Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 145,142,192 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Income producing | $ 3,419,180 | $ 3,337,531 |
Less: accumulated depreciation | (482,551) | (438,992) |
Income producing properties, net | 2,936,629 | 2,898,539 |
Construction in progress and land | 133,131 | 167,478 |
Real Estate Held-for-sale | 19,346 | 2,419 |
Properties, net | 3,089,106 | 3,068,436 |
Cash and cash equivalents | 18,796 | 21,353 |
Cash held in escrow and restricted cash | 250 | 250 |
Accounts and other receivables, net | 12,342 | 11,808 |
Investments in and advances to unconsolidated joint ventures | 62,561 | 64,600 |
Goodwill | 5,838 | 5,838 |
Other assets | 206,018 | 203,618 |
TOTAL ASSETS | 3,394,911 | 3,375,903 |
LIABILITIES AND EQUITY | ||
Mortgage loans | 257,224 | 282,029 |
Senior notes | 500,000 | 518,401 |
Term loans | 475,000 | 475,000 |
Revolving credit facility | 65,000 | 96,000 |
Total notes payable, Gross | 1,297,224 | 1,371,430 |
Unamortized deferred financing costs and premium/discount on notes payable, net | (7,932) | (4,708) |
Total notes payable | 1,289,292 | 1,366,722 |
Other liabilities: | ||
Accounts payable and accrued expenses | 67,285 | 46,602 |
Tenant security deposits | 9,689 | 9,449 |
Deferred tax liability | 13,750 | 13,276 |
Other liabilities | 165,527 | 169,703 |
Total liabilities | 1,545,543 | 1,605,752 |
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 144,760 and 129,106 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 1,448 | 1,291 |
Additional paid-in capital | 2,302,681 | 1,972,369 |
Distributions in excess of earnings | (447,029) | (407,676) |
Accumulated other comprehensive loss | (7,732) | (1,978) |
Total stockholders’ equity of Equity One, Inc. | 1,849,368 | 1,564,006 |
Noncontrolling interests | 0 | 206,145 |
Total equity | 1,849,368 | 1,770,151 |
TOTAL LIABILITIES AND EQUITY | $ 3,394,911 | $ 3,375,903 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 250,000,000 |
Common stock, shares issued (in shares) | 144,759,701 | 129,106,345 |
Common stock, shares outstanding (in shares) | 144,759,701 | 129,106,345 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Real Estate Revenue, Net [Abstract] | ||||
Minimum rent | $ 71,599,000 | $ 68,836,000 | $ 213,822,000 | $ 203,221,000 |
Tenant Reimbursements | 20,732,000 | 20,204,000 | 61,816,000 | 60,520,000 |
Percentage rent | 1,086,000 | 1,153,000 | 4,288,000 | 4,480,000 |
Management and leasing services | 338,000 | 246,000 | 837,000 | 1,432,000 |
Total revenue | 93,755,000 | 90,439,000 | 280,763,000 | 269,653,000 |
COSTS AND EXPENSES: | ||||
Property operating | 12,832,000 | 13,311,000 | 39,013,000 | 38,767,000 |
Real estate taxes | 11,368,000 | 11,100,000 | 33,197,000 | 32,207,000 |
Depreciation and amortization | 24,319,000 | 25,385,000 | 77,863,000 | 68,973,000 |
General and administrative | 9,057,000 | 9,207,000 | 26,431,000 | 26,364,000 |
Total costs and expenses | 57,576,000 | 59,003,000 | 176,504,000 | 166,311,000 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 36,179,000 | 31,436,000 | 104,259,000 | 103,342,000 |
OTHER INCOME AND EXPENSE: | ||||
Equity in income of unconsolidated joint ventures | 736,000 | 2,435,000 | 2,109,000 | 4,433,000 |
Other income | 6,000 | 226,000 | 870,000 | 5,864,000 |
Interest expense | (11,491,000) | (13,453,000) | (36,820,000) | (42,043,000) |
Gain on sale of operating properties | 48,000 | 614,000 | 3,693,000 | 3,952,000 |
Loss on extinguishment of debt | (9,436,000) | 0 | (14,650,000) | (2,563,000) |
Impairment losses | (3,121,000) | (2,417,000) | (3,121,000) | (13,924,000) |
INCOME BEFORE INCOME TAXES | 12,921,000 | 18,841,000 | 56,340,000 | 59,061,000 |
Income tax (provision) benefit of taxable REIT subsidiaries | (360,000) | 618,000 | (1,131,000) | 467,000 |
NET INCOME | 12,561,000 | 19,459,000 | 55,209,000 | 59,528,000 |
Net income attributable to noncontrolling interests | 0 | (2,498,000) | 0 | (7,507,000) |
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ 12,561,000 | $ 16,961,000 | $ 55,209,000 | $ 52,021,000 |
EARNINGS PER COMMON SHARE | ||||
Earnings Per Share, Basic | $ 0.09 | $ 0.13 | $ 0.39 | $ 0.41 |
Earnings per common share - Diluted (in usd per share) | $ 0.09 | $ 0.13 | $ 0.39 | $ 0.40 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
Number of Shares Used in Computing Basic Earnings per Share | 143,773 | 129,013 | 141,726 | 127,590 |
Weighted average shares outstanding - Diluted | 144,106 | 129,146 | 142,537 | 127,774 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0.22 | $ 0.22 | $ 0.66 | $ 0.66 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
NET INCOME | $ (12,561) | $ (19,459) | $ (55,209) | $ (59,528) | |
OTHER COMPREHENSIVE INCOME (LOSS): | |||||
Reclassification of deferred losses on settled interest rate swaps into interest expense | 303 | 16 | 439 | 48 | |
Reclassification of net losses on interest rate swaps into interest expense | [1] | 1,070 | (3,673) | (8,245) | (6,893) |
Reclassification of net losses on interest rate swaps into interest expense | 670 | 861 | 2,052 | 2,567 | |
