347 | 1,010 | 79 | 1,347 | 1,089 | 2,436 | (211 | ) | 1990 | 9/14/06 | |||||||||||||||||
Outparcels | |||||||||||||||||||||||||||||
Westport Plaza | FL | 3,537 | 4,180 | 3,446 | 324 | 4,180 | 3,770 | 7,950 | (1,047 | ) | 2002 | 12/17/04 | |||||||||||||||||
Westwood - | MD | — | 6,397 | 6,747 | — | 6,397 | 6,747 | 13,144 | (310 | ) | 1976 | 9/5/13 | |||||||||||||||||
Manor Care | |||||||||||||||||||||||||||||
Westwood | MD | — | 11,205 | 3,655 | 58 | 11,205 | 3,713 | 14,918 | (196 | ) | 1982 | 1/16/14 | |||||||||||||||||
Center II | |||||||||||||||||||||||||||||
Westwood | MD | — | 61,183 | 8,175 | 842 | 61,183 | 9,017 | 70,200 | (511 | ) | 1959 | 1/16/14 | |||||||||||||||||
Shopping Center | |||||||||||||||||||||||||||||
INITIAL COST TO | Capitalized | GROSS AMOUNTS | |||||||||||||||||||||||||||
COMPANY | Subsequent to | AT WHICH | |||||||||||||||||||||||||||
Acquisition (1) | CARRIED AT CLOSE | ||||||||||||||||||||||||||||
OF PERIOD | |||||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & | Land | Building & | Total | Accumulated | Date of | Date | |||||||||||||||||||
Improvements | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||
Westwood Towers | MD | $ | — | $ | 14,112 | $ | 17,088 | $ | 81 | $ | 14,112 | $ | 17,169 | $ | 31,281 | $ | (1,405 | ) | 1968 | 6/5/13 | |||||||||
Williamsburg at | GA | — | 4,697 | 3,615 | 1,381 | 4,697 | 4,996 | 9,693 | (1,402 | ) | 1983 | 2/12/03 | |||||||||||||||||
Dunwoody | |||||||||||||||||||||||||||||
Willows Shopping | CA | — | 20,999 | 38,007 | 11,486 | 21,072 | 49,420 | 70,492 | (5,713 | ) | 1977 | 1/4/11 | |||||||||||||||||
Center | |||||||||||||||||||||||||||||
Young Circle | FL | — | 13,409 | 8,895 | 489 | 13,409 | 9,384 | 22,793 | (2,332 | ) | 1962 | 5/19/05 | |||||||||||||||||
Corporate | FL | — | — | 241 | (1,049 | ) | — | (808 | ) | (808 | ) | 350 | various | various | |||||||||||||||
$ | 311,778 | $ | 1,288,970 | $ | 1,571,762 | $ | 429,221 | $ | 1,317,547 | $ | 1,972,406 | $ | 3,289,953 | (3)(4) | $ | (381,533 | ) | ||||||||||||
(1) Includes asset impairments recognized. | |||||||||||||||||||||||||||||
(2) Aventura Square encumbrance is cross collateralized with Oakbrook Square and Treasure Coast Plaza. | |||||||||||||||||||||||||||||
(3) The aggregate cost for federal income tax purposes was $2.3 billion. | |||||||||||||||||||||||||||||
(4) Below is the reconciliation of "Real Estate and Accumulated Depreciation." | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Investment in real estate: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,270,999 | $ | 3,314,540 | $ | 3,068,886 | |||||||||||||||||||||||
Additions during period: | |||||||||||||||||||||||||||||
Improvements | 104,561 | 58,603 | 24,022 | ||||||||||||||||||||||||||
Acquisitions | 115,567 | 164,719 | 273,185 | ||||||||||||||||||||||||||
Deductions during period: | |||||||||||||||||||||||||||||
Cost of real estate sold/written off | (201,174 | ) | (266,863 | ) | (51,553 | ) | |||||||||||||||||||||||
Balance at close of period | $ | 3,289,953 | $ | 3,270,999 | $ | 3,314,540 | |||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | (354,166 | ) | $ | (297,736 | ) | $ | (244,044 | ) | ||||||||||||||||||||
Depreciation expense | (79,279 | ) | (70,354 | ) | (66,758 | ) | |||||||||||||||||||||||
Cost of real estate sold/written off | 51,912 | 13,924 | 13,066 | ||||||||||||||||||||||||||
Balance at close of period | $ | (381,533 | ) | $ | (354,166 | ) | $ | (297,736 | ) |
Mortgage_Loans_On_Real_Estate
Mortgage Loans On Real Estate | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||
Mortgage Loans On Real Estate | SCHEDULE IV | |||||||||||
Equity One, Inc. | ||||||||||||
MORTGAGE LOANS ON REAL ESTATE | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of period | $ | 60,711 | $ | 140,708 | $ | 45,279 | ||||||
Additions during period: | ||||||||||||
New loans, including capitalized costs | — | 24,820 | (1) | 114,518 | ||||||||
Accrued interest | — | 228 | (1) | 2,277 | ||||||||
— | 25,048 | 116,795 | ||||||||||
Deductions during period: | ||||||||||||
Collections of principal | (60,526 | ) | (104,264 | ) | (1) | (19,258 | ) | |||||
Collections of interest | (185 | ) | (516 | ) | (1) | (2,000 | ) | |||||
Amortization of capitalized costs | — | (265 | ) | (108 | ) | |||||||
(60,711 | ) | (105,045 | ) | (21,366 | ) | |||||||
Balance at close of period | $ | — | $ | 60,711 | $ | 140,708 | ||||||
______________________________________________ | ||||||||||||
(1) Includes amounts related to loans provided in connection with dispositions. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounting Policies [Abstract] | |||||||
Use of Estimates | Use of Estimates | ||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Properties | Properties | ||||||
Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of operations. | |||||||
Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows: | |||||||
Buildings | 30-55 years | ||||||
Building and land improvements | 2-40 years | ||||||
Tenant improvements | Lesser of minimum lease term or economic useful life | ||||||
Furniture, fixtures and equipment | 3-10 years | ||||||
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. | |||||||
Construction in Progress and Land Held for Development | |||||||
Construction in progress and land held for development are carried at cost and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land held for development on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. | |||||||
Business Combinations | Business Combinations | ||||||
Long-lived Assets | Long-lived Assets | ||||||
Properties Held and Used | |||||||
We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2014, we reviewed the operating properties, construction in progress and land held for development for impairment on a property-by-property and project-by-project basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC, as we determined our capital recycling initiatives and the fair values obtained from recent appraisals on certain of our properties to be possible indicators of impairment. | |||||||
Each property was assessed individually and, as a result, the assumptions used to derive future cash flows varied by property or project. These key assumptions are dependent on property-specific conditions, are inherently uncertain and consider the perspective of a third-party marketplace participant. The factors that may influence the assumptions include: | |||||||
• | historical project performance, including current occupancy, projected capitalization rates and net operating income; | ||||||
• | competitors’ presence and their actions; | ||||||
• | property specific attributes such as location desirability, anchor tenants and demographics; | ||||||
• | current local market economic and demographic conditions; and | ||||||
• | future expected capital expenditures and the period of time before net operating income is stabilized. | ||||||
After considering these factors, we project future cash flows for each property based on management’s intention for that property (holding period) and, if appropriate, an assumed sale at the final year of the holding period (reversion value) using a projected capitalization rate. If the carrying amount of the property exceeds the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge would be recognized to reduce the carrying value of the property to its fair value. | |||||||
Properties Held for Sale | |||||||
Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. 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 their disposition does 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 application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. | |||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||
We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. | |||||||
Cash Held In Escrow and Restricted Cash | Cash Held in Escrow and Restricted Cash | ||||||
Cash held in escrow and restricted cash represents the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code") or cash that is not immediately available to us. | |||||||
Accounts and Other Receivables | Accounts and Other Receivables | ||||||
Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. | |||||||
Investments in Joint Ventures | Investments in Joint Ventures | ||||||
We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the entity should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. | |||||||
We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of operations. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. | |||||||
The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. | |||||||
These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. | |||||||
On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. | |||||||
Loans Receivable | Loans Receivable | ||||||
Loans receivable include both mortgage loans and mezzanine loans and are classified as held to maturity and recorded at the stated principal amount plus allowable deferred loan costs or fees, which are amortized as an adjustment of the loan’s yield over the term of the related loan. We evaluate the collectability of both interest and principal on the loan periodically to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the proportionate value of the underlying collateral asset if applicable. Interest income on performing loans is accrued as earned. | |||||||
Goodwill | Goodwill | ||||||
Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. | |||||||
We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. | |||||||
Deposits | Deposits | ||||||
Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. | |||||||
Deferred Costs and Intangibles | Deferred Costs and Intangibles | ||||||
Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of loan origination fees, leasing costs and the value of intangible assets and liabilities when a property was acquired. Loan and other fees directly related to financing transactions with third parties are amortized over the term of the loan using the effective interest method. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. | |||||||
Noncontrolling Interests | Noncontrolling Interests | ||||||
Noncontrolling interests generally represent the portion of equity that we do not own in those entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. | |||||||
We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests also include amounts related to joint venture units issued by consolidated subsidiaries or VIEs in connection with certain property acquisitions. Joint venture units which are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income (loss) attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of operations. | |||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||
Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations as a component of net income or as a component of comprehensive income (loss) and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 13 for further detail on derivative activity. | |||||||
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities | ||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows: | |||||||
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. | ||||||
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||||||
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||||||
The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | |||||||
Revenue Recognition | Revenue Recognition | ||||||
Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. | |||||||
Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, CAM and insurance is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. | |||||||
We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to co-investment partnerships is recorded on only that portion of the sales not attributable to our ownership interest. | |||||||
We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. | |||||||
Earnings Per Share | Earnings Per Share | ||||||
Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders, based on their respective rights to receive dividends. | |||||||
Segment Information | Segment Reporting | ||||||
We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. | |||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||
A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of December 31, 2014, no tenant accounted for more than 10% of our GLA or annual revenues. | |||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||
The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: | |||||||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | ||||
Standards that are not yet adopted | |||||||
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) | The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. | 1-Jan-17 | We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. | ||||
Standards that were adopted | |||||||
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | The standard 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 standard requires 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. | 1-Jan-14 | The adoption and implementation of this standard resulted in the operations of certain current period dispositions being classified within continuing operations in our consolidated statements of operations. The adoption did not have an impact on our financial position or cash flows. The disclosures required by this standard have been incorporated in the notes included herein. | ||||
Properties_Tables
Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary Of The Composition Of Income Producing Properties | The following table is a summary of the composition of income producing properties in the consolidated balance sheets: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Land and land improvements | $ | 1,381,168 | $ | 1,364,729 | ||||
Building and building improvements | 1,593,032 | 1,669,401 | ||||||
Tenant and other improvements | 153,881 | 119,001 | ||||||
3,128,081 | 3,153,131 | |||||||
Less: accumulated depreciation | (381,533 | ) | (354,166 | ) | ||||
Income producing properties, net | $ | 2,746,548 | $ | 2,798,965 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||
Summary of Income Producing Property Acquisition Activity | The following table provides a summary of acquisition activity during the year ended December 31, 2014: | |||||||||||||||||
Date Purchased | Property Name | City | State | Square | Purchase | Mortgage | ||||||||||||
Feet /Acres | Price | Assumed | ||||||||||||||||
(In thousands) | ||||||||||||||||||
18-Nov-14 | Westport Office (1) | Westport | CT | 4,000 | $ | 2,300 | $ | — | ||||||||||
30-Jul-14 | West Roxbury - land parcel (2) | West Roxbury | MA | 1.38 | (3) | 5,250 | — | |||||||||||
31-Jan-14 | Williamsburg at Dunwoody - | Dunwoody | GA | 0.14 | (3) | 350 | — | |||||||||||
Outparcel | ||||||||||||||||||
January 23, 2014 | Talega Village Center (4) | San Clemente | CA | 102,282 | 22,750 | 11,353 | ||||||||||||
January 16, 2014 | Westwood Shopping Center | Bethesda | MD | 101,584 | 65,012 | — | ||||||||||||
January 16, 2014 | Westwood Center II | Bethesda | MD | 53,293 | 15,073 | — | ||||||||||||
Total | $ | 110,735 | $ | 11,353 | ||||||||||||||
______________________________________________ | ||||||||||||||||||
(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) Property was acquired as part of a litigation settlement with the fee owner of the majority of the parking lot that services one of our shopping centers. | ||||||||||||||||||
(3) In acres. | ||||||||||||||||||
(4) Property was acquired through the acquisition of our joint venture partners’ interests in the property. See Note 8 for further discussion. |
Acquisitions_Allocation_of_Pur
Acquisitions Allocation of Purchase Price (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The aggregate purchase price of the above property acquisitions have been allocated as follows: | |||||
Amount | Weighted Average Amortization Period | |||||
(In thousands) | (In years) | |||||
Land | $ | 93,256 | N/A | |||
Land improvements | 2,334 | 9.6 | ||||
Buildings | 18,747 | 33.5 | ||||
Tenant improvements | 1,230 | 5.6 | ||||
In-place lease interests | 5,577 | 10.5 | ||||
Above-market leases | 864 | 5.2 | ||||
Leasing commissions | 812 | 21 | ||||
Lease origination costs | 109 | 6.5 | ||||
Below-market leases | (11,959 | ) | 18.4 | |||
Above-market debt assumed | (70 | ) | 7.8 | |||
Other acquired liabilities | (165 | ) | N/A | |||
$ | 110,735 | |||||
Acquisition_Of_A_Controlling_I1
Acquisition Of A Controlling Interest In CapCo (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Acquisition Of A Controlling Interest In CapCo [Abstract] | ||||
Reconciliation Of Gain On Bargain Purchase | The fair value of the identifiable assets acquired and liabilities assumed exceeded the sum of the fair value of the consideration transferred and the fair value of the noncontrolling interest. The fair value of the assets acquired significantly increased from the date the original purchase terms were agreed upon until the closing of the transaction on January 4, 2011. As a result, we recognized a gain of approximately $30.6 million, which is included in the line item entitled “gain on bargain purchase” in the consolidated statement of operations for the year ended December 31, 2011. The following table provides a reconciliation of the gain on bargain purchase (in thousands): | |||
Fair value of net assets acquired | $ | 310,404 | ||
Fair value of consideration transferred | (73,698 | ) | ||
Fair value of noncontrolling interest | (206,145 | ) | ||
Gain on bargain purchase | $ | 30,561 | ||
Property_Dispositions_Tables
Property Dispositions (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Dispositions [Abstract] | ||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | The following table provides a summary of disposition activity during the year ended December 31, 2014: | |||||||||||||
Date Sold | Property Name | City | State | Square | Gross Sales | |||||||||
Feet | Price | |||||||||||||
Income producing property sold | (in thousands) | |||||||||||||
December 19, 2014 | Market Place (1) | Norcross | GA | 73,686 | $ | 6,750 | ||||||||
December 5, 2014 | Tarpon Heights (1) | Galliano | LA | 56,605 | 1,570 | |||||||||
October 16, 2014 | Country Club Plaza (1) | Slidell | LA | 64,686 | 3,114 | |||||||||
October 16, 2014 | Crossing (1) | Slidell | LA | 113,989 | 4,790 | |||||||||
October 16, 2014 | Boulevard (1) | Lafayette | LA | 68,012 | 4,395 | |||||||||
October 1, 2014 | Summerlin Square | Fort Myers | FL | 97,806 | 6,350 | |||||||||
September 30, 2014 | Walden Woods (1)(2) | Plant City | FL | 72,950 | 4,640 | |||||||||
September 23, 2014 | 4101 South I-85 Industrial (1) | Charlotte | NC | 188,513 | 4,500 | |||||||||
August 1, 2014 | Shoppes of North Port (1) | North Port | FL | 84,705 | 7,000 | |||||||||
July 11, 2014 | New Smyrna Beach (1) | New Smyrna Beach | FL | 118,451 | 16,000 | |||||||||
July 11, 2014 | Shoppes at Andros Isle (1) | West Palm Beach | FL | 79,420 | 11,000 | |||||||||
July 11, 2014 | Mariners Crossing (1) | Spring Hill | FL | 97,812 | 8,540 | |||||||||
July 11, 2014 | Forest Village (1) | Tallahassee | FL | 71,526 | 7,000 | |||||||||
July 11, 2014 | Smyth Valley Crossing (1) | Marion | VA | 126,841 | 5,800 | |||||||||
June 30, 2014 | Riverside Square (1) | Coral Springs | FL | 103,241 | 12,380 | |||||||||
June 30, 2014 | Oaktree Plaza (1) | North Palm Beach | FL | 23,745 | 4,000 | |||||||||
June 17, 2014 | Sunpoint Shopping Center (1) | Ruskin | FL | 132,374 | 7,250 | |||||||||
April 7, 2014 | Salerno Village Square (1) | Stuart | FL | 77,677 | 8,646 | |||||||||
March 27, 2014 | Daniel Village (1) | Augusta | GA | 172,438 | 10,125 | |||||||||
February 27, 2014 | Brawley Commons (1)(3) | Charlotte | NC | 119,189 | 5,450 | |||||||||
January 15, 2014 | Stanley Marketplace | Stanley | NC | 53,228 | 3,875 | |||||||||
January 10, 2014 | Oak Hill Village | Jacksonville | FL | 78,492 | 6,850 | |||||||||
2,075,386 | $ | 150,025 | ||||||||||||
______________________________________________ | ||||||||||||||
(1) The results of operations for these properties are included in continuing operations in the consolidated statements of operations for all periods presented. | ||||||||||||||
(2) Prior to the sale of the property, we acquired the noncontrolling partners’ interests in the partnership that owned the property for $2.2 million. | ||||||||||||||
(3) 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 years ended December 31, 2014, 2013 and 2012 are shown below: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Rental revenue | $ | 157 | $ | 16,232 | $ | 36,472 | ||||||||
COSTS AND EXPENSES: | ||||||||||||||
Property operating expenses | 390 | 6,060 | 11,195 | |||||||||||
Depreciation and amortization | — | 3,787 | 8,896 | |||||||||||
General and administrative expenses | 5 | 24 | 14 | |||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE | (238 | ) | 6,361 | 16,367 | ||||||||||
OTHER INCOME AND EXPENSE AND TAX | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||
Interest expense | — | (806 | ) | (2,514 | ) | |||||||||
Gain on disposal of income producing properties | 3,222 | 39,587 | 16,588 | |||||||||||
Impairment loss | — | (4,976 | ) | (20,532 | ) | |||||||||
Loss on extinguishment of debt | — | (138 | ) | (1,456 | ) | |||||||||
Income tax provision of taxable REIT subsidiaries | (27 | ) | (686 | ) | (477 | ) | ||||||||
Other income | — | 352 | 461 | |||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | 8,437 | |||||||||||
Net loss (income) attributable to noncontrolling interests | 12 | (494 | ) | (26 | ) | |||||||||
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO | $ | 2,969 | $ | 39,200 | $ | 8,411 | ||||||||
EQUITY ONE, INC. | ||||||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||||
Additions to income producing properties | — | 630 | 5,357 | |||||||||||
Increase in deferred leasing costs and lease intangibles | — | 611 | 1,256 | |||||||||||
Straight-line rent revenue | — | 322 | 754 | |||||||||||
Amortization of above-market lease intangibles, net | — | 446 | 579 | |||||||||||
Impairment_Tables
Impairment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Asset Impairment Charges [Abstract] | ||||||||||||
Summary Of The Impairment Loss | The following is a summary of the composition of impairment losses included in the consolidated statements of operations: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Goodwill (1) | $ | — | $ | 150 | $ | 378 | ||||||
Land held for development (2) | 2,230 | 3,085 | 740 | |||||||||
Properties held for use (2)(3) | 15,111 | 2,406 | 7,791 | |||||||||
Properties sold (4) | 4,509 | — | — | |||||||||
Impairment loss recognized in continuing operations | 21,850 | 5,641 | 8,909 | |||||||||
Goodwill (1) | — | 138 | 147 | |||||||||
Properties held for sale (4) | — | 4,838 | 20,385 | |||||||||
Impairment loss recognized in discontinued operations | — | 4,976 | 20,532 | |||||||||
Total impairment loss | $ | 21,850 | $ | 10,617 | $ | 29,441 | ||||||
Accounts_And_Other_Receivables1
Accounts And Other Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts And Other Receivables | The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Tenants | $ | 13,529 | $ | 15,404 | ||||
Other | 1,376 | 2,287 | ||||||
Allowance for doubtful accounts | (3,046 | ) | (4,819 | ) | ||||
Total accounts and other receivables, net | $ | 11,859 | $ | 12,872 | ||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets: | ||||||||||||||
Investment Balance | |||||||||||||||
as of December 31, | |||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||
GRI-EQY I, LLC (2) | 10 | GA, SC, FL | 10.00% | $ | 12,629 | $ | 12,912 | ||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.00% | 10,534 | 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 | —% | — | 6,468 | ||||||||||
Parnassus Heights Medical Center (5) | 1 | CA | 50.00% | 19,256 | 19,791 | ||||||||||
Equity One JV Portfolio, LLC (6) | 6 | FL, MA, NJ | 30.00% | 44,689 | 44,237 | ||||||||||
Total | 88,454 | 91,170 | |||||||||||||
Advances to unconsolidated joint ventures | 764 | 602 | |||||||||||||
Investments in and advances to unconsolidated | $ | 89,218 | $ | 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 December 31, 2014 and 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) The property held by the joint venture was sold in January 2014. Prior to disposition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||||||||||||||
(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 is 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 December 31, 2014 and 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. |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill Activity | The following table presents goodwill activity during the years ended December 31, 2014 and 2013: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 6,377 | $ | 6,527 | ||||
Impairment | — | (150 | ) | |||||
Allocated to property sale | (339 | ) | — | |||||
Balance at end of period | $ | 6,038 | $ | 6,377 | ||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Composition of Other Assets | The following is a summary of the composition of other assets included in the consolidated balance sheets: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets, net | $ | 106,064 | $ | 117,200 | ||||||||
Leasing commissions, net | 39,141 | 38,296 | ||||||||||
Prepaid expenses and other receivables | 26,880 | 26,763 | ||||||||||
Straight-line rent receivables, net | 24,412 | 21,490 | ||||||||||
Deferred financing costs, net | 9,322 | 8,347 | ||||||||||
Deposits and mortgage escrows | 6,356 | 7,763 | ||||||||||
Furniture, fixtures and equipment, net | 3,809 | 4,406 | ||||||||||
Fair value of interest rate swaps | 681 | 2,944 | ||||||||||
Deferred tax asset | 2,306 | 2,390 | ||||||||||
Total other assets | $ | 218,971 | $ | 229,599 | ||||||||
Composition Of Intangible Assets And Accumulated Amortization | The following is a summary of the composition of intangible assets and accumulated amortization in the consolidated balance sheets: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Lease intangible assets: | ||||||||||||
Above-market leases | $ | 21,322 | $ | 21,149 | ||||||||
In-place lease interests | 124,469 | 126,219 | ||||||||||
Below-market ground leases | 34,094 | 34,094 | ||||||||||
Lease origination costs | 3,115 | 3,426 | ||||||||||
Lease incentives | 7,395 | 5,853 | ||||||||||
Total intangibles | 190,395 | 190,741 | ||||||||||
Accumulated amortization: | ||||||||||||
Above-market leases | 12,435 | 10,508 | ||||||||||
In-place lease interests | 65,503 | 57,752 | ||||||||||
Below-market ground leases | 1,394 | 793 | ||||||||||
Lease origination costs | 2,310 | 2,402 | ||||||||||
Lease incentives | 2,689 | 2,086 | ||||||||||
Total accumulated amortization | 84,331 | 73,541 | ||||||||||
Lease intangible assets, net | $ | 106,064 | $ | 117,200 | ||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of amortization expense included in the consolidated statements of operations related to lease intangible assets: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Above-market lease amortization (1) | $ | 2,605 | $ | 3,669 | $ | 4,129 | ||||||
In-place lease amortization (2) | 14,824 | 14,530 | 16,642 | |||||||||
Below-market ground lease amortization (3) | 601 | 601 | 191 | |||||||||
Lease origination cost amortization (2) | 298 | 338 | 454 | |||||||||
Lease incentive amortization (1) | 780 | 735 | 593 | |||||||||
Total lease intangible asset amortization | $ | 19,108 | $ | 19,873 | $ | 22,009 | ||||||
___________________________________________ | ||||||||||||
(1) Amounts are recognized as a reduction of minimum rent. | ||||||||||||
(2) Amounts are included in depreciation and amortization expenses. | ||||||||||||
(3) Amounts are included in property operating expenses. | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2014, the estimated amortization of lease intangible assets for the next five years is as follows: | |||||||||||
Year Ending December 31, | Amount | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 13,700 | ||||||||||
2016 | 10,821 | |||||||||||
2017 | 8,634 | |||||||||||
2018 | 7,265 | |||||||||||
2019 | 5,653 | |||||||||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||
Schedule of Mortgage Notes Payable [Table Text Block] | The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Fixed rate mortgage loans | $ | 311,778 | $ | 430,155 | ||||
Unamortized premium, net | 4,500 | 7,816 | ||||||
Total | $ | 316,278 | $ | 437,971 | ||||
Weighted average interest rate, excluding unamortized premium | 6.03 | % | 5.99 | % |
Principal_Maturities_Tables
Principal Maturities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Maturities Disclosure [Abstract] | ||||||||
