Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | EQUITY ONE, INC. | |
Entity Central Index Key | 1,042,810 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 129,490,092 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Income producing | $ 3,207,936 | $ 3,128,081 |
Less: accumulated depreciation | (406,155) | (381,533) |
Income producing properties, net | 2,801,781 | 2,746,548 |
Construction in progress and land | 165,816 | 161,872 |
Real Estate Held-for-sale | 7,818 | 0 |
Properties, net | 2,975,415 | 2,908,420 |
Cash and cash equivalents | 17,637 | 27,469 |
Cash held in escrow and restricted cash | 250 | 250 |
Accounts and other receivables, net | 10,109 | 11,859 |
Investments in and advances to unconsolidated joint ventures | 76,440 | 89,218 |
Goodwill | 5,838 | 6,038 |
Total other assets | 225,863 | 218,971 |
TOTAL ASSETS | 3,311,552 | 3,262,225 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable | 310,074 | 311,778 |
Unsecured senior notes payable | 623,631 | 731,136 |
Term loan | 250,000 | 250,000 |
Unsecured revolving credit facilities | 79,000 | 37,000 |
Total notes payable, Gross | 1,262,705 | 1,329,914 |
Unamortized premium on notes payable, net | 1,606 | 3,127 |
Total notes payable | 1,264,311 | 1,333,041 |
Other liabilities: | ||
Accounts payable and accrued expenses | 51,588 | 49,924 |
Tenant security deposits | 8,766 | 8,684 |
Deferred tax liability | 12,919 | 12,567 |
Other liabilities | 173,142 | 167,400 |
Disposal Group, Including Discontinued Operation, Liabilities | 7,222 | 0 |
Total liabilities | 1,517,948 | 1,571,616 |
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 – 250,000 shares authorized and 129,004 shares issued and outstanding at June 30, 2015; 150,000 shares authorized and 124,281 shares issued and outstanding at December 31, 2014 | 1,290 | 1,243 |
Additional paid-in capital | 1,969,740 | 1,843,348 |
Distributions in excess of earnings | (381,090) | (360,172) |
Accumulated other comprehensive loss | (2,481) | (999) |
Total stockholders’ equity of Equity One, Inc. | 1,587,459 | 1,483,420 |
Noncontrolling interests | 206,145 | 207,189 |
Total equity | 1,793,604 | 1,690,609 |
TOTAL LIABILITIES AND EQUITY | $ 3,311,552 | $ 3,262,225 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 129,004,473 | 124,281,204 |
Common stock, shares outstanding (in shares) | 129,004,473 | 124,281,204 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate Revenue, Net [Abstract] | ||||
Minimum rent | $ 68,594 | $ 66,295 | $ 134,385 | $ 136,546 |
Expense recoveries | 20,337 | 19,631 | 40,316 | 39,391 |
Percentage rent | 1,173 | 933 | 3,327 | 3,114 |
Management and leasing services | 631 | 584 | 1,186 | 1,213 |
Total revenue | 90,735 | 87,443 | 179,214 | 180,264 |
COSTS AND EXPENSES: | ||||
Property operating | 12,522 | 12,174 | 25,094 | 23,552 |
Real Estate Tax Expense | 10,862 | 10,439 | 21,469 | 20,847 |
Depreciation and amortization | 22,572 | 27,666 | 43,588 | 53,933 |
General and administrative | 8,417 | 8,872 | 17,157 | 19,786 |
Total costs and expenses | 54,373 | 59,151 | 107,308 | 118,118 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 36,362 | 28,292 | 71,906 | 62,146 |
OTHER INCOME AND EXPENSE: | ||||
Investment income | 93 | 28 | 134 | 199 |
Equity in income of unconsolidated joint ventures | 1,116 | 1,268 | 1,998 | 9,529 |
Other income | 5,504 | 5 | 5,504 | 2,846 |
Interest expense | (13,244) | (16,086) | (27,503) | (32,986) |
Amortization of deferred financing fees | (537) | (601) | (1,087) | (1,200) |
Gain on sale of operating properties | 3,355 | 1,141 | 3,338 | 883 |
(Loss) gain on extinguishment of debt | (2,701) | 0 | (2,563) | 1,074 |
Impairment loss | (200) | (13,892) | (11,507) | (13,892) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 29,748 | 155 | 40,220 | 28,599 |
Income tax provision of taxable REIT subsidiaries | (187) | (79) | (151) | (612) |
INCOME FROM CONTINUING OPERATIONS | 29,561 | 76 | 40,069 | 27,987 |
DISCONTINUED OPERATIONS: | ||||
Operations of income producing properties | 0 | 167 | 0 | (65) |
(Loss) gain on disposal of income producing properties | 0 | (144) | 0 | 3,152 |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 23 | 0 | 3,087 |
NET INCOME | 29,561 | 99 | 40,069 | 31,074 |
Net income attributable to noncontrolling interests - continuing operations | (2,507) | (2,511) | (5,009) | (7,212) |
Net loss attributable to noncontrolling interests - discontinued operations | 1 | 3 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $ 27,054 | $ (2,411) | $ 35,060 | $ 23,865 |
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | ||||
Continuing operations (in usd per share) | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.17 |
Discontinued operations (in usd per share) | 0 | 0 | 0.03 | |
Earnings per common share - Basic (in usd per share) | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.20 |
Number of Shares Used in Computing Basic Earnings (Loss) per Share | 128,969 | 117,813 | 126,866 | 117,744 |
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | ||||
Continuing operations (in usd per share) | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.17 |
Discontinued operations (in usd per share) | 0 | 0 | 0.03 | |
Earnings per common share - Diluted (in usd per share) | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.20 |
Number of Shares Used in Computing Diluted Earnings (Loss) per Share | 129,144 | 117,813 | 127,079 | 117,981 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.22 | $ 0.22 | $ 0.44 | $ 0.44 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
NET INCOME | $ (29,561) | $ (99) | $ (40,069) | $ (31,074) | |
OTHER COMPREHENSIVE INCOME (LOSS): | |||||
Net amortization of interest rate contracts included in net income | 16 | 15 | 32 | 31 | |
Net unrealized gain (loss) on interest rate swaps (1) | [1] | 364 | (3,226) | (3,220) | (4,955) |
Net loss on interest rate swaps reclassified from accumulated other comprehensive loss into interest expense | 859 | 866 | 1,706 | 1,708 | |
Other comprehensive income (loss) | 1,239 | (2,345) | (1,482) | (3,216) | |
COMPREHENSIVE INCOME (LOSS) | 30,800 | (2,246) | 38,587 | 27,858 | |
Comprehensive income attributable to noncontrolling interests | (2,507) | (2,510) | (5,009) | (7,209) | |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $ 28,293 | $ (4,756) | $ 33,578 | $ 20,649 | |
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized gains (losses) of $163 and $(32) for the three and six months ended June 30, 2015, respectively and $(101) and $(262) for the same periods during 2014, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Net unrealized gain (loss) on interest rate swaps (1) | [1] | $ 364 | $ (3,226) | $ (3,220) | $ (4,955) |
Equity Method Investee [Member] | |||||
Net unrealized gain (loss) on interest rate swaps (1) | $ 163 | $ (101) | $ (32) | $ (262) | |
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized gains (losses) of $163 and $(32) for the three and six months ended June 30, 2015, respectively and $(101) and $(262) for the same periods during 2014, respectively. |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Distributions in Excess of Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders' Equity of Equity One, Inc. [Member] | Noncontrolling Interests [Member] |
BALANCE, shares (beginning of period) at Dec. 31, 2014 | 124,281,204 | 124,281,000 | |||||
BALANCE (beginning of period) at Dec. 31, 2014 | $ 1,690,609 | $ 1,243 | $ 1,843,348 | $ (360,172) | $ (999) | $ 1,483,420 | $ 207,189 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, net of withholding taxes (in shares) | 4,733,000 | ||||||
Issuance of common stock, net of withholding taxes | 124,812 | $ 47 | 124,765 | 124,812 | |||
Stock Repurchased During Period, Shares | (10,000) | ||||||
Stock Repurchased During Period, Value | (269) | $ 0 | (269) | (269) | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 657 | 657 | 657 | ||||
Share-based compensation expense | 2,613 | 2,613 | 2,613 | ||||
Adjustments to Additional Paid in Capital, Restricted Stock Reclassified from Liability to Equity | 108 | 108 | 108 | ||||
Net income | 40,069 | 35,060 | 35,060 | 5,009 | |||
Dividends declared on common stock | (55,978) | (55,978) | (55,978) | ||||
Distributions to noncontrolling interests | (5,005) | (5,005) | |||||
Reclassification of noncontrolling interest to liability | (1,216) | (168) | (168) | (1,048) | |||
Other comprehensive loss | $ (1,482) | (1,482) | (1,482) | ||||
BALANCE, shares (end of period) at Jun. 30, 2015 | 129,004,473 | 129,004,000 | |||||
BALANCE, (end of period) at Jun. 30, 2015 | $ 1,793,604 | $ 1,290 | $ 1,969,740 | $ (381,090) | $ (2,481) | $ 1,587,459 | $ 206,145 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 40,069 | $ 31,074 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Straight-line rent adjustment | (2,410) | (1,739) |
Accretion of below-market lease intangibles, net | (6,379) | (11,881) |
Amortization of below-market ground lease intangibles | 298 | 298 |
Equity in income of unconsolidated joint ventures | (1,998) | (9,529) |
Remeasurement gain on equity interests in joint ventures | (5,498) | (2,807) |
Income tax provision of taxable REIT subsidiaries | 151 | 612 |
Increase (decrease) in allowance for losses on accounts receivable | 2,087 | (675) |
Amortization of premium on notes payable, net | (690) | (1,262) |
Amortization of deferred financing fees | 1,087 | 1,200 |
Depreciation and amortization | 44,595 | 54,908 |
Share-based compensation expense | 2,555 | 1,980 |
Amortization of derivatives | 32 | 31 |
Gain on sale of real estate | (3,338) | (4,035) |
Loss (gain) on extinguishment of debt | 2,563 | (1,074) |
Operating distributions from joint ventures | 1,824 | 0 |
Impairment loss | 11,507 | 13,892 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ||
Accounts and other receivables | (296) | (3) |
Other assets | (5,820) | (4,684) |
Accounts payable and accrued expenses | 3,999 | 5,098 |
Tenant security deposits | 98 | (45) |
Other liabilities | 550 | (741) |
Net cash provided by operating activities | 84,986 | 70,618 |
INVESTING ACTIVITIES: | ||
Acquisition of income producing properties | (85,901) | |
Additions to income producing properties | (9,604) | (9,173) |
Acquisition of land held for development | (750) | 0 |
Additions to construction in progress | (35,063) | (33,423) |
Deposits for the acquisition of income producing properties | 0 | (425) |
Proceeds from sale of real estate and rental properties | 4,526 | 56,298 |
Increase in cash held in escrow | 0 | (22,704) |
Increase in deferred leasing costs and lease intangibles | (3,543) | (2,757) |
Investment in joint ventures | (23,864) | (289) |
(Advances to) repayments of advances to joint ventures | (71) | 27 |
Distributions from joint ventures | 1,395 | 16,232 |
Repayment of loans receivable | 60,526 | |
Collection of Remediation Tax Credit | 1,542 | 0 |
Net cash used in investing activities | (65,432) | (21,589) |
FINANCING ACTIVITIES: | ||
Repayments of mortgage notes payable | (22,974) | (31,964) |
Net borrowings under revolving credit facilities | 42,000 | 42,000 |
Repayment of senior debt borrowings | (110,122) | |
Payments of Financing Costs | (10) | 0 |
Proceeds from issuance of common stock | 124,812 | 4,852 |
Repurchase of common stock | (269) | (205) |
Stock issuance costs | (624) | 0 |
Dividends paid to stockholders | (55,978) | (52,289) |
Purchase of noncontrolling interests | (1,216) | (763) |
Distributions to noncontrolling interests | (5,005) | (6,927) |
Net cash used in financing activities | (29,386) | (45,296) |
Net (decrease) increase in cash and cash equivalents | (9,832) | 3,733 |
Cash and cash equivalents at beginning of the period | 27,469 | 25,583 |
Cash and cash equivalents at end of the period | 17,637 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ||
Cash paid for interest (net of capitalized interest of $2,463 and $2,172 in 2015 and 2014, respectively) | 29,558 | 34,718 |
We acquired upon acquisition of certain income producing properties and land held for development: | ||
Income producing properties | 77,071 | 108,107 |
Intangible and other assets | 8,799 | 7,257 |
Intangible and other liabilities | (13,120) | (12,175) |
Noncash or Part Noncash Acquisition, Net Assets Acquired (Excluding Debt Assumed) | 72,750 | 103,189 |
Noncash or Part Noncash Acquisition, Debt Assumed | (27,750) | (11,353) |
Noncash or Part Noncash Acquisition, Existing Equity Interest in Acquiree | (44,250) | (5,935) |
Cash paid for income producing properties and land held for development | $ 750 | $ 85,901 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock, Shares, Issued | 129,004,473 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ||
Capitalized interest | $ 2,463 | $ 2,172 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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 1998, and have elected to be taxed as a REIT since 1995. As of June 30, 2015 , our portfolio comprised 124 properties, including 101 retail properties and five non-retail properties totaling approximately 12.8 million square feet of gross leasable area, or GLA, twelve development or redevelopment properties with approximately 2.7 million square feet of GLA, and six land parcels. As of June 30, 2015 , our retail occupancy excluding developments and redevelopments was 95.5% and included national, regional and local tenants. Additionally, we had joint venture interests in eight retail properties and two office buildings totaling approximately 1.8 million square feet of GLA. Basis of Presentation The condensed consolidated financial statements include the accounts of Equity One, Inc. and its wholly-owned subsidiaries and those other entities in which we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity ("VIE") in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Equity One, Inc. and its subsidiaries are hereinafter referred to as "the consolidated companies," the "Company," "we," "our," "us" or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. Certain operations have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented. Information in these notes to the condensed consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. The condensed consolidated financial statements included in this report are unaudited. In our opinion, all adjustments considered necessary for a fair presentation have been included, and all such adjustments are of a normal recurring nature. The results of operations for the three and six month periods ended June 30, 2015 and 2014 are not necessarily indicative of the results that may be expected for a full year. Our unaudited condensed consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions of Form 10-Q. Accordingly, these unaudited condensed consolidated financial statements do not contain certain information included in our annual financial statements and notes. The condensed consolidated balance sheet as of December 31, 2014 was derived from audited financial statements included in our 2014 Annual Report on Form 10-K but does not include all disclosures required under GAAP. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 , filed with the Securities and Exchange Commission (the "SEC") on March 2, 2015. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or "ASU") 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 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. January 1, 2016 We expect that the adoption of the standard will result in the presentation of debt issuance costs, which are currently included in other assets in our condensed consolidated balance sheets, as a direct deduction from the carrying amount of the related debt instrument. ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis The standard amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. January 1, 2016 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. 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. January 1, 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions The following table provides a summary of acquisition activity for the six months ended June 30, 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price Mortgage Assumed (In thousands) June 10, 2015 Concord Shopping Plaza (2) (3) Miami FL 314,327 $ 62,200 $ 27,750 June 10, 2015 Shoppes of Sunset (2) (3) Miami FL 21,784 5,550 — June 10, 2015 Shoppes of Sunset II (2) (3) Miami FL 27,676 4,250 — January 9, 2015 Pablo Plaza Outparcel Jacksonville FL 0.18 (1) 750 — Total $ 72,750 $ 27,750 ______________________________________________ (1) In acres. (2) Properties were acquired in connection with the redemption of our joint venture interest in GRI-EQY I, LLC (the "GRI JV"). See Note 5 for further discussion. (3) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 30,948 N/A Land improvements 2,151 9.7 Buildings 42,523 39.0 Tenant improvements 1,449 31.0 In-place lease interests 7,059 18.0 Leasing commissions 856 25.2 Above-market leases 797 5.7 Lease origination costs 87 8.6 Below-market leases (13,120 ) 61.5 $ 72,750 During the three and six months ended June 30, 2015 , we did not recognize any material measurement period adjustments related to prior or current year acquisitions. During the three and six months ended June 30, 2015 , we expensed transaction-related costs in connection with completed or pending property acquisitions of approximately $178,000 and $313,000 , respectively, and $142,000 and $1.5 million for the same periods in 2014 , respectively, which are included in general and administrative costs in the condensed consolidated statements of operations. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Dispositions [Abstract] | |
Dispositions | Dispositions 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. We may also consider the opportunistic sale of certain core properties which have relatively limited potential for future net operating income growth. 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. In March 2015 , we sold Park Promenade, a 128,848 square foot shopping center located in Orlando, Florida, for gross proceeds of $4.8 million . During the six months ended June 30, 2014 , we sold eight properties for an aggregate sales price of $58.6 million . The results of operations for two of the properties sold are presented as discontinued operations in the condensed consolidated statement of operations for the six months ended June 30, 2014 as they were previously classified as held for sale and reported as discontinued operations prior to the adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." In November 2014, we executed a contract for the sale of a property located in Massachusetts that was subject to a number of significant contingencies, including the requirement that we obtain lender consent to a potential buyer’s assumption of the mortgage loan on the property. During the three months ended March 31, 2015, we concluded that our carrying value of the property was not recoverable based on our projected undiscounted cash flows from the property, which took into consideration the increased probability of sale as a result of our ongoing discussions with the lender, and recognized an impairment loss of $10.4 million . As of June 30, 2015, the contingencies associated with the sale were satisfied, and the property was classified as held for sale. In July 2015, we closed on the sale of the property for a gross sales price of approximately $8.0 million , including the purchaser's assumption of the $6.5 million mortgage encumbering the property. |
Investments in Joint Ventures
Investments in Joint Ventures | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | Investments in Joint Ventures The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: Investment Balance Joint Venture (1) Number of Properties Location Ownership June 30, December 31, Investments in unconsolidated joint ventures: (In thousands) GRI-EQY I, LLC (2) — GA, SC, FL — $ — $ 12,629 G&I Investment South Florida Portfolio, LLC 3 FL 20.0% 10,665 10,534 Madison 2260 Realty LLC 1 NY 8.6% 526 526 Madison 1235 Realty LLC 1 NY 20.1% 820 820 Parnassus Heights Medical Center 1 CA 50.0% 19,308 19,256 Equity One JV Portfolio, LLC (3) 6 FL, MA, NJ 30.0% 44,028 44,689 Other Equity Investment (4) 45.0% 253 — Total 75,600 88,454 Advances to unconsolidated joint ventures 840 764 Investments in and advances to unconsolidated joint ventures $ 76,440 $ 89,218 ______________________________________________ ( 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) In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014 , the joint venture had 10 properties, our ownership interest was 10.0% , and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. (3) The investment balance as of June 30, 2015 and December 31, 2014 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. (4) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. As of June 30, 2015 , the carrying amount of our investment reflects our maximum exposure to loss related to our investment in the joint venture. Equity in income of unconsolidated joint ventures totaled $1.1 million and $2.0 million for the three and six months ended June 30, 2015 , respectively, and totaled $1.3 million and $9.5 million , respectively, for the same periods in 2014 . Equity in income of unconsolidated joint ventures for the six months ended June 30, 2014 included our proportionate share of the gain on the sale of Vernola Marketplace, a property held by one of our joint ventures, of $7.4 million , including $1.6 million attributable to a noncontrolling interest. Management fees and leasing fees earned by us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying condensed consolidated statements of operations, totaled $631,000 and $1.2 million for the three and six months ended June 30, 2015 , respectively, and $584,000 and $1.2 million for the same periods in 2014 , respectively. As of June 30, 2015 and December 31, 2014 , the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $135.7 million and $220.5 million , respectively, of which our aggregate proportionate share was $40.7 million and $49.4 million , respectively. GRI JV In June 2015, we entered into an agreement with Global Retail Investors, LLC, our joint venture partner, in which the parties agreed to dissolve the joint venture and, as part of the dissolution, distribute certain properties in kind to the existing members of the joint venture. In connection with the transaction, we purchased an additional 11.3% interest in the joint venture for $23.5 million , which increased our membership interest in the joint venture from 10.0% to 21.3% . The joint venture then redeemed our membership interest by distributing three operating properties (Concord Shopping Plaza, Shoppes at Sunset and Shoppes at Sunset II), totaling 363,787 square feet to us, which are included in our retail portfolio as of June 30, 2015 . For the three and six months ended June 30, 2015 , we recognized a gain of $5.5 million , which is included in other income in our condensed consolidated statements of operations, from the remeasurement of the fair value of our equity interest in the joint venture using a discounted cash flow analysis immediately prior to the redemption. Additionally, for the three and six months ended June 30, 2015 , we recognized a gain of $3.3 million from the deferred gains associated with the past disposition of assets by us to the joint venture which is included in gain on sale of operating properties in our condensed consolidated statements of operations. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: June 30, December 31, (In thousands) Lease intangible assets, net $ 107,378 $ 106,064 Leasing commissions, net 40,192 39,141 Prepaid expenses and other receivables 29,682 26,880 Straight-line rent receivables, net 26,737 24,412 Deferred financing costs, net 8,184 9,322 Deposits and mortgage escrows 7,496 6,356 Furniture, fixtures and equipment, net 3,370 3,809 Fair value of interest rate swap 297 681 Deferred tax asset 2,527 2,306 Total other assets $ 225,863 $ 218,971 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Mortgage Notes Payable As of June 30, 2015 , the weighted average interest rate of our mortgage notes payable was 5.63% . Included in liabilities associated with assets held for sale is a mortgage note payable of $6.5 million with an interest rate of 8.07% per annum. In March 2015, we prepaid, without penalty, a mortgage loan which had a balance of $19.6 million and bore interest at a rate of 5.32% . In connection with the redemption of our interest in the GRI JV in June 2015, we assumed a mortgage loan for Concord Shopping Plaza with a principal balance of $27.8 million . The loan bears interest at one-month LIBOR plus 1.35% per annum and has a stated maturity date of June 28, 2018 . Unsecured Senior Notes As of June 30, 2015 , the weighted average interest rate of our unsecured senior notes was 4.96% . In April 2015, we redeemed our 5.375% unsecured senior notes, which had a principal balance of $107.5 million and were scheduled to mature in October 2015, at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and a required make-whole premium of $2.6 million . In connection with the redemption, we recognized a loss on the early extinguishment of debt of $2.7 million , which was comprised of the aforementioned make-whole premium and deferred fees and costs associated with the notes. Unsecured Revolving Credit Facilities Our primary credit facility is with a syndicate of banks and provides $600.0 million of unsecured revolving credit 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% and includes a facility fee applicable to the aggregate lending commitments thereunder which varies from 0.125% to 0.300% per annum, both depending on the credit ratings of our unsecured senior notes. As of June 30, 2015 , the facility fee was 0.20% per annum. As of June 30, 2015 , we had drawn $79.0 million against the facility, which bore interest at a weighted average rate of 1.22% per annum. 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. The facility expires on December 31, 2018 , with two six-month extensions at our option, subject to certain conditions. As of June 30, 2015 , giving effect to the financial covenants applicable to the credit facility, the maximum available to us thereunder was approximately $600.0 million , excluding outstanding letters of credit with an aggregate face amount of $2.1 million and outstanding borrowings of $79.0 million . We also had 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 . The facility bore interest at LIBOR plus 1.25% per annum and expired on May 7, 2015 . Term Loan and Interest Rate Swaps At times, we use derivative instruments, including interest rate swaps, to manage our exposure to variable interest rate risk. In this regard, we enter into derivative instruments that qualify as cash flow hedges and do not enter into such instruments for speculative purposes. As of June 30, 2015 and December 31, 2014 , we had three interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective fixed interest rate under the loan agreement of 2.62% per annum. The swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The swap agreements mature on February 13, 2019 , which is the maturity date of the term loan. As of June 30, 2015 and December 31, 2014 , the fair value of one of our interest rate swaps consisted of an asset of $297,000 and $681,000 , respectively, which is included in other assets in our condensed consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.1 million and $952,000 , respectively, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheets. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Within the next 12 months, we expect to reclassify $2.8 million as an increase to interest expense. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: June 30, December 31, (In thousands) Lease intangible liabilities, net $ 162,604 $ 157,486 Prepaid rent 9,878 9,607 Other 660 307 Total other liabilities $ 173,142 $ 167,400 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 1995. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our REIT taxable income as defined under the Code. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our taxable REIT subsidiaries ("TRSs"), which include IRT Capital Corporation II ("IRT"), DIM Vastgoed N.V. ("DIM"), Southeast US Holdings, B.V. and C&C Delaware, Inc. Accordingly, the only provision for federal income taxes in our condensed consolidated financial statements relates to our consolidated TRSs. Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays virtually no taxes in the Netherlands. As of June 30, 2015 , DIM had federal and state net operating loss carry forwards of $5.2 million and $2.2 million , respectively, which begin to expire in 2027 . As of June 30, 2015 , IRT had federal and state net operating loss carry forwards of $2.0 million and $1.6 million , respectively, which begin to expire in 2030 . We believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for the tax liabilities are adequate for all years still subject to tax audit, which include all years after 2010. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: June 30, December 31, (In thousands) CapCo $ 206,145 $ 206,145 DIM (1) — 1,044 Total noncontrolling interests included in total equity $ 206,145 $ 207,189 ______________________________________________ (1) As of December 31, 2014 , our ownership interest in DIM was 98.0% . In February 2015, we entered into a settlement agreement to acquire the remaining 2.0% interests held by minority shareholders, which was completed in April 2015 after the Dutch court's approval of the agreement. Noncontrolling interests represent the portion of equity that we do not own in certain entities that we consolidate. We account for and report our noncontrolling interests in accordance with the provisions under the Consolidation Topic of the FASB ASC. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Stockholders' Equity and Earnings (Loss) Per Share In March 2015, 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 $27.05 per share. In the concurrent private placement, 600,000 shares were purchased by Gazit First Generation LLC, an affiliate of our largest stockholder, Gazit-Globe, Ltd., which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. The underwriters held an option to purchase up to 585,000 shares of our common stock, which ultimately went unexercised. The offerings generated net proceeds to us of approximately $121.3 million before expenses. The stock issuance costs and underwriting discounts were approximately $589,000 . We used the net proceeds to fund the redemption of our 5.375% unsecured senior notes and for general corporate purposes, including the repayment of secured and unsecured debt. The following summarizes the calculation of basic and 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 basic and diluted EPS: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share amounts) Income from continuing operations $ 29,561 $ 76 $ 40,069 $ 27,987 Net income attributable to noncontrolling interests - continuing operations (2,507 ) (2,511 ) (5,009 ) (7,212 ) Income (loss) from continuing operations attributable to Equity One, Inc. 27,054 (2,435 ) 35,060 20,775 Allocation of continuing income to participating securities (108 ) (224 ) (222 ) (438 ) Income (loss) from continuing operations available to common stockholders 26,946 (2,659 ) 34,838 20,337 Income from discontinued operations — 23 — 3,087 Net loss attributable to noncontrolling interests - discontinued operations — 1 — 3 Income from discontinued operations available to common stockholders — 24 — 3,090 Net income (loss) available to common stockholders $ 26,946 $ (2,635 ) $ 34,838 $ 23,427 Weighted average shares outstanding — Basic 128,969 117,813 126,866 117,744 Stock options using the treasury method 107 — 133 205 Non-participating restricted stock using the treasury method 8 — 8 6 Executive incentive plan shares using the treasury method 60 — 72 26 Weighted average shares outstanding — Diluted 129,144 117,813 127,079 117,981 Basic earnings (loss) per share available to common stockholders: Continuing operations $ 0.21 $ (0.02 ) $ 0.27 $ 0.17 Discontinued operations — — — 0.03 Earnings (loss) per common share — Basic $ 0.21 $ (0.02 ) $ 0.27 $ 0.20 Diluted earnings (loss) per share available to common stockholders: Continuing operations $ 0.21 $ (0.02 ) $ 0.27 $ 0.17 Discontinued operations — — — 0.03 Earnings (loss) per common share — Diluted $ 0.21 $ (0.02 ) $ 0.27 $ 0.20 No shares of common stock issuable upon the exercise of outstanding options were excluded from the computation of diluted EPS for the three and six months ended June 30, 2015 as the prices applicable to all options then outstanding were less than the average market price of our common shares during the period. The computation of diluted EPS for three months ended June 30, 2014 did not include 2.9 million shares of common stock, issuable upon the exercise of outstanding options, at prices ranging from $11.59 to $26.66 as the effect would be anti-dilutive. The computation of diluted EPS for the six months ended June 30, 2014 did not include 1.6 million shares of common stock issuable upon the exercise of outstanding options, at prices ranging from $22.78 to $26.66 , because the option prices were greater than the average market price of our common shares during the period. The computation of diluted EPS for both the three and six months ended June 30, 2015 and 2014 did not include 11.4 million joint venture units held by Liberty International Holdings Limited ("LIH"), which are redeemable by LIH for cash or, solely at our option, shares of our common stock on a one -for-one basis, subject to certain adjustments. These convertible units were not included in the diluted weighted average share count because their inclusion is anti-dilutive. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments The following table presents stock option activity during the six months ended June 30, 2015 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at January 1, 2015 1,208 $ 22.37 Exercised (349 ) $ 24.40 Outstanding at June 30, 2015 859 $ 21.54 4.3 $ 1,708 Exercisable at June 30, 2015 709 $ 21.26 3.3 $ 1,637 The total cash received from options exercised during the six months ended June 30, 2015 was $3.0 million . The total intrinsic value of options exercised during the six months ended June 30, 2015 was $883,000 . The following table presents information regarding restricted stock activity during the six months ended June 30, 2015 : Unvested Shares Weighted Average Grant-Date Fair Value (In thousands) Unvested at January 1, 2015 180 $ 22.91 Granted 389 $ 25.84 Vested (84 ) $ 23.92 Forfeited (1 ) (1) $ 22.57 Unvested at June 30, 2015 484 $ 25.09 ____________________________________________ (1) During the six months ended June 30, 2015 , 591 shares of restricted stock were forfeited. During the six months ended June 30, 2015 , we granted approximately 389,000 shares of restricted stock that are subject to forfeiture and vest over periods from 2 to 4 years. We measure compensation expense for restricted stock awards based on the fair value of our common stock at the date of grant and charge such amounts to expense ratably over the vesting period on a straight-line basis. The total grant-date value of the approximately 84,000 shares of restricted stock that vested during the six months ended June 30, 2015 was approximately $2.0 million . Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations, is summarized as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Restricted stock expense $ 1,191 $ 20 $ 2,416 $ 1,776 Stock option expense 78 322 181 401 Employee stock purchase plan discount 9 9 16 17 Total equity-based expense 1,278 351 2,613 2,194 Restricted stock classified as a liability 113 26 174 131 Total expense 1,391 377 2,787 2,325 Less amount capitalized (105 ) (164 ) (232 ) (345 ) Net share-based compensation expense $ 1,286 $ 213 $ 2,555 $ 1,980 As of June 30, 2015 , we had $13.0 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our Amended and Restated Equity One 2000 Executive Incentive Compensation Plan. This expense is expected to be recognized over a weighted average period of 2.7 years. Employment Related Agreement Matthew Ostrower On January 26, 2015, we entered into a four-year employment agreement with Matthew Ostrower to serve as our Chief Financial Officer. 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 was reimbursed approximately $30,000 for expenses incurred in relocating to New York in connection with his employment. Upon the commencement of his employment on March 3, 2015, Mr. Ostrower received 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 is 44,379 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. Ostrower’s employment. The performance metrics (and their weightings) are absolute total shareholder return ("Absolute TSR") ( 25% ), total shareholder return relative to peer companies ("Relative TSR") ( 25% ) and growth in recurring funds from operations per share ("Recurring FFO Growth") ( 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, and will not participate in dividends during the performance period. The Absolute TSR and Relative TSR components of Mr. Ostrower's 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 ( 21.9% ), the volatility of the common stock of various peer companies (which ranged from 14.3% to 23.7% ), and the risk-free interest rate ( 1.4% ). The aggregate estimated fair value of these components of Mr. Ostrower's LTIP was $486,000 , which will be recognized over the four -year performance period. The Recurring FFO Growth component of Mr. Ostrower's LTIP is considered a performance-based award which is earned subject to future performance measurement. The award was valued at $23.47 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. Ostrower's LTIP prior to the completion of the performance period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of June 30, 2015 , we had provided letters of credit having an aggregate face amount of $2.1 million as additional security for financial and other obligations. As of June 30, 2015 , we have invested an aggregate of approximately $118.4 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $159.2 million to complete, based on our current plans and estimates, which we anticipate will be primarily expended over the next three years . We have other significant projects for which we expect to expend an additional $11.9 million in the next one to two years based on our current plans and estimates. These capital expenditures are generally due as the work is performed and are expected to be financed by funds available under our credit facility, proceeds from property dispositions and available cash. We are subject to litigation in the normal course of business; however, we do not believe that any of the litigation outstanding as of June 30, 2015 will have a material adverse effect on our financial condition, results of operations or cash flows. |
Environmental Matters
Environmental Matters | 6 Months Ended |
Jun. 30, 2015 | |
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 adverse effect on our financial condition, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements As of June 30, 2015 and December 31, 2014 , we had three interest rate swap agreements with a notional amount of $250.0 million that are measured at fair value on a recurring basis. As of June 30, 2015 and December 31, 2014 , the fair value of one of our interest rate swaps consisted of an asset of $297,000 and $681,000 , respectively, which is included in other assets in our condensed consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.1 million and $952,000 , respectively, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheets. The net unrealized gain (loss) on our interest rate swaps was $1.0 million and $(1.5) million for the three and six months ended June 30, 2015 , respectively, and is included in accumulated other comprehensive loss. The fair values of the interest rate swaps are based on the estimated amounts we would receive or pay to terminate the contracts 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 June 30, 2015 and December 31, 2014 : Fair Value Measurements Total Level 1 Level 2 Level 3 June 30, 2015 (In thousands) Interest rate derivatives: Classified as an asset in other assets $ 297 $ — $ 297 $ — Classified as a liability in accounts payable and accrued expenses $ 2,140 $ — $ 2,140 $ — December 31, 2014 Interest rate derivatives: Classified as an asset in other assets $ 681 $ — $ 681 $ — Classified as a liability in accounts payable and accrued expenses $ 952 $ — $ 952 $ — Valuation Methods The fair values of our interest rate swaps were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of June 30, 2015 , 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 was attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of June 30, 2015 , none of which were reported in the condensed consolidated statements of operations because they were documented and qualified as hedging instruments. Non-Recurring Fair Value Measurements The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of June 30, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating properties held for sale 7,950 — 7,950 — 10,444 Total $ 7,950 $ — $ 7,950 $ — $ 10,444 ____________________________________________ (1) Total losses exclude an impairment of $864,000 recognized related to a property sold during the six months ended June 30, 2015 , based on the sales contract. 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 for use 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. 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 valuations of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: December 31, 2014 Low High Overall capitalization rates 8.0% 15.0% Discount rates 9.5% 14.5% Terminal capitalization rates 8.5% 13.5% During the six months ended June 30, 2015 , we recognized an impairment loss of $10.4 million on a property classified as 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 recognized $15.1 million 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, 2014 , we recognized impairment losses of $2.2 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Disclosure [Text Block] | Fair Value of Financial Instruments The estimated fair values of financial instruments have been determined by us using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. We have used the following market assumptions and/or estimation methods: Cash and Cash Equivalents, Accounts and Other Receivables, Accounts Payable and Accrued Expenses and Unsecured Revolving Credit Facilities (classified within Levels 1, 2 and 3 of the valuation hierarchy) – The carrying amounts reported in the condensed consolidated balance sheets for these financial instruments approximate fair value because of their short maturities. Mortgage Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of June 30, 2015 and December 31, 2014 was approximately $338.0 million and $337.4 million , respectively, calculated based on the net present value of payments over the term of the loans using estimated market rates for similar mortgage loans and remaining terms. The carrying amount (principal and unaccreted premium) of these notes was $320.0 million and $316.3 million as of June 30, 2015 and December 31, 2014 , respectively. Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of June 30, 2015 and December 31, 2014 was approximately $648.5 million and $772.9 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 $622.4 million and $729.8 million as of June 30, 2015 and December 31, 2014 , respectively. Term Loan (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of June 30, 2015 and December 31, 2014 was approximately $248.9 million and $249.8 million , respectively, calculated based on the net present value of payments over the term of the loan using estimated market rates for similar notes and remaining terms. The carrying amount of this loan was $250.0 million as of both June 30, 2015 and December 31, 2014 . The fair market value calculations of our debt as of June 30, 2015 and December 31, 2014 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations use a market rate spread over the risk-free interest rate. This spread is determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate is used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate is subjective in nature, recent market data gathered suggest that the composite rates used for mortgages, senior notes and term loans are consistent with current market trends. Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – As of June 30, 2015 and December 31, 2014 , the fair value of one of our interest rate swaps consisted of an asset of $297,000 and $681,000 , respectively, which is included in other assets in our condensed consolidated balance sheets, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.1 million and $952,000 , respectively, which is included in accounts payable and accrued expenses in our condensed consolidated balance sheets. See Note 15 above for a discussion of the method used to value the interest rate swaps. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