Other comprehensive income (loss) | 2,043 | (2,796) | (5,754) | (4,278) | |
COMPREHENSIVE INCOME | 14,604 | 16,663 | 49,455 | 55,250 | |
Comprehensive income attributable to noncontrolling interests | 0 | (2,498) | 0 | (7,507) | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ 14,604 | $ 14,165 | $ 49,455 | $ 47,743 | |
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized gains (losses) of $22 and $(428) for the three and nine months ended September 30, 2016, respectively, and $(272) and $(304) for the same periods during 2015, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Reclassification of net losses on interest rate swaps into interest expense | [1] | $ 1,070 | $ (3,673) | $ (8,245) | $ (6,893) |
Reportable Legal Entities [Member] | |||||
Reclassification of net losses on interest rate swaps into interest expense | $ 22 | $ (272) | $ (428) | $ (304) | |
[1] | This amount includes our share of our unconsolidated joint ventures' net unrealized gains (losses) of $22 and $(428) for the three and nine months ended September 30, 2016, respectively, and $(272) and $(304) for the same periods during 2015, respectively. |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($) $ 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, 2015 | 129,106,345 | 129,106,000 | |||||
BALANCE (beginning of period) at Dec. 31, 2015 | $ 1,770,151 | $ 1,291 | $ 1,972,369 | $ (407,676) | $ (1,978) | $ 1,564,006 | $ 206,145 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock, net of withholding taxes (in shares) | 4,315,000 | ||||||
Issuance of common stock, net of withholding taxes | 122,006 | $ 43 | 121,963 | 122,006 | |||
Stock Repurchased During Period, Shares | (19,000) | ||||||
Stock Repurchased During Period, Value | (554) | $ 0 | (554) | (554) | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (1,905) | 1,905 | 1,905 | ||||
Share-based compensation expense | 4,116 | 4,116 | 4,116 | ||||
Adjustments to Additional Paid in Capital, Restricted Stock Reclassified from Liability to Equity | 661 | 661 | 661 | ||||
Net income | 55,209 | 55,209 | 55,209 | 0 | |||
Dividends declared on common stock | (94,562) | (94,562) | (94,562) | ||||
Stock Issued During Period in Connection with LIH Redemption | 11,358,000 | ||||||
Redemption of noncontrolling interests | 0 | $ (114) | (206,031) | (206,145) | (206,145) | ||
Other comprehensive loss | $ (5,754) | (5,754) | (5,754) | ||||
BALANCE, shares (end of period) at Sep. 30, 2016 | 144,759,701 | 144,760,000 | |||||
BALANCE, (end of period) at Sep. 30, 2016 | $ 1,849,368 | $ 1,448 | $ 2,302,681 | $ (447,029) | $ (7,732) | $ 1,849,368 | $ 0 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 55,209,000 | $ 59,528,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Straight-line rent | (3,773,000) | (3,511,000) |
Accretion of below-market lease intangibles, net | (9,797,000) | (10,288,000) |
Amortization of Lease Incentives | 927,000 | 772,000 |
Amortization of below-market ground lease intangibles | 540,000 | 450,000 |
Equity in income of unconsolidated joint ventures | (2,109,000) | (4,433,000) |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 5,498,000 |
Deferred income tax provision (benefit) | 633,000 | (467,000) |
Increase in allowance for losses on accounts receivable | 1,546,000 | 2,616,000 |
Amortization of deferred financing costs and premium/discount on notes payable, net | 1,417,000 | 658,000 |
Depreciation and amortization | 80,691,000 | 70,597,000 |
Share-based compensation expense | 4,373,000 | 3,846,000 |
Amortization of deferred losses on settled interest rate swaps | 218,000 | 48,000 |
Gain on sale of operating properties | (3,693,000) | (3,952,000) |
Loss on extinguishment of debt | 14,650,000 | 2,563,000 |
Operating distributions from joint ventures | 2,129,000 | 2,699,000 |
Impairment losses | (3,121,000) | (13,924,000) |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ||
Accounts and other receivables | (1,985,000) | (3,360,000) |
Other assets | (1,726,000) | (6,057,000) |
Accounts payable and accrued expenses | 14,293,000 | 10,323,000 |
Tenant security deposits | 240,000 | 226,000 |
Other liabilities | 991,000 | (672,000) |
Net cash provided by operating activities | 157,895,000 | 130,012,000 |
INVESTING ACTIVITIES: | ||
Acquisition of income producing properties | (30,000,000) | (11,800,000) |
Additions to income producing properties | (11,756,000) | (15,008,000) |
Acquisition of land | 0 | (1,350,000) |
Additions to construction in progress | (58,845,000) | (48,155,000) |
Deposits for the acquisition of income producing properties | (3,250,000) | (2,610,000) |
Proceeds from sale of operating properties | 16,491,000 | 5,809,000 |
Increase in deferred leasing costs and lease intangibles | (5,186,000) | (5,000,000) |
Investment in joint ventures | (339,000) | (23,895,000) |
Advances to joint ventures | 0 | (16,000) |
Distributions from joint ventures | 1,308,000 | 7,829,000 |
Collection of development costs tax credit | 0 | 1,542,000 |
Net cash used in investing activities | (91,577,000) | (92,654,000) |
FINANCING ACTIVITIES: | ||
Repayments of mortgage loans | (59,356,000) | (24,674,000) |