Schedule Of Unsecured Senior Notes [Table Text Block] | Unsecured Senior Notes | |||||||
Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
5.375% Senior Notes, due 10/15/15 | $ | 107,505 | $ | 107,505 | ||||
6.0% Senior Notes, due 9/15/16 | 105,230 | 105,230 | ||||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | ||||||
6.0% Senior Notes, due 9/15/17 | 116,998 | 116,998 | ||||||
3.75% Senior Notes, due 11/15/22 | 300,000 | 300,000 | ||||||
Total Unsecured Senior Notes | 731,136 | 731,136 | ||||||
Unamortized discount, net | (1,373 | ) | (1,698 | ) | ||||
Total | $ | 729,763 | $ | 729,438 | ||||
Weighted average interest rate, excluding unamortized discount | 5.02 | % | 5.02 | % | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal maturities of borrowings, including mortgage notes payable, unsecured senior notes payable, term loan and unsecured revolving credit facilities are as follows: | |||||||
Year Ending December 31, | Amount | |||||||
(In thousands) | ||||||||
2015 | $ | 133,984 | ||||||
2016 | 180,630 | |||||||
2017 | 289,285 | |||||||
2018 | 98,864 | |||||||
2019 | 274,244 | |||||||
Thereafter | 352,907 | |||||||
Total | $ | 1,329,914 | ||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Composition of Other Liabilities | The following is a summary of the composition of other liabilities included in the consolidated balance sheets: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease intangible liabilities, net | $ | 157,486 | $ | 167,777 | ||||
Prepaid rent | 9,607 | 9,450 | ||||||
Other | 307 | 189 | ||||||
Total other liabilities | $ | 167,400 | $ | 177,416 | ||||
Schedule of Expected Liability Amortization Expense [Table Text Block] | As of December 31, 2014, the estimated accretion of lease intangible liabilities for the next five years is as follows: | |||||||
Year Ending December 31, | Amount | |||||||
(In thousands) | ||||||||
2015 | $ | 14,452 | ||||||
2016 | 12,975 | |||||||
2017 | 12,034 | |||||||
2018 | 11,362 | |||||||
2019 | 10,120 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule Of Reconciles GAAP Net Income To Taxable Income | The following table reconciles GAAP net income to taxable income: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
GAAP net income (loss) attributable to Equity One | $ | 48,897 | $ | 77,954 | $ | (3,477 | ) | |||||
Net (income) loss attributable to taxable REIT subsidiaries | (1,214 | ) | (585 | ) | 4,964 | |||||||
GAAP net income from REIT operations | 47,683 | 77,369 | 1,487 | |||||||||
Book/tax differences: | ||||||||||||
Joint ventures | (2,494 | ) | 14,941 | 4,530 | ||||||||
Depreciation | 21,856 | 10,899 | 7,399 | |||||||||
Sale of property | (12,998 | ) | (36,220 | ) | (925 | ) | ||||||
Exercise of stock options and restricted shares | (3,378 | ) | (398 | ) | 6,009 | |||||||
Interest expense | 1,908 | 1,558 | 3,152 | |||||||||
Deferred/prepaid/above and below-market rents, net | (7,922 | ) | (4,363 | ) | (2,388 | ) | ||||||
Impairment loss | 21,620 | 5,353 | 21,511 | |||||||||
Brownfield tax credits (see Note 12) | 9,225 | — | — | |||||||||
Amortization | (756 | ) | 136 | 227 | ||||||||
Acquisition costs | 1,771 | 2,771 | 1,941 | |||||||||
Other, net | (1,700 | ) | 549 | (1,583 | ) | |||||||
Adjusted taxable income (1) | $ | 74,815 | $ | 72,595 | $ | 41,360 | ||||||
______________________________________________ | ||||||||||||
(1) | Adjusted taxable income subject to 90% dividend requirements. | |||||||||||
Summarizes Of Tax Status Of Dividends Paid | The following summarizes the tax status of dividends paid: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | ||||||
Ordinary income | 68.84 | % | 66.37 | % | 43.72 | % | ||||||
Return of capital | 28.51 | % | 31.21 | % | 54.1 | % | ||||||
Capital gains | 2.65 | % | 2.42 | % | 2.18 | % | ||||||
Taxable REIT Subsidiaries | Our total pre-tax income (loss) and income tax (provision) benefit relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
U.S. income (loss) before income taxes | $ | 2,281 | $ | 784 | $ | (7,452 | ) | |||||
Foreign (loss) income before income taxes | (190 | ) | 3 | (15 | ) | |||||||
Total income (loss) before income taxes | 2,091 | 787 | (7,467 | ) | ||||||||
Less income tax (provision) benefit: | ||||||||||||
Current federal and state | 10 | (69 | ) | 72 | ||||||||
Deferred federal and state | (887 | ) | (133 | ) | 2,431 | |||||||
Total income tax (provision) benefit | (877 | ) | (202 | ) | 2,503 | |||||||
Net income (loss) from taxable REIT subsidiaries | $ | 1,214 | $ | 585 | $ | (4,964 | ) | |||||
Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes | Our total pre-tax income (loss) from continuing operations and income tax (provision) benefit from continuing operations included above relating to our TRS and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
U.S. income (loss) before income taxes | $ | 2,212 | $ | (1,582 | ) | $ | (9,161 | ) | ||||
Foreign (loss) income before income taxes | (190 | ) | 3 | (15 | ) | |||||||
Income (loss) from continuing operations before income taxes | 2,022 | (1,579 | ) | (9,176 | ) | |||||||
Less income tax (provision) benefit: | ||||||||||||
Current federal and state | 10 | (34 | ) | 72 | ||||||||
Deferred federal and state | (860 | ) | 518 | 2,908 | ||||||||
Total income tax (provision) benefit | (850 | ) | 484 | 2,980 | ||||||||
Income (loss) from continuing operations from taxable REIT | $ | 1,172 | $ | (1,095 | ) | $ | (6,196 | ) | ||||
subsidiaries | ||||||||||||
Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes | We recorded tax provisions from discontinued operations of $27,000, $686,000 and $477,000 during the years ended December 31, 2014, 2013 and 2012, respectively. The tax provisions relate to taxable income generated by the disposition of properties. | |||||||||||
The total income tax (provision) benefit differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (708 | ) | $ | (239 | ) | $ | 2,616 | ||||
State taxes, net of federal (provision) benefit | (80 | ) | (69 | ) | 272 | |||||||
Foreign tax rate differential | (19 | ) | (5 | ) | (7 | ) | ||||||
Other | (63 | ) | 117 | (370 | ) | |||||||
Valuation allowance increase | (7 | ) | (6 | ) | (8 | ) | ||||||
Total income tax (provision) benefit | $ | (877 | ) | $ | (202 | ) | $ | 2,503 | ||||
______________________________________________ | ||||||||||||
(1) | Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | |||||||||||
Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations | The income tax (provision) benefit from continuing operations differs from the amount computed by applying the statutory federal income tax rate to net income (loss) before income taxes as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal (provision) benefit at statutory tax rate (1) | $ | (681 | ) | $ | 344 | $ | 3,044 | |||||
State taxes, net of federal (provision) benefit | (80 | ) | 34 | 321 | ||||||||
Foreign tax rate differential | (19 | ) | (5 | ) | (7 | ) | ||||||
Other | (63 | ) | 117 | (370 | ) | |||||||
Valuation allowance increase | (7 | ) | (6 | ) | (8 | ) | ||||||
Total income tax (provision) benefit from continuing operations | $ | (850 | ) | $ | 484 | $ | 2,980 | |||||
______________________________________________ | ||||||||||||
(1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | ||||||||||||
Deferred Tax Assets And Liabilities | Our deferred tax assets and liabilities were as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Disallowed interest | $ | 2,722 | $ | 2,842 | ||||||||
Net operating loss | 3,099 | 2,996 | ||||||||||
Other | 82 | 110 | ||||||||||
Valuation allowance | (164 | ) | (162 | ) | ||||||||
Total deferred tax assets | 5,739 | 5,786 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Other real estate investments | (15,439 | ) | (14,133 | ) | ||||||||
Mortgage revaluation | (466 | ) | (748 | ) | ||||||||
Other | (95 | ) | (279 | ) | ||||||||
Total deferred tax liabilities | (16,000 | ) | (15,160 | ) | ||||||||
Net deferred tax liability | $ | (10,261 | ) | $ | (9,374 | ) |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ||||||||
Summary of Noncontrolling Interests | The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Walden Woods Village, Ltd. (1) | $ | — | $ | 989 | ||||
Total redeemable noncontrolling interests | $ | — | $ | 989 | ||||
CapCo | $ | 206,145 | $ | 206,145 | ||||
DIM (2) | 1,044 | 1,081 | ||||||
Vestar/EQY Talega LLC (3) | — | 147 | ||||||
Vestar/EQY Vernola LLC (4) | — | 341 | ||||||
Vestar/EQY Canyon Trails LLC (5) | — | 29 | ||||||
Total noncontrolling interests included in total equity | $ | 207,189 | $ | 207,743 | ||||
______________________________________________ | ||||||||
(1) This entity owned Walden Woods Shopping Center, which was sold in September 2014. Prior to the sale, we acquired the noncontrolling partners’ interests in Walden Woods Village, Ltd. for $2.2 million. | ||||||||
(2) As of December 31, 2014 and 2013, our ownership interest in DIM was 98.0% and 97.8%, respectively. In February 2015, we entered into a settlement agreement to acquire the remaining 2.0% interest held by minority shareholders, which is subject to various conditions including the approval by the Dutch court. | ||||||||
(3) This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners’ interest in January 2014. See Note 8 for further discussion. | ||||||||
(4) This entity held our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | ||||||||
(5) This entity held our interest in Canyon Trails Towne Center. The property held by the joint venture was sold in December 2013 |
Stockholders_Equity_and_Earnin1
Stockholders’ Equity and Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders | The following summarizes the calculation of basic earnings per share ("EPS") and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating basic EPS: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) from continuing operations | $ | 58,134 | $ | 48,963 | $ | (1,212 | ) | |||||
Net income attributable to noncontrolling interests - continuing operations | (12,206 | ) | (10,209 | ) | (10,676 | ) | ||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 45,928 | 38,754 | (11,888 | ) | ||||||||
Allocation of continuing income to participating securities | (1,759 | ) | (1,045 | ) | (1,082 | ) | ||||||
Income (loss) from continuing operations available to common stockholders | 44,169 | 37,709 | (12,970 | ) | ||||||||
Income from discontinued operations | 2,957 | 39,694 | 8,437 | |||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 12 | (494 | ) | (26 | ) | |||||||
operations | ||||||||||||
Income from discontinued operations available to common stockholders | 2,969 | 39,200 | 8,411 | |||||||||
Net income (loss) available to common stockholders | $ | 47,138 | $ | 76,909 | $ | (4,559 | ) | |||||
Weighted average shares outstanding – Basic | 119,403 | 117,389 | 114,233 | |||||||||
Basic earnings (loss) per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | |||||
Discontinued operations | 0.02 | 0.33 | 0.07 | |||||||||
Earnings (loss) per common share — Basic | $ | 0.39 | $ | 0.66 | * | $ | (0.04 | ) | ||||
* Note: EPS does not foot due to the rounding of the individual calculations. | ||||||||||||
Summary of Calculation of Diluted EPS and Reconciliation of Net Income Available to Shareholders | The following summarizes the calculation of diluted EPS and provides a reconciliation of the amounts of net income (loss) available to common stockholders and shares of common stock used in calculating diluted EPS: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income (loss) from continuing operations | $ | 58,134 | $ | 48,963 | $ | (1,212 | ) | |||||
Net income attributable to noncontrolling interests - continuing operations | (12,206 | ) | (10,209 | ) | (10,676 | ) | ||||||
Income (loss) from continuing operations attributable to Equity One, Inc. | 45,928 | 38,754 | (11,888 | ) | ||||||||
Allocation of continuing income to participating securities | (1,759 | ) | (1,045 | ) | (1,082 | ) | ||||||
Income (loss) from continuing operations available to common stockholders | 44,169 | 37,709 | (12,970 | ) | ||||||||
Income from discontinued operations | 2,957 | 39,694 | 8,437 | |||||||||
Net loss (income) attributable to noncontrolling interests - discontinued | 12 | (494 | ) | (26 | ) | |||||||
operations | ||||||||||||
Income from discontinued operations available to common stockholders | 2,969 | 39,200 | 8,411 | |||||||||
Net income (loss) available to common stockholders | $ | 47,138 | $ | 76,909 | $ | (4,559 | ) | |||||
Weighted average shares outstanding – Basic | 119,403 | 117,389 | 114,233 | |||||||||
Stock options using the treasury method | 222 | 288 | — | |||||||||
Non-participating restricted stock using the treasury method | 40 | — | — | |||||||||
Executive Incentive Plan shares using the treasury method | 60 | 94 | — | |||||||||
Weighted average shares outstanding – Diluted | 119,725 | 117,771 | 114,233 | |||||||||
Diluted earnings (loss) per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | |||||
Discontinued operations | 0.02 | 0.33 | 0.07 | |||||||||
Earnings (loss) per common share — Diluted | $ | 0.39 | $ | 0.65 | $ | (0.04 | ) | |||||
ShareBased_Payment_Plans_Table
Share-Based Payment Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Stock Option Activity | The following table provides a summary of stock option activity for 2014: | ||||||||||||
Shares | Weighted | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Under | Average Exercise | ||||||||||||
Option | Price | ||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||
Outstanding at the beginning of year | 2,985 | $ | 21.53 | ||||||||||
Granted | 200 | 22.87 | |||||||||||
Exercised | (1,917 | ) | 21.09 | ||||||||||
Forfeited or expired | (60 | ) | 23.14 | ||||||||||
Outstanding at the end of year | 1,208 | $ | 22.37 | 4 | $ | 3,723 | |||||||
Exercisable at the end of year | 958 | $ | 22.43 | 2.8 | $ | 2,911 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | During the year ended December 31, 2014, the fair value of the options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions: | ||||||||||||
Dividend yield | 3.80% | ||||||||||||
Risk-free interest rate | 2.00% | ||||||||||||
Expected option life | 6.3 years | ||||||||||||
Expected volatility | 39.80% | ||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | The following table presents information regarding restricted stock activity during the year ended December 31, 2014: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant-Date Fair | |||||||||||||
Value | |||||||||||||
(In thousands) | |||||||||||||
Unvested at January 1, 2014 | 857 | * | $ | 17.37 | |||||||||
Granted | 187 | 22.95 | |||||||||||
Vested | (281 | ) | 18.89 | ||||||||||
Forfeited or cancelled | (583 | ) | 7.75 | ||||||||||
Unvested at December 31, 2014 | 180 | $ | 22.91 | ||||||||||
______________________________________________ | |||||||||||||
* Does not include 800,000 shares of restricted stock awarded to certain executives which were subject to performance vesting conditions and were not entitled to vote or receive dividends during the performance period that ended on December 31, 2014. As none of the market conditions were ultimately met, no shares vested in connection with the awards. | |||||||||||||
Share-Based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of operations, is summarized as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Restricted stock expense | $ | 6,818 | $ | 5,931 | $ | 6,060 | |||||||
Stock option expense | 650 | 465 | 1,040 | ||||||||||
Employee stock purchase plan discount | 30 | 18 | 13 | ||||||||||
Total equity-based expense | 7,498 | 6,414 | 7,113 | ||||||||||
Restricted stock classified as a liability | 289 | 117 | 51 | ||||||||||
Total expense | 7,787 | 6,531 | 7,164 | ||||||||||
Less amount capitalized | (520 | ) | (358 | ) | (301 | ) | |||||||
Net share-based compensation expense | $ | 7,267 | $ | 6,173 | $ | 6,863 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rents under non-cancelable operating leases as of December 31, 2014, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows: | ||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 238,035 | |||
2016 | 210,951 | ||||
2017 | 182,452 | ||||
2018 | 158,752 | ||||
2019 | 131,519 | ||||
Thereafter | 626,182 | ||||
Total | $ | 1,547,891 | |||
As of December 31, 2014, future minimum rental payments under non-cancelable operating leases are as follows: | |||||
Year Ending December 31, | Amount | ||||
(In thousands) | |||||
2015 | $ | 1,784 | |||
2016 | 1,673 | ||||
2017 | 1,420 | ||||
2018 | 1,406 | ||||
2019 | 1,427 | ||||
Thereafter | 36,922 | ||||
Total | $ | 44,632 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
December 31, 2014 | (In thousands) | ||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 681 | $ | — | $ | 681 | $ | — | |||||||||||||
Classified as a liability in accounts payable | $ | 952 | $ | — | $ | 952 | $ | — | |||||||||||||
and accrued expenses | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||
Classified as an asset in other assets | $ | 2,944 | $ | — | $ | 2,944 | $ | — | |||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2014: | ||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 22,700 | $ | — | $ | — | $ | 22,700 | (2) | $ | 15,111 | ||||||||||
Development properties held and used | 7,370 | — | — | 7,370 | 2,230 | ||||||||||||||||
Total | $ | 30,070 | $ | — | $ | — | $ | 30,070 | $ | 17,341 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. | |||||||||||||||||||||
(2) $11.9 million of the total represents the fair value of operating properties as of the date they were impaired during the second quarter of 2014. As of December 31, 2014, the carrying amounts of the properties no longer equaled their fair values. | |||||||||||||||||||||
The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2013: | |||||||||||||||||||||
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating properties held and used | $ | 6,600 | $ | — | $ | — | $ | 6,600 | (2) | $ | 2,406 | ||||||||||
Operating properties held for sale | 3,875 | — | 3,875 | — | 1,313 | ||||||||||||||||
Development properties held and used | 6,400 | — | — | 6,400 | 3,085 | ||||||||||||||||
Total | $ | 16,875 | $ | — | $ | 3,875 | $ | 13,000 | $ | 6,804 | |||||||||||
____________________________________________ | |||||||||||||||||||||
(1) Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||||||||||||||
(2) $5.4 million of the total represents the fair value of an operating property as of the date it was impaired during the third quarter of 2013. As of December 31, 2013, the carrying amount of the property no longer equaled its fair value. | |||||||||||||||||||||
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: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||
Overall capitalization rates | 8.00% | 15.00% | 12.50% | 15.50% | |||||||||||||||||
Discount rates | 9.50% | 14.50% | 10.00% | 13.50% | |||||||||||||||||
Terminal capitalization rates | 8.50% | 13.50% | 12.50% | 12.50% |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes: | |||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
As of December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 138,293 | $ | 1,505,455 | $ | 1,264,755 | $ | (83 | ) | $ | 2,908,420 | |||||||||
Investment in affiliates | 2,760,512 | — | — | (2,760,512 | ) | — | ||||||||||||||
Other assets | 225,509 | 97,860 | 840,614 | (810,178 | ) | 353,805 | ||||||||||||||
TOTAL ASSETS | $ | 3,124,314 | $ | 1,603,315 | $ | 2,105,369 | $ | (3,570,773 | ) | $ | 3,262,225 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,616,764 | $ | 122,580 | $ | 354,297 | $ | (760,600 | ) | $ | 1,333,041 | |||||||||
Other liabilities | 24,130 | 104,920 | 159,186 | (49,661 | ) | 238,575 | ||||||||||||||
TOTAL LIABILITIES | 1,640,894 | 227,500 | 513,483 | (810,261 | ) | 1,571,616 | ||||||||||||||
EQUITY | 1,483,420 | 1,375,815 | 1,591,886 | (2,760,512 | ) | 1,690,609 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,124,314 | $ | 1,603,315 | $ | 2,105,369 | $ | (3,570,773 | ) | $ | 3,262,225 | |||||||||
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 | $ | 1,477,463 | $ | 1,260,706 | $ | (133 | ) | $ | 2,916,833 | |||||||||
Investment in affiliates | 2,679,588 | — | — | (2,679,588 | ) | — | ||||||||||||||
Other assets | 230,215 | 97,553 | 913,390 | (803,332 | ) | 437,826 | ||||||||||||||
TOTAL ASSETS | $ | 3,088,600 | $ | 1,575,016 | $ | 2,174,096 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
LIABILITIES | ||||||||||||||||||||
Total notes payable | $ | 1,670,438 | $ | 152,571 | $ | 446,000 | $ | (760,600 | ) | $ | 1,508,409 | |||||||||
Other liabilities | 22,979 | 100,921 | 161,300 | (42,865 | ) | 242,335 | ||||||||||||||
TOTAL LIABILITIES | 1,693,417 | 253,492 | 607,300 | (803,465 | ) | 1,750,744 | ||||||||||||||
REDEEMABLE NONCONTROLLING | — | — | 989 | — | 989 | |||||||||||||||
INTERESTS | ||||||||||||||||||||
EQUITY | 1,395,183 | 1,321,524 | 1,565,807 | (2,679,588 | ) | 1,602,926 | ||||||||||||||
TOTAL LIABILITIES, REDEEMABLE | $ | 3,088,600 | $ | 1,575,016 | $ | 2,174,096 | $ | (3,483,053 | ) | $ | 3,354,659 | |||||||||
NONCONTROLLING INTERESTS AND | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 23,897 | $ | 189,544 | $ | 139,813 | $ | (69 | ) | $ | 353,185 | |||||||||
Equity in subsidiaries’ earnings | 158,825 | — | — | (158,825 | ) | — | ||||||||||||||
Total costs and expenses | 50,548 | 98,641 | 83,859 | (1,036 | ) | 232,012 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 132,174 | 90,903 | 55,954 | (157,858 | ) | 121,173 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (83,650 | ) | (11,885 | ) | 35,164 | (1,818 | ) | (62,189 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 79,018 | 91,118 | (159,676 | ) | 58,984 | ||||||||||||||
BEFORE TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (84 | ) | (766 | ) | — | (850 | ) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 78,934 | 90,352 | (159,676 | ) | 58,134 | ||||||||||||||
(Loss) income from discontinued operations | (19 | ) | 3,040 | (72 | ) | 8 | 2,957 | |||||||||||||
NET INCOME | 48,505 | 81,974 | 90,280 | (159,668 | ) | 61,091 | ||||||||||||||
Other comprehensive loss | (3,151 | ) | — | (392 | ) | — | (3,543 | ) | ||||||||||||
COMPREHENSIVE INCOME | 45,354 | 81,974 | 89,888 | (159,668 | ) | 57,548 | ||||||||||||||
Comprehensive income attributable to | — | — | (12,194 | ) | — | (12,194 | ) | |||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 45,354 | $ | 81,974 | $ | 77,694 | $ | (159,668 | ) | $ | 45,354 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,378 | $ | 176,068 | $ | 130,065 | $ | — | $ | 332,511 | ||||||||||
Equity in subsidiaries’ earnings | 177,773 | — | — | (177,773 | ) | — | ||||||||||||||
Total costs and expenses | 44,282 | 95,501 | 77,162 | (518 | ) | 216,427 | ||||||||||||||
INCOME BEFORE OTHER INCOME AND | 159,869 | 80,567 | 52,903 | (177,255 | ) | 116,084 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (86,052 | ) | (9,688 | ) | 29,659 | (1,524 | ) | (67,605 | ) | |||||||||||
INCOME FROM CONTINUING | 73,817 | 70,879 | 82,562 | (178,779 | ) | 48,479 | ||||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | |||||||||||||||
INCOME FROM CONTINUING | 74,010 | 70,953 | 82,779 | (178,779 | ) | 48,963 | ||||||||||||||
OPERATIONS | ||||||||||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | |||||||||||||||
NET INCOME | 78,122 | 101,451 | 87,447 | (178,363 | ) | 88,657 | ||||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | |||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 101,451 | 87,615 | (178,363 | ) | 98,786 | ||||||||||||||
Comprehensive income attributable to | — | (193 | ) | (10,510 | ) | — | (10,703 | ) | ||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 88,083 | $ | 101,258 | $ | 77,105 | $ | (178,363 | ) | $ | 88,083 | |||||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive (Loss) Income | Equity One | Guarantor | Non- | Eliminating Entries | Consolidated | |||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total revenue | $ | 26,367 | $ | 156,634 | $ | 118,420 | $ | (388 | ) | $ | 301,033 | |||||||||
Equity in subsidiaries’ earnings | 121,105 | — | — | (121,105 | ) | — | ||||||||||||||
Total costs and expenses | 45,422 | 83,757 | 72,668 | 12 | 201,859 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND | 102,050 | 72,877 | 45,752 | (121,505 | ) | 99,174 | ||||||||||||||
EXPENSE, TAX AND DISCONTINUED | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Other income and (expense) | (108,431 | ) | (6,450 | ) | 12,381 | (866 | ) | (103,366 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 66,427 | 58,133 | (122,371 | ) | (4,192 | ) | ||||||||||||
OPERATIONS BEFORE TAX AND | ||||||||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 97 | 2,883 | — | 2,980 | |||||||||||||||
(LOSS) INCOME FROM CONTINUING | (6,381 | ) | 66,524 | 61,016 | (122,371 | ) | (1,212 | ) | ||||||||||||
OPERATIONS | ||||||||||||||||||||
Income (loss) from discontinued operations | 3,363 | (9,001 | ) | 13,058 | 1,017 | 8,437 | ||||||||||||||
NET (LOSS) INCOME | (3,018 | ) | 57,523 | 74,074 | (121,354 | ) | 7,225 | |||||||||||||
Other comprehensive (loss) income | (6,890 | ) | — | 459 | — | (6,431 | ) | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | (9,908 | ) | 57,523 | 74,533 | (121,354 | ) | 794 | |||||||||||||
Comprehensive income attributable to | — | (839 | ) | (9,863 | ) | — | (10,702 | ) | ||||||||||||
noncontrolling interests | ||||||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (9,908 | ) | $ | 56,684 | $ | 64,670 | $ | (121,354 | ) | $ | (9,908 | ) | |||||||
ATTRIBUTABLE TO EQUITY ONE, INC. | ||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2014 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (93,893 | ) | $ | 121,436 | $ | 116,552 | $ | 144,095 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (80,350 | ) | (13,097 | ) | (93,447 | ) | |||||||||||||
Additions to income producing properties | (1,360 | ) | (9,309 | ) | (8,707 | ) | (19,376 | ) | ||||||||||||
Additions to construction in progress | (5,420 | ) | (58,312 | ) | (13,363 | ) | (77,095 | ) | ||||||||||||
Deposits for the acquisition of income producing properties | (50 | ) | — | — | (50 | ) | ||||||||||||||
Proceeds from sale of real estate and rental properties | 41,730 | 76,328 | 27,412 | 145,470 | ||||||||||||||||
Decrease in cash held in escrow | 10,662 | — | — | 10,662 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (655 | ) | (3,487 | ) | (3,298 | ) | (7,440 | ) | ||||||||||||
Investment in joint ventures | — | — | (9,028 | ) | (9,028 | ) | ||||||||||||||
Advances to joint ventures | — | — | (154 | ) | (154 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 16,394 | 16,394 | ||||||||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | ||||||||||||||||
Repayments from subsidiaries, net | 72,065 | (16,658 | ) | (55,407 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 116,972 | (91,788 | ) | 1,278 | 26,462 | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | — | (29,648 | ) | (102,916 | ) | (132,564 | ) | |||||||||||||
Net repayments under revolving credit facilities | (54,000 | ) | — | — | (54,000 | ) | ||||||||||||||
Payment of deferred financing costs | (3,638 | ) | — | — | (3,638 | ) | ||||||||||||||
Proceeds from issuance of common stock | 145,447 | — | — | 145,447 | ||||||||||||||||
Repurchase of common stock | (1,752 | ) | — | — | (1,752 | ) | ||||||||||||||
Stock issuance costs | (591 | ) | — | — | (591 | ) | ||||||||||||||
Dividends paid to stockholders | (106,659 | ) | — | — | (106,659 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (2,952 | ) | (2,952 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (11,962 | ) | (11,962 | ) | ||||||||||||||
Net cash used in financing activities | (21,193 | ) | (29,648 | ) | (117,830 | ) | (168,671 | ) | ||||||||||||
Net increase in cash and cash equivalents | 1,886 | — | — | 1,886 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 25,583 | — | — | 25,583 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,469 | $ | — | $ | — | $ | 27,469 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2013 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (82,023 | ) | $ | 116,610 | $ | 98,155 | $ | 132,742 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (60,000 | ) | (49,449 | ) | (109,449 | ) | |||||||||||||
Additions to income producing properties | (1,636 | ) | (7,248 | ) | (4,777 | ) | (13,661 | ) | ||||||||||||
Acquisition of land held for development | — | (3,000 | ) | — | (3,000 | ) | ||||||||||||||
Additions to construction in progress | (731 | ) | (39,152 | ) | (14,122 | ) | (54,005 | ) | ||||||||||||
Deposits for the acquisition of income producing | (75 | ) | — | — | (75 | ) | ||||||||||||||
properties | ||||||||||||||||||||