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, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 140,254 $ 1,508,031 $ 1,327,213 $ (83 ) $ 2,975,415 Investment in affiliates 2,795,213 — — (2,795,213 ) — Other assets 229,297 101,990 821,271 (816,421 ) 336,137 TOTAL ASSETS $ 3,164,764 $ 1,610,021 $ 2,148,484 $ (3,611,717 ) $ 3,311,552 LIABILITIES Total notes payable $ 1,551,449 $ 121,544 $ 351,918 $ (760,600 ) $ 1,264,311 Other liabilities 25,856 101,260 182,425 (55,904 ) 253,637 TOTAL LIABILITIES 1,577,305 222,804 534,343 (816,504 ) 1,517,948 EQUITY 1,587,459 1,387,217 1,614,141 (2,795,213 ) 1,793,604 TOTAL LIABILITIES AND EQUITY $ 3,164,764 $ 1,610,021 $ 2,148,484 $ (3,611,717 ) $ 3,311,552 Condensed Consolidating Balance Sheet Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 138,293 $ 1,503,390 $ 1,266,820 $ (83 ) $ 2,908,420 Investment in affiliates 2,760,512 — — (2,760,512 ) — Other assets 225,509 97,820 840,654 (810,178 ) 353,805 TOTAL ASSETS $ 3,124,314 $ 1,601,210 $ 2,107,474 $ (3,570,773 ) $ 3,262,225 LIABILITIES Total notes payable $ 1,616,764 $ 122,580 $ 354,297 $ (760,600 ) $ 1,333,041 Other liabilities 24,130 102,988 161,118 (49,661 ) 238,575 TOTAL LIABILITIES 1,640,894 225,568 515,415 (810,261 ) 1,571,616 EQUITY 1,483,420 1,375,642 1,592,059 (2,760,512 ) 1,690,609 TOTAL LIABILITIES AND EQUITY $ 3,124,314 $ 1,601,210 $ 2,107,474 $ (3,570,773 ) $ 3,262,225 Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 5,726 $ 48,791 $ 36,218 $ — $ 90,735 Equity in subsidiaries' earnings 51,466 — — (51,466 ) — Total costs and expenses 10,873 24,152 19,613 (265 ) 54,373 INCOME BEFORE OTHER INCOME AND EXPENSE AND TAX 46,319 24,639 16,605 (51,201 ) 36,362 Other income and (expense) (19,057 ) (1,285 ) 13,978 (250 ) (6,614 ) INCOME FROM CONTINUING OPERATIONS BEFORE TAX 27,262 23,354 30,583 (51,451 ) 29,748 Income tax provision of taxable REIT subsidiaries — (13 ) (174 ) — (187 ) NET INCOME 27,262 23,341 30,409 (51,451 ) 29,561 Other comprehensive income 1,031 — 208 — 1,239 COMPREHENSIVE INCOME 28,293 23,341 30,617 (51,451 ) 30,800 Comprehensive income attributable to noncontrolling interests — — (2,507 ) — (2,507 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 28,293 $ 23,341 $ 28,110 $ (51,451 ) $ 28,293 Condensed Consolidating Statement of Comprehensive (Loss) Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,133 $ 46,247 $ 35,063 $ — $ 87,443 Equity in subsidiaries' earnings 27,418 — — (27,418 ) — Total costs and expenses 10,337 25,559 23,529 (274 ) 59,151 INCOME BEFORE OTHER INCOME AND 23,214 20,688 11,534 (27,144 ) 28,292 Other income and (expense) (25,699 ) (4,646 ) 2,450 (242 ) (28,137 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS (2,485 ) 16,042 13,984 (27,386 ) 155 Income tax benefit (provision) of taxable REIT — 26 (105 ) — (79 ) INCOME (LOSS) FROM CONTINUING OPERATIONS (2,485 ) 16,068 13,879 (27,386 ) 76 Income (loss) from discontinued operations 7 (53 ) 68 1 23 NET INCOME (LOSS) (2,478 ) 16,015 13,947 (27,385 ) 99 Other comprehensive loss (2,278 ) — (67 ) — (2,345 ) COMPREHENSIVE (LOSS) INCOME (4,756 ) 16,015 13,880 (27,385 ) (2,246 ) Comprehensive income attributable to — — (2,510 ) — (2,510 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ (4,756 ) $ 16,015 $ 11,370 $ (27,385 ) $ (4,756 ) Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 11,411 $ 96,113 $ 71,690 $ — $ 179,214 Equity in subsidiaries' earnings 93,920 — — (93,920 ) — Total costs and expenses 21,143 47,418 39,289 (542 ) 107,308 INCOME BEFORE OTHER INCOME AND 84,188 48,695 32,401 (93,378 ) 71,906 Other income and (expense) (49,070 ) (3,181 ) 21,065 (500 ) (31,686 ) INCOME FROM CONTINUING OPERATIONS 35,118 45,514 53,466 (93,878 ) 40,220 Income tax benefit (provision) of taxable REIT — 221 (372 ) — (151 ) NET INCOME 35,118 45,735 53,094 (93,878 ) 40,069 Other comprehensive (loss) income (1,540 ) — 58 — (1,482 ) COMPREHENSIVE INCOME 33,578 45,735 53,152 (93,878 ) 38,587 Comprehensive income attributable to — — (5,009 ) — (5,009 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 33,578 $ 45,735 $ 48,143 $ (93,878 ) $ 33,578 Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 12,717 $ 98,163 $ 69,384 $ — $ 180,264 Equity in subsidiaries' earnings 78,261 — — (78,261 ) — Total costs and expenses 23,445 51,501 43,659 (487 ) 118,118 INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS 67,533 46,662 25,725 (77,774 ) 62,146 Other income and (expense) (43,868 ) (6,584 ) 17,390 (485 ) (33,547 ) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS 23,665 40,078 43,115 (78,259 ) 28,599 Income tax benefit (provision) of taxable REIT — 7 (619 ) — (612 ) INCOME FROM CONTINUING OPERATIONS 23,665 40,085 42,496 (78,259 ) 27,987 Income from discontinued operations 7 3,057 17 6 3,087 NET INCOME 23,672 43,142 42,513 (78,253 ) 31,074 Other comprehensive loss (3,023 ) — (193 ) — (3,216 ) COMPREHENSIVE INCOME 20,649 43,142 42,320 (78,253 ) 27,858 Comprehensive income attributable to — — (7,209 ) — (7,209 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 20,649 $ 43,142 $ 35,111 $ (78,253 ) $ 20,649 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (50,829 ) $ 64,906 $ 70,909 $ 84,986 INVESTING ACTIVITIES: Additions to income producing properties (1,367 ) (4,726 ) (3,511 ) (9,604 ) Acquisition of land held for development — (750 ) — (750 ) Additions to construction in progress (4,755 ) (19,229 ) (11,079 ) (35,063 ) Proceeds from sale of real estate and rental properties — 4,526 — 4,526 Increase in deferred leasing costs and lease intangibles (546 ) (1,749 ) (1,248 ) (3,543 ) Investment in joint ventures (253 ) — (23,611 ) (23,864 ) Advances to joint ventures — — (71 ) (71 ) Distributions from joint ventures — — 1,395 1,395 Collection of development costs tax credit — 1,542 — 1,542 Repayments from subsidiaries, net 48,109 (43,480 ) (4,629 ) — Net cash provided by (used in) investing activities 41,188 (63,866 ) (42,754 ) (65,432 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (1,040 ) (21,934 ) (22,974 ) Net borrowings under revolving credit facilities 42,000 — — 42,000 Repayment of senior debt borrowings (110,122 ) — — (110,122 ) Payment of deferred financing costs (10 ) — — (10 ) Proceeds from issuance of common stock 124,812 — — 124,812 Repurchase of common stock (269 ) — — (269 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (55,978 ) — — (55,978 ) Purchase of noncontrolling interest — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (5,005 ) (5,005 ) Net cash used in financing activities (191 ) (1,040 ) (28,155 ) (29,386 ) Net decrease in cash and cash equivalents (9,832 ) — — (9,832 ) Cash and cash equivalents at beginning of the period 27,469 — — 27,469 Cash and cash equivalents at end of the period $ 17,637 $ — $ — $ 17,637 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (55,029 ) $ 62,676 $ 62,971 $ 70,618 INVESTING ACTIVITIES: Acquisition of income producing properties — (80,350 ) (5,551 ) (85,901 ) Additions to income producing properties (1,027 ) (3,796 ) (4,350 ) (9,173 ) Additions to construction in progress (1,199 ) (24,865 ) (7,359 ) (33,423 ) Deposits for the acquisition of income producing properties (425 ) — — (425 ) Proceeds from sale of real estate and rental properties 9,374 29,598 17,326 56,298 Increase in cash held in escrow (22,704 ) — — (22,704 ) Increase in deferred leasing costs and lease intangibles (259 ) (1,782 ) (716 ) (2,757 ) Investment in joint ventures — — (289 ) (289 ) Repayments of advances to joint ventures — — 27 27 Distributions from joint ventures — — 16,232 16,232 Repayment of loans receivable — — 60,526 60,526 Repayments from subsidiaries, net 80,644 26,159 (106,803 ) — Net cash provided by (used in) investing activities 64,404 (55,036 ) (30,957 ) (21,589 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (7,640 ) (24,324 ) (31,964 ) Net borrowings under revolving credit facilities 42,000 — — 42,000 Proceeds from issuance of common stock 4,852 — — 4,852 Repurchase of common stock (205 ) — — (205 ) Dividends paid to stockholders (52,289 ) — — (52,289 ) Purchase of noncontrolling interests — — (763 ) (763 ) Distributions to noncontrolling interests — — (6,927 ) (6,927 ) Net cash used in financing activities (5,642 ) (7,640 ) (32,014 ) (45,296 ) Net increase in cash and cash equivalents 3,733 — — 3,733 Cash and cash equivalents at beginning of the period 25,583 — — 25,583 Cash and cash equivalents at end of the period $ 29,316 $ — $ — $ 29,316 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our June 30, 2015 unaudited condensed consolidated balance sheet date for potential recognition or disclosure in our condensed consolidated financial statements and have also included such events in the footnotes herein. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or "ASU") 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 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. January 1, 2016 We expect that the adoption of the standard will result in the presentation of debt issuance costs, which are currently included in other assets in our condensed consolidated balance sheets, as a direct deduction from the carrying amount of the related debt instrument. ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis The standard amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. January 1, 2016 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. 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. January 1, 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Income Producing Property Acquisition Activity | The following table provides a summary of acquisition activity for the six months ended June 30, 2015 : Date Purchased Property Name City State Square Feet/Acres Purchase Price Mortgage Assumed (In thousands) June 10, 2015 Concord Shopping Plaza (2) (3) Miami FL 314,327 $ 62,200 $ 27,750 June 10, 2015 Shoppes of Sunset (2) (3) Miami FL 21,784 5,550 — June 10, 2015 Shoppes of Sunset II (2) (3) Miami FL 27,676 4,250 — January 9, 2015 Pablo Plaza Outparcel Jacksonville FL 0.18 (1) 750 — Total $ 72,750 $ 27,750 ______________________________________________ (1) In acres. (2) Properties were acquired in connection with the redemption of our joint venture interest in GRI-EQY I, LLC (the "GRI JV"). See Note 5 for further discussion. (3) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. |
Acquisitions Allocation of Purc
Acquisitions Allocation of Purchase Price (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 30,948 N/A Land improvements 2,151 9.7 Buildings 42,523 39.0 Tenant improvements 1,449 31.0 In-place lease interests 7,059 18.0 Leasing commissions 856 25.2 Above-market leases 797 5.7 Lease origination costs 87 8.6 Below-market leases (13,120 ) 61.5 $ 72,750 |
Investments in Joint Ventures I
Investments in Joint Ventures Investments in Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | The following is a summary of the composition of investments in and advances to unconsolidated joint ventures in the condensed consolidated balance sheets: Investment Balance Joint Venture (1) Number of Properties Location Ownership June 30, December 31, Investments in unconsolidated joint ventures: (In thousands) GRI-EQY I, LLC (2) — GA, SC, FL — $ — $ 12,629 G&I Investment South Florida Portfolio, LLC 3 FL 20.0% 10,665 10,534 Madison 2260 Realty LLC 1 NY 8.6% 526 526 Madison 1235 Realty LLC 1 NY 20.1% 820 820 Parnassus Heights Medical Center 1 CA 50.0% 19,308 19,256 Equity One JV Portfolio, LLC (3) 6 FL, MA, NJ 30.0% 44,028 44,689 Other Equity Investment (4) 45.0% 253 — Total 75,600 88,454 Advances to unconsolidated joint ventures 840 764 Investments in and advances to unconsolidated joint ventures $ 76,440 $ 89,218 ______________________________________________ ( 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) In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014 , the joint venture had 10 properties, our ownership interest was 10.0% , and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. (3) The investment balance as of June 30, 2015 and December 31, 2014 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. (4) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. As of June 30, 2015 , the carrying amount of our investment reflects our maximum exposure to loss related to our investment in the joint venture. |
Other Assets Other Assets (Tabl
Other Assets Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Composition of Other Assets | The following is a summary of the composition of the other assets in the condensed consolidated balance sheets: June 30, December 31, (In thousands) Lease intangible assets, net $ 107,378 $ 106,064 Leasing commissions, net 40,192 39,141 Prepaid expenses and other receivables 29,682 26,880 Straight-line rent receivables, net 26,737 24,412 Deferred financing costs, net 8,184 9,322 Deposits and mortgage escrows 7,496 6,356 Furniture, fixtures and equipment, net 3,370 3,809 Fair value of interest rate swap 297 681 Deferred tax asset 2,527 2,306 Total other assets $ 225,863 $ 218,971 |
Other Liabilities Other Liabili
Other Liabilities Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Composition of Other Liabilities | The following is a summary of the composition of other liabilities in the condensed consolidated balance sheets: June 30, December 31, (In thousands) Lease intangible liabilities, net $ 162,604 $ 157,486 Prepaid rent 9,878 9,607 Other 660 307 Total other liabilities $ 173,142 $ 167,400 |
Noncontrolling Interests Noncon
Noncontrolling Interests Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Summary of Noncontrolling Interests | The following is a summary of the noncontrolling interests in consolidated entities included in the condensed consolidated balance sheets: June 30, December 31, (In thousands) CapCo $ 206,145 $ 206,145 DIM (1) — 1,044 Total noncontrolling interests included in total equity $ 206,145 $ 207,189 |
Stockholders' Equity and Earn35
Stockholders' Equity and Earnings Per Share Stockholders' Equity and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following summarizes the calculation of basic and 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 basic and diluted EPS: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share amounts) Income from continuing operations $ 29,561 $ 76 $ 40,069 $ 27,987 Net income attributable to noncontrolling interests - continuing operations (2,507 ) (2,511 ) (5,009 ) (7,212 ) Income (loss) from continuing operations attributable to Equity One, Inc. 27,054 (2,435 ) 35,060 20,775 Allocation of continuing income to participating securities (108 ) (224 ) (222 ) (438 ) Income (loss) from continuing operations available to common stockholders 26,946 (2,659 ) 34,838 20,337 Income from discontinued operations — 23 — 3,087 Net loss attributable to noncontrolling interests - discontinued operations — 1 — 3 Income from discontinued operations available to common stockholders — 24 — 3,090 Net income (loss) available to common stockholders $ 26,946 $ (2,635 ) $ 34,838 $ 23,427 Weighted average shares outstanding — Basic 128,969 117,813 126,866 117,744 Stock options using the treasury method 107 — 133 205 Non-participating restricted stock using the treasury method 8 — 8 6 Executive incentive plan shares using the treasury method 60 — 72 26 Weighted average shares outstanding — Diluted 129,144 117,813 127,079 117,981 Basic earnings (loss) per share available to common stockholders: Continuing operations $ 0.21 $ (0.02 ) $ 0.27 $ 0.17 Discontinued operations — — — 0.03 Earnings (loss) per common share — Basic $ 0.21 $ (0.02 ) $ 0.27 $ 0.20 Diluted earnings (loss) per share available to common stockholders: Continuing operations $ 0.21 $ (0.02 ) $ 0.27 $ 0.17 Discontinued operations — — — 0.03 Earnings (loss) per common share — Diluted $ 0.21 $ (0.02 ) $ 0.27 $ 0.20 |