Defeasance of Mortgage Loan | (66,447,000) | 0 |
Borrowings under mortgage notes payable | 100,435,000 | 0 |
Net (repayments) borrowings under revolving credit facility | (31,000,000) | 57,000,000 |
Repayment of senior notes payable | 200,000,000 | 0 |
Repayment of senior debt borrowings | (230,425,000) | (110,122,000) |
Payment of deferred financing costs | (7,067,000) | (10,000) |
Proceeds from issuance of common stock | 122,006,000 | 124,870,000 |
Repurchase of common stock | (554,000) | (298,000) |
Stock issuance costs | (1,905,000) | (624,000) |
Dividends paid to stockholders | (94,562,000) | (84,466,000) |
Distributions to noncontrolling interests | 0 | (7,503,000) |
Net cash used in financing activities | (68,875,000) | (47,043,000) |
Net decrease in cash and cash equivalents | (2,557,000) | (9,685,000) |
Cash and cash equivalents at beginning of the period | 21,353,000 | 27,469,000 |
Cash and cash equivalents at end of the period | 18,796,000 | 17,784,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ||
Cash paid for interest (net of capitalized interest of $1,877 and $3,702 in 2016 and 2015, respectively) | 35,587,000 | 44,845,000 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 40,201,000 | 92,078,000 |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 3,361,000 | 7,471,000 |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | 13,562,000 | 14,399,000 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 30,000,000 | 85,150,000 |
Noncash or Part Noncash Acquisition, Investments Acquired | 30,000,000 | 13,150,000 |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 27,750,000 |
Noncash or Part Noncash Acquisition, Existing Equity Interest in Acquiree | 0 | 44,250,000 |
Purchase of noncontrolling interests | $ 0 | $ 1,216,000 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION: | ||
Capitalized interest | $ 1,877 | $ 3,702 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 , our portfolio comprised 122 properties, including 98 retail properties and five non-retail properties totaling approximately 12.3 million square feet of gross leasable area, or GLA, 13 development or redevelopment properties with approximately 2.8 million square feet of GLA, and six land parcels. As of September 30, 2016 , our retail occupancy excluding developments and redevelopments was 95.4% and included national, regional and local tenants. Additionally, we had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 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 "Company," "we," "our," "us" or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. The 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 nine month periods ended September 30, 2016 and 2015 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, 2015 was derived from audited financial statements included in our 2015 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, 2015 , filed with the Securities and Exchange Commission (the "SEC") on February 26, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard amends the existing guidance and addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The standard requires a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. January 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard amends the existing guidance and impacts how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Depending on the instrument, the standard requires a modified-retrospective or prospective transition approach. January 2020 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-06, Derivatives and Hedging (Topic 815) The standard amends the existing guidance and eliminates diversity in practice in assessing embedded contingent call (put) options in debt instruments. The standard clarifies that an entity performing this assessment is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence within the guidance. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. January 2017 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2016-02, Leases (Topic 842) The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. The standard requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as clarified and amended by ASU 2016-08, ASU 2016-10 and ASU 2016-12. 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 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters Standards that were adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) The standard simplifies several aspects of the existing guidance for accounting for share-based payment transactions, including classification of awards as either equity or liabilities and an option to recognize stock compensation forfeitures as they occur. Early adoption of this standard is permitted. Depending on the specific amendment, the standard requires prospective, retrospective or a modified retrospective transition approach. September 2016 We elected to early adopt the provisions of ASU 2016-09 and made a policy election to account for forfeitures when they occur (previously, we estimated the number of awards that were expected to vest primarily based on historical data). The adoption and implementation of this standard did not have a material impact on our results of operations, financial condition or cash flows. 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 2016 The adoption and implementation of this standard did not have an impact on our results of operations, financial condition or cash flows. |