Proceeds from sale of real estate and rental properties | 85,602 | 156,637 | 44,272 | 286,511 | ||||||||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | ||||||||||||||
Purchase of below-market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,796 | ) | (3,187 | ) | (9,266 | ) | ||||||||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | ||||||||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | ||||||||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | ||||||||||||||||
Repayments from subsidiaries, net | 189,418 | (107,772 | ) | (81,646 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 260,633 | (90,331 | ) | (47,255 | ) | 123,047 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | ||||||||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 8,898 | — | — | 8,898 | ||||||||||||||||
Repurchase of common stock | (388 | ) | — | — | (388 | ) | ||||||||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | ||||||||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | ||||||||||||||
Purchase of noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | ||||||||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | ||||||||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Non- | Consolidated | ||||||||||||||||
for the year ended December 31, 2012 | Inc. | Subsidiaries | Guarantor | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (126,523 | ) | $ | 112,397 | $ | 167,345 | $ | 153,219 | |||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisition of income producing properties | — | (73,235 | ) | (170,314 | ) | (243,549 | ) | |||||||||||||
Additions to income producing properties | (4,853 | ) | (12,473 | ) | (2,849 | ) | (20,175 | ) | ||||||||||||
Acquisition of land held for development | — | (9,505 | ) | — | (9,505 | ) | ||||||||||||||
Additions to construction in progress | (682 | ) | (63,697 | ) | (764 | ) | (65,143 | ) | ||||||||||||
Proceeds from sale of real estate and rental properties | 1,417 | 15,342 | 25,235 | 41,994 | ||||||||||||||||
Decrease in cash held in escrow | 90,846 | — | 746 | 91,592 | ||||||||||||||||
Increase in deferred leasing costs and lease intangibles | (1,739 | ) | (3,386 | ) | (2,044 | ) | (7,169 | ) | ||||||||||||
Investment in joint ventures | — | — | (26,392 | ) | (26,392 | ) | ||||||||||||||
Repayments of advances to joint ventures | — | — | 517 | 517 | ||||||||||||||||
Distributions from joint ventures | — | — | 567 | 567 | ||||||||||||||||
Investment in loans receivable | — | — | (114,258 | ) | (114,258 | ) | ||||||||||||||
Repayment of loans receivable | — | — | 19,258 | 19,258 | ||||||||||||||||
Advances to subsidiaries, net | (208,037 | ) | 52,400 | 155,637 | — | |||||||||||||||
Net cash used in investing activities | (123,048 | ) | (94,554 | ) | (114,661 | ) | (332,263 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of mortgage notes payable | (6,585 | ) | (17,843 | ) | (41,745 | ) | (66,173 | ) | ||||||||||||
Net borrowings under revolving credit facilities | 34,000 | — | — | 34,000 | ||||||||||||||||
Proceeds from senior debt borrowings | 296,823 | — | — | 296,823 | ||||||||||||||||
Repayment of senior debt borrowings | (287,840 | ) | — | — | (287,840 | ) | ||||||||||||||
Borrowings under term loan | 250,000 | — | — | 250,000 | ||||||||||||||||
Payment of deferred financing costs | (3,251 | ) | — | — | (3,251 | ) | ||||||||||||||
Proceeds from issuance of common stock | 86,778 | — | — | 86,778 | ||||||||||||||||
Repurchase of common stock | (940 | ) | — | — | (940 | ) | ||||||||||||||
Stock issuance costs | (883 | ) | — | — | (883 | ) | ||||||||||||||
Dividends paid to stockholders | (102,078 | ) | — | — | (102,078 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | (9,995 | ) | (9,995 | ) | ||||||||||||||
Distributions to redeemable noncontrolling interests | — | — | (944 | ) | (944 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 266,024 | (17,843 | ) | (52,684 | ) | 195,497 | ||||||||||||||
Net increase in cash and cash equivalents | 16,453 | — | — | 16,453 | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 10,963 | — | — | 10,963 | ||||||||||||||||
Cash and cash equivalents at end of the year | $ | 27,416 | $ | — | $ | — | $ | 27,416 | ||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule Of Quarterly Financial Data | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter (2) | Quarter | Quarter (2) | ||||||||||||||
2014 | (In thousands, except per share data) | ||||||||||||||||
Total revenue | $ | 92,697 | $ | 87,567 | $ | 86,377 | $ | 86,544 | |||||||||
Income from continuing operations (1) | $ | 27,911 | $ | 76 | $ | 20,897 | $ | 9,250 | |||||||||
Net income | $ | 30,975 | $ | 99 | $ | 20,801 | $ | 9,216 | |||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 26,276 | $ | (2,411 | ) | $ | 18,307 | $ | 6,725 | ||||||||
Basic per share data | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.2 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | ||||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | ||||||||
Diluted per share data | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.2 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | ||||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | ||||||||
_______________________________________________ | |||||||||||||||||
(1) | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | ||||||||||||||||
(2) | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter (1) | Quarter (1) | Quarter (1) | Quarter (1) | ||||||||||||||
2013 | (In thousands, except per share data) | ||||||||||||||||
Total revenue | $ | 81,429 | $ | 81,736 | $ | 82,723 | $ | 86,623 | |||||||||
Income from continuing operations | $ | 13,929 | $ | 10,145 | $ | 14,611 | $ | 10,278 | |||||||||
Net income | $ | 27,291 | $ | 36,177 | $ | 13,051 | $ | 12,138 | |||||||||
Net income attributable to Equity One, Inc. | $ | 24,593 | $ | 33,638 | $ | 10,571 | $ | 9,152 | |||||||||
Basic per share data | |||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | |||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | |||||||||
Diluted per share data | |||||||||||||||||
Income from continuing operations | $ | 0.09 | $ | 0.06 | $ | 0.1 | $ | 0.06 | |||||||||
Net income | $ | 0.21 | $ | 0.28 | $ | 0.09 | $ | 0.08 | |||||||||
_______________________________________________ | |||||||||||||||||
(1) | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | Dec. 31, 2014 |
sqft | |
properties | |
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 122 |
Net Rentable Area | 13,500,000 |
Shopping Center Occupancy | 95.00% |
Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | 3,200,000 |
Retail Site [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 102 |
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 | 5 |
Development Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 9 |
Net Rentable Area | 1,600,000 |
Land [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Office Building [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 $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary Of Significant Accounting Policies [Line Items] | |
Derivatives reclassified to interest expense | $2.90 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Estimated Useful Lives Of The Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |
Tenant Improvements, Estimated Useful Life Of Assets | Lesser of minimum lease term or economic useful life |
Minimum [Member] | Building [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Minimum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Building [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 55 years |
Maximum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Properties_Summary_Of_The_Comp
Properties (Summary Of The Composition Of Income Producing Properties) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $1,381,168,000 | $1,364,729,000 |
Building and building improvements | 1,593,032,000 | 1,669,401,000 |
Tenant Improvements | 153,881,000 | 119,001,000 |
Income producing | 3,128,081,000 | 3,153,131,000 |
Less: accumulated depreciation | -381,533,000 | -354,166,000 |
Rental Properties, Net | 2,746,548,000 | 2,798,965,000 |
External Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 73,200,000 | 45,300,000 |
External Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 30,900,000 | 20,800,000 |
External Costs [Member] | Lease Origination Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 4,500,000 | 4,800,000 |
Internal Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 1,400,000 | 1,100,000 |
Internal Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 361,000 | 270,000 |
Internal Costs [Member] | Lease Origination Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | $3,600,000 | $4,500,000 |
Acquisitions_Summary_of_Income
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 18, 2014 | Jul. 30, 2014 | Jan. 31, 2014 | Jan. 23, 2014 | Jan. 16, 2014 | ||||
sqft | acre | acre | sqft | sqft | ||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | $110,735 | $148,200 | ||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 11,353 | 35,701 | 35,451 | |||||||||
Westport Office [Member] | Westport [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net Rentable Area | 4,000 | [1] | ||||||||||
Business Combination, Consideration Transferred | 2,300 | [1] | ||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | [1] | ||||||||||
West Roxbury Land [Member] | West Roxbury [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | 1.38 | [2],[3] | ||||||||||
Business Combination, Consideration Transferred | 5,250 | [3] | ||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | [3] | ||||||||||
Williamsburg Outparcel [Member] | Dunwoody [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Area of Real Estate Property | 0.14 | [2] | ||||||||||
Business Combination, Consideration Transferred | 350 | |||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | |||||||||||
Talega Village Center [Member] | San Clemente [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net Rentable Area | 102,282 | [4] | ||||||||||
Business Combination, Consideration Transferred | 6,200 | 22,750 | [4] | |||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 11,353 | [4] | ||||||||||
Westwood Shopping Center [Member] | Bethesda [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net Rentable Area | 101,584 | |||||||||||
Business Combination, Consideration Transferred | 65,012 | |||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | |||||||||||
Westwood Center II [Member] | Bethesda [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net Rentable Area | 53,293 | |||||||||||
Business Combination, Consideration Transferred | 15,073 | |||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $0 | |||||||||||
[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] | In acres. | |||||||||||
[3] | Property was acquired as part of a litigation settlement with the fee owner of the majority of the parking lot that services one of our shopping centers. | |||||||||||
[4] | Property was acquired through the acquisition of our joint venture partners’ interests in the property. See Note 8 for further discussion. |
Acquisitions_Schedule_of_Purch
Acquisitions Schedule of Purchase Price Allocations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | $110,735 | $310,404 |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 93,256 | |
Land Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 2,334 | |
Acquired Tangible Assets, Weighted Average Useful Life | 9 years 7 months 6 days | |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 18,747 | |
Acquired Tangible Assets, Weighted Average Useful Life | 33 years 6 months | |
Tenant Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 1,230 | |
Acquired Tangible Assets, Weighted Average Useful Life | 5 years 7 months 6 days | |
Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 864 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 2 months 12 days | |
Leases, Acquired-in-Place [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 5,577 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 6 months | |
Lease Origination Costs [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 109 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 6 months | |
Leasing Commissions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | 812 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 21 years | |
Off-Market Unfavorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | -11,959 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years 4 months 24 days | |
Above Market Debt Assumed [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | -70 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 9 months 18 days | |
Other Acquired Liabilities [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Assets and Liabilities Acquired | ($165) |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Business Acquisition [Line Items] | ||||
Like-kind exchange agreement days, maximum | 180 days | |||
Purchase Price | $110,735,000 | $148,200,000 | ||
Mortgage Assumed | 11,353,000 | 35,701,000 | 35,451,000 | |
Business Combination, Acquisition Related Costs | $1,800,000 | $3,300,000 | $3,400,000 | |
Westwood Complex [Member] | ||||
Business Acquisition [Line Items] | ||||
Real Estate Investments, Parcels Acquired | 7 | 5 | 2 | |
Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Businesses Acquired | 2 |
Acquisition_Of_A_Controlling_I2
Acquisition Of A Controlling Interest In CapCo (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2011 | |
Business Acquisition [Line Items] | |||||
Common Stock, Amount Transferred | $73,700,000 | ||||
Common stock | 124,281,204 | 117,646,772 | |||
Fair market value of shares | 29.00% | ||||
Common stock transferred | 73,698,000 | ||||
Fair value of noncontrolling interest | -206,145,000 | -206,100,000 | |||
Business Combination, Acquisition Related Costs | 1,800,000 | 3,300,000 | 3,400,000 | ||
Fair values less costs to sell held for sale | 0 | 13,404,000 | |||
Gain on Purchase of Business | 30,561,000 | ||||
Liberty International Holdings Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Remaining available cash preferred return paid | 5.00% | ||||
Dividends declared | 10,000,000 | 10,000,000 | |||
Common stock closing market price | $18.15 | ||||
Equity One, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Remaining available cash preferred return paid | 95.00% | ||||
CapCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Real Estate Properties | 13 | ||||
Transferred outstanding promissory note | 67,000,000 | ||||
Transferred outstanding promissory note shares | 4,100,000 | ||||
Class A [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest in joint venture | 70.00% | ||||
Remaining available cash preferred return paid | 16.67% | ||||
Common stock | 10,000 | ||||
Class B [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional promissory note to joint venture | 84,300,000 | ||||
Joint venture shares entitled to preferred return | 1.50% | ||||
Remaining available cash preferred return paid | 83.33% | ||||
Personal [Member] | |||||
Business Acquisition [Line Items] | |||||
Outstanding shares of capital stock | 9.90% | ||||
Individual [Member] | |||||
Business Acquisition [Line Items] | |||||
Outstanding shares of capital stock | 5.00% | ||||
CapCo [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | 7,200,000 | ||||
Fair values less costs to sell held for sale | 36,300,000 | ||||
General and Administrative Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $1,900,000 |
Acquisition_Of_A_Controlling_I3
Acquisition Of A Controlling Interest In CapCo (Reconciliation Of Gain On Bargain Purchase) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2014 | Jan. 04, 2011 |
Acquisition Of A Controlling Interest In CapCo [Abstract] | |||
Fair value of net assets acquired | $310,404 | $110,735 | |
Fair value of consideration transferred | -73,698 | ||
Fair value of noncontrolling interest | -206,145 | -206,100 | |
Assets, Fair Value Adjustment | $30,561 |
Property_Dispositions_Summary_
Property Dispositions (Summary of Disposition Activity) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 19, 2014 | Dec. 05, 2014 | Oct. 16, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 23, 2014 | Aug. 31, 2014 | Jul. 11, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Mar. 27, 2014 | Feb. 27, 2014 | Jan. 15, 2014 | Jan. 10, 2014 | Oct. 01, 2014 | Sep. 24, 2014 | Aug. 01, 2014 | Jun. 17, 2014 | Apr. 07, 2014 | ||||||||||||||||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Sales of Real Estate | $150,025,000 | ||||||||||||||||||||||||||||||||||||
Market Place [Member] | Norcross [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 73,686 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 6,750,000 | [1] | |||||||||||||||||||||||||||||||||||
Tarpon Heights [Member] | Galliano [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 56,605 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 1,570,000 | [1] | |||||||||||||||||||||||||||||||||||
Country Club Plaza [Member] | Slidell [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 64,686 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 3,114,000 | [1] | |||||||||||||||||||||||||||||||||||
Crossing [Member] | Slidell [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 113,989 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 4,790,000 | [1] | |||||||||||||||||||||||||||||||||||
Boulevard [Member] | Lafayette [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 68,012 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 4,395,000 | [1] | |||||||||||||||||||||||||||||||||||
Summerlin Square [Member] | Fort Myers [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 97,806 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 6,350,000 | [1] | |||||||||||||||||||||||||||||||||||
Walden Woods [Member] | Plant City [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 72,950 | [1],[2] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 4,640,000 | [1],[2] | |||||||||||||||||||||||||||||||||||
4101 South I-85 Industrial [Member] | Charlotte [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 188,513 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 4,500,000 | [1] | |||||||||||||||||||||||||||||||||||
Shoppes Of North Port [Member] | North Port [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 84,705 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 7,000,000 | [1] | |||||||||||||||||||||||||||||||||||
New Smyrna Beach [Member] | New Smyrna Beach [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 118,451 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 16,000,000 | [1] | |||||||||||||||||||||||||||||||||||
Shoppes At Andros Isle [Member] | West Palm Beach [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 79,420 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 11,000,000 | [1] | |||||||||||||||||||||||||||||||||||
Mariners Crossing [Member] | Spring Hill [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 97,812 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 8,540,000 | [1] | |||||||||||||||||||||||||||||||||||
Forest Village [Member] | Tallahassee [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 71,526 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 7,000,000 | [1] | |||||||||||||||||||||||||||||||||||
Smyth Valley Crossing [Member] | Marion [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 126,841 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 5,800,000 | [1] | |||||||||||||||||||||||||||||||||||
Riverside Square [Member] | Coral Springs [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 103,241 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 12,380,000 | [1] | |||||||||||||||||||||||||||||||||||
Oaktree Plaza [Member] | North Palm Beach [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 23,745 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 4,000,000 | [1] | |||||||||||||||||||||||||||||||||||
Sunpoint Shopping Center [Member] | Ruskin [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 132,374 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 7,250,000 | [1] | |||||||||||||||||||||||||||||||||||
Salerno Village [Member] | Stuart [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 77,677 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 8,646,000 | [1] | |||||||||||||||||||||||||||||||||||
Daniel Village [Member] | Augusta [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 172,438 | [1] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 10,125,000 | [1] | |||||||||||||||||||||||||||||||||||
Brawley Commons [Member] | Charlotte [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Sales of Real Estate | 5,500,000 | ||||||||||||||||||||||||||||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 6,500,000 | ||||||||||||||||||||||||||||||||||||
Brawley Commons [Member] | Charlotte [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 119,189 | [1],[3] | |||||||||||||||||||||||||||||||||||
Sales of Real Estate | 5,450,000 | [1],[3] | |||||||||||||||||||||||||||||||||||
Stanley Market Place [Member] | Stanley [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 53,228 | ||||||||||||||||||||||||||||||||||||
Sales of Real Estate | 3,875,000 | ||||||||||||||||||||||||||||||||||||
Oak Hill [Member] | Jacksonville [Member] | Income Producing Property Sold [Member] | |||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||||
Net Rentable Area | 78,492 | ||||||||||||||||||||||||||||||||||||
Sales of Real Estate | $6,850,000 | ||||||||||||||||||||||||||||||||||||
[1] | The results of operations for these properties are included in continuing operations in the consolidated statements of operations for all periods presented. | ||||||||||||||||||||||||||||||||||||
[2] | Prior to the sale of the property, we acquired the noncontrolling partners’ interests in the partnership that owned the property for $2.2 million. | ||||||||||||||||||||||||||||||||||||
[3] | 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. |
Property_Dispositions_Narrativ
Property Dispositions (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Jan. 01, 2015 | ||||
property | property | property | ||||||||
Net Book Value of Real Estate, Under Contract, Held for Use | $17,700,000 | $17,700,000 | ||||||||
Mortgage notes payable | 311,778,000 | 311,778,000 | 430,155,000 | |||||||
Number of Real Estate Properties Under Contract, Excluding Held-for-Sale | 2 | 2 | ||||||||
Sales of Real Estate, Under Contract, Held for Use | 27,100,000 | 27,100,000 | ||||||||
Sales of Real Estate | 150,025,000 | |||||||||
Properties held for sale | 0 | 0 | 13,404,000 | |||||||
Asset Impairment Charges | 8,000,000 | 13,900,000 | 21,850,000 | 10,617,000 | 29,441,000 | |||||
Continuing Operations [Member] | ||||||||||
Number Of Real Estate Properties Sold | 19 | 19 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 15,111,000 | [1],[2] | 2,406,000 | [1],[2] | 7,791,000 | [1],[2] | ||||
Discontinued Operations [Member] | ||||||||||
Sales of Real Estate | 295,200,000 | 71,200,000 | ||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 27,200,000 | |||||||||
Discontinued Operations [Member] | Shopping Center [Member] | ||||||||||
Number Of Real Estate Properties Sold | 32 | 4 | ||||||||
Discontinued Operations [Member] | Outparcel [Member] | ||||||||||
Number Of Real Estate Properties Sold | 4 | 2 | ||||||||
Stanley Marketplace, Oak Hill and Summerlin Square [Member] | Discontinued Operations [Member] | ||||||||||
Number Of Real Estate Properties Sold | 3 | 3 | ||||||||
Massachusetts [Member] | Under Contract [Member] | ||||||||||
Net Book Value of Real Estate, Under Contract, Held for Use | 18,500,000 | 18,500,000 | ||||||||
Mortgage notes payable | 6,600,000 | 6,600,000 | ||||||||
Scenario, Forecast [Member] | Massachusetts [Member] | Under Contract [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 10,300,000 | |||||||||
Walden Woods Village Ltd [Member] | ||||||||||
Payments to Acquire Investments | 2,200,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Number of Real Estate Properties, Classified as Held-for-Sale | 1 | |||||||||
Properties held for sale | 5,400,000 | |||||||||
Asset Impairment Charges | $864,000 | |||||||||
[1] | The properties are located in secondary markets for which our anticipated holding periods were reconsidered. Based on an assessment of the plans for each property, it was determined that there was an increased likelihood that holding periods for such properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | |||||||||
[2] | The expected undiscounted probability weighted cash flows of each property was less than its carrying value. |
Property_Dispositions_Componen
Property Dispositions (Components of Income and Expense Relating to Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rental revenue | $157 | $16,232 | $36,472 |
Property operating expenses | 390 | 6,060 | 11,195 |
Depreciation and amortization | 3,787 | 8,896 | |
General and administrative expenses | 5 | 24 | 14 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE OTHER INCOME AND EXPENSE AND TAX | -238 | 6,361 | 16,367 |
Interest expense | 0 | -806 | -2,514 |
Gain on disposal of income producing properties | 3,222 | 39,587 | 16,588 |
Impairment loss | 4,976 | 20,532 | |
Loss on extinguishment of debt | -138 | -1,456 | |
Income tax provision of taxable REIT subsidiaries | -27 | -686 | -477 |
Other income | 352 | 461 | |
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | 8,437 |
Net loss (income) attributable to noncontrolling interests – discontinued operations | 12 | -494 | -26 |
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO EQUITY ONE, INC. | 2,969 | 39,200 | 8,411 |
Payments to Develop Real Estate Assets | 19,376 | 13,661 | 20,175 |
Increase (Decrease) in Lease Acquisition Costs | 7,440 | 9,266 | 7,169 |
Straight Line Rent | 3,788 | 2,344 | 3,994 |
Amortization of above and below Market Leases | -18,870 | -12,904 | -12,660 |
Discontinued Operations [Member] | |||
Payments to Develop Real Estate Assets | 0 | 630 | 5,357 |
Increase (Decrease) in Lease Acquisition Costs | 0 | 611 | 1,256 |
Straight Line Rent | 0 | 322 | 754 |
Amortization of above and below Market Leases | $0 | $446 | $579 |
Impairment_Summary_Of_The_Impa
Impairment (Summary Of The Impairment Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill | $288,000 | |||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 21,850,000 | 5,641,000 | 8,909,000 | |||||
Impairment loss | 4,976,000 | 20,532,000 | ||||||
Asset Impairment Charges | 8,000,000 | 13,900,000 | 21,850,000 | 10,617,000 | 29,441,000 | |||
Mortgage notes payable | 311,778,000 | 311,778,000 | 430,155,000 | |||||
Continuing Operations [Member] | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill | 0 | [1] | 150,000 | [1] | 378,000 | [1] | ||
Impairment of Real Estate | 2,230,000 | [2] | 3,085,000 | [2] | 740,000 | [2] | ||
Impairment of Long-Lived Assets Held-for-use | 15,111,000 | [2],[3] | 2,406,000 | [2],[3] | 7,791,000 | [2],[3] | ||
Impairment of Long-Lived Assets Sold | 4,509,000 | [4] | 0 | [4] | 0 | [4] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 21,850,000 | 5,641,000 | 8,909,000 | |||||
Discontinued Operations [Member] | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill | 0 | [1] | 138,000 | [1] | 147,000 | [1] | ||
Impairment of Long-Lived Assets to be Disposed of | 0 | [4] | 4,838,000 | [4] | 20,385,000 | [4] | ||
Impairment loss | $0 | $4,976,000 | $20,532,000 | |||||
[1] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. | |||||||
[2] | The expected undiscounted probability weighted cash flows of each property was less than its carrying value. | |||||||
[3] | The properties are located in secondary markets for which our anticipated holding periods were reconsidered. Based on an assessment of the plans for each property, it was determined that there was an increased likelihood that holding periods for such properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | |||||||
[4] | The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. |
Accounts_And_Other_Receivables2
Accounts And Other Receivables (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation Allowance [Line Items] | |||
Tenants | $13,529,000 | $15,404,000 | |
Other | 1,376,000 | 2,287,000 | |
Allowance for doubtful accounts | -3,046,000 | -4,819,000 | |
Total accounts and other receivables, net | 11,859,000 | 12,872,000 | |
Bad debt expense | -27,000 | 3,736,000 | 979,000 |
Valuation Allowances and Reserves, Recoveries | 1,100,000 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,200,000 | ||
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Bad debt expense | 97,000 | 3,700,000 | 900,000 |