Share-Based Payments Share-Base
Share-Based Payments Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table presents stock option activity during the six months ended June 30, 2015 : Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at January 1, 2015 1,208 $ 22.37 Exercised (349 ) $ 24.40 Outstanding at June 30, 2015 859 $ 21.54 4.3 $ 1,708 Exercisable at June 30, 2015 709 $ 21.26 3.3 $ 1,637 |
Summary of Restricted Stock Activity | The following table presents information regarding restricted stock activity during the six months ended June 30, 2015 : Unvested Shares Weighted Average Grant-Date Fair Value (In thousands) Unvested at January 1, 2015 180 $ 22.91 Granted 389 $ 25.84 Vested (84 ) $ 23.92 Forfeited (1 ) (1) $ 22.57 Unvested at June 30, 2015 484 $ 25.09 ____________________________________________ (1) During the six months ended June 30, 2015 , 591 shares of restricted stock were forfeited. |
Share-Based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations, is summarized as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Restricted stock expense $ 1,191 $ 20 $ 2,416 $ 1,776 Stock option expense 78 322 181 401 Employee stock purchase plan discount 9 9 16 17 Total equity-based expense 1,278 351 2,613 2,194 Restricted stock classified as a liability 113 26 174 131 Total expense 1,391 377 2,787 2,325 Less amount capitalized (105 ) (164 ) (232 ) (345 ) Net share-based compensation expense $ 1,286 $ 213 $ 2,555 $ 1,980 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 : Fair Value Measurements Total Level 1 Level 2 Level 3 June 30, 2015 (In thousands) Interest rate derivatives: Classified as an asset in other assets $ 297 $ — $ 297 $ — Classified as a liability in accounts payable and accrued expenses $ 2,140 $ — $ 2,140 $ — December 31, 2014 Interest rate derivatives: Classified as an asset in other assets $ 681 $ — $ 681 $ — Classified as a liability in accounts payable and accrued expenses $ 952 $ — $ 952 $ — |
Fair Value, Assets Measured on Nonrecurring Basis | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of June 30, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating properties held for sale 7,950 — 7,950 — 10,444 Total $ 7,950 $ — $ 7,950 $ — $ 10,444 ____________________________________________ (1) Total losses exclude an impairment of $864,000 recognized related to a property sold during the six months ended June 30, 2015 , based on the sales contract. 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 for use 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. |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs: December 31, 2014 Low High Overall capitalization rates 8.0% 15.0% Discount rates 9.5% 14.5% Terminal capitalization rates 8.5% 13.5% |
Condensed Consolidating Finan38
Condensed Consolidating Financial Information Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 140,254 $ 1,508,031 $ 1,327,213 $ (83 ) $ 2,975,415 Investment in affiliates 2,795,213 — — (2,795,213 ) — Other assets 229,297 101,990 821,271 (816,421 ) 336,137 TOTAL ASSETS $ 3,164,764 $ 1,610,021 $ 2,148,484 $ (3,611,717 ) $ 3,311,552 LIABILITIES Total notes payable $ 1,551,449 $ 121,544 $ 351,918 $ (760,600 ) $ 1,264,311 Other liabilities 25,856 101,260 182,425 (55,904 ) 253,637 TOTAL LIABILITIES 1,577,305 222,804 534,343 (816,504 ) 1,517,948 EQUITY 1,587,459 1,387,217 1,614,141 (2,795,213 ) 1,793,604 TOTAL LIABILITIES AND EQUITY $ 3,164,764 $ 1,610,021 $ 2,148,484 $ (3,611,717 ) $ 3,311,552 Condensed Consolidating Balance Sheet Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 138,293 $ 1,503,390 $ 1,266,820 $ (83 ) $ 2,908,420 Investment in affiliates 2,760,512 — — (2,760,512 ) — Other assets 225,509 97,820 840,654 (810,178 ) 353,805 TOTAL ASSETS $ 3,124,314 $ 1,601,210 $ 2,107,474 $ (3,570,773 ) $ 3,262,225 LIABILITIES Total notes payable $ 1,616,764 $ 122,580 $ 354,297 $ (760,600 ) $ 1,333,041 Other liabilities 24,130 102,988 161,118 (49,661 ) 238,575 TOTAL LIABILITIES 1,640,894 225,568 515,415 (810,261 ) 1,571,616 EQUITY 1,483,420 1,375,642 1,592,059 (2,760,512 ) 1,690,609 TOTAL LIABILITIES AND EQUITY $ 3,124,314 $ 1,601,210 $ 2,107,474 $ (3,570,773 ) $ 3,262,225 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 5,726 $ 48,791 $ 36,218 $ — $ 90,735 Equity in subsidiaries' earnings 51,466 — — (51,466 ) — Total costs and expenses 10,873 24,152 19,613 (265 ) 54,373 INCOME BEFORE OTHER INCOME AND EXPENSE AND TAX 46,319 24,639 16,605 (51,201 ) 36,362 Other income and (expense) (19,057 ) (1,285 ) 13,978 (250 ) (6,614 ) INCOME FROM CONTINUING OPERATIONS BEFORE TAX 27,262 23,354 30,583 (51,451 ) 29,748 Income tax provision of taxable REIT subsidiaries — (13 ) (174 ) — (187 ) NET INCOME 27,262 23,341 30,409 (51,451 ) 29,561 Other comprehensive income 1,031 — 208 — 1,239 COMPREHENSIVE INCOME 28,293 23,341 30,617 (51,451 ) 30,800 Comprehensive income attributable to noncontrolling interests — — (2,507 ) — (2,507 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 28,293 $ 23,341 $ 28,110 $ (51,451 ) $ 28,293 Condensed Consolidating Statement of Comprehensive (Loss) Income Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,133 $ 46,247 $ 35,063 $ — $ 87,443 Equity in subsidiaries' earnings 27,418 — — (27,418 ) — Total costs and expenses 10,337 25,559 23,529 (274 ) 59,151 INCOME BEFORE OTHER INCOME AND 23,214 20,688 11,534 (27,144 ) 28,292 Other income and (expense) (25,699 ) (4,646 ) 2,450 (242 ) (28,137 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS (2,485 ) 16,042 13,984 (27,386 ) 155 Income tax benefit (provision) of taxable REIT — 26 (105 ) — (79 ) INCOME (LOSS) FROM CONTINUING OPERATIONS (2,485 ) 16,068 13,879 (27,386 ) 76 Income (loss) from discontinued operations 7 (53 ) 68 1 23 NET INCOME (LOSS) (2,478 ) 16,015 13,947 (27,385 ) 99 Other comprehensive loss (2,278 ) — (67 ) — (2,345 ) COMPREHENSIVE (LOSS) INCOME (4,756 ) 16,015 13,880 (27,385 ) (2,246 ) Comprehensive income attributable to — — (2,510 ) — (2,510 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ (4,756 ) $ 16,015 $ 11,370 $ (27,385 ) $ (4,756 ) Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 11,411 $ 96,113 $ 71,690 $ — $ 179,214 Equity in subsidiaries' earnings 93,920 — — (93,920 ) — Total costs and expenses 21,143 47,418 39,289 (542 ) 107,308 INCOME BEFORE OTHER INCOME AND 84,188 48,695 32,401 (93,378 ) 71,906 Other income and (expense) (49,070 ) (3,181 ) 21,065 (500 ) (31,686 ) INCOME FROM CONTINUING OPERATIONS 35,118 45,514 53,466 (93,878 ) 40,220 Income tax benefit (provision) of taxable REIT — 221 (372 ) — (151 ) NET INCOME 35,118 45,735 53,094 (93,878 ) 40,069 Other comprehensive (loss) income (1,540 ) — 58 — (1,482 ) COMPREHENSIVE INCOME 33,578 45,735 53,152 (93,878 ) 38,587 Comprehensive income attributable to — — (5,009 ) — (5,009 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 33,578 $ 45,735 $ 48,143 $ (93,878 ) $ 33,578 Condensed Consolidating Statement of Comprehensive Income Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 12,717 $ 98,163 $ 69,384 $ — $ 180,264 Equity in subsidiaries' earnings 78,261 — — (78,261 ) — Total costs and expenses 23,445 51,501 43,659 (487 ) 118,118 INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS 67,533 46,662 25,725 (77,774 ) 62,146 Other income and (expense) (43,868 ) (6,584 ) 17,390 (485 ) (33,547 ) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS 23,665 40,078 43,115 (78,259 ) 28,599 Income tax benefit (provision) of taxable REIT — 7 (619 ) — (612 ) INCOME FROM CONTINUING OPERATIONS 23,665 40,085 42,496 (78,259 ) 27,987 Income from discontinued operations 7 3,057 17 6 3,087 NET INCOME 23,672 43,142 42,513 (78,253 ) 31,074 Other comprehensive loss (3,023 ) — (193 ) — (3,216 ) COMPREHENSIVE INCOME 20,649 43,142 42,320 (78,253 ) 27,858 Comprehensive income attributable to — — (7,209 ) — (7,209 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 20,649 $ 43,142 $ 35,111 $ (78,253 ) $ 20,649 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (50,829 ) $ 64,906 $ 70,909 $ 84,986 INVESTING ACTIVITIES: Additions to income producing properties (1,367 ) (4,726 ) (3,511 ) (9,604 ) Acquisition of land held for development — (750 ) — (750 ) Additions to construction in progress (4,755 ) (19,229 ) (11,079 ) (35,063 ) Proceeds from sale of real estate and rental properties — 4,526 — 4,526 Increase in deferred leasing costs and lease intangibles (546 ) (1,749 ) (1,248 ) (3,543 ) Investment in joint ventures (253 ) — (23,611 ) (23,864 ) Advances to joint ventures — — (71 ) (71 ) Distributions from joint ventures — — 1,395 1,395 Collection of development costs tax credit — 1,542 — 1,542 Repayments from subsidiaries, net 48,109 (43,480 ) (4,629 ) — Net cash provided by (used in) investing activities 41,188 (63,866 ) (42,754 ) (65,432 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (1,040 ) (21,934 ) (22,974 ) Net borrowings under revolving credit facilities 42,000 — — 42,000 Repayment of senior debt borrowings (110,122 ) — — (110,122 ) Payment of deferred financing costs (10 ) — — (10 ) Proceeds from issuance of common stock 124,812 — — 124,812 Repurchase of common stock (269 ) — — (269 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (55,978 ) — — (55,978 ) Purchase of noncontrolling interest — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (5,005 ) (5,005 ) Net cash used in financing activities (191 ) (1,040 ) (28,155 ) (29,386 ) Net decrease in cash and cash equivalents (9,832 ) — — (9,832 ) Cash and cash equivalents at beginning of the period 27,469 — — 27,469 Cash and cash equivalents at end of the period $ 17,637 $ — $ — $ 17,637 Condensed Consolidating Statement of Cash Flows Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (55,029 ) $ 62,676 $ 62,971 $ 70,618 INVESTING ACTIVITIES: Acquisition of income producing properties — (80,350 ) (5,551 ) (85,901 ) Additions to income producing properties (1,027 ) (3,796 ) (4,350 ) (9,173 ) Additions to construction in progress (1,199 ) (24,865 ) (7,359 ) (33,423 ) Deposits for the acquisition of income producing properties (425 ) — — (425 ) Proceeds from sale of real estate and rental properties 9,374 29,598 17,326 56,298 Increase in cash held in escrow (22,704 ) — — (22,704 ) Increase in deferred leasing costs and lease intangibles (259 ) (1,782 ) (716 ) (2,757 ) Investment in joint ventures — — (289 ) (289 ) Repayments of advances to joint ventures — — 27 27 Distributions from joint ventures — — 16,232 16,232 Repayment of loans receivable — — 60,526 60,526 Repayments from subsidiaries, net 80,644 26,159 (106,803 ) — Net cash provided by (used in) investing activities 64,404 (55,036 ) (30,957 ) (21,589 ) FINANCING ACTIVITIES: Repayments of mortgage notes payable — (7,640 ) (24,324 ) (31,964 ) Net borrowings under revolving credit facilities 42,000 — — 42,000 Proceeds from issuance of common stock 4,852 — — 4,852 Repurchase of common stock (205 ) — — (205 ) Dividends paid to stockholders (52,289 ) — — (52,289 ) Purchase of noncontrolling interests — — (763 ) (763 ) Distributions to noncontrolling interests — — (6,927 ) (6,927 ) Net cash used in financing activities (5,642 ) (7,640 ) (32,014 ) (45,296 ) Net increase in cash and cash equivalents 3,733 — — 3,733 Cash and cash equivalents at beginning of the period 25,583 — — 25,583 Cash and cash equivalents at end of the period $ 29,316 $ — $ — $ 29,316 |
Organization and Basis of Pre39
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - Jun. 30, 2015 ft² in Millions | ft²properties |
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 124 |
Percentage occupancy | 95.50% |
Unconsolidated Properties [Member] | Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 1.8 |
Retail Site [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 101 |
Retail Site [Member] | Unconsolidated Properties [Member] | Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 8 |
Non-Retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 5 |
Retail and Non-retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 12.8 |
Development and Redevelopment Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 12 |
Net Rentable Area | ft² | 2.7 |
Land Parcels [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Office Buildings [Member] | Unconsolidated Properties [Member] | Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 2 |
Acquisitions (Summary of Income
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) $ in Thousands | Jun. 10, 2015USD ($)ft² | Jan. 09, 2015USD ($)a | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 72,750 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,750 | $ 11,353 | ||
Concord Shopping Plaza [Member] | Miami [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Rentable Area | ft² | 314,327 | |||
Business Combination, Consideration Transferred | $ 62,200 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,750 | |||
Shoppes of Sunset I [Member] | Miami [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Rentable Area | ft² | 21,784 | |||
Business Combination, Consideration Transferred | $ 5,550 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | |||
Shoppes of Sunset II [Member] | Miami [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Rentable Area | ft² | 27,676 | |||
Business Combination, Consideration Transferred | $ 4,250 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | |||
Outparcel at Pablo Plaza [Member] | Jacksonville [Member] | ||||
Business Acquisition [Line Items] | ||||
Net Rentable Area | a | 0.18 | |||
Business Combination, Consideration Transferred | $ 750 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 |
Acquisitions Acquisitions (Sche
Acquisitions Acquisitions (Schedule of Purchase Price Allocations) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 72,750 | |
Business Combination, Consideration Transferred | 72,750 | |
Assumption of mortgage notes payable | 27,750 | $ 11,353 |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 30,948 | |
Land Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,151 | |
Acquired Tangible Assets, Weighted Average Useful Life | 9 years 8 months 10 days | |
Building [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 42,523 | |
Acquired Tangible Assets, Weighted Average Useful Life | 39 years | |
Leaseholds and Leasehold Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,449 | |
Acquired Tangible Assets, Weighted Average Useful Life | 31 years | |