Acquisition and Disposition Act
Acquisition and Disposition Activity Acquisition and Disposition Activity | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisition and Disposition Activity Acquisition Activity In June 2016, we acquired Walmart at Norwalk, a 142,222 square foot property located in Norwalk, Connecticut, for $30.0 million . The property was acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 5 for further discussion. 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 acquisition has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 25,393 N/A Land improvements 522 8.0 Buildings 14,110 25.0 Tenant improvements 176 7.7 In-place lease interests 3,287 7.7 Leasing commissions 72 7.7 Lease origination costs 2 7.7 Below-market leases (13,562 ) 7.7 $ 30,000 During the three and nine months ended September 30, 2016 , we did not recognize any material measurement period adjustments related to prior or current year acquisitions. During the three and nine months ended September 30, 2016 , we expensed transaction-related costs in connection with completed or pending property acquisitions of $184,000 and $893,000 , respectively, and $466,000 and $779,000 for the same periods in 2015, respectively, which are included in general and administrative costs in the condensed consolidated statements of income. Disposition Activity The following table provides a summary of disposition activity during the nine months ended September 30, 2016 : Date Sold Property Name City State Square Feet Gross Sales Price (In thousands) May 11, 2016 Wesley Chapel Decatur GA 164,153 $ 7,094 May 11, 2016 Hairston Center Decatur GA 13,000 431 February 18, 2016 Sherwood South Baton Rouge LA 77,489 3,000 February 18, 2016 Plaza Acadienne Eunice LA 59,419 1,775 February 11, 2016 Beauclerc Village Jacksonville FL 68,966 5,525 Total $ 17,825 In September 2016, we executed a contract for the sale of a property located in Thomasville, North Carolina. The contract is subject to various contingencies, and the property did not meet the criteria to be classified as held for sale. During the three months ended September 30, 2016 , we concluded that our carrying value of the property was not recoverable based on the total projected undiscounted cash flows from the property and recognized an impairment loss of $2.5 million . In connection with the acquisition of the Westwood Complex located in Bethesda, Maryland, we acquired a 211,020 square foot apartment building that is subject to a master lease pursuant to which the tenant has the option to purchase the building for $20.0 million in 2017. As of September 30, 2016, the tenant had exercised its option, and the property met the criteria to be classified as held for sale. 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 properties that no longer meet our investment objectives. Although our pace of disposition activity has slowed, we will selectively explore future opportunities to sell additional properties which are located outside of our target markets or which have relatively limited prospects for revenue growth. While we have not committed to a disposition plan with respect to 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. |
Investments in Joint Ventures
Investments in Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
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 included in the condensed consolidated balance sheets: Investment Balance Joint Venture (1) Number of Properties Location Ownership September 30, December 31, (In thousands) G&I Investment South Florida Portfolio, LLC 1 FL 20.0% $ 3,746 $ 3,719 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% 19,112 19,263 Equity One JV Portfolio, LLC (2) 6 FL, MA, NJ 30.0% 37,991 39,501 Other Equity Investment (3) 45.0% — 329 Total 62,195 64,158 Advances to unconsolidated joint ventures 366 442 Investments in and advances to unconsolidated joint ventures $ 62,561 $ 64,600 ______________________________________________ (1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) The investment balance as of September 30, 2016 and December 31, 2015 is presented net of a deferred gain of approximately $376,000 associated with the disposition of assets by us to the joint venture. (3) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In September 2016 , we recognized an impairment loss of $667,000 , which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. Equity in income of unconsolidated joint ventures totaled $736,000 and $2.1 million for the three and nine months ended September 30, 2016 , respectively, and totaled $2.4 million and $4.4 million , respectively, for the same periods in 2015 . Management fees and leasing fees earned by us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying condensed consolidated statements of income, totaled $338,000 and $837,000 for the three and nine months ended September 30, 2016 , respectively, and totaled $246,000 and $1.4 million for the same periods in 2015 , respectively. As of September 30, 2016 and December 31, 2015 , the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $144.8 million and $146.2 million , respectively, of which our aggregate proportionate share was $43.4 million and $43.9 million , respectively. |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity In conjunction with the acquisition of Walmart at Norwalk, we entered into a reverse Section 1031 like-kind exchange agreement with a third party intermediary, which, for a maximum of 180 days, allows us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreement or 180 days after the acquisition date, the third party intermediary is the legal owner of the entity that owns the property. The agreement that governs the operations of this entity provides us with the power to direct the activities that most significantly impact the entity's economic performance. The entity was deemed a VIE primarily because it may not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. We determined that we are the primary beneficiary of the VIE as a result of having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits, that could be potentially significant to the VIE. Accordingly, we consolidated the property and its operations as of the acquisition date. The majority of the operations of the VIE are funded with cash flows generated from the property. We did not provide financial support to the VIE which we were not previously contractually required to provide, and our contractual commitments consisted primarily of funding any expenditures which were deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may have experienced. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2016 | |
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 included in the condensed consolidated balance sheets: September 30, December 31, (In thousands) Lease intangible assets, net $ 95,246 $ 101,010 Leasing commissions, net 42,640 41,211 Prepaid expenses and other receivables 15,582 13,074 Straight-line rent receivables, net 32,525 28,910 Deposits and mortgage escrows 7,725 7,980 Deferred financing costs, net 6,003 3,419 Furniture, fixtures and equipment, net 2,500 3,255 Fair value of interest rate swaps — 835 Deferred tax asset 3,797 3,924 Total other assets $ 206,018 $ 203,618 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Mortgage Loans As of September 30, 2016 , the weighted average interest rate (based on contractual rates and excluding amortization of deferred financing costs and premium/discount) of our mortgage loans was 4.92% . During the nine months ended September 30, 2016 , we prepaid, without penalty, three mortgage loans with an aggregate principal balance of $44.0 million and an aggregate weighted average interest rate of 6.08% . In August 2016, we legally defeased the mortgage loan that was secured by Culver Center located in Culver City, California. The mortgage loan had a principal balance of $64.0 million , bore interest at a rate of 5.58% per annum, and was scheduled to mature in May 2017 . The cash outlay required for the defeasance of approximately $66.4 million was based on the purchase price of U.S. government securities that will generate sufficient cash flows to fund the remaining payment obligations under the loan from the effective date of the defeasance through the maturity date in May 2017 . In connection with the defeasance, the mortgage and other liens on the property were extinguished, and all existing collateral were released. As a result of the transaction, we recognized a loss on the early extinguishment of debt of $1.6 million , which is the difference between the value of the U.S. government securities that were transferred to the successor borrower and the carrying amount of the loan, including the related unamortized premium balance, at the date of the defeasance. In June 2016, in order to effectuate a substitution of collateral, we repaid a mortgage loan having a principal balance of $10.6 million and an interest rate of 5.01% secured by Talega Village Center located in San Clemente, California. Concurrent with the repayment of the Talega Village Center mortgage loan, we entered into a new mortgage loan secured by Circle Center West located in Long Beach, California which carries the same terms as the previous Talega Village Center mortgage loan. In January 2016, we entered into a mortgage loan secured by Westbury Plaza located in Nassau County, New York. The mortgage loan has a principal balance of $88.0 million , bears interest at a rate of 3.76% per annum, and matures on February 1, 2026 . Senior Notes As of September 30, 2016 , the weighted average interest rate (based on contractual rates and excluding amortization of deferred financing costs, premium/discount, and deferred losses on settled interest rate swaps) of our unsecured senior notes was 3.79% . In July 2016, we redeemed our 6.00% senior notes, which had a principal balance of $117.0 million and were