Valuation Allowances and Reserves, Charged to Cost and Expense | $1,032,000 | $3,736,000 | $979,000 |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $88,454 | $91,170 | ||
Advances to unconsolidated joint ventures | 764 | 602 | ||
Investments in and advances to unconsolidated joint ventures | 89,218 | 91,772 | ||
GRI-EQY I, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 3,300 | 3,300 | ||
GRI-EQY I, LLC [Member] | Georgia South Carolina Florida [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 10 | [1],[2] | ||
Equity Method Investment, Ownership Percentage | 10.00% | [1],[2] | ||
Equity Method Investments | 12,629 | [1],[2] | 12,912 | [1],[2] |
G&I Investment South Florida Portfolio, LLC [Member] | FLORIDA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 3 | [1] | ||
Equity Method Investment, Ownership Percentage | 20.00% | [1] | ||
Equity Method Investments | 10,534 | [1] | 3,480 | [1] |
Madison Two Thousand Two Hundred Sixty Realty Limited Liability Company [Member] | NEW YORK | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | [1] | ||
Cost Method Investment, Ownership Percentage | 8.60% | [1] | ||
Cost Method Investments | 526 | [1] | 634 | [1] |
Madison One Thousand Two Hundred Thirty Five Realty Limited Liability Company [Member] | NEW YORK | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | [1] | ||
Cost Method Investment, Ownership Percentage | 20.10% | [1] | ||
Cost Method Investments | 820 | [1] | 820 | [1] |
Talega Village Center JV, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Effective Interest | 100.00% | 48.00% | ||
Talega Village Center JV, LLC [Member] | CALIFORNIA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | [1],[3] | ||
Equity Method Investment, Ownership Percentage | 100.00% | [1],[3] | ||
Equity Method Investments | 0 | [1],[3] | 2,828 | [1],[3] |
Vernola Marketplace JV, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Effective Interest | 48.00% | |||
Vernola Marketplace JV, LLC [Member] | CALIFORNIA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | [1],[4] | ||
Equity Method Investment, Ownership Percentage | 0.00% | [1],[4] | ||
Equity Method Investments | 0 | [1],[4] | 6,468 | [1],[4] |
Parnassus Heights Medical Center [Member] | CALIFORNIA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | [1],[5] | ||
Equity Method Investment, Ownership Percentage | 50.00% | [1],[5] | ||
Equity Method Investments | 19,256 | [1],[5] | 19,791 | [1],[5] |
Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Deferred Gain on Sale | 376 | 376 | ||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Florida, Massachusetts, New Jersey [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 6 | [1],[6] | ||
Equity Method Investment, Ownership Percentage | 30.00% | [1],[6] | ||
Equity Method Investments | $44,689 | [1],[6] | $44,237 | [1],[6] |
Vestar Development Company [Member] | Talega Village Center JV, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | |||
Vestar Development Company [Member] | Vernola Marketplace JV, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 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 December 31, 2014 and 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] | The property held by the joint venture was sold in January 2014. Prior to disposition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | |||
[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 is 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 December 31, 2014 and 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 $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Jan. 31, 2014 | Jan. 23, 2014 | Aug. 31, 2014 | |||
sqft | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity in income of unconsolidated joint ventures | $10,990,000 | $1,648,000 | $542,000 | ||||||
Management and leasing services | 2,181,000 | 2,598,000 | 2,489,000 | ||||||
Equity Method Investment, Summarized Financial Information, Long-term Debt | 220,500,000 | 286,000,000 | |||||||
Equity Method Investment, Long-term Debt, Entity's Portion | 49,400,000 | 72,500,000 | |||||||
Business Combination, Consideration Transferred | 110,735,000 | 148,200,000 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,807,000 | 0 | 0 | ||||||
Sales of Real Estate | 150,025,000 | ||||||||
Gain on sale of real estate | 17,251,000 | 39,587,000 | 16,588,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 16,394,000 | 12,576,000 | 567,000 | ||||||
Payments to Noncontrolling Interests | 2,952,000 | 18,972,000 | 0 | ||||||
Vernola Marketplace JV, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 13,700,000 | ||||||||
Vestar/EQY Vernola LLC [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Payments to Noncontrolling Interests | 1,900,000 | ||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||
Payments to Acquire Equity Method Investments | 17,200,000 | ||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | New York Common Retirement Fund [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 70.00% | ||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business Combination, Consideration Transferred | 95,400,000 | ||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 40,000,000 | ||||||||
CALIFORNIA | Vestar [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Acquired controlling interest in joints ventures with Vestar | 2 | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | ||||||||
CALIFORNIA | Rockwood Joint Ventures [Member] | Equity One/Vestar Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.50% | ||||||||
CALIFORNIA | Vernola Marketplace JV, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 0.00% | [1],[2] | |||||||
Outparcel [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Acquired controlling interest in joints ventures with Vestar | 3 | ||||||||
Shopping Center [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Acquired controlling interest in joints ventures with Vestar | 2 | ||||||||
Vernola Marketplace [Member] | Vernola Marketplace JV, LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sales of Real Estate | 49,000,000 | ||||||||
Mortgage Loan Related to Property Sales | 22,900,000 | ||||||||
Gain on sale of real estate | 14,700,000 | ||||||||
Vernola Marketplace [Member] | Equity Method Investments [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Gain on sale of real estate | 7,400,000 | ||||||||
Talega Village Center [Member] | San Clemente [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net Rentable Area | 102,282 | [3] | |||||||
Business Combination, Consideration Transferred | 6,200,000 | 22,750,000 | [3] | ||||||
Windermere, FL [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Payments to Acquire Equity Method Investments | 2,000,000 | ||||||||
Windermere, FL [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net Rentable Area | 34,000 | ||||||||
Business Combination, Consideration Transferred | 13,000,000 | ||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 6,500,000 | ||||||||
Windermere, FL [Member] | Mortgages [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.82% | ||||||||
Noncontrolling Interest [Member] | Vernola Marketplace [Member] | Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Gain on sale of real estate | 1,600,000 | ||||||||
Noncontrolling Interest [Member] | Talega Village Center [Member] | San Clemente [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 561,000 | ||||||||
Contribution Related to JV Debt Repayment [Member] | Unconsolidated Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Partners' Capital Account, Contributions | 6,900,000 | 4,100,000 | |||||||
Management and Leasing Services [Member] | Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Management and leasing services | 2,200,000 | 2,600,000 | 2,500,000 | ||||||
Other Income [Member] | Talega Village Center [Member] | San Clemente [Member] | Equity One, Inc. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $2,800,000 | ||||||||
[1] | The property held by the joint venture was sold in January 2014. Prior to disposition, our effective interest was 48% when considering the 5% noncontrolling interest held by Vestar Development Company. | ||||||||
[2] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. | ||||||||
[3] | Property was acquired through the acquisition of our joint venture partners’ interests in the property. See Note 8 for further discussion. |
Loans_Receivable_Details
Loans Receivable (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mezzanine loans receivable, net | $0 | $60,711,000 | |||
Business Combination, Consideration Transferred | 110,735,000 | 148,200,000 | |||
Westwood Complex [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchase Obligation | 140,000,000 | ||||
Real Estate Investments, Parcels Acquired | 7 | 5 | 2 | ||
Payments to Acquire Businesses, Gross | 19,500,000 | ||||
Westwood Shopping Center and Westwood Center II [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Business Combination, Consideration Transferred | 80,000,000 | ||||
Westwood Complex [Member] | Mezzanine Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mezzanine loans receivable, net | 12,000,000 | ||||
Mortgage Loans on Real Estate, Interest Rate | 5.00% | ||||
Proceeds from Sale and Collection of Mortgage Notes Receivable | 5,800,000 | ||||
Westwood Complex [Member] | Mortgage Loans on Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mezzanine loans receivable, net | 95,000,000 | ||||
Mortgage Loans on Real Estate, Interest Rate | 5.00% | ||||
Proceeds from Sale and Collection of Mortgage Notes Receivable | $40,700,000 | ||||
Westwood Complex [Member] | Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Square feet of gross leasable area | 22 | ||||
Westwood Complex [Member] | Retail Site [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Square feet of gross leasable area | 214,767 | ||||
Westwood Complex [Member] | Apartment Building [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Square feet of gross leasable area | 211,020 | ||||
Westwood Complex [Member] | Assisted Living Facility [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Units in Real Estate Property | 62 |
Goodwill_Goodwill_Activity_Det
Goodwill (Goodwill Activity) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Goodwill [Roll Forward] | ||||||
Balance at beginning of period | $6,527,000 | |||||
Impairment | -288,000 | |||||
Balance at end of period | 6,038,000 | 6,377,000 | ||||
Continuing Operations [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Impairment | 0 | [1] | -150,000 | [1] | -378,000 | [1] |
Allocated to property sale | ($339,000) | $0 | ||||
[1] | The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. |
Other_Assets_Composition_of_Ot
Other Assets (Composition of Other Assets) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Lease intangible assets, net | 106,064,000 | $117,200,000 |
Deferred tax asset | 5,739,000 | 5,786,000 |
Total other assets | 218,971,000 | 229,599,000 |
Other Assets [Member] | ||
Lease intangible assets, net | 106,064,000 | 117,200,000 |
Leasing commissions, net | 39,141,000 | 38,296,000 |
Prepaid Expense and Other Assets | 26,880,000 | 26,763,000 |
Straight-line rent receivables, net | 24,412,000 | 21,490,000 |
Deferred financing costs, net | 9,322,000 | 8,347,000 |
Deposits and mortgage escrows | 6,356,000 | 7,763,000 |
Furniture, fixtures and equipment, net | 3,809,000 | 4,406,000 |
Deferred tax asset | 2,306,000 | 2,390,000 |
Total other assets | 218,971,000 | 229,599,000 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Fair value of interest rate swaps | 681,000 | 2,944,000 |
Environmental Issue [Member] | ||
Prepaid Expense and Other Assets, Term of Receivable | 2 years | |
Environmental Issue [Member] | Other Assets [Member] | ||
Recorded Third-Party Environmental Recoveries, Net | 22,000,000 | $22,400,000 |
Other_Assets_Composition_Of_In
Other Assets (Composition Of Intangible Assets And Accumulated Amortization) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $190,395 | $190,741 |
Total accumulated amortization | 84,331 | 73,541 |
Lease intangible assets, net | 106,064 | 117,200 |
Above-Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 21,322 | 21,149 |
Total accumulated amortization | 12,435 | 10,508 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 124,469 | 126,219 |
Total accumulated amortization | 65,503 | 57,752 |
Ground Lease [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 34,094 | 34,094 |
Total accumulated amortization | 1,394 | 793 |
Lease Origination Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 3,115 | 3,426 |
Total accumulated amortization | 2,310 | 2,402 |
Lease Incentives [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 7,395 | 5,853 |
Total accumulated amortization | $2,689 | $2,086 |
Other_Assets_Amortization_Expe
Other Assets Amortization Expense of Intangible Assets (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | $19,108 | $19,873 | $22,009 | |||
Above Market Leases [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | 2,605 | [1] | 3,669 | [1] | 4,129 | [1] |
Leases, Acquired-in-Place [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | 14,824 | [2] | 14,530 | [2] | 16,642 | [2] |
Ground Lease [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | 601 | [3] | 601 | [3] | 191 | [3] |
Lease Origination Costs [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | 298 | [2] | 338 | [2] | 454 | [2] |
Lease Incentives [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of Intangible Assets | $780 | [1] | $735 | [1] | $593 | [1] |
[1] | Amounts are recognized as a reduction of minimum rent. | |||||
[2] | Amounts are included in depreciation and amortization expenses. | |||||
[3] | Amounts are included in property operating expenses. |
Other_Assets_Five_Year_Amortiz
Other Assets Five Year Amortization Schedule of Intangible Assets (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $13,700 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 10,821 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8,634 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,265 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | $5,653 |
Borrowings_Schedule_Of_Mortgag
Borrowings (Schedule Of Mortgage Notes Payable) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Real Estate Investment Property, Net | $2,908,420,000 | $2,916,833,000 | |
Fixed rate mortgage loans | 311,778,000 | 430,155,000 | |
Unamortized Premium/Discount, Net | 3,127,000 | 6,118,000 | |
Noncash or Part Noncash Acquisition, Debt Assumed | 11,353,000 | 35,701,000 | 35,451,000 |
Sales of Real Estate | 150,025,000 | ||
Gains (Loss) on Extinguishment of Debt | -2,750,000 | 107,000 | -29,146,000 |
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgage loans | 311,778,000 | 430,155,000 | |
Unamortized Premium/Discount, Net | 4,500,000 | 7,816,000 | |
Mortgage notes payable | 316,278,000 | 437,971,000 | |
Debt, Weighted Average Interest Rate | 6.03% | 5.99% | |
Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.74% | 6.88% | |
Gains (Loss) on Extinguishment of Debt | 3,300,000 | ||
Mortgage Loans [Member] | Talega Village Center [Member] | |||
Debt Instrument [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | 11,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% | ||
Debt Instrument, Maturity Date | 1-Oct-36 | ||
Mortgage Loans [Member] | Brawley Commons [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 1-Jul-13 | 1-Jul-13 | |
Gains (Loss) on Extinguishment of Debt | 882,000 | ||
Charlotte [Member] | Brawley Commons [Member] | |||
Debt Instrument [Line Items] | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 6,500,000 | ||
Sales of Real Estate | 5,500,000 | ||
Assets Pledged as Collateral [Member] | |||
Debt Instrument [Line Items] | |||
Real Estate Investment Property, Net | $645,900,000 |
Borrowings_Schedule_Of_Unsecur
Borrowings (Schedule Of Unsecured Senior Notes) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | |
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | $731,136,000 | $731,136,000 | ||
Unamortized Premium/Discount, Net | 3,127,000 | 6,118,000 | ||
Repayment of senior debt borrowings | 287,840,000 | |||
Gains (Loss) on Extinguishment of Debt | -2,750,000 | 107,000 | -29,146,000 | |
5.375% Senior Notes, due 10/15/15 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 5.38% | |||
Debt instrument, maturity date | 15-Oct-15 | |||
6.0% Senior Notes, due 9/15/16 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 6.00% | |||
Debt instrument, maturity date | 15-Sep-16 | |||
6.25% Senior Notes, due 1/15/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 6.25% | |||
Debt instrument, maturity date | 15-Jan-17 | |||
6.0% Senior Notes, due 9/15/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 6.00% | |||
Debt instrument, maturity date | 15-Sep-17 | |||
3.75% Senior Notes, due 11/15/22 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 3.75% | |||
Debt instrument, maturity date | 15-Nov-22 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 731,136,000 | 731,136,000 | ||
Unamortized Premium/Discount, Net | -1,373,000 | -1,698,000 | ||
Senior Notes | 729,438,000 | |||
Weighted-average interest rate, net of discount adjustment | 5.02% | 5.02% | ||
5.375% Senior Notes, due 10/15/15 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 107,505,000 | 107,505,000 | ||
6.0% Senior Notes, due 9/15/16 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 105,230,000 | 105,230,000 | ||
6.25% Senior Notes, due 1/15/17 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 101,403,000 | 101,403,000 | ||
6.0% Senior Notes, due 9/15/17 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 116,998,000 | 116,998,000 | ||
Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 300,000,000 | 300,000,000 | ||
Senior Notes Six Point Two Five Percent Due Two Thousand Fourteen [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of senior debt borrowings | 250,000,000 | |||
Debt instrument, interest rate, stated percentage | 6.25% | |||
Debt instrument, maturity date | 15-Dec-14 | |||
Gains (Loss) on Extinguishment of Debt | 29,600,000 | |||
Make-Whole Premium [Member] | Senior Notes Six Point Two Five Percent Due Two Thousand Fourteen [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Amount | $27,800,000 |
Borrowings_Unsecured_Revolving
Borrowings (Unsecured Revolving Credit Facilities) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Line of Credit Facility, Amount Outstanding | $37,000,000 | $91,000,000 | 91,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 605,000,000 | ||
Letters of Credit Outstanding, Amount | 2,200,000 | ||
Primary Credit Facility [Member] | |||
Line of Credit Facility, Amount Outstanding | 37,000,000 | 91,000,000 | 91,000,000 |
Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 600,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 900,000,000 | 575,000,000 | 575,000,000 |
Line of Credit Facility, Interest Rate During Period | 1.05% | 1.30% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Percentage Of Borrowings On Lender Commitments | 50.00% | ||
Swing Line Facility For Short Term Borrowings | 75,000,000 | ||
Line Of Credit Facility Letter Of Credit Commitment Fee | 50,000,000 | ||
Multicurrency Subfacility | 56,900,000 | ||
Line of Credit Facility, Expiration Date | 31-Dec-18 | ||
Line of Credit Facility, Interest Rate at Period End | 1.22% | ||
Revolving Credit Facility [Member] | Secondary Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $5,000,000 | ||
Line of Credit Facility, Expiration Date | 7-May-15 | ||
Minimum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.13% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Secondary Credit Facility [Member] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.88% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.55% |
Borrowings_Term_Loan_Details
Borrowings (Term Loan) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Term loan | $250,000,000 | $250,000,000 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | -2,900,000 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Payments for Deposits Applied to Debt Retirements | 115,400,000 | 24,000,000 |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 250,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | |
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |
Base Rate [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | base rate | |
Base Rate [Member] | Maximum [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | |
Base Rate [Member] | Minimum [Member] | Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate During Period | 1.15% | |
Derivative, Maturity Date | 13-Feb-19 | |
Derivative Asset, Number of Instruments Held | 1 | |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Instruments and Hedges, Assets | 681,000 | 2,944,000 |
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | $952,000 |
Principal_Maturities_of_LongTe
Principal Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $133,984 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 180,630 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 289,285 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 98,864 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 274,244 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 352,907 | |
Long-term Debt | $1,329,914 | $1,502,291 |
Borrowings_Borrowings_Interest
Borrowings Borrowings (Interest) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Interest Expense, Debt, Excluding Amortization | $71,400,000 | $74,300,000 | $80,500,000 |
Interest Paid, Capitalized | $4,969,000 | $2,863,000 | $4,742,000 |
Borrowings_Borrowings_Phantom_
Borrowings Borrowings (Phantom) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | 13-Feb-19 |
5.375% Senior Notes, due 10/15/15 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% |
Debt Instrument, Maturity Date | 15-Oct-15 |
6.0% Senior Notes, due 9/15/16 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Debt Instrument, Maturity Date | 15-Sep-16 |
6.25% Senior Notes, due 1/15/17 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Debt Instrument, Maturity Date | 15-Jan-17 |
6.0% Senior Notes, due 9/15/17 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Debt Instrument, Maturity Date | 15-Sep-17 |
Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
Debt Instrument, Maturity Date | 15-Nov-22 |
Other_Liabilities_Composition_
Other Liabilities (Composition of Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Other Liabilities [Line Items] | ||
Total other liabilities | $167,400 | $177,416 |
Other Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease intangible liabilities, net | 157,486 | 167,777 |
Prepaid rent | 9,607 | 9,450 |
Other | 307 | 189 |
Total other liabilities | $167,400 | $177,416 |
Other_Liabilities_Narrative_De
Other Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | |
Amortization Expense of Intangible Liabilities [Line Items] | ||||
Acquired Finite-lived Intangible Asset, Amount | $0 | $25,000,000 | $0 | |
Lease intangible liabilities, gross | 226,800,000 | 228,700,000 | ||
Finite-lived Intangible Liabilities, Accumulated Amortization | 69,300,000 | 60,900,000 | ||
Annual Minimum Rent | ||||
Amortization Expense of Intangible Liabilities [Line Items] | ||||
Accretion of Intangible Liabilities | 22,300,000 | 17,300,000 | 17,400,000 | |
101 7th Avenue [Member] | NEW YORK | Annual Minimum Rent | ||||
Amortization Expense of Intangible Liabilities [Line Items] | ||||
Gain (Loss) on Contract Termination | 4,400,000 | |||
1175 Third Avenue [Member] | NEW YORK | ||||
Amortization Expense of Intangible Liabilities [Line Items] | ||||
Acquired Finite-lived Intangible Asset, Amount | $25,000,000 | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Other_Liabilities_Estimated_Am
Other Liabilities (Estimated Amortization Expense of Intangible Liabilities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Expected Liability Amortization Expense [Line Items] | |
Intangible Liabilities, Future Accretion Expense, Year One | $14,452 |
Intangible Liabilities, Future Accretion Expense, Year Two | 12,975 |
Intangible Liabilities, Future Accretion Expense, Year Three | 12,034 |
Intangible Liabilities, Future Accretion Expense, Year Four | 11,362 |
Intangible Liabilities, Future Accretion Expense, Year Five | $10,120 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2015 | |
Tax Credit Carryforward [Line Items] | ||||
Percentage of distribution of REIT taxable income to stockholders | 90.00% | |||
Percentage of gross income derived from qualifying sources | 95.00% | |||
Income tax provision of taxable REIT subsidiaries | ($27,000) | ($686,000) | ($477,000) | |
Deferred tax asset | 5,739,000 | 5,786,000 | ||
Deferred tax liability | 10,261,000 | 9,374,000 | ||
Deferred Tax Liabilities, Gross | 16,000,000 | 15,160,000 | ||
Net operating loss carry forward | 3,099,000 | 2,996,000 | ||
Valuation allowance | 164,000 | 162,000 | ||
Dim Vastgoed N V [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Liabilities, Gross | 12,600,000 | 11,800,000 | ||
Tax Credit Carryforward, Expiration Date | 31-Dec-27 | |||
Federal net operating loss carry forwards | 5,200,000 | |||
State net operating loss carry forwards | 2,200,000 | |||
Southeast US Holdings [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forward | 650,000 | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-16 | |||
Valuation allowance | 164,000 | |||
I R T Capital Corporation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred Tax Assets, Net | 2,300,000 | 2,400,000 | ||
Disallowed interest carry forwards | 7,200,000 | |||
Disallowed interest carry forwards with tax value | 2,700,000 | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-30 | |||
Federal net operating loss carry forwards | 2,000,000 | |||
State net operating loss carry forwards | $1,600,000 | |||
DIM [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | 97.80% | ||
Subsequent Event [Member] | DIM [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Minority Interest Percentage | 2.00% |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciles GAAP Net Income To Taxable Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||||||||
GAAP net income (loss) attributable to Equity One | $6,725 | [1] | $18,307 | ($2,411) | [1] | $26,276 | $9,152 | [2] | $10,571 | [2] | $33,638 | [2] | $24,593 | [2] | $48,897 | $77,954 | ($3,477) |
Net (income) loss attributable to taxable REIT subsidiaries | -1,214 | -585 | 4,964 | ||||||||||||||
GAAP net income from REIT operations | 47,683 | 77,369 | 1,487 | ||||||||||||||
Joint ventures | -2,494 | 14,941 | 4,530 | ||||||||||||||
Depreciation | 21,856 | 10,899 | 7,399 | ||||||||||||||
Sale of property | -12,998 | -36,220 | -925 | ||||||||||||||
Exercise of stock options and restricted shares | -3,378 | -398 | 6,009 | ||||||||||||||
Interest expense | 1,908 | 1,558 | 3,152 | ||||||||||||||
Deferred/prepaid/above and below-market rents, net | -7,922 | -4,363 | -2,388 | ||||||||||||||
Impairment loss | 21,620 | 5,353 | 21,511 | ||||||||||||||
Brownfield tax credits (see Note 12) | 9,225 | 0 | 0 | ||||||||||||||
Amortization | -756 | 136 | 227 | ||||||||||||||
Acquisition costs | 1,771 | 2,771 | 1,941 | ||||||||||||||
Other, net | -1,700 | 549 | -1,583 | ||||||||||||||
Adjusted taxable income (1) | $74,815 | $72,595 | $41,360 | ||||||||||||||
[1] | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | ||||||||||||||||
[2] | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. |
Income_Taxes_Tax_Status_Of_Div
Income Taxes (Tax Status Of Dividends Paid) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Dividend paid per share (in USD per share) | $0.88 | $0.88 | $0.88 |
Ordinary income (percent) | 68.84% | 66.37% | 43.72% |
Return of capital (percent) | 28.51% | 31.21% | 54.10% |
Capital gains (percent) | 2.65% | 2.42% | 2.18% |
Income_Taxes_Taxable_REIT_Subs
Income Taxes (Taxable REIT Subsidiaries) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) before income taxes | $2,281 | $784 | ($7,452) |
Foreign (loss) income before income taxes | -190 | 3 | -15 |
Total income (loss) before income taxes | 2,091 | 787 | -7,467 |
Current federal and state | 10 | -69 | 72 |
Deferred federal and state | -887 | -133 | 2,431 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | 877 | 202 | -2,503 |
Net (loss) income from taxable REIT subsidiaries | $1,214 | $585 | ($4,964) |
Income_Taxes_PreTax_Earnings_F
Income Taxes (Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
U.S. income (loss) before income taxes | $2,281 | $784 | ($7,452) |
Foreign (loss) income before income taxes | -190 | 3 | -15 |
Total income (loss) before income taxes | 2,091 | 787 | -7,467 |
Current federal and state | 10 | -69 | 72 |
Deferred federal and state | -887 | -133 | 2,431 |
Income Tax Expense (Benefit) | -850 | 484 | 2,980 |