Leases, Acquired-in-Place [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 797 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 8 months 10 days | |
Above Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 7,059 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years | |
Leasing Commissions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 87 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 7 months 6 days | |
Lease Origination Costs [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 856 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 25 years 2 months 12 days | |
Off-Market Unfavorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ (13,120) | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 61 years 6 months 12 days |
Acquisitions Acquisitions (Narr
Acquisitions Acquisitions (Narrative) $ in Thousands | Jan. 09, 2015USD ($)a | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 72,750 | ||||
Outparcel at Pablo Plaza [Member] | Jacksonville [Member] | |||||
Business Acquisition [Line Items] | |||||
Net Rentable Area | a | 0.18 | ||||
Business Combination, Consideration Transferred | $ 750 | ||||
General and Administrative Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 178 | $ 142 | $ 313 | $ 1,500 |
Dispositions Dispositions (Tabl
Dispositions Dispositions (Table Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 26, 2015USD ($)ft² | Jun. 30, 2014USD ($) | |
Acquisitions And Dispositions [Line Items] | ||
Sales of Real Estate | $ 58.6 | |
Park Promenade [Member] | Orlando [Member] | Income Producing Property Sold [Member] | ||
Acquisitions And Dispositions [Line Items] | ||
Net Rentable Area | ft² | 128,848 | |
Sales of Real Estate | $ 4.8 |
Dispositions Dispositions (Narr
Dispositions Dispositions (Narrative) $ in Thousands | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($)property | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number Of Real Estate Properties Sold | property | 8 | |||
Sales of Real Estate | $ 58,600 | |||
Mortgage notes payable | $ 310,074 | $ 311,778 | ||
Under Contract [Member] | MASSACHUSETTS | Pro Forma [Member] | ||||
Impairment loss | $ 10,400 | |||
Discontinued Operations [Member] | ||||
Number Of Real Estate Properties Sold | property | 2 | |||
Subsequent Event [Member] | MASSACHUSETTS | ||||
Sales of Real Estate | $ 8,000 | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 6,500 |
Investments in Joint Ventures45
Investments in Joint Ventures Investments in Joint Ventures (Table Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($)properties | Dec. 31, 2014USD ($)properties | Jun. 10, 2015 | |||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Investments in Joint Ventures | $ 75,600 | $ 88,454 | |||
Advances to unconsolidated joint ventures | 840 | 764 | |||
Investments in and advances to unconsolidated joint ventures | $ 76,440 | 89,218 | |||
GRI-EQY I, LLC [Member] | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300 | ||||
GRI-EQY I, LLC [Member] | Georgia, South Carolina & Florida [Member] | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1],[2] | 0 | 10 | ||
Equity Method Investment, Ownership Percentage | [1],[2] | 0.00% | 10.00% | 21.30% | |
Equity Method Investments | [1],[2] | $ 0 | $ 12,629 | ||
G&I Investment South Florida Portfolio, LLC [Member] | FLORIDA | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1] | 3 | 3 | ||
Equity Method Investment, Ownership Percentage | 20.00% | [1] | 20.00% | ||
Equity Method Investments | [1] | $ 10,665 | $ 10,534 | ||
Madison 2260, Realty, LLC [Member] | NEW YORK | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | ||
Cost Method Investment, Ownership Percentage | 8.60% | [1] | 8.60% | ||
Cost Method Investments | [1] | $ 526 | $ 526 | ||
Madison 1235, Realty, LLC [Member] | NEW YORK | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | ||
Cost Method Investment, Ownership Percentage | 20.10% | [1] | 20.10% | ||
Cost Method Investments | [1] | $ 820 | $ 820 | ||
Parnassus Heights Medical Center [Member] | CALIFORNIA | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | ||
Equity Method Investment, Ownership Percentage | 50.00% | [1] | 50.00% | ||
Equity Method Investments | [1] | $ 19,308 | $ 19,256 | ||
Equity One JV Portfolio, LLC (NYCRF) [Member] | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Equity Method Investment, Deferred Gain on Sale | $ 376 | $ 376 | |||
Equity One JV Portfolio, LLC (NYCRF) [Member] | Florida, Massachusetts, New Jersey [Member] | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Number of Real Estate Properties | properties | [1],[3] | 6 | 6 | ||
Equity Method Investment, Ownership Percentage | 30.00% | [1],[3] | 30.00% | ||
Equity Method Investments | [1],[3] | $ 44,028 | $ 44,689 | ||
Miscellaneous Investments [Member] | |||||
Schedule of Equity Method and Cost Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | [1],[3] | 45.00% | |||
Equity Method Investments | [1],[4] | $ 253 | $ 0 | ||
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method | ||||
[2] | In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014, the joint venture had 10 properties, our ownership interest was 10.0%, and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. | ||||
[3] | The investment balance as of June 30, 2015 and December 31, 2014 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. | ||||
[4] | In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. As of June 30, 2015, the carrying amount of our investment reflects our maximum exposure to loss related to our investment in the joint venture. |
Investments in Joint Ventures46
Investments in Joint Ventures Investments in Joint Ventures (Narrative) $ in Thousands | Jun. 10, 2015USD ($)ft² | Jan. 31, 2014USD ($) | Jun. 30, 2015USD ($)properties | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)properties | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)properties | |||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity in income of unconsolidated joint ventures | $ 1,116 | $ 1,268 | $ 1,998 | $ 9,529 | ||||||
Gain (Loss) on Sale of Properties | 3,338 | 4,035 | ||||||||
Management Fees Revenue | 631 | $ 584 | 1,186 | 1,213 | ||||||
Equity Method Investment, Summarized Financial Information, Long-term Debt | 135,700 | 135,700 | $ 220,500 | |||||||
Equity Method Investment, Long-term Debt, Entity's Portion | $ 40,700 | 40,700 | $ 49,400 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,498 | $ 2,807 | ||||||||
Vernola Marketplace [Member] | Equity Method Investments [Member] | Equity One, Inc. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gain (Loss) on Sale of Properties | $ 7,400 | |||||||||
Noncontrolling Interest [Member] | Vernola Marketplace [Member] | Equity Method Investments [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gain (Loss) on Sale of Properties | $ 1,600 | |||||||||
GRI-EQY I, LLC [Member] | Georgia, South Carolina & Florida [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1],[2] | 0 | 0 | 10 | ||||||
Equity Method Investment, Ownership Percentage | [1],[2] | 21.30% | 0.00% | 0.00% | 10.00% | |||||
Equity Percentage Acquired | ||||||||||
Payments to Acquire Equity Method Investments | $ 23,500 | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,500 | |||||||||
G&I Investment South Florida Portfolio, LLC [Member] | FLORIDA | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1] | 3 | 3 | 3 | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | [1] | 20.00% | [1] | 20.00% | |||||
Madison 2260, Realty, LLC [Member] | NEW YORK | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | 1 | ||||||
Cost Method Investment, Ownership Percentage | 8.60% | [1] | 8.60% | [1] | 8.60% | |||||
Madison 1235, Realty, LLC [Member] | NEW YORK | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | 1 | ||||||
Cost Method Investment, Ownership Percentage | 20.10% | [1] | 20.10% | [1] | 20.10% | |||||
Parnassus Heights Medical Center [Member] | CALIFORNIA | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1] | 1 | 1 | 1 | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | [1] | 50.00% | [1] | 50.00% | |||||
Equity One JV Portfolio, LLC (NYCRF) [Member] | Florida, Massachusetts, New Jersey [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | properties | [1],[3] | 6 | 6 | 6 | ||||||
Equity Method Investment, Ownership Percentage | 30.00% | [1],[3] | 30.00% | [1],[3] | 30.00% | |||||
Concord Shopping Plaza and Shoppes at Sunset I and II [Member] [Member] | Miami [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Net Rentable Area | ft² | 363,787 | |||||||||
[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] | In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014, the joint venture had 10 properties, our ownership interest was 10.0%, and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. | |||||||||
[3] | The investment balance as of June 30, 2015 and December 31, 2014 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. |
Other Assets Other Assets (Deta
Other Assets Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Total other assets | $ 225,863 | $ 218,971 |
Other Assets [Member] | ||
Lease intangible assets, net | 107,378 | 106,064 |
Leasing commissions, net | 40,192 | 39,141 |
Prepaid expenses and other receivables | 29,682 | 26,880 |
Straight-line rent receivables, net | 26,737 | 24,412 |
Deferred financing costs, net | 8,184 | 9,322 |
Deposits and mortgage escrows | 7,496 | 6,356 |
Furniture, fixtures and equipment, net | 3,370 | 3,809 |
Deferred tax asset | 2,527 | 2,306 |
Total other assets | 225,863 | 218,971 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Fair value of interest rate swap | $ 297 | $ 681 |
Borrowings Mortgage Notes Payab
Borrowings Mortgage Notes Payable - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | |
Debt Instrument [Line Items] | |||
Assumption of mortgage notes payable | $ 27,750 | $ 11,353 | |
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Payments for Deposits Applied to Debt Retirements | $ 19,600 | ||
Mortgages [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.32% | ||
Mortgage Loans on Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.63% | ||
Liabilities, Assets Held for Sale [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 8.07% | ||
Concord Shopping Plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 28, 2018 | ||
Assumption of mortgage notes payable | $ 27,800 | ||
London Interbank Offered Rate (LIBOR) [Member] | Talega Village Center [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | ||
Subsequent Event [Member] | MASSACHUSETTS | |||
Debt Instrument [Line Items] | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 6,500 |
Borrowings Unsecured Senior Not
Borrowings Unsecured Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||||
Repayments of Senior Debt | $ 110,122 | ||||
(Loss) gain on extinguishment of debt | $ (2,701) | $ 0 | $ (2,563) | $ 1,074 | |
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.96% | 4.96% | |||
Senior Notes [Member] | 5.375% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Senior Debt | $ 107,500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||
Make-Whole Premium, Amount | $ 2,600 | ||||
(Loss) gain on extinguishment of debt | $ 2,700 |
Borrowings Unsecured Revolving
Borrowings Unsecured Revolving Credit Facilities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facilities | $ 79,000,000 | $ 37,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 600,000,000 | |
Letters of Credit Outstanding, Amount | 2,100,000 | |
Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facilities | $ 37,000,000 | |
Revolving Credit Facility [Member] | Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 600,000,000 | |
Line of Credit Facility, Interest Rate at Period End | 1.22% | |
Line of Credit Facility, Interest Rate During Period | 1.22% | |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |
Line of Credit Facility, Expiration Date | Dec. 31, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | |
Revolving Credit Facility [Member] | Secondary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured revolving credit facilities | $ 0 | |
Line of Credit Facility, Expiration Date | May 7, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Secondary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Minimum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |
Maximum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.55% |
Borrowings Term Loan and Intere
Borrowings Term Loan and Interest Rate Swaps (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Derivative, Number of Instruments Held | 3 | 3 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (2,800) | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 13, 2019 | |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | 2.62% |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative, Notional Amount | $ 250,000 | $ 250,000 |
Derivative, Maturity Date | Feb. 13, 2019 | |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | |
Interest Rate Derivative Assets, at Fair Value | $ 297 | 681 |
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability, Number of Instruments Held | 2 | |
Derivative Instruments and Hedges, Liabilities | $ 2,100 | $ 952 |
Other Liabilities Other Liabi52
Other Liabilities Other Liabilities (Table Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Other Liabilities [Line Items] | ||
Total other liabilities | $ 173,142 | $ 167,400 |
Other Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease intangible liabilities, net | 162,604 | 157,486 |
Prepaid rent | 9,878 | 9,607 |
Other | 660 | 307 |
Total other liabilities | $ 173,142 | $ 167,400 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Dim Vastgoed N V [Member] | |
Federal net operating loss carry forwards | $ 5.2 |
State net operating loss carry forwards | $ 2.2 |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2027 |
I R T Capital Corporation [Member] | |
Federal net operating loss carry forwards | $ 2 |
State net operating loss carry forwards | $ 1.6 |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 |
Noncontrolling Interests Nonc54
Noncontrolling Interests Noncontrolling Interests (Table Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Feb. 27, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 206,145 | $ 207,189 | ||
Dim [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | [1] | $ 0 | $ 1,044 | |
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | 98.00% | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Minority Interest Percentage | 2.00% | |||
Cap Co [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 206,145 | $ 206,145 | ||
[1] | As of December 31, 2014, our ownership interest in DIM was 98.0%. In February 2015, we entered into a settlement agreement to acquire the remaining 2.0% interests held by minority shareholders, which was completed in April 2015 after the Dutch court's approval of the agreement. |
Stockholders' Equity and Earn55
Stockholders' Equity and Earnings Per Share Stockholders' Equity and Earnings Per Share (Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2014$ / sharesshares | Jun. 30, 2015shares | Jun. 30, 2014$ / sharesshares | Apr. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | ||||