scheduled to mature in September 2017 , at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and a required make-whole premium of $7.0 million . In connection with the redemption, we recognized a loss on the early extinguishment of debt of $7.4 million , which was comprised of the aforementioned make-whole premium and deferred fees and costs associated with the notes. In April 2016, we entered into a note purchase agreement for the issuance of $200.0 million of two series of unsecured senior notes. In May 2016, we completed a private placement of 3.81% series A senior notes with an aggregate principal balance of $100.0 million that mature in May 2026 . In August 2016, we completed a private placement of 3.91% series B senior notes with an aggregate principal balance of $100.0 million that mature in August 2026 . Our obligations under the notes are guaranteed by certain of our subsidiaries. We may prepay the notes, in whole or in part, at any time at a price equal to the outstanding principal amount of such notes plus a make-whole premium. In February 2016, we redeemed our 6.25% senior notes, which had a principal balance of $101.4 million and were scheduled to mature in January 2017, at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and a required make-whole premium of $5.0 million . In connection with the redemption, we recognized a loss on the early extinguishment of debt of $5.2 million , which was comprised of the aforementioned make-whole premium and deferred fees and costs associated with the notes. Revolving Credit Facility In September 2016, we closed on an $850.0 million unsecured revolving credit facility which replaced our $600.0 million credit facility. The credit facility is with a syndicate of banks and can be increased through an accordion feature up to an aggregate of $1.7 billion , subject to bank participation. The facility bears interest at applicable LIBOR plus a margin of 0.825% to 1.550% per annum 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 senior notes. The facility expires on February 1, 2021 , with two six-month extensions at our option, subject to certain conditions. As of September 30, 2016 , the interest rate margin applicable to amounts outstanding under the facility was 1.00% per annum, and the facility fee was 0.20% per annum. As of September 30, 2016 , we had drawn $65.0 million against the facility, which bore interest at a weighted average rate of 1.53% per annum. As of December 31, 2015 , we had drawn $96.0 million against the $600.0 million credit facility, which bore interest at a weighted average rate of 1.47% per annum. As of September 30, 2016 , giving effect to the financial covenants applicable to the credit facility, the maximum credit available to us thereunder was approximately $850.0 million , less outstanding borrowings of $65.0 million and letters of credit with an aggregate face amount of $1.6 million . The facility contains a number of customary restrictions on our business and also includes various financial covenants, including maximum unencumbered and total leverage ratios, a maximum secured indebtedness ratio, a minimum fixed charge coverage ratio and a minimum unencumbered interest coverage ratio. The facility also contains customary affirmative covenants and events of default, including a cross default to our other material indebtedness and the occurrence of a change of control. If a material default under the facility were to arise, our ability to pay dividends is limited to the amount necessary to maintain our status as a REIT unless the default is a payment default or bankruptcy event in which case we are prohibited from paying any dividends. The facility is guaranteed on an unsecured senior basis by the same subsidiaries which guaranty our senior notes and term loan facilities. Term Loans and Interest Rate Swaps We have an unsecured delayed draw term loan facility pursuant to which we may borrow up to the principal amount of $300.0 million in aggregate in one or more borrowings at any time prior to December 2, 2016 and which has a maturity date of December 2, 2020 . As of September 30, 2016 and December 31, 2015 , we had drawn $225.0 million against the facility. In September 2016, certain amendments were made to the terms of our $300.0 million delayed draw term loan facility and our $250.0 million term loan to be consistent with certain terms in our new $850.0 million unsecured revolving credit facility. The amendments included, but are not limited to, modification of certain covenants and provisions, including the removal of certain restrictions on investments and a decrease in the capitalization rate used to determine compliance with financial covenants. 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 September 30, 2016 and December 31, 2015 , 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 weighted average fixed interest rate under the loan agreement of 2.62% per annum. The interest rate swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The interest rate swap agreements mature on February 13, 2019 , which is the maturity date of the term loan. As of September 30, 2016 , the fair value of our interest rate swaps was a liability of $4.