Net (loss) income from taxable REIT subsidiaries | 1,214 | 585 | -4,964 |
Income tax provision of taxable REIT subsidiaries | 27 | 686 | 477 |
Continuing Operations [Member] | |||
Income Tax Contingency [Line Items] | |||
U.S. income (loss) before income taxes | 2,212 | -1,582 | -9,161 |
Foreign (loss) income before income taxes | -190 | 3 | -15 |
Total income (loss) before income taxes | 2,022 | -1,579 | -9,176 |
Current federal and state | 10 | -34 | 72 |
Deferred federal and state | -860 | 518 | 2,908 |
Income Tax Expense (Benefit) | -850 | 484 | 2,980 |
Net (loss) income from taxable REIT subsidiaries | $1,172 | ($1,095) | ($6,196) |
Income_Taxes_Statutory_Federal
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Tax Contingency [Line Items] | ||||||
Federal (provision) benefit at statutory tax rate (1) | ($708) | [1] | ($239) | [1] | $2,616 | [1] |
State taxes, net of federal (provision) benefit | -80 | -69 | 272 | |||
Foreign tax rate differential | -19 | -5 | -7 | |||
Other | -63 | 117 | -370 | |||
Valuation allowance increase | -7 | -6 | -8 | |||
Total income tax (provision) benefit | ($877) | ($202) | $2,503 | |||
Maximum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Projected taxable income | 35.00% | |||||
Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Projected taxable income | 34.00% | |||||
[1] | (1)Â Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Income_Taxes_Statutory_Federal1
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Tax Contingency [Line Items] | ||||||
Federal (provision) benefit at statutory tax rate (1) | ($708) | [1] | ($239) | [1] | $2,616 | [1] |
State taxes, net of federal (provision) benefit | -80 | -69 | 272 | |||
Foreign tax rate differential | -19 | -5 | -7 | |||
Other | -63 | 117 | -370 | |||
Valuation allowance increase | -7 | -6 | -8 | |||
Income Tax Expense (Benefit) | -850 | 484 | 2,980 | |||
Continuing Operations [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Federal (provision) benefit at statutory tax rate (1) | -681 | [2] | 344 | [2] | 3,044 | [2] |
State taxes, net of federal (provision) benefit | -80 | 34 | 321 | |||
Foreign tax rate differential | -19 | -5 | -7 | |||
Other | -63 | 117 | -370 | |||
Valuation allowance increase | -7 | -6 | -8 | |||
Income Tax Expense (Benefit) | ($850) | $484 | $2,980 | |||
Maximum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Projected taxable income | 35.00% | |||||
[1] | (1)Â Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. | |||||
[2] | (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ||
Disallowed interest | $2,722 | $2,842 |
Net operating loss | 3,099 | 2,996 |
Other | 82 | 110 |
Valuation allowance | -164 | -162 |
Total deferred tax assets | 5,739 | 5,786 |
Other real estate investments | -15,439 | -14,133 |
Mortgage revaluation | -466 | -748 |
Other | -95 | -279 |
Total deferred tax liabilities | 16,000 | 15,160 |
Net deferred tax liability | ($10,261) | ($9,374) |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Feb. 27, 2015 | Dec. 31, 2013 | Jan. 04, 2011 | |||
Redeemable noncontrolling interests | $0 | $989,000 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 207,189,000 | 207,743,000 | ||||
Walden Woods Village Ltd [Member] | ||||||
Redeemable noncontrolling interests | 0 | [1] | 989,000 | [1] | ||
Payments to Acquire Investments | 2,200,000 | |||||
CapCo [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,145,000 | 206,145,000 | ||||
DIM [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,044,000 | [2] | 1,081,000 | [2] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | 97.80% | ||||
Vestar/EQY Talega LLC [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | [3] | 147,000 | [3] | ||
Vestar/EQY Vernola LLC [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | [4] | 341,000 | [4] | ||
Vestar/EQY Canyon Trails LLC [Member] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $0 | [5] | $29,000 | [5] | ||
Subsequent Event [Member] | DIM [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Minority Interest Percentage | 2.00% | |||||
[1] | This entity owned Walden Woods Shopping Center, which was sold in September 2014. Prior to the sale, we acquired the noncontrolling partners’ interests in Walden Woods Village, Ltd. for $2.2 million. | |||||
[2] | As of December 31, 2014 and 2013, our ownership interest in DIM was 98.0% and 97.8%, respectively. In February 2015, we entered into a settlement agreement to acquire the remaining 2.0% interest held by minority shareholders, which is subject to various conditions including the approval by the Dutch court. | |||||
[3] | This entity held our interest in Talega Village Center JV, LLC. We acquired our joint venture partners’ interest in January 2014. See Note 8 for further discussion. | |||||
[4] | This entity held our interest in Vernola Marketplace JV, LLC. The property held by the joint venture was sold in January 2014. | |||||
[5] | 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 $) | 12 Months Ended | 1 Months Ended | |||||
Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Oct. 31, 2011 | Jan. 04, 2011 |
Noncontrolling Interest [Line Items] | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $207,189,000 | $207,743,000 | |||||
Payments of Ordinary Dividends, Noncontrolling Interest | 11,962,000 | 10,038,000 | 9,995,000 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 206,145,000 | 206,100,000 | |||||
CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,145,000 | 206,145,000 | |||||
Liberty International Holdings Limited [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 10,000,000 | 10,000,000 | 10,000,000 | ||||
CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of Real Estate Properties | 13 | ||||||
Net Rentable Area | 2,600,000 | ||||||
Liberty International Holdings Limited [Member] | CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | ||||||
Liberty International Holdings Limited [Member] | Class A Joint Venture Shares [Member] | CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 11,400 | ||||||
Equity One, Inc. [Member] | CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 78.00% | ||||||
Equity One, Inc. [Member] | Initial Contribution [Member] | CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Notes Issued | 600,000,000 | ||||||
Equity One, Inc. [Member] | Subsequent Contribution [Member] | CapCo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Notes Issued | 84,300,000 | ||||||
Danbury And Southbury [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Payments to Acquire Additional Interest in Subsidiaries | 18,900,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Danbury And Southbury [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | ||||||
Number of Noncontrolling Interests Acquired | 2 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $19,000,000 | ||||||
Preferred Return for Non-Controlling Interest | 5.00% |
Stockholders_Equity_and_Earnin2
Stockholders’ Equity and Earnings (Loss) Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Aug. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.22 | $0.22 | $0.22 | $0.22 | $0.88 | $0.88 | $0.88 | ||
Equity Option [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Common stock not included in the calculation of EPS, shares | 532,000 | 1,400,000 | 3,500,000 | ||||||
Common stock price lower range limit (in usd per share) | $24.12 | $23.52 | $11.59 | ||||||
Common stock price upper range limit (in usd per share) | $26.66 | $26.66 | $26.66 | ||||||
Common Stock [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | 4,100,000 | |||||||
Sale of Stock, Price Per Share | $23.30 | $23.30 | $21.20 | ||||||
Sale of Stock, Consideration Received on Transaction | $104,600,000 | $85,600,000 | |||||||
Stock Issuance Costs And Underwriting Discounts | $561,000 | $813,000 | |||||||
Class A Joint Venture Shares [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Common stock not included in the calculation of EPS, shares | 11,400,000 | 0 | 0 | ||||||
Common Stock, Conversion Rate | 1 | ||||||||
Private Placement [Member] | Gazit First Generation LLC [Member] | Common Stock [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 675,000 | ||||||||
Private Placement [Member] | MGN (USA), Inc [Member] | Common Stock [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 500,000 |
Stockholders_Equity_and_Earnin3
Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Basic EPS And Reconciliation Of Net Income Available To Shareholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Income (loss) from continuing operations | $9,250 | [1],[2] | $20,897 | [1] | $76 | [1],[2] | $27,911 | [1] | $10,278 | [3] | $14,611 | [3] | $10,145 | [3] | $13,929 | [3] | $58,134 | $48,963 | ($1,212) | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 12,206 | 10,209 | 10,676 | |||||||||||||||||
Income from continuing operations attributable to Equity One, Inc. | 45,928 | 38,754 | -11,888 | |||||||||||||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Continuing Operations, Basic | 1,759 | 1,045 | 1,082 | |||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Continuing Operations | 44,169 | 37,709 | -12,970 | |||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | 8,437 | |||||||||||||||||
Net loss attributable to noncontrolling interests | 12 | -494 | -26 | |||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations, Basic | 2,969 | 39,200 | 8,411 | |||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $47,138 | $76,909 | ($4,559) | |||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 119,403 | 117,389 | 114,233 | |||||||||||||||||
Basic earnings per share from continuing operations (in usd per share) | $0.05 | [2] | $0.14 | ($0.02) | [2] | $0.20 | $0.06 | [3] | $0.10 | [3] | $0.06 | [3] | $0.09 | [3] | $0.37 | $0.32 | ($0.11) | |||
Basic earnings per share from discontinued operations (in usd per share) | $0.02 | $0.33 | $0.07 | |||||||||||||||||
Earnings per common share - Basic (in usd per share) | $0.05 | [2] | $0.14 | ($0.02) | [2] | $0.22 | $0.08 | [3] | $0.09 | [3] | $0.28 | [3] | $0.21 | [3] | $0.39 | $0.66 | [4] | ($0.04) | ||
[1] | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | |||||||||||||||||||
[2] | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | |||||||||||||||||||
[3] | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
[4] | Note: EPS does not foot due to the rounding of the individual calculations. |
Stockholders_Equity_and_Earnin4
Stockholders’ Equity and Earnings Per Share Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Diluted EPS And Reconciliation Of Net Income Available To Shareholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||
Income (loss) from continuing operations | $9,250 | [1],[2] | $20,897 | [1] | $76 | [1],[2] | $27,911 | [1] | $10,278 | [3] | $14,611 | [3] | $10,145 | [3] | $13,929 | [3] | $58,134 | $48,963 | ($1,212) |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 12,206 | 10,209 | 10,676 | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 45,928 | 38,754 | -11,888 | ||||||||||||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Continuing Operations, Diluted | 1,759 | 1,045 | 1,082 | ||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Continuing Operations, Diluted | 44,169 | 37,709 | -12,970 | ||||||||||||||||
Income (loss) from discontinued operations | 2,957 | 39,694 | 8,437 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | -12 | 494 | 26 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,969 | 39,200 | 8,411 | ||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations, Diluted | 2,969 | 39,200 | 8,411 | ||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $47,138 | $76,909 | ($4,559) | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 119,403 | 117,389 | 114,233 | ||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 222 | 288 | 0 | ||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 40 | 0 | 0 | ||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 60 | 94 | 0 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 119,725 | 117,771 | 114,233 | ||||||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $0.05 | [2] | $0.14 | ($0.02) | [2] | $0.20 | $0.06 | [3] | $0.10 | [3] | $0.06 | [3] | $0.09 | [3] | $0.37 | $0.32 | ($0.11) | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0.02 | $0.33 | $0.07 | ||||||||||||||||
Earnings Per Share, Diluted | $0.05 | [2] | $0.14 | ($0.02) | [2] | $0.22 | $0.08 | [3] | $0.09 | [3] | $0.28 | [3] | $0.21 | [3] | $0.39 | $0.65 | ($0.04) | ||
[1] | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | ||||||||||||||||||
[2] | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | ||||||||||||||||||
[3] | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. |
ShareBased_Payment_Plans_Narra
Share-Based Payment Plans (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 02, 2014 | 12-May-14 | Jul. 15, 2014 | Dec. 31, 2015 | Jan. 31, 2015 | Jan. 01, 2015 | Feb. 28, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 13,500,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||||||
Weighted-Average Exercise Price, Granted | $22.87 | ||||||||||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price | 85.00% | ||||||||||
Number of trading days used to determine Employee Stock Purchase Plan purchase price | 5 years | ||||||||||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price, Threshold, Minimum | 85.00% | ||||||||||
Four Zero One K Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $424,000 | $414,000 | $432,000 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 187,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $22.91 | $17.37 | [1] | ||||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Expected volatility | 39.80% | ||||||||||
Risk-free interest rate | 2.00% | ||||||||||
Outgoing Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Modification, Number of Shares | 58,240 | ||||||||||
Outgoing Chief Executive Officer [Member] | Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | 232,000 | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Officers' Compensation | 850,000 | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage | 100.00% | ||||||||||
Officers' Compensation, Signing Bonus, Requisite Service Period | 12 months | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||||||
Weighted-Average Exercise Price, Granted | $22.87 | ||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 68,956 | ||||||||||
Chief Executive Officer [Member] | Cash [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | ||||||||||
Chief Executive Officer [Member] | Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 156,300 | ||||||||||
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% | ||||||||||
Deferred Compensation Arrangement with Individual, Target Shares | 39,075 | ||||||||||
Chief Executive Officer [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||
Performance Metric, Number of Components | 4 | ||||||||||
Chief Executive Officer [Member] | Market Awards [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cost of Award | 1,500,000 | ||||||||||
Expected volatility | 24.30% | ||||||||||
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% | ||||||||||
Risk-free interest rate | 1.30% | ||||||||||
Board of Directors Chairman [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | 22.24 | ||||||||||
Chief Operating Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Officers' Compensation | 400,000 | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | 300,000 | ||||||||||
Chief Operating Officer [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,000 | ||||||||||
Chief Operating Officer [Member] | Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 25,685 | ||||||||||
Chief Operating Officer [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||
Chief Operating Officer [Member] | Market Awards [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Expected volatility | 23.10% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 14.10% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 25.70% | ||||||||||
Risk-free interest rate | 1.30% | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 253,000 | ||||||||||
Minimum [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||||||||||
Minimum [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 850,000 | ||||||||||
Minimum [Member] | Chief Operating Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | 300,000 | ||||||||||
Scenario, Forecast [Member] | President [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Officers' Compensation | 750,000 | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage | 100.00% | ||||||||||
Absolute Shareholder Return [Member] | Chief Executive Officer [Member] | Market Awards [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | ||||||||||
Total Shareholder Return Relative to Peer Community [Member] | Chief Executive Officer [Member] | Market Awards [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | ||||||||||
Recurring FFO Growth [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $19.51 | ||||||||||
Recurring FFO Growth [Member] | Chief Operating Officer [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $20.68 | ||||||||||
Discretionary [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | ||||||||||
Subsequent Event [Member] | Board of Directors Chairman [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 255,000 | ||||||||||
Subsequent Event [Member] | President [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 39,370 | ||||||||||
First 3% of Employee Contributions [Member] | Four Zero One K Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||||||||
Next 3% of Employee Contributions [Member] | Four Zero One K Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||||||||
Pre-modification [Member] | Outgoing Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Post-employment Exercise Period | 3 months | ||||||||||
Post-modification [Member] | Outgoing Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Post-employment Exercise Period | 6 months | ||||||||||
Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | Board of Directors Chairman [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Shares Vesting | 7,095 | ||||||||||
Share-based Compensation Award, Subsequent Tranches [Member] | Subsequent Event [Member] | Board of Directors Chairman [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Shares Vesting | 7,083 | ||||||||||
Deferred Bonus [Member] | Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Deferred Bonus [Member] | Chief Operating Officer [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
General and Administrative Expense [Member] | Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Officers' Compensation, Signing Bonus | $500,000 | ||||||||||
[1] | Does not include 800,000 shares of restricted stock awarded to certain executives which were subject to performance vesting conditions and were not entitled to vote or receive dividends during the performance period that ended on December 31, 2014. As none of the market conditions were ultimately met, no shares vested in connection with the awards. |
ShareBased_Payment_Plans_Summa
Share-Based Payment Plans (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares Under Option, Outstanding at the beginning of year | 2,985 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200 | ||
Shares Under Option, Exercised | -1,917 | ||
Shares Under Option, Forfeited or expired | -60 | ||
Shares Under Option, Outstanding at the end of period | 1,208 | 2,985 | |
Shares Under Option, Exercisable at the end of period | 958 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at the beginning of year (in usd per share) | $21.53 | ||
Weighted-Average Exercise Price, Granted | $22.87 | ||
Weighted-Average Exercise Price, Exercised (in usd per share) | $21.09 | ||
Weighted-Average Exercise Price, Forfeited or expired (in usd per share) | $23.14 | ||
Weighted-Average Exercise Price, Outstanding at the end of period (in usd per share) | $22.37 | $21.53 | |
Weighted-Average Exercise Price, Exercisable at the end of period (in usd per share) | $22.43 | ||
Statement [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Term | 4 years 11 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 10 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $3,723 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 2,911 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 40,400 | 8,700 | 493 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $6,100 | $4,600 | $319 |
ShareBased_Payment_Plans_Summa1
Share-Based Payment Plans (Summary Of Assumptions For Estimation Of Fair Value Of Option Grant On The Grant Date Using The Black-Scholes-Merton Pricing Model) (Details) (Employee Stock Option [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 3.80% |
Risk-free interest rate | 2.00% |
Expected option life (years) | 6 years 3 months |
Expected volatility | 39.80% |
ShareBased_Payment_Plans_Summa2
Share-Based Payment Plans (Summary Of Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-Average Grant Date Fair Value, Beginning of Period | $22.91 | $17.37 | [1] | ||
Weighted-Average Grant Date Fair Value, Granted | $22.95 | $22.40 | $18.85 | ||
Weighted-Average Grant Date Fair Value, Vested | $18.89 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | $7.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $5.30 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Unvested Shares, Unvested at beginning of the period | 857,000 | [1] | |||
Unvested Shares, Granted | 187,000 | ||||
Unvested Shares, Vested | -281,000 | ||||
Unvested Shares, Forfeited | -583,000 | ||||
Unvested Shares, Unvested at end of the period | 180,000 | 857,000 | [1] | ||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Unvested Shares, Forfeited | -800,000 | ||||
[1] | Does not include 800,000 shares of restricted stock awarded to certain executives which were subject to performance vesting conditions and were not entitled to vote or receive dividends during the performance period that ended on December 31, 2014. As none of the market conditions were ultimately met, no shares vested in connection with the awards. |
ShareBased_Payment_Plans_Summa3
Share-Based Payment Plans (Summary of Share-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | $6,818,000 | $5,931,000 | $6,060,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 650,000 | 465,000 | 1,040,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | 30,000 | 18,000 | 13,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 7,498,000 | 6,414,000 | 7,113,000 |
Deferred Compensation Share-based Arrangements, Liability | 289,000 | 117,000 | 51,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Costs | 7,787,000 | 6,531,000 | 7,164,000 |
Less amount capitalized | -520,000 | -358,000 | -301,000 |
Net share-based compensation expense | 7,267,000 | 6,173,000 | 6,863,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $10,800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 1 month 13 days |
Future_Minimum_Rental_Income_D
Future Minimum Rental Income (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $238,035 |
2016 | 210,951 |
2017 | 182,452 |
2018 | 158,752 |
2019 | 131,519 |
Thereafter | 626,182 |
Total | $1,547,891 |
Future_Minimum_Rental_Income_F
Future Minimum Rental Income Future Minimum Rental Income (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Lessor Leasing Arrangements, Operating Leases, Lease Termination Date, Maximum | 31-Jan-40 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Letters of Credit Outstanding, Amount | $2.20 | ||
Investment in development or redevelopment projects | 102.6 | ||
Development/Redevelopment Obligation, Amount | 39 | ||
Development/Redevelopment Period | 2 years | ||
Operating Leases, Rent Expense, Net | $1.50 | $1.40 | $1.20 |
Ground Lease, Lessee [Member] | |||
Loss Contingencies [Line Items] | |||
Year of Latest Lease Expiration | 2076 | ||
Office and Equipment Leases [Member] | |||
Loss Contingencies [Line Items] | |||
Year of Latest Lease Expiration | 2021 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Minimum Annual Payments Under Non-Cancellable Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $1,784 |
2016 | 1,673 |
2017 | 1,420 |
2018 | 1,406 |
2019 | 1,427 |
Thereafter | 36,922 |
Total | $44,632 |
Fair_Value_Measurements_Recurr
Fair Value Measurements (Recurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | $2,944,000 | |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Number of Instruments Held | 3 | |
Derivative, Notional Amount | 250,000,000 | |
Derivative Asset, Number of Instruments Held | 1 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 681,000 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 952,000 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 681,000 | 2,944,000 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 952,000 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Assets | 681,000 | 2,944,000 |
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 952,000 | |
Equity One, Inc. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in valuation, interest rate swaps | ($3,200,000) | $9,900,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Asset Impairment Charges | $8,000 | $13,900 | $21,850 | $10,617 | $29,441 | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700 | 22,700 | 6,600 | |||||||
Impairment of Long-Lived Assets Held-for-use | 15,100 | [1] | 2,406 | [2] | ||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 3,875 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 1,313 | [2] | ||||||||
Development Properties Held-for-investment | 7,370 | 7,370 | 6,400 | |||||||
Impairment of Real Estate | 2,200 | [2] | 3,085 | [2] | ||||||
Assets, Fair Value Disclosure | 30,070 | 30,070 | 16,875 | |||||||
Asset Impairment Charges | 17,341 | [1] | 6,804 | [2] | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | |||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 0 | |||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | |||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | |||||||
Operating Properties Held-for-sale, Fair Value Disclosure | 3,875 | |||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | |||||||
Assets, Fair Value Disclosure | 0 | 0 | 3,875 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700 | [3] | 11,900 | 22,700 | [3] | 6,600 | [4] | 5,400 | ||
Operating Properties Held-for-sale, Fair Value Disclosure | 0 | |||||||||
Development Properties Held-for-investment | 7,370 | 7,370 | 6,400 | |||||||
Assets, Fair Value Disclosure | 30,070 | 30,070 | 13,000 | |||||||
Continuing Operations [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 15,111 | [5],[6] | 2,406 | [5],[6] | 7,791 | [5],[6] | ||||
Impairment of Real Estate | 2,230 | [6] | 3,085 | [6] | 740 | [6] | ||||
Impairment of Long-Lived Assets Sold | $4,509 | [7] | $0 | [7] | $0 | [7] | ||||
[1] | Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. | |||||||||
[2] | Total losses are for the full year ended December 31, 2013 and exclude impairments related to properties sold during the year. | |||||||||
[3] | epresents the fair value of operating properties as of the date they were impaired during the second quarter of 2014. As of December 31, 2014, the carrying amounts of the properties no longer equaled their fair values. | |||||||||
[4] | $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. | |||||||||
[5] | The properties are located in secondary markets for which our anticipated holding periods were reconsidered. Based on an assessment of the plans for each property, it was determined that there was an increased likelihood that holding periods for such properties may be shorter than previously estimated due to management’s updated disposition plans. The expected cash flows considered the estimated holding period of the assets and the exit price in the event of disposition. | |||||||||
[6] | The expected undiscounted probability weighted cash flows of each property was less than its carrying value. | |||||||||
[7] | The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Level 3 Inputs) (Details) (Fair Value, Inputs, Level 3 [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 9.50% | 10.00% |
Minimum [Member] | Overall cap rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.00% | 12.50% |
Minimum [Member] | Terminal cap rate [Member] [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | 12.50% |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 14.50% | 13.50% |
Maximum [Member] | Overall cap rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 15.00% | 15.50% |
Maximum [Member] | Terminal cap rate [Member] [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 13.50% | 12.50% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | $0 | $60,711,000 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 316,300,000 | 438,000,000 |