Shares Issued, Price Per Share | $ / shares | $ 27.05 | ||||
Common Stock [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Issuance or Sale of Equity | $ | $ 121,300 | ||||
Common Stock, Discount on Shares | $ | $ 589 | ||||
Equity Option [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Common stock not included in the calculation of EPS, shares | 2,900,000 | 1,600,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | $ 11.59 | $ 22.78 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 26.66 | $ 26.66 | |||
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 | 11,400,000 | |||
Common Stock, Conversion Rate | 1 | ||||
Over-Allotment Option [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 585,000 | ||||
Gazit First Generation LLC [Member] | Private Placement [Member] | Common Stock [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 600,000 | ||||
5.375% Senior Notes [Member] | Senior Notes [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% |
Stockholders' Equity and Earn56
Stockholders' Equity and Earnings Per Share (Summary of Calculation of Basic EPS and Reconciliation of Net Income Available to Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 34,946 | $ 23,649 | $ 34,946 | $ 23,649 |
Stockholders' Equity and Earn57
Stockholders' Equity and Earnings Per Share (Summary of Calculation of Diluted EPS and Reconciliation of Net Loss (Income) Available to Shareholders) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
INCOME FROM CONTINUING OPERATIONS | $ 29,561 | $ 76 | $ 40,069 | $ 27,987 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 2,507 | 2,511 | 5,009 | 7,212 |
Income from continuing operations attributable to Equity One, Inc. | 27,054 | (2,435) | 35,060 | 20,775 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Continuing Operations | (108) | (224) | (222) | (438) |
Net Income (Loss) Available to Common Stockholders, Continuing Operations, Diluted | 26,946 | (2,659) | 34,838 | 20,337 |
Income from discontinued operations | 0 | 23 | 0 | 3,087 |
Net loss attributable to noncontrolling interests - discontinued operations | 1 | 3 | ||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations | 0 | 24 | 0 | 3,090 |
Net income available to common stockholders | $ 26,946 | $ (2,635) | $ 34,838 | $ 23,427 |
Weighted average shares outstanding - Basic (in shares) | 128,969 | 117,813 | 126,866 | 117,744 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 107 | 0 | 133 | 205 |
Stock options using the treasury method | 8 | 0 | 8 | 6 |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 60 | 0 | 72 | 26 |
Weighted average shares outstanding - Diluted | 129,144 | 117,813 | 127,079 | 117,981 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.17 |
Basic earnings per share from discontinued operations (in usd per share) | 0 | 0 | 0.03 | |
Earnings Per Share, Basic | 0.21 | (0.02) | 0.27 | 0.20 |
Diluted earnings per share from continuing operations (in usd per share) | 0.21 | (0.02) | 0.27 | 0.17 |
Diluted earnings per share from discontinued operations (in usd per share) | 0 | 0 | 0.03 | |
Earnings per common share - Diluted (in usd per share) | $ 0.21 | $ (0.02) | $ 0.27 | $ 0.20 |
Share-Based Payments (Summary o
Share-Based Payments (Summary of Stock Option Activity) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
Shares Under Option | |
Outstanding at January 1, 2015 (shares) | 1,208 |
Exercised (shares) | 349 |
Outstanding at March 31, 2015 (shares) | 859 |
Exercisable at March 31, 2015 (shares) | 709 |
Weighted Average Exercise Price | |
Outstanding at January 1, 2015 (usd per share) | $ 22.37 |
Exercised (usd per share) | 24.40 |
Outstanding at March 31, 2015 (usd per share) | 21.54 |
Exercisable at March 31, 2015 (usd per share) | $ 21.26 |
Additional Disclosures | |
Weighted Average Remaining Contractual Term, Outstanding at March 31, 2015 | 4 years 3 months 12 days |
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2015 | 3 years 3 months 4 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $ 1,708 |
Aggregate Intrinsic Value, Exercisable at March 31, 2015 | $ 1,637 |
(Summary of Restricted Stock Ac
(Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended |
Jun. 30, 2015 | |
Unvested Shares | |
Unvested at January 1, 2015 (shares) | 180,000 |
Granted (shares) | 389,000 |
Vested (shares) | 84,000 |
Forfeited (shares) | 591 |
Unvested at March 31, 2015 (shares) | 484,000 |
Weighted Average Grant-Date Fair Value | |
Unvested at January 1, 2015 (usd per share) | $ 22.91 |
Granted (usd per share) | 25.84 |
Vested (usd per share) | 23.92 |
Forfeited (usd per share) | 22.57 |
Unvested at March 31, 2015 (usd per share) | $ 25.09 |
Share-Based Payments (Summary60
Share-Based Payments (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Restricted stock expense | $ 1,191 | $ 20 | $ 2,416 | $ 1,776 |
Stock option expense | 78 | 322 | 181 | 401 |
Employee stock purchase plan discount | 9 | 9 | 16 | 17 |
Total equity-based expense | 1,278 | 351 | 2,613 | 2,194 |
Deferred Compensation Share-based Arrangements, Liability | 113 | 26 | 174 | 131 |
Total expense | 1,391 | 377 | 2,787 | 2,325 |
Less amount capitalized | (105) | (164) | (232) | (345) |
Net share-based compensation expense | $ 1,286 | $ 213 | $ 2,555 | $ 1,980 |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |
Jan. 26, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from options exercised during the period | $ 3,000,000 | ||
Intrinsic value of options exercised during the period | 883,000 | ||
Compensation cost not yet recognized | $ 13,000,000 | ||
Period for recognition | 2 years 8 months 10 days | ||
Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Officers' compensation | $ 500,000 | ||
Relocation expense reimbursement | $ 30,000 | ||
Chief Financial Officer [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Bonuses | $ 400,000 | ||
Cash [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Bonus award, percentage paid in cash | 50.00% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted during period (shares) | shares | 389,000 | ||
Restricted stock vested during the period (shares) | shares | 84,000 | ||
Grant-date value of shares vested during period | $ 2,000,000 | ||
Weighted average grant date fair value, nonvested | $ / shares | $ 25.09 | $ 22.91 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock granted during period (shares) | shares | 22,189 | ||
Bonus award, percentage paid in stock | 50.00% | ||
Common Stock [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target shares | shares | 44,379 | ||
Performance metric, target earnings percentage, option one | 50.00% | ||
Performance metric, target earnings percentage, option two | 100.00% | ||
Performance metric, target earnings percentage, option three | 200.00% | ||
Performance Shares [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Performance metric, number of components | 4 | ||
Performance Shares [Member] | Chief Financial Officer [Member] | Recurring FFO Growth [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, nonvested | $ / shares | $ 23.47 | ||
Market Awards [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value assumptions, expected volatility rate | 21.90% | ||
Fair value assumptions, expected volatility rate, minimum | 14.30% | ||
Fair value assumptions, expected volatility rate, maximum | 23.70% | ||
Fair value assumptions, risk free interest rate | 1.40% | ||
Cost of award | $ 486,000 | ||
Market Awards [Member] | Chief Financial Officer [Member] | Absolute Shareholder Return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance metric, component of target award | 25.00% | ||
Market Awards [Member] | Chief Financial Officer [Member] | Total Shareholder Return Relative to Peer Community [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance metric, component of target award | 25.00% | ||
Market Awards [Member] | Chief Financial Officer [Member] | Recurring FFO Growth [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance metric, component of target award | 25.00% | ||
Market Awards [Member] | Chief Financial Officer [Member] | Discretionary [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance metric, component of target award | 25.00% | ||
Deferred Bonus [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Narrative) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Loss Contingencies [Line Items] | |
Letters of Credit Outstanding, Amount | $ 2.1 |
Investment in development or redevelopment projects | 118.4 |
Development/Redevelopment Obligation, Amount | $ 159.2 |
Development/Redevelopment Period | 3 years |
Other Significant Project Obligations, Amount | $ 11.9 |
Minimum [Member] | Capital Addition Purchase Commitments [Member] | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 1 year |
Maximum [Member] | Capital Addition Purchase Commitments [Member] | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 2 years |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured and Recorded at Fair Value on a Recurring Basis) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Derivative, Number of Instruments Held | 3 | 3 | 3 | ||||
Net unrealized gain (loss) on interest rate swaps (1) | [1] | $ 364 | $ (3,226) | $ (3,220) | $ (4,955) | ||
Interest Rate Swap [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Derivative, Notional Amount | 250,000 | 250,000 | $ 250,000 | ||||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair value of interest rate swaps | 297 | 297 | 681 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 2,140 | 2,140 | 952 | ||||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair value of interest rate swaps | 0 | 0 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | 0 | ||||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair value of interest rate swaps | 297 | 297 | 681 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 2,140 | 2,140 | 952 | ||||
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Fair value of interest rate swaps | 0 | 0 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 0 | 0 | ||||
Interest Rate Swap [Member] | Other Assets [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Derivative Asset, Number of Instruments Held | 1 | 1 | |||||
Fair value of interest rate swap | $ 297 | $ 297 | 681 | ||||
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Derivative Instruments and Hedges, Liabilities | 2,100 | 2,100 | $ 952 | ||||
Equity One, Inc. [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Net unrealized gain (loss) on interest rate swaps (1) | 1,000 | (1,500) | |||||
Unsecured Debt [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Senior Notes | $ 622,400 | $ 622,400 | |||||
Senior Notes [Member] | Unsecured Debt [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Senior Notes | $ 729,763 | ||||||
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized gains (losses) of $163 and $(32) for the three and six months ended June 30, 2015, respectively and $(101) and $(262) for the same periods during 2014, respectively. |
Fair Value Measurements (Asse64
Fair Value Measurements (Assets Measured and Recorded as Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment loss on goodwill and income producing properties | $ 200 | $ 13,892 | $ 11,507 | $ 13,892 | ||||
Impairment of Long-Lived Assets Sold | 864 | |||||||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 9.50% | |||||||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Terminal cap rate [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Cap Rate | 8.50% | |||||||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Overall cap rate [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Cap Rate | 8.00% | |||||||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 14.50% | |||||||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Terminal cap rate [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Cap Rate | 13.50% | |||||||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Overall cap rate [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value Inputs, Cap Rate | 15.00% | |||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | [1] | $ 10,444 | ||||||
Operating Properties Held-for-investment, Fair Value Disclosure | 22,700 | |||||||
Development Properties Held-for-investment | 7,370 | |||||||
Assets, Fair Value Disclosure | 7,950 | 7,950 | 30,070 | |||||
Impairment loss | [2] | 10,400 | 15,100 | |||||
Operating Properties Held-for-sale, Fair Value Disclosure | 7,950 | |||||||
Impairment of Real Estate | [2] | 2,200 | ||||||
Impairment loss on goodwill and income producing properties | 10,444 | [1] | 17,341 | [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-for-investment, Fair Value Disclosure | 0 | |||||||
Development Properties Held-for-investment | 0 | |||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||||
Operating Properties Held-for-sale, Fair Value Disclosure | 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-for-investment, Fair Value Disclosure | 0 | |||||||
Development Properties Held-for-investment | 0 | |||||||
Assets, Fair Value Disclosure | 7,950 | 7,950 | 0 | |||||
Operating Properties Held-for-sale, Fair Value Disclosure | 7,950 | 7,950 | ||||||
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-for-investment, Fair Value Disclosure | [3] | $ 11,900 | $ 11,900 | 22,700 | ||||
Development Properties Held-for-investment | 7,370 | |||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | 30,070 | |||||
Operating Properties Held-for-sale, Fair Value Disclosure | 0 | |||||||
Continuing Operations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment of Long-Lived Assets Sold | $ 4,500 | |||||||
[1] | Total losses exclude an impairment of $864,000 recognized related to a property sold during the six months ended June 30, 2015, based on the sales contract. | |||||||
[2] | 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. | |||||||
[3] | $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. |
Fair Value of Financial Instr65
Fair Value of Financial Instruments Fair Value of Financial Instruments (Narrative) $ in Thousands | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 320,000 | $ 316,300 |
Term loan | $ 250,000 | 250,000 |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | |
Fair value of interest rate swap | $ 297 | 681 |
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 | 2,100 | 952 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Payable, Fair Value Disclosure | 248,900 | 249,800 |
Mortgage Loans on Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | 338,000 | 337,400 |
Unsecured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 622,400 | |
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 648,500 | $ 772,900 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Real Estate Investment Property, Net | $ 2,975,415 | $ 2,908,420 |
Investment in affiliates | 840 | 764 |
Other assets | 225,863 | 218,971 |
TOTAL ASSETS | 3,311,552 | 3,262,225 |
LIABILITIES | ||
Total notes payable | 1,264,311 | 1,333,041 |
Other liabilities | 173,142 | 167,400 |