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2015 , the fair value of one of our interest rate swaps consisted of an asset of $217,000 , which is included in other assets in our condensed consolidated balance sheet, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive 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 $2.0 million as an increase to interest expense. As of December 31, 2015 , we had entered into a forward starting interest rate swap with a notional amount of $50.0 million to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016. The forward starting interest rate swap had a mandatory settlement date of October 4, 2016 and could be settled at any time prior to that date. The forward starting interest rate swap was designated and qualified as a cash flow hedge and recorded at fair value. As of December 31, 2015 , the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our consolidated balance sheet. In February 2016, we terminated and settled the forward starting interest rate swap in connection with the pricing of our $200.0 million senior notes due 2026 , resulting in a cash payment of $3.1 million to the counterparty. The settlement value of the forward starting interest rate swap is included in accumulated other comprehensive loss and will amortize through interest expense over the life of the senior notes that were issued in May 2016. Within the next 12 months, we expect to reclassify $308,000 as an increase to interest expense. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The following is a summary of the composition of other liabilities included in the condensed consolidated balance sheets: September 30, December 31, (In thousands) Lease intangible liabilities, net $ 154,340 $ 159,665 Prepaid rent 10,279 9,361 Other 908 677 Total other liabilities $ 165,527 $ 169,703 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
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") and C&C Delaware, Inc. Accordingly, the only provision for federal and state 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 no income taxes in the Netherlands. As of September 30, 2016 , DIM had a federal net operating loss carryforward of approximately $2.2 million which begins to expire in 2027 and no state net operating loss carryforward. As of September 30, 2016 , IRT had federal and state net operating loss carryforwards of approximately $1.7 million and $1.2 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 tax liabilities are adequate for all years still subject to tax audit, which include all years after 2011. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, December 31, (In thousands) C&C (US) No. 1, Inc. ("CapCo") $ — $ 206,145 Total noncontrolling interests included in total equity $ — $ 206,145 In January 2016, Liberty International Holdings Limited ("LIH") exercised its redemption right with respect to all of its outstanding Class A Shares in the joint venture which owns CapCo, and we elected to satisfy the redemption through the issuance of approximately 11.4 million shares of our common stock to LIH. The redemption was accounted for as a non-cash equity transaction and resulted in the reclassification of the balance of LIH’s noncontrolling interests to equity of our common stockholders. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. As a result, we now own 100% of CapCo, LIH holds no remaining interests in us or our subsidiaries, and David Fischel resigned from our Board of Directors in connection with the termination of LIH’s Board nomination right. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Stockholders' Equity and Earnings Per Share Stockholders' Equity In August 2016, we entered into distribution agreements with various financial institutions as part of our implementation of a new continuous equity offering program ("ATM Program") under which we may sell up to 8.5 million shares of our common stock. The ATM Program replaces our prior continuous equity offering program, and the related distribution agreements supersede the agreements under the prior program. Pursuant to the respective distribution agreements, we may sell shares of our common stock in various forms of negotiated transactions in which the financial institutions will act as our agents for the offer and sale of the shares, and the respective agent arranging such a sale will be entitled to a commission of no more than 2.0% of the gross proceeds from each transaction. Concurrently, we entered into master forward sale confirmations with four of the financial institutions under which we may enter into forward sale agreements for shares of our common stock. Pursuant to the respective distribution agreements and master forward sale confirmations, the respective agent arranging a forward sale will be entitled to a commission of no more than 2.0% of the proceeds from the sale of such shares in the form of a reduced initial forward sale price. Additionally, although we expect to physically settle any forward sale agreement entered into as part