Term loan | 250,000,000 | 250,000,000 |
Redeemable noncontrolling interests | 0 | 989,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Payable, Fair Value Disclosure | 249,800,000 | 248,700,000 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Assets | 681,000 | 2,944,000 |
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments and Hedges, Liabilities | 952,000 | |
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] | ||
Mortgage Notes Payable, fair value | 337,400,000 | 461,500,000 |
Unsecured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 729,800,000 | 729,400,000 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Notes Payable, fair value | $772,900,000 | $762,600,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Real Estate Investment Property, Net | $2,908,420 | $2,916,833 |
Advances to Affiliate | 764 | 602 |
Other assets | 218,971 | 229,599 |
TOTAL ASSETS | 3,262,225 | 3,354,659 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,333,041 | 1,508,409 |
Other Liabilities | 167,400 | 177,416 |
Total liabilities | 1,571,616 | 1,750,744 |
Redeemable noncontrolling interests | 0 | 989 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,690,609 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,262,225 | 3,354,659 |
Parent Company [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 138,293 | 178,797 |
Advances to Affiliate | 2,760,512 | 2,679,588 |
Other assets | 225,509 | 230,215 |
TOTAL ASSETS | 3,124,314 | 3,088,600 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,616,764 | 1,670,438 |
Other Liabilities | 24,130 | 22,979 |
Total liabilities | 1,640,894 | 1,693,417 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,483,420 | 1,395,183 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 3,124,314 | 3,088,600 |
Combined Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,505,455 | 1,477,463 |
Other assets | 97,860 | 97,553 |
TOTAL ASSETS | 1,603,315 | 1,575,016 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 122,580 | 152,571 |
Other Liabilities | 104,920 | 100,921 |
Total liabilities | 227,500 | 253,492 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,375,815 | 1,321,524 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,603,315 | 1,575,016 |
Non-Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,264,755 | 1,260,706 |
Other assets | 840,614 | 913,390 |
TOTAL ASSETS | 2,105,369 | 2,174,096 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 354,297 | 446,000 |
Other Liabilities | 159,186 | 161,300 |
Total liabilities | 513,483 | 607,300 |
Redeemable noncontrolling interests | 989 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,591,886 | 1,565,807 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 2,105,369 | 2,174,096 |
Consolidation, Eliminations [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | -83 | -133 |
Advances to Affiliate | -2,760,512 | -2,679,588 |
Other assets | -810,178 | -803,332 |
TOTAL ASSETS | -3,570,773 | -3,483,053 |
LIABILITIES | ||
Debt and Capital Lease Obligations | -760,600 | -760,600 |
Other Liabilities | -49,661 | -42,865 |
Total liabilities | -810,261 | -803,465 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -2,760,512 | -2,679,588 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | -3,570,773 | -3,483,053 |
Consolidated Entities [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 2,908,420 | 2,916,833 |
Other assets | 353,805 | 437,826 |
TOTAL ASSETS | 3,262,225 | 3,354,659 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,333,041 | 1,508,409 |
Other Liabilities | 238,575 | 242,335 |
Total liabilities | 1,571,616 | 1,750,744 |
Redeemable noncontrolling interests | 989 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,690,609 | 1,602,926 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $3,262,225 | $3,354,659 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Total revenue | $86,544 | $86,377 | $87,567 | $92,697 | $86,623 | [1] | $82,723 | [1] | $81,736 | [1] | $81,429 | [1] | $353,185 | $332,511 | $301,033 | ||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 121,173 | 116,084 | 99,174 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 58,984 | 48,479 | -4,192 | ||||||||||||||||
Income Tax Expense (Benefit) | -850 | 484 | 2,980 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 9,250 | [2],[3] | 20,897 | [2] | 76 | [2],[3] | 27,911 | [2] | 10,278 | [1] | 14,611 | [1] | 10,145 | [1] | 13,929 | [1] | 58,134 | 48,963 | -1,212 |
Income (loss) from discontinued operations | 2,957 | 39,694 | 8,437 | ||||||||||||||||
Net income | 9,216 | [3] | 20,801 | 99 | [3] | 30,975 | 12,138 | [1] | 13,051 | [1] | 36,177 | [1] | 27,291 | [1] | 61,091 | 88,657 | 7,225 | ||
Other comprehensive loss | -3,543 | 10,129 | -6,431 | ||||||||||||||||
COMPREHENSIVE INCOME | 57,548 | 98,786 | 794 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -12,194 | -10,703 | -10,702 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 45,354 | 88,083 | -9,908 | ||||||||||||||||
Parent Company [Member] | |||||||||||||||||||
Total revenue | 23,897 | 26,378 | 26,367 | ||||||||||||||||
Income (Loss) from Subsidiaries, before Tax | 158,825 | 177,773 | 121,105 | ||||||||||||||||
Total costs and expenses | 50,548 | 44,282 | 45,422 | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 132,174 | 159,869 | 102,050 | ||||||||||||||||
Other Income and (Expense) | -83,650 | -86,052 | -108,431 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 48,524 | 73,817 | -6,381 | ||||||||||||||||
Income Tax Expense (Benefit) | 193 | ||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 48,524 | 74,010 | -6,381 | ||||||||||||||||
Income (loss) from discontinued operations | -19 | 4,112 | 3,363 | ||||||||||||||||
Net income | 48,505 | 78,122 | -3,018 | ||||||||||||||||
Other comprehensive loss | -3,151 | 9,961 | -6,890 | ||||||||||||||||
COMPREHENSIVE INCOME | 45,354 | 88,083 | -9,908 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 45,354 | 88,083 | -9,908 | ||||||||||||||||
Combined Guarantor Subsidiaries [Member] | |||||||||||||||||||
Total revenue | 189,544 | 176,068 | 156,634 | ||||||||||||||||
Total costs and expenses | 98,641 | 95,501 | 83,757 | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 90,903 | 80,567 | 72,877 | ||||||||||||||||
Other Income and (Expense) | -11,885 | -9,688 | -6,450 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 79,018 | 70,879 | 66,427 | ||||||||||||||||
Income Tax Expense (Benefit) | -84 | 74 | 97 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 78,934 | 70,953 | 66,524 | ||||||||||||||||
Income (loss) from discontinued operations | 3,040 | 30,498 | -9,001 | ||||||||||||||||
Net income | 81,974 | 101,451 | 57,523 | ||||||||||||||||
COMPREHENSIVE INCOME | 81,974 | 101,451 | 57,523 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -193 | -839 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 81,974 | 101,258 | 56,684 | ||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||
Total revenue | 139,813 | 130,065 | 118,420 | ||||||||||||||||
Total costs and expenses | 83,859 | 77,162 | 72,668 | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 55,954 | 52,903 | 45,752 | ||||||||||||||||
Other Income and (Expense) | 35,164 | 29,659 | 12,381 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 91,118 | 82,562 | 58,133 | ||||||||||||||||
Income Tax Expense (Benefit) | -766 | 217 | 2,883 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 90,352 | 82,779 | 61,016 | ||||||||||||||||
Income (loss) from discontinued operations | -72 | 4,668 | 13,058 | ||||||||||||||||
Net income | 90,280 | 87,447 | 74,074 | ||||||||||||||||
Other comprehensive loss | -392 | 168 | 459 | ||||||||||||||||
COMPREHENSIVE INCOME | 89,888 | 87,615 | 74,533 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -12,194 | -10,510 | -9,863 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 77,694 | 77,105 | 64,670 | ||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||
Total revenue | -69 | 0 | -388 | ||||||||||||||||
Income (Loss) from Subsidiaries, before Tax | -158,825 | -177,773 | -121,105 | ||||||||||||||||
Total costs and expenses | -1,036 | -518 | 12 | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | -157,858 | -177,255 | -121,505 | ||||||||||||||||
Other Income and (Expense) | -1,818 | -1,524 | -866 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | -159,676 | -178,779 | -122,371 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | -159,676 | -178,779 | -122,371 | ||||||||||||||||
Income (loss) from discontinued operations | 8 | 416 | 1,017 | ||||||||||||||||
Net income | -159,668 | -178,363 | -121,354 | ||||||||||||||||
COMPREHENSIVE INCOME | -159,668 | -178,363 | -121,354 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -159,668 | -178,363 | -121,354 | ||||||||||||||||
Consolidated Entities [Member] | |||||||||||||||||||
Total revenue | 353,185 | 332,511 | 301,033 | ||||||||||||||||
Total costs and expenses | 232,012 | 216,427 | 201,859 | ||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 121,173 | 116,084 | 99,174 | ||||||||||||||||
Other Income and (Expense) | -62,189 | -67,605 | -103,366 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 58,984 | 48,479 | -4,192 | ||||||||||||||||
Income Tax Expense (Benefit) | -850 | 484 | 2,980 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 58,134 | 48,963 | -1,212 | ||||||||||||||||
Income (loss) from discontinued operations | 2,957 | 39,694 | 8,437 | ||||||||||||||||
Net income | 61,091 | 88,657 | 7,225 | ||||||||||||||||
Other comprehensive loss | -3,543 | 10,129 | -6,431 | ||||||||||||||||
COMPREHENSIVE INCOME | 57,548 | 98,786 | 794 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -12,194 | -10,703 | -10,702 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $45,354 | $88,083 | ($9,908) | ||||||||||||||||
[1] | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | ||||||||||||||||||
[2] | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | ||||||||||||||||||
[3] | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash (used in) provided by operating activities | $144,095 | $132,742 | $153,219 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 93,447 | 109,449 | 243,549 |
Additions to income producing properties | -19,376 | -13,661 | -20,175 |
Acquisition of land held for development | 0 | -3,000 | -9,505 |
Additions to construction in progress | -77,095 | -54,005 | -65,143 |
Payments for Deposits on Real Estate Acquisitions | 50 | 75 | 0 |
Proceeds from sale of real estate and rental properties | 145,470 | 286,511 | 41,994 |
Decrease (increase) in cash held in escrow | 10,662 | -10,662 | 91,592 |
Purchase of below-market leasehold interest | 0 | -25,000 | 0 |
Increase (Decrease) in Lease Acquisition Costs | 7,440 | 9,266 | 7,169 |
Investment in joint ventures | -9,028 | -30,401 | -26,392 |
(Advances to) repayments of advances to joint ventures | -154 | 5 | 517 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 16,394 | 12,576 | 567 |
Proceeds from Collection of Loans Receivable | 60,526 | 91,474 | 19,258 |
Net cash provided by (used in) investing activities | 26,462 | 123,047 | -332,263 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | -132,564 | -48,279 | -66,173 |
Proceeds from (Repayments of) Lines of Credit | -54,000 | -81,000 | 34,000 |
Proceeds from senior debt borrowings | 0 | 0 | 296,823 |
Repayment of senior debt borrowings | -287,840 | ||
Payment of deferred financing costs | -3,638 | 0 | -3,251 |
Proceeds from issuance of common stock | 145,447 | 8,898 | 86,778 |
Repurchase of common stock | -1,752 | -388 | -940 |
Stock issuance costs | -591 | -96 | -883 |
Dividends paid to stockholders | -106,659 | -104,279 | -102,078 |
Payments to Noncontrolling Interests | 2,952 | 18,972 | 0 |
Distributions to noncontrolling interests | -11,962 | -10,038 | -9,995 |
Payments of Dividends, Redeemable Noncontrolling Interests | 0 | -3,468 | -944 |
Net Cash Provided by (Used in) Financing Activities | -168,671 | -257,622 | 195,497 |
Net increase (decrease) in cash and cash equivalents | 1,886 | -1,833 | 16,453 |
Cash and cash equivalents at beginning of the year | 25,583 | 27,416 | 10,963 |
Cash and cash equivalents at end of the year | 27,469 | 25,583 | 27,416 |
Parent Company [Member] | |||
Net cash (used in) provided by operating activities | -93,893 | -82,023 | -126,523 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 0 | ||
Additions to income producing properties | -1,360 | -1,636 | -4,853 |
Additions to construction in progress | -5,420 | -731 | -682 |
Payments for Deposits on Real Estate Acquisitions | 50 | 75 | |
Proceeds from sale of real estate and rental properties | 41,730 | 85,602 | 1,417 |
Decrease (increase) in cash held in escrow | 10,662 | -10,662 | 90,846 |
Increase (Decrease) in Lease Acquisition Costs | 655 | 1,283 | 1,739 |
Repayments From (Advances To) Subsidiaries, Net | -72,065 | -189,418 | 208,037 |
Net cash provided by (used in) investing activities | 116,972 | 260,633 | -123,048 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | -3,578 | -6,585 | |
Proceeds from (Repayments of) Lines of Credit | -54,000 | -81,000 | 34,000 |
Proceeds from senior debt borrowings | 296,823 | ||
Repayment of senior debt borrowings | -287,840 | ||
Proceeds from (Payments for) Other Financing Activities | 250,000 | ||
Payment of deferred financing costs | -3,638 | -3,251 | |
Proceeds from issuance of common stock | 145,447 | 8,898 | 86,778 |
Repurchase of common stock | -1,752 | -388 | -940 |
Stock issuance costs | -591 | -96 | -883 |
Dividends paid to stockholders | -106,659 | -104,279 | -102,078 |
Distributions to noncontrolling interests | 0 | ||
Net Cash Provided by (Used in) Financing Activities | -21,193 | -180,443 | 266,024 |
Net increase (decrease) in cash and cash equivalents | 1,886 | -1,833 | 16,453 |
Cash and cash equivalents at beginning of the year | 25,583 | 27,416 | 10,963 |
Cash and cash equivalents at end of the year | 27,469 | 25,583 | 27,416 |
Combined Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 121,436 | 116,610 | 112,397 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 80,350 | 60,000 | 73,235 |
Additions to income producing properties | -9,309 | -7,248 | -12,473 |
Acquisition of land held for development | -3,000 | -9,505 | |
Additions to construction in progress | -58,312 | -39,152 | -63,697 |
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | |
Proceeds from sale of real estate and rental properties | 76,328 | 156,637 | 15,342 |
Purchase of below-market leasehold interest | -25,000 | ||
Increase (Decrease) in Lease Acquisition Costs | 3,487 | 4,796 | 3,386 |
Repayments From (Advances To) Subsidiaries, Net | 16,658 | 107,772 | -52,400 |
Net cash provided by (used in) investing activities | -91,788 | -90,331 | -94,554 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | -29,648 | -26,279 | -17,843 |
Repayment of senior debt borrowings | 0 | ||
Payment of deferred financing costs | 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Distributions to noncontrolling interests | 0 | ||
Net Cash Provided by (Used in) Financing Activities | -29,648 | -26,279 | -17,843 |
Non-Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 116,552 | 98,155 | 167,345 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 13,097 | 49,449 | 170,314 |
Additions to income producing properties | -8,707 | -4,777 | -2,849 |
Additions to construction in progress | -13,363 | -14,122 | -764 |
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | |
Proceeds from sale of real estate and rental properties | 27,412 | 44,272 | 25,235 |
Decrease (increase) in cash held in escrow | 746 | ||
Increase (Decrease) in Lease Acquisition Costs | 3,298 | 3,187 | 2,044 |
Investment in joint ventures | -9,028 | -30,401 | -26,392 |
Payments for Advance to Affiliate | 154 | ||
(Advances to) repayments of advances to joint ventures | 5 | 517 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 16,394 | 12,576 | 567 |
Investment in loans receivable | -12,000 | -114,258 | |
Proceeds from Collection of Loans Receivable | 60,526 | 91,474 | 19,258 |
Repayments From (Advances To) Subsidiaries, Net | 55,407 | 81,646 | -155,637 |
Net cash provided by (used in) investing activities | 1,278 | -47,255 | -114,661 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | -102,916 | -18,422 | -41,745 |
Proceeds from (Repayments of) Lines of Credit | 0 | ||
Payment of deferred financing costs | 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Payments to Noncontrolling Interests | 2,952 | 18,972 | |
Distributions to noncontrolling interests | -11,962 | -10,038 | -9,995 |
Payments of Dividends, Redeemable Noncontrolling Interests | -3,468 | -944 | |
Net Cash Provided by (Used in) Financing Activities | -117,830 | -50,900 | -52,684 |
Consolidated Entities [Member] | |||
Net cash (used in) provided by operating activities | 144,095 | 132,742 | 153,219 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 93,447 | 109,449 | 243,549 |
Additions to income producing properties | -19,376 | -13,661 | -20,175 |
Acquisition of land held for development | -3,000 | -9,505 | |
Additions to construction in progress | -77,095 | -54,005 | -65,143 |
Payments for Deposits on Real Estate Acquisitions | 50 | 75 | |
Proceeds from sale of real estate and rental properties | 145,470 | 286,511 | 41,994 |
Decrease (increase) in cash held in escrow | 10,662 | -10,662 | 91,592 |
Purchase of below-market leasehold interest | -25,000 | ||
Increase (Decrease) in Lease Acquisition Costs | 7,440 | 9,266 | 7,169 |
Investment in joint ventures | -9,028 | -30,401 | -26,392 |
Payments for Advance to Affiliate | 154 | ||
(Advances to) repayments of advances to joint ventures | 5 | 517 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 16,394 | 12,576 | 567 |
Investment in loans receivable | -12,000 | -114,258 | |
Proceeds from Collection of Loans Receivable | 60,526 | 91,474 | 19,258 |
Net cash provided by (used in) investing activities | 26,462 | 123,047 | -332,263 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | -132,564 | -48,279 | -66,173 |
Proceeds from (Repayments of) Lines of Credit | -54,000 | -81,000 | 34,000 |
Proceeds from senior debt borrowings | 296,823 | ||
Repayment of senior debt borrowings | -287,840 | ||
Proceeds from (Payments for) Other Financing Activities | 250,000 | ||
Payment of deferred financing costs | -3,638 | -3,251 | |
Proceeds from issuance of common stock | 145,447 | 8,898 | 86,778 |
Repurchase of common stock | -1,752 | -388 | -940 |
Stock issuance costs | -591 | -96 | -883 |
Dividends paid to stockholders | -106,659 | -104,279 | -102,078 |
Payments to Noncontrolling Interests | 2,952 | 18,972 | |
Distributions to noncontrolling interests | -11,962 | -10,038 | -9,995 |
Payments of Dividends, Redeemable Noncontrolling Interests | -3,468 | -944 | |
Net Cash Provided by (Used in) Financing Activities | -168,671 | -257,622 | 195,497 |
Net increase (decrease) in cash and cash equivalents | 1,886 | -1,833 | 16,453 |
Cash and cash equivalents at beginning of the year | 25,583 | 27,416 | 10,963 |
Cash and cash equivalents at end of the year | $27,469 | $25,583 | $27,416 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||||||||
Total revenues | $86,544 | $86,377 | $87,567 | $92,697 | $86,623 | [1] | $82,723 | [1] | $81,736 | [1] | $81,429 | [1] | $353,185 | $332,511 | $301,033 | |||||
Income (loss) from continuing operations | 9,250 | [2],[3] | 20,897 | [2] | 76 | [2],[3] | 27,911 | [2] | 10,278 | [1] | 14,611 | [1] | 10,145 | [1] | 13,929 | [1] | 58,134 | 48,963 | -1,212 | |
Net income | 9,216 | [3] | 20,801 | 99 | [3] | 30,975 | 12,138 | [1] | 13,051 | [1] | 36,177 | [1] | 27,291 | [1] | 61,091 | 88,657 | 7,225 | |||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 6,725 | [3] | 18,307 | -2,411 | [3] | 26,276 | 9,152 | [1] | 10,571 | [1] | 33,638 | [1] | 24,593 | [1] | 48,897 | 77,954 | -3,477 | |||
Earnings Per Share, Basic [Abstract] | ||||||||||||||||||||
Basic earnings per share from continuing operations (in usd per share) | $0.05 | [3] | $0.14 | ($0.02) | [3] | $0.20 | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | $0.37 | $0.32 | ($0.11) | |||
Basic per share data, Net income (loss) | $0.05 | [3] | $0.14 | ($0.02) | [3] | $0.22 | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | $0.39 | $0.66 | [4] | ($0.04) | ||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||||||||
Diluted per share data, Income from continuing operations | $0.05 | [3] | $0.14 | ($0.02) | [3] | $0.20 | $0.06 | [1] | $0.10 | [1] | $0.06 | [1] | $0.09 | [1] | $0.37 | $0.32 | ($0.11) | |||
Diluted per share data, Net income (loss) | $0.05 | [3] | $0.14 | ($0.02) | [3] | $0.22 | $0.08 | [1] | $0.09 | [1] | $0.28 | [1] | $0.21 | [1] | $0.39 | $0.65 | ($0.04) | |||
Asset Impairment Charges | $8,000 | $13,900 | $21,850 | $10,617 | $29,441 | |||||||||||||||
[1] | Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. | |||||||||||||||||||
[2] | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. | |||||||||||||||||||
[3] | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion of impairments. | |||||||||||||||||||
[4] | Note: EPS does not foot due to the rounding of the individual calculations. |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursements from general and administrative expenses | $958 | $1,200 | $758 |
Gazit Globe Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related party rental income | 240 | 246 | 339 |
Due from Gazit | 303 | 283 | |
MGN Icarus, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $271 | $111 | $243 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Feb. 23, 2015 | Dec. 31, 2014 | |
Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Officers' Compensation | $500,000 | |
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | 400,000 | |
Relocation Expense Reimbursement | $30,000 | |
Cash [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | |
Restricted Stock [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 187,000 | |
Restricted Stock [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,189 | |
Common Stock [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Deferred Compensation Arrangement with Individual, Target Shares | 44,379 | |
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% | |
Performance Shares [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Performance Metric, Number of Components | 4 | |
Absolute Shareholder Return [Member] | Market Awards [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |
Total Shareholder Return Relative to Peer Community [Member] | Market Awards [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |
Recurring FFO Growth [Member] | Performance Shares [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |
Discretionary [Member] | Performance Shares [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |
Deferred Bonus [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $1,200 | ||||
Allowance for Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 3,046 | 4,819 | 3,182 | 5,265 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,032 | 3,736 | 979 | ||
Valuation Allowances and Reserves, Adjustments | -1,059 | [1] | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | 1,746 | 2,099 | 3,062 | ||
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 164 | 162 | 213 | 205 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2 | 0 | 8 | ||
Valuation Allowances and Reserves, Adjustments | 0 | 0 | 0 | ||
Valuation Allowances and Reserves, Deductions | $0 | $51 | $0 | ||
[1] | Represents the reversal of certain historical real estate tax billings for which a settlement was reached with the tenants. |
Summary_Of_Real_Estate_And_Acc1
Summary Of Real Estate And Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 311,778,000 | ||||
INITIAL COST TO COMPANY, Land | 1,288,970,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,571,762,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 429,221,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,317,547,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,972,406,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,289,953,000 | 3,270,999,000 | 3,314,540,000 | 3,068,886,000 | |
Accumulated Depreciation | -381,533,000 | -354,166,000 | -297,736,000 | -244,044,000 | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | 2,300,000,000 | ||||
Broadway Plaza - Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date Acquired | 8-Jun-12 | ||||
FLORIDA | Alafaya Commons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,858,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,720,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,645,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,858,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,365,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,223,000 | ||||
Accumulated Depreciation | -2,365,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Alafaya Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,444,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,967,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 162,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,444,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,129,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,573,000 | ||||
Accumulated Depreciation | -1,205,000 | ||||
Date Acquired | 20-Apr-06 | ||||
FLORIDA | Atlantic Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,190,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,760,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 6,117,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,190,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,877,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,067,000 | ||||
Accumulated Depreciation | -3,442,000 | ||||
Date Acquired | 30-Jun-95 | ||||
FLORIDA | Aventura Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 22,599,000 | [2] | |||
INITIAL COST TO COMPANY, Land | 46,811,000 | [2] | |||
INITIAL COST TO COMPANY, Building & Improvements | 17,851,000 | [2] | |||
Capitalized Subsequent to Acquisition or Improvements | 2,102,000 | [1],[2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 45,855,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,909,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 66,764,000 | [2] | |||
Accumulated Depreciation | -2,252,000 | [2] | |||
Date Acquired | 5-Oct-11 | [2] | |||
FLORIDA | Banco Popular Building [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,363,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,566,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 567,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,363,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,133,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,496,000 | ||||
Accumulated Depreciation | -629,000 | ||||
Date Acquired | 27-Sep-05 | ||||
FLORIDA | Beauclerc Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 651,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,242,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,590,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 651,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,832,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,483,000 | ||||
Accumulated Depreciation | -2,314,000 | ||||
Date Acquired | 15-May-98 | ||||
FLORIDA | Bird Ludlum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,088,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 16,318,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,225,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,543,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,631,000 | ||||
Accumulated Depreciation | -9,111,000 | ||||
Date Acquired | 11-Aug-94 | ||||
FLORIDA | Bluffs Square Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,232,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,917,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 689,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,232,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,606,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,838,000 | ||||
Accumulated Depreciation | -4,659,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Boca Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,385,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,174,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 4,835,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,620,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,774,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,394,000 | ||||