Total liabilities | 1,517,948 | 1,571,616 |
EQUITY | 1,793,604 | 1,690,609 |
TOTAL LIABILITIES AND EQUITY | 3,311,552 | 3,262,225 |
Equity One, Inc. [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 140,254 | 138,293 |
Investment in affiliates | 2,795,213 | 2,760,512 |
Other assets | 229,297 | 225,509 |
TOTAL ASSETS | 3,164,764 | 3,124,314 |
LIABILITIES | ||
Total notes payable | 1,551,449 | 1,616,764 |
Other liabilities | 25,856 | 24,130 |
Total liabilities | 1,577,305 | 1,640,894 |
EQUITY | 1,587,459 | 1,483,420 |
TOTAL LIABILITIES AND EQUITY | 3,164,764 | 3,124,314 |
Combined Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,508,031 | 1,503,390 |
Other assets | 101,990 | 97,820 |
TOTAL ASSETS | 1,610,021 | 1,601,210 |
LIABILITIES | ||
Total notes payable | 121,544 | 122,580 |
Other liabilities | 101,260 | 102,988 |
Total liabilities | 222,804 | 225,568 |
EQUITY | 1,387,217 | 1,375,642 |
TOTAL LIABILITIES AND EQUITY | 1,610,021 | 1,601,210 |
Non-Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,327,213 | 1,266,820 |
Other assets | 821,271 | 840,654 |
TOTAL ASSETS | 2,148,484 | 2,107,474 |
LIABILITIES | ||
Total notes payable | 351,918 | 354,297 |
Other liabilities | 182,425 | 161,118 |
Total liabilities | 534,343 | 515,415 |
EQUITY | 1,614,141 | 1,592,059 |
TOTAL LIABILITIES AND EQUITY | 2,148,484 | 2,107,474 |
Eliminating Entries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | (83) | (83) |
Investment in affiliates | (2,795,213) | (2,760,512) |
Other assets | (816,421) | (810,178) |
TOTAL ASSETS | (3,611,717) | (3,570,773) |
LIABILITIES | ||
Total notes payable | (760,600) | (760,600) |
Other liabilities | (55,904) | (49,661) |
Total liabilities | (816,504) | (810,261) |
EQUITY | (2,795,213) | (2,760,512) |
TOTAL LIABILITIES AND EQUITY | (3,611,717) | (3,570,773) |
Consolidated Entities [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 2,975,415 | 2,908,420 |
Other assets | 336,137 | 353,805 |
TOTAL ASSETS | 3,311,552 | 3,262,225 |
LIABILITIES | ||
Total notes payable | 1,264,311 | 1,333,041 |
Other liabilities | 253,637 | 238,575 |
Total liabilities | 1,517,948 | 1,571,616 |
EQUITY | 1,793,604 | 1,690,609 |
TOTAL LIABILITIES AND EQUITY | $ 3,311,552 | $ 3,262,225 |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total revenue | $ 90,735 | $ 87,443 | $ 179,214 | $ 180,264 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 36,362 | 28,292 | 71,906 | 62,146 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (29,748) | (155) | (40,220) | (28,599) |
Income tax provision of taxable REIT subsidiaries | (187) | (79) | (151) | (612) |
INCOME FROM CONTINUING OPERATIONS | 29,561 | 76 | 40,069 | 27,987 |
Income (loss) from discontinued operations | 0 | 23 | 0 | 3,087 |
NET INCOME | 29,561 | 99 | 40,069 | 31,074 |
Other comprehensive income (loss) | 1,239 | (2,345) | (1,482) | (3,216) |
COMPREHENSIVE INCOME (LOSS) | 30,800 | (2,246) | 38,587 | 27,858 |
Comprehensive income attributable to noncontrolling interests | (2,507) | (2,510) | (5,009) | (7,209) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 28,293 | (4,756) | 33,578 | 20,649 |
Gain (Loss) on Sale of Properties | 3,338 | 4,035 | ||
Equity One, Inc. [Member] | ||||
Total revenue | 5,726 | 6,133 | 11,411 | 12,717 |
Equity in subsidiaries' earnings | 51,466 | 27,418 | 93,920 | 78,261 |
Total costs and expenses | 10,873 | 10,337 | 21,143 | 23,445 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 46,319 | 23,214 | 84,188 | 67,533 |
Other income and (expense) | (19,057) | (25,699) | (49,070) | (43,868) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (27,262) | 2,485 | (35,118) | (23,665) |
Income tax provision of taxable REIT subsidiaries | 0 | |||
INCOME FROM CONTINUING OPERATIONS | (2,485) | 23,665 | ||
Income (loss) from discontinued operations | 7 | 7 | ||
NET INCOME | 27,262 | (2,478) | 35,118 | 23,672 |
Other comprehensive income (loss) | 1,031 | (2,278) | (1,540) | (3,023) |
COMPREHENSIVE INCOME (LOSS) | 28,293 | (4,756) | 33,578 | 20,649 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 28,293 | (4,756) | 33,578 | 20,649 |
Combined Guarantor Subsidiaries [Member] | ||||
Total revenue | 48,791 | 46,247 | 96,113 | 98,163 |
Total costs and expenses | 24,152 | 25,559 | 47,418 | 51,501 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 24,639 | 20,688 | 48,695 | 46,662 |
Other income and (expense) | (1,285) | (4,646) | (3,181) | (6,584) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (23,354) | (16,042) | (45,514) | (40,078) |
Income tax provision of taxable REIT subsidiaries | (13) | 26 | 221 | 7 |
INCOME FROM CONTINUING OPERATIONS | 16,068 | 40,085 | ||
Income (loss) from discontinued operations | (53) | 3,057 | ||
NET INCOME | 23,341 | 16,015 | 45,735 | 43,142 |
COMPREHENSIVE INCOME (LOSS) | 23,341 | 16,015 | 45,735 | 43,142 |
Comprehensive income attributable to noncontrolling interests | 0 | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 23,341 | 16,015 | 45,735 | 43,142 |
Non-Guarantor Subsidiaries [Member] | ||||
Total revenue | 36,218 | 35,063 | 71,690 | 69,384 |
Total costs and expenses | 19,613 | 23,529 | 39,289 | 43,659 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 16,605 | 11,534 | 32,401 | 25,725 |
Other income and (expense) | 13,978 | 2,450 | 21,065 | 17,390 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (30,583) | (13,984) | (53,466) | (43,115) |
Income tax provision of taxable REIT subsidiaries | (174) | (105) | (372) | (619) |
INCOME FROM CONTINUING OPERATIONS | 13,879 | 42,496 | ||
Income (loss) from discontinued operations | 68 | 17 | ||
NET INCOME | 30,409 | 13,947 | 53,094 | 42,513 |
Other comprehensive income (loss) | 208 | (67) | 58 | (193) |
COMPREHENSIVE INCOME (LOSS) | 30,617 | 13,880 | 53,152 | 42,320 |
Comprehensive income attributable to noncontrolling interests | (2,507) | (2,510) | (5,009) | (7,209) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 28,110 | 11,370 | 48,143 | 35,111 |
Eliminating Entries [Member] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Equity in subsidiaries' earnings | (51,466) | (27,418) | (93,920) | (78,261) |
Total costs and expenses | (265) | (274) | (542) | (487) |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | (51,201) | (27,144) | (93,378) | (77,774) |
Other income and (expense) | (250) | (242) | (500) | (485) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 51,451 | 27,386 | 93,878 | 78,259 |
INCOME FROM CONTINUING OPERATIONS | (27,386) | (78,259) | ||
Income (loss) from discontinued operations | 1 | 6 | ||
NET INCOME | (51,451) | (27,385) | (93,878) | (78,253) |
COMPREHENSIVE INCOME (LOSS) | (51,451) | (27,385) | (93,878) | (78,253) |
Comprehensive income attributable to noncontrolling interests | 0 | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | (51,451) | (27,385) | (93,878) | (78,253) |
Consolidated Entities [Member] | ||||
Total revenue | 90,735 | 87,443 | 179,214 | 180,264 |
Total costs and expenses | 54,373 | 59,151 | 107,308 | 118,118 |
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 36,362 | 28,292 | 71,906 | 62,146 |
Other income and (expense) | (6,614) | (28,137) | (31,686) | (33,547) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (29,748) | (155) | (40,220) | (28,599) |
Income tax provision of taxable REIT subsidiaries | (187) | (79) | (151) | (612) |
INCOME FROM CONTINUING OPERATIONS | 76 | 27,987 | ||
Income (loss) from discontinued operations | 23 | 3,087 | ||
NET INCOME | 29,561 | 99 | 40,069 | 31,074 |
Other comprehensive income (loss) | 1,239 | (2,345) | (1,482) | (3,216) |
COMPREHENSIVE INCOME (LOSS) | 30,800 | (2,246) | 38,587 | 27,858 |
Comprehensive income attributable to noncontrolling interests | (2,507) | (2,510) | (5,009) | (7,209) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ 28,293 | $ (4,756) | $ 33,578 | $ 20,649 |
Condensed Consolidating Finan68
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net cash (used in) provided by operating activities | $ 84,986 | $ 70,618 | |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (85,901) | ||
Additions to income producing properties | (9,604) | (9,173) | |
Payments to Acquire Land | (750) | 0 | |
Additions to construction in progress | (35,063) | (33,423) | |
Deposits for the acquisition of income producing properties | 0 | (425) | |
Proceeds from sale of real estate and rental properties | 4,526 | 56,298 | |
Increase in cash held in escrow | 0 | (22,704) | |
Increase in deferred leasing costs and lease intangibles | (3,543) | (2,757) | |
Investment in joint ventures | (23,864) | (289) | |
Repayments of advances to (advances to) joint ventures | 71 | (27) | |
Distributions from joint ventures | 1,395 | 16,232 | |
Repayment of loans receivable | 60,526 | ||
Collection of Remediation Tax Credit | 1,542 | 0 | |
Net cash used in investing activities | (65,432) | (21,589) | |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | (22,974) | (31,964) | |
Net borrowings under revolving credit facilities | 42,000 | 42,000 | |
Payments of Financing Costs | (10) | 0 | |
Proceeds from issuance of common stock | 124,812 | 4,852 | |
Repurchase of common stock | (269) | (205) | |
Stock issuance costs | (624) | 0 | |
Dividends paid to stockholders | (55,978) | (52,289) | |
Purchase of noncontrolling interests | (1,216) | (763) | |
Distributions to noncontrolling interests | (5,005) | (6,927) | |
Net cash used in financing activities | (29,386) | (45,296) | |
Net (decrease) increase in cash and cash equivalents | (9,832) | 3,733 | |
Cash and cash equivalents at beginning of the period | $ 17,637 | 27,469 | 25,583 |
Cash and cash equivalents at end of the period | 17,637 | ||
Repayment of senior debt borrowings | 110,122 | ||
Equity One, Inc. [Member] | |||
Net cash (used in) provided by operating activities | (50,829) | (55,029) | |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | 0 | ||
Additions to income producing properties | (1,367) | (1,027) | |
Additions to construction in progress | (4,755) | (1,199) | |
Deposits for the acquisition of income producing properties | (425) | ||
Proceeds from sale of real estate and rental properties | 9,374 | ||
Increase in cash held in escrow | (22,704) | ||
Increase in deferred leasing costs and lease intangibles | (546) | (259) | |
Investment in joint ventures | (253) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Repayments from subsidiaries, net | 48,109 | 80,644 | |
Net cash used in investing activities | 41,188 | 64,404 | |
FINANCING ACTIVITIES: | |||
Net borrowings under revolving credit facilities | 42,000 | 42,000 | |
Payments of Financing Costs | (10) | ||
Proceeds from issuance of common stock | 124,812 | 4,852 | |
Repurchase of common stock | (269) | (205) | |
Stock issuance costs | (624) | ||
Dividends paid to stockholders | (55,978) | (52,289) | |
Net cash used in financing activities | (191) | (5,642) | |
Net (decrease) increase in cash and cash equivalents | (9,832) | 3,733 | |
Cash and cash equivalents at beginning of the period | 27,469 | 25,583 | |
Cash and cash equivalents at end of the period | 17,637 | 29,316 | |
Repayment of senior debt borrowings | 110,122 | ||
Combined Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 64,906 | 62,676 | |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (80,350) | ||
Additions to income producing properties | (4,726) | (3,796) | |
Payments to Acquire Land | (750) | ||
Additions to construction in progress | (19,229) | (24,865) | |
Deposits for the acquisition of income producing properties | 0 | ||
Proceeds from sale of real estate and rental properties | 4,526 | 29,598 | |
Increase in deferred leasing costs and lease intangibles | (1,749) | (1,782) | |
Payments for (Proceeds from) Other Investing Activities | 1,542 | ||
Repayments from subsidiaries, net | (43,480) | 26,159 | |
Net cash used in investing activities | (63,866) | (55,036) | |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | (1,040) | (7,640) | |
Payments of Financing Costs | 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Net cash used in financing activities | (1,040) | (7,640) | |
Non-Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 70,909 | 62,971 | |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (5,551) | ||
Additions to income producing properties | (3,511) | (4,350) | |
Additions to construction in progress | (11,079) | (7,359) | |
Deposits for the acquisition of income producing properties | 0 | ||
Proceeds from sale of real estate and rental properties | 17,326 | ||
Increase in deferred leasing costs and lease intangibles | (1,248) | (716) | |
Investment in joint ventures | (23,611) | (289) | |
Repayments of advances to joint ventures | (71) | (27) | |
Distributions from joint ventures | 1,395 | 16,232 | |
Payments for (Proceeds from) Other Investing Activities | 0 | ||
Repayment of loans receivable | 60,526 | ||
Repayments from subsidiaries, net | (4,629) | (106,803) | |
Net cash used in investing activities | (42,754) | (30,957) | |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | (21,934) | (24,324) | |
Net borrowings under revolving credit facilities | 0 | ||
Payments of Financing Costs | 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Purchase of noncontrolling interests | (1,216) | (763) | |
Distributions to noncontrolling interests | (5,005) | (6,927) | |
Net cash used in financing activities | (28,155) | (32,014) | |
Consolidated Entities [Member] | |||
Net cash (used in) provided by operating activities | 84,986 | 70,618 | |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (85,901) | ||
Additions to income producing properties | (9,604) | (9,173) | |
Payments to Acquire Land | (750) | ||
Additions to construction in progress | (35,063) | (33,423) | |
Deposits for the acquisition of income producing properties | (425) | ||
Proceeds from sale of real estate and rental properties | 4,526 | 56,298 | |
Increase in cash held in escrow | (22,704) | ||
Increase in deferred leasing costs and lease intangibles | (3,543) | (2,757) | |
Investment in joint ventures | (23,864) | (289) | |
Repayments of advances to joint ventures | (71) | (27) | |
Distributions from joint ventures | 1,395 | 16,232 | |
Payments for (Proceeds from) Other Investing Activities | 1,542 | ||
Repayment of loans receivable | 60,526 | ||
Net cash used in investing activities | (65,432) | (21,589) | |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | (22,974) | (31,964) | |
Net borrowings under revolving credit facilities | 42,000 | 42,000 | |
Payments of Financing Costs | (10) | ||
Proceeds from issuance of common stock | 124,812 | 4,852 | |
Repurchase of common stock | (269) | (205) | |
Stock issuance costs | (624) | ||
Dividends paid to stockholders | (55,978) | (52,289) | |
Purchase of noncontrolling interests | (1,216) | (763) | |
Distributions to noncontrolling interests | (5,005) | (6,927) | |
Net cash used in financing activities | (29,386) | (45,296) | |
Net (decrease) increase in cash and cash equivalents | (9,832) | 3,733 | |
Cash and cash equivalents at beginning of the period | 27,469 | 25,583 | |
Cash and cash equivalents at end of the period | 17,637 | $ 29,316 | |
Repayment of senior debt borrowings | $ 110,122 |