Accumulated Depreciation | -2,227,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Boynton Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,943,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,100,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,531,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,943,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,631,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,574,000 | ||||
Accumulated Depreciation | -2,259,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Cashmere Corners [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,947,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,707,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 17,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,947,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,724,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,671,000 | ||||
Accumulated Depreciation | -1,958,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Chapel Trail Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,641,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,777,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,011,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,641,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,788,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,429,000 | ||||
Accumulated Depreciation | -2,767,000 | ||||
Date Acquired | 10-May-06 | ||||
FLORIDA | Charlotte Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,155,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,414,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 622,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,155,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,036,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,191,000 | ||||
Accumulated Depreciation | -1,436,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Coral Reef Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 16,464,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,376,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,619,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 17,517,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,942,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,459,000 | ||||
Accumulated Depreciation | -1,153,000 | ||||
Date Acquired | 1-Sep-06 | ||||
FLORIDA | Countryside Shops [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 11,343,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,853,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 4,009,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,343,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,862,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 29,205,000 | ||||
Accumulated Depreciation | -5,087,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Crossroads Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,592,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,401,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 7,516,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,520,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,989,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,509,000 | ||||
Accumulated Depreciation | -3,367,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | El Novillo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 250,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,000,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 158,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 250,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,158,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,408,000 | ||||
Accumulated Depreciation | -490,000 | ||||
Date Acquired | 30-Apr-98 | ||||
FLORIDA | Ft Caroline [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 701,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,800,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,791,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 700,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,592,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,292,000 | ||||
Accumulated Depreciation | -1,782,000 | ||||
Date Acquired | 24-Jan-94 | ||||
FLORIDA | Gateway Plaza At Aventura [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,301,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,529,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,301,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,529,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,830,000 | ||||
Accumulated Depreciation | -1,054,000 | ||||
Date Acquired | 19-Mar-10 | ||||
FLORIDA | Glengary Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,521,000 | ||||
INITIAL COST TO COMPANY, Land | 7,488,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,969,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 405,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,488,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,374,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,862,000 | ||||
Accumulated Depreciation | -2,535,000 | ||||
Date Acquired | 31-Dec-08 | ||||
FLORIDA | Greenwood [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,117,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,295,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,686,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,117,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,981,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,098,000 | ||||
Accumulated Depreciation | -4,097,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Hammocks Town Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 16,856,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,392,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 700,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 16,856,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,092,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 28,948,000 | ||||
Accumulated Depreciation | -2,056,000 | ||||
Date Acquired | 31-Dec-08 | ||||
FLORIDA | Homestead Gas Station [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,170,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 230,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,170,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 230,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,400,000 | ||||
Accumulated Depreciation | -9,000 | ||||
Date Acquired | 8-Nov-04 | ||||
FLORIDA | Jonathan's Landing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,146,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,442,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 583,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,146,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,025,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,171,000 | ||||
Accumulated Depreciation | -1,475,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Kirkman Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,222,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,714,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 4,761,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,904,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,793,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,697,000 | ||||
Accumulated Depreciation | -3,007,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Lago Mar [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,216,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,609,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,820,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,216,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,429,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,645,000 | ||||
Accumulated Depreciation | -2,453,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Lake Mary [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,092,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,878,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 15,223,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,092,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,101,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,193,000 | ||||
Accumulated Depreciation | -9,347,000 | ||||
Date Acquired | 9-Nov-95 | ||||
FLORIDA | Lantana Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,350,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,978,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 954,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,350,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,932,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,282,000 | ||||
Accumulated Depreciation | -3,594,000 | ||||
Date Acquired | 6-Jan-98 | ||||
FLORIDA | Magnolia Shoppes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,292,000 | ||||
INITIAL COST TO COMPANY, Land | 7,176,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,886,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,051,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,176,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,937,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,113,000 | ||||
Accumulated Depreciation | -2,108,000 | ||||
Date Acquired | 31-Dec-08 | ||||
FLORIDA | Mandarin Landing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,443,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,747,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 11,358,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,443,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,105,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,548,000 | ||||
Accumulated Depreciation | -5,596,000 | ||||
Date Acquired | 10-Dec-99 | ||||
FLORIDA | Old Kings Commons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,420,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,018,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,420,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,023,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,443,000 | ||||
Accumulated Depreciation | -1,727,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Pablo Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 5,327,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,676,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 368,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,424,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,947,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,371,000 | ||||
Accumulated Depreciation | -2,838,000 | ||||
Date Acquired | 31-Aug-10 | ||||
FLORIDA | Park Promenade [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,670,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,444,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -1,414,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,893,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,807,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,700,000 | ||||
Accumulated Depreciation | -2,629,000 | ||||
Date Acquired | 31-Jan-99 | ||||
FLORIDA | Pavilion [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 10,827,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,299,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 7,334,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,827,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,633,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 29,460,000 | ||||
Accumulated Depreciation | -5,220,000 | ||||
Date Acquired | 4-Feb-04 | ||||
FLORIDA | Pine Island [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 8,557,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,860,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,041,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,557,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,901,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,458,000 | ||||
Accumulated Depreciation | -5,931,000 | ||||
Date Acquired | 26-Aug-99 | ||||
FLORIDA | Pine Ridge Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,528,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,850,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 6,976,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,649,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,705,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,354,000 | ||||
Accumulated Depreciation | -4,245,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Point Royale [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,720,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 5,361,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,926,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,160,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,086,000 | ||||
Accumulated Depreciation | -3,513,000 | ||||
Date Acquired | 27-Jul-95 | ||||
FLORIDA | Prosperity Centre [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,015,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,838,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,438,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,015,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,276,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,291,000 | ||||
Accumulated Depreciation | -5,697,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Ridge Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,905,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,450,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,951,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,898,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,408,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,306,000 | ||||
Accumulated Depreciation | -3,699,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Ryanwood Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,281,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,880,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,015,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,613,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,563,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,176,000 | ||||
Accumulated Depreciation | -2,493,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Salerno Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 166,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 125,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 166,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 125,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 291,000 | ||||
Accumulated Depreciation | -29,000 | ||||
Date Acquired | 1-Jan-00 | ||||
FLORIDA | Sawgrass Promenade [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,280,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,351,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,646,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,280,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,997,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,277,000 | ||||
Accumulated Depreciation | -5,090,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | Sheridan Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 59,449,000 | ||||
INITIAL COST TO COMPANY, Land | 38,888,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 36,241,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 6,532,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 38,888,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 42,773,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 81,661,000 | ||||
Accumulated Depreciation | -13,342,000 | ||||
Date Acquired | 14-Jul-03 | ||||
FLORIDA | Shoppes of Oakbrook [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [2] | |||
INITIAL COST TO COMPANY, Land | 7,706,000 | [2] | |||
INITIAL COST TO COMPANY, Building & Improvements | 16,079,000 | [2] | |||
Capitalized Subsequent to Acquisition or Improvements | 4,208,000 | [1],[2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,706,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,287,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,993,000 | [2] | |||
Accumulated Depreciation | -7,024,000 | [2] | |||
Date Acquired | 15-Aug-00 | [2] | |||
FLORIDA | Shoppes of Silverlakes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 10,306,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,131,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,760,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,306,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,891,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,197,000 | ||||
Accumulated Depreciation | -3,798,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Shops at Skylake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 15,226,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,206,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 25,716,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,226,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 32,922,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 48,148,000 | ||||
Accumulated Depreciation | -10,114,000 | ||||
Date Acquired | 19-Aug-97 | ||||
FLORIDA | Shops at St. Lucie [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 790,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,082,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 983,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 790,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,065,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,855,000 | ||||
Accumulated Depreciation | -932,000 | ||||
Date Acquired | 15-Aug-00 | ||||
FLORIDA | South Beach [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 9,545,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 19,228,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 7,970,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,662,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 27,081,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,743,000 | ||||
Accumulated Depreciation | -7,896,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | South Point Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,142,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,098,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 76,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,142,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,174,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,316,000 | ||||
Accumulated Depreciation | -1,521,000 | ||||
Date Acquired | 8-Dec-06 | ||||
FLORIDA | St Lucie Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,728,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | -4,128,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,600,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,600,000 | ||||
Accumulated Depreciation | 0 | ||||
Date Acquired | 27-Nov-06 | ||||
FLORIDA | Summerlin Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,187,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,989,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -9,101,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 366,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 709,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,075,000 | ||||
Accumulated Depreciation | -294,000 | ||||
Date Acquired | 10-Jun-98 | ||||
FLORIDA | Sunlake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 9,861,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 25,974,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 35,738,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 97,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 35,835,000 | ||||
Accumulated Depreciation | -3,077,000 | ||||
Date Acquired | 1-Feb-05 | ||||
FLORIDA | Tamarac Town Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,742,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,610,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,707,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,643,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,416,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,059,000 | ||||
Accumulated Depreciation | -2,237,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | TD Bank Skylake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,041,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 453,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,064,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 430,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,494,000 | ||||
Accumulated Depreciation | -38,000 | ||||
Date Acquired | 17-Dec-09 | ||||
FLORIDA | Town & Country [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,503,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,397,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 458,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,354,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,004,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,358,000 | ||||
Accumulated Depreciation | -1,646,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Treasure Coast Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [2] | |||
INITIAL COST TO COMPANY, Land | 1,359,000 | [2] | |||
INITIAL COST TO COMPANY, Building & Improvements | 9,728,000 | [2] | |||
Capitalized Subsequent to Acquisition or Improvements | 2,034,000 | [1],[2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,359,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,762,000 | [2] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,121,000 | [2] | |||
Accumulated Depreciation | -3,201,000 | [2] | |||
Date Acquired | 12-Feb-03 | [2] | |||
FLORIDA | Unigold Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,304,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,413,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,038,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,304,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,451,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,755,000 | ||||
Accumulated Depreciation | -2,550,000 | ||||
Date Acquired | 12-Feb-03 | ||||
FLORIDA | Waterstone [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,422,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 7,508,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 671,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,422,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,179,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,601,000 | ||||
Accumulated Depreciation | -1,907,000 | ||||
Date Acquired | 10-Apr-92 | ||||
FLORIDA | West Bird Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 5,280,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,539,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 494,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,280,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,033,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,313,000 | ||||
Accumulated Depreciation | -2,206,000 | ||||
Date Acquired | 31-Aug-10 | ||||
FLORIDA | West Lakes Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,141,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,789,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 757,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,141,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,546,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,687,000 | ||||
Accumulated Depreciation | -2,998,000 | ||||
Date Acquired | 6-Nov-96 | ||||
FLORIDA | Westport Outparcels [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,347,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,010,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 79,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,347,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,089,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,436,000 | ||||
Accumulated Depreciation | -211,000 | ||||
Date Acquired | 14-Sep-06 | ||||
FLORIDA | Westport Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,537,000 | ||||
INITIAL COST TO COMPANY, Land | 4,180,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,446,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 324,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,180,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,770,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,950,000 | ||||
Accumulated Depreciation | -1,047,000 | ||||
Date Acquired | 17-Dec-04 | ||||
FLORIDA | Young Circle [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 13,409,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,895,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 489,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 13,409,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,384,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,793,000 | ||||
Accumulated Depreciation | -2,332,000 | ||||
Date Acquired | 19-May-05 | ||||
FLORIDA | Corporate [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 0 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 241,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -1,049,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | -808,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | -808,000 | ||||
Accumulated Depreciation | 350,000 | ||||
Massachusetts [Member] | Cambridge Star Market [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 11,358,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,854,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,358,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,854,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,212,000 | ||||
Accumulated Depreciation | -3,805,000 | ||||
Date Acquired | 7-Oct-04 | ||||
Massachusetts [Member] | Medford Shaw's Supermarket [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,750,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,390,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -5,537,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,750,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,853,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,603,000 | ||||
Accumulated Depreciation | -3,125,000 | ||||
Date Acquired | 7-Oct-04 | ||||
Massachusetts [Member] | Plymouth Shaw's Supermarket [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,917,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,198,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,917,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,199,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,116,000 | ||||
Accumulated Depreciation | -3,344,000 | ||||
Date Acquired | 7-Oct-04 | ||||
Massachusetts [Member] | Quincy Star Market [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,121,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 18,445,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 7,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,121,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,452,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,573,000 | ||||
Accumulated Depreciation | -5,082,000 | ||||
Date Acquired | 7-Oct-04 | ||||
Massachusetts [Member] | Swampscott Whole Foods [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 5,139,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,539,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,139,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,539,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,678,000 | ||||
Accumulated Depreciation | -1,787,000 | ||||
Date Acquired | 7-Oct-04 | ||||
Massachusetts [Member] | Webster Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,568,000 | ||||
INITIAL COST TO COMPANY, Land | 5,033,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 14,465,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,447,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,033,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,912,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,945,000 | ||||
Accumulated Depreciation | -3,659,000 | ||||
Date Acquired | 12-Oct-06 | ||||
Massachusetts [Member] | West Roxbury Shaw's Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 14,457,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 13,588,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,996,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,496,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,545,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 30,041,000 | ||||
Accumulated Depreciation | -4,271,000 | ||||
Date Acquired | 7-Oct-04 | ||||
North Carolina [Member] | Centre Pointe Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,081,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,411,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,369,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,081,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,780,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,861,000 | ||||
Accumulated Depreciation | -1,904,000 | ||||
Date Acquired | 12-Feb-03 | ||||
North Carolina [Member] | Riverview Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,202,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,745,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,167,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,202,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,912,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,114,000 | ||||
Accumulated Depreciation | -1,979,000 | ||||
Date Acquired | 12-Feb-03 | ||||
North Carolina [Member] | Thomasville Commons [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,212,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,567,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,851,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,212,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,418,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,630,000 | ||||
Accumulated Depreciation | -1,934,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Georgia [Member] | BridgeMill [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,846,000 | ||||
INITIAL COST TO COMPANY, Land | 8,593,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,310,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 728,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,593,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,038,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,631,000 | ||||
Accumulated Depreciation | -2,341,000 | ||||
Date Acquired | 13-Nov-03 | ||||
Georgia [Member] | Buckhead Station [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 27,138,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 45,277,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,905,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 27,138,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 47,182,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 74,320,000 | ||||
Accumulated Depreciation | -10,398,000 | ||||
Date Acquired | 9-Mar-07 | ||||
Georgia [Member] | Chastain Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 10,689,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,937,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 961,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,689,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,898,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,587,000 | ||||
Accumulated Depreciation | -2,052,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Georgia [Member] | Hairston Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 1,644,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 642,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -1,940,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 134,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 212,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 346,000 | ||||
Accumulated Depreciation | -159,000 | ||||
Date Acquired | 25-Aug-05 | ||||
Georgia [Member] | Hampton Oaks [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 835,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,813,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,171,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,477,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,648,000 | ||||
Accumulated Depreciation | -377,000 | ||||
Date Acquired | 30-Nov-06 | ||||
Georgia [Member] | Mc Alphin Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,536,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,963,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 462,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,536,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,425,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,961,000 | ||||
Accumulated Depreciation | -2,161,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Georgia [Member] | Piedmont Peachtree Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 34,338,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 17,992,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 925,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 34,338,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,917,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 53,255,000 | ||||
Accumulated Depreciation | -4,572,000 | ||||
Date Acquired | 6-Mar-06 | ||||
Georgia [Member] | River Green Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,587,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | -1,087,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,500,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,500,000 | ||||
Accumulated Depreciation | 0 | ||||
Date Acquired | 27-Sep-05 | ||||
Georgia [Member] | Union City Commons Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 8,084,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | -5,684,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,400,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,400,000 | ||||
Accumulated Depreciation | 0 | ||||
Date Acquired | 22-Jun-06 | ||||
Georgia [Member] | Wesley Chapel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,389,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,311,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -403,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,514,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,783,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,297,000 | ||||
Accumulated Depreciation | -3,904,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Georgia [Member] | Williamsburg At Dunwoody [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,697,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,615,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,381,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,697,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,996,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,693,000 | ||||
Accumulated Depreciation | -1,402,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Ambassador Row [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,880,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,570,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,566,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,880,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,136,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,016,000 | ||||
Accumulated Depreciation | -3,841,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Ambassador Row Courtyard [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 3,110,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,208,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,004,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,110,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,212,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,322,000 | ||||
Accumulated Depreciation | -3,428,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Bluebonnet Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,290,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 4,168,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,191,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,290,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,359,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,649,000 | ||||
Accumulated Depreciation | -2,005,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Elmwood Oaks [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,088,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,221,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 842,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,063,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,151,000 | ||||
Accumulated Depreciation | -2,912,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Plaza Acadienne [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,108,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 168,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -1,005,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 921,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 350,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,271,000 | ||||
Accumulated Depreciation | -120,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Sherwood South [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 746,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,412,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 1,082,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 746,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,494,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,240,000 | ||||
Accumulated Depreciation | -1,299,000 | ||||
Date Acquired | 12-Feb-03 | ||||
Louisiana [Member] | Siegen Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,329,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,691,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 8,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,329,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,699,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,028,000 | ||||
Accumulated Depreciation | -2,856,000 | ||||
Date Acquired | 12-Feb-03 | ||||
NEW YORK | 90-30 Metropolitan Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 5,105,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 21,378,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 952,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,105,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,330,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,435,000 | ||||
Accumulated Depreciation | -1,845,000 | ||||
Date Acquired | 1-Sep-11 | ||||
NEW YORK | 161 W. 16th Street [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 21,699,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 40,518,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,753,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,699,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 44,271,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 65,970,000 | ||||
Accumulated Depreciation | -2,465,000 | ||||
Date Acquired | 16-May-11 | ||||
NEW YORK | 1175 Third Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,512,000 | ||||
INITIAL COST TO COMPANY, Land | 28,282,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 22,115,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | -377,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,070,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,950,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 50,020,000 | ||||
Accumulated Depreciation | -1,954,000 | ||||
Date Acquired | 22-Sep-10 | ||||
NEW YORK | 1225 -1239 Second Avenue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,245,000 | ||||
INITIAL COST TO COMPANY, Land | 14,253,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 11,288,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 44,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,274,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,311,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,585,000 | ||||
Accumulated Depreciation | -545,000 | ||||
Date Acquired | 5-Oct-12 | ||||
NEW YORK | Broadway Plaza - Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,500,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 40,992,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,002,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 39,490,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 48,492,000 | ||||
Accumulated Depreciation | -346,000 | ||||
NEW YORK | Broadway Plaza - Land Outparcel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,000,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | 5,355,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,000,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,355,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,355,000 | ||||
Accumulated Depreciation | 0 | ||||
Date Acquired | 1-Oct-12 | ||||
NEW YORK | Commerce Crossing [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 25,184,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 19,462,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 30,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 25,184,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,492,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 44,676,000 | ||||
Accumulated Depreciation | -1,610,000 | ||||
Date Acquired | 28-Sep-12 | ||||
NEW YORK | The Gallery at Westbury [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 27,481,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,537,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 86,564,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,031,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 77,551,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 117,582,000 | ||||
Accumulated Depreciation | -7,854,000 | ||||
Date Acquired | 16-Nov-09 | ||||
NEW YORK | Westbury Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 37,853,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 58,273,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 10,701,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,843,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 65,984,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 106,827,000 | ||||
Accumulated Depreciation | -10,324,000 | ||||
Date Acquired | 29-Oct-09 | ||||
CALIFORNIA | 200 Potrero [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,778,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,469,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 384,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,778,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,853,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,631,000 | ||||
Accumulated Depreciation | -231,000 | ||||
Date Acquired | 27-Dec-12 | ||||
CALIFORNIA | Antioch Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 7,060,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||
Capitalized Subsequent to Acquisition or Improvements | -3,290,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,770,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,770,000 | ||||
Accumulated Depreciation | 0 | ||||
Date Acquired | 4-Jan-11 | ||||
CALIFORNIA | Circle Center West [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 10,800,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 10,340,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 936,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,800,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,276,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,076,000 | ||||
Accumulated Depreciation | -1,576,000 | ||||
Date Acquired | 15-Mar-11 | ||||
CALIFORNIA | Culver Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 64,000,000 | ||||
INITIAL COST TO COMPANY, Land | 74,868,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 59,958,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 4,974,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 75,214,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 64,586,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 139,800,000 | ||||
Accumulated Depreciation | -5,410,000 | ||||
Date Acquired | 16-Nov-11 | ||||
CALIFORNIA | Marketplace Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 8,727,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 22,188,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,671,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,737,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,849,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,586,000 | ||||
Accumulated Depreciation | -2,778,000 | ||||
Date Acquired | 4-Jan-11 | ||||
CALIFORNIA | Plaza Escuela [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 10,041,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 63,038,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,445,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,041,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 66,483,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 76,524,000 | ||||
Accumulated Depreciation | -5,522,000 | ||||
Date Acquired | 4-Jan-11 | ||||
CALIFORNIA | Pleasanton Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,634,000 | ||||
INITIAL COST TO COMPANY, Land | 19,390,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 20,197,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 100,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,390,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,297,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,687,000 | ||||
Accumulated Depreciation | -1,025,000 | ||||
Date Acquired | 25-Oct-13 | ||||
CALIFORNIA | Potrero Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 48,594,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 74,701,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 764,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 48,594,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 75,465,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 124,059,000 | ||||
Accumulated Depreciation | -6,210,000 | ||||
Date Acquired | 1-Mar-12 | ||||
CALIFORNIA | Ralphs Circle Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 9,833,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 5,856,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 940,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,833,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,796,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,629,000 | ||||
Accumulated Depreciation | -1,100,000 | ||||
Date Acquired | 14-Jul-11 | ||||
CALIFORNIA | Serramonte Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 81,049,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 119,765,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 33,275,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 82,824,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 151,265,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 234,089,000 | ||||
Accumulated Depreciation | -20,577,000 | ||||
Date Acquired | 4-Jan-11 | ||||
CALIFORNIA | Talega Village Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,080,000 | ||||
INITIAL COST TO COMPANY, Land | 14,273,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 9,266,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 474,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,273,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,740,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,013,000 | ||||
Accumulated Depreciation | -371,000 | ||||
Date Acquired | 23-Jan-14 | ||||
CALIFORNIA | Von's Circle West [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,867,000 | ||||
INITIAL COST TO COMPANY, Land | 18,219,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 18,909,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 3,098,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,274,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,952,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 40,226,000 | ||||
Accumulated Depreciation | -2,931,000 | ||||
Date Acquired | 16-Mar-11 | ||||
CALIFORNIA | Willows Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 20,999,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 38,007,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 11,486,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,072,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 49,420,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 70,492,000 | ||||
Accumulated Depreciation | -5,713,000 | ||||
Date Acquired | 4-Jan-11 | ||||
Connecticut [Member] | Brookside Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 2,291,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 26,260,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 7,987,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,291,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 34,247,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,538,000 | ||||
Accumulated Depreciation | -8,899,000 | ||||
Date Acquired | 12-Jan-06 | ||||
Connecticut [Member] | Compo Acres Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 18,305,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 12,195,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 2,942,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,305,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,137,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,442,000 | ||||
Accumulated Depreciation | -1,188,000 | ||||
Date Acquired | 1-Mar-12 | ||||
Connecticut [Member] | Copps Hill Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,694,000 | ||||
INITIAL COST TO COMPANY, Land | 14,146,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 24,626,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 109,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,146,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,735,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 38,881,000 | ||||
Accumulated Depreciation | -4,530,000 | ||||
Date Acquired | 31-Mar-10 | ||||
Connecticut [Member] | Danbury Green [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,700,000 | ||||
INITIAL COST TO COMPANY, Land | 17,547,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 21,560,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 8,479,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,143,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,443,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 47,586,000 | ||||
Accumulated Depreciation | -4,357,000 | ||||
Date Acquired | 27-Oct-11 | ||||
Connecticut [Member] | Darinor Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 0 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 16,991,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 162,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,153,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,153,000 | ||||
Accumulated Depreciation | -2,081,000 | ||||
Date Acquired | 28-Aug-12 | ||||
Connecticut [Member] | Post Road Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 9,807,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 2,707,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 68,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,807,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,775,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,582,000 | ||||
Accumulated Depreciation | -394,000 | ||||
Date Acquired | 1-Mar-12 | ||||
Connecticut [Member] | Southbury Green [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 18,483,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 31,857,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 5,483,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,744,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,079,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 55,823,000 | ||||
Accumulated Depreciation | -4,172,000 | ||||
Date Acquired | 27-Oct-11 | ||||
Connecticut [Member] | The Village Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,234,000 | ||||
INITIAL COST TO COMPANY, Land | 18,284,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 36,021,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 408,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,419,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 35,294,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 54,713,000 | ||||
Accumulated Depreciation | -1,207,000 | ||||
Date Acquired | 23-Oct-13 | ||||
Connecticut [Member] | Westport Office [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 995,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 1,214,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 995,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,214,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,209,000 | ||||
Accumulated Depreciation | -6,000 | ||||
Date Acquired | 18-Nov-14 | ||||
Maryland [Member] | 5335 Citgo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,203,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 103,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,203,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 103,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,306,000 | ||||
Accumulated Depreciation | -34,000 | ||||
Date Acquired | 5-Sep-13 | ||||
Maryland [Member] | 5471 Citgo [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 4,107,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 78,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,107,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 78,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,185,000 | ||||
Accumulated Depreciation | -26,000 | ||||
Date Acquired | 5-Sep-13 | ||||
Maryland [Member] | Bowlmor Lanes [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 12,128,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 863,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 12,128,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 863,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,991,000 | ||||
Accumulated Depreciation | -147,000 | ||||
Date Acquired | 7-May-13 | ||||
Maryland [Member] | Westwood - Manor Care [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 6,397,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 6,747,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 0 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,397,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,747,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,144,000 | ||||
Accumulated Depreciation | -310,000 | ||||
Date Acquired | 5-Sep-13 | ||||
Maryland [Member] | Westwood Center II [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 11,205,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 3,655,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 58,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,205,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,713,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,918,000 | ||||
Accumulated Depreciation | -196,000 | ||||
Date Acquired | 16-Jan-14 | ||||
Maryland [Member] | Westwood Shopping Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 61,183,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 8,175,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 842,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 61,183,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,017,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 70,200,000 | ||||
Accumulated Depreciation | -511,000 | ||||
Date Acquired | 16-Jan-14 | ||||
Maryland [Member] | Westwood Towers [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||
INITIAL COST TO COMPANY, Land | 14,112,000 | ||||
INITIAL COST TO COMPANY, Building & Improvements | 17,088,000 | ||||
Capitalized Subsequent to Acquisition or Improvements | 81,000 | [1] | |||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,112,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,169,000 | ||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 31,281,000 | ||||
Accumulated Depreciation | -1,405,000 | ||||
Date Acquired | 5-Jun-13 | ||||
[1] | Includes asset impairments recognized. | ||||
[2] | Aventura Square encumbrance is cross collateralized with Oakbrook Square and Treasure Coast Plaza. |
Reconciliation_of_Real_Estate_
Reconciliation of Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment in real estate: | |||
Balance at beginning of period | $3,270,999 | $3,314,540 | $3,068,886 |
Improvements | 104,561 | 58,603 | 24,022 |
Acquisitions | 115,567 | 164,719 | 273,185 |
Cost of real estate sold/written off | 201,174 | 266,863 | 51,553 |
Balance at close of period | 3,289,953 | 3,270,999 | 3,314,540 |
Accumulated depreciation: | |||
Balance at beginning of period | -354,166 | -297,736 | -244,044 |
Depreciation expense | 79,279 | 70,354 | 66,758 |
Cost of real estate sold/written off | 51,912 | 13,924 | 13,066 |
Balance at close of period | ($381,533) | ($354,166) | ($297,736) |
Mortgage_Loans_On_Real_Estate_
Mortgage Loans On Real Estate (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Balance at beginning of year | $60,711 | $140,708 | $45,279 | |
New loans, including capitalized costs | 0 | 24,820 | [1] | 114,518 |
Accrued interest | 0 | 228 | [1] | 2,277 |
Additions during year: | 0 | 25,048 | 116,795 | |
Collection of principal | -60,526 | -104,264 | [1] | -19,258 |
Collection of interest | -185 | -516 | [1] | -2,000 |
Amortization of capitalized costs | 0 | -265 | -108 | |
Deductions during year: | -60,711 | -105,045 | -21,366 | |
Balance at end of year | $0 | $60,711 | $140,708 | |
[1] | Includes amounts related to loans provided in connection with dispositions. |
Uncategorized_Items
Uncategorized Items | ||||||
[us-gaap_MinorityInterest] | 207,886,000 | |||||
[us-gaap_StockholdersEquity] | -170,530,000 | -1,154,000 | 1,587,874,000 | 1,126,000 | 1,417,316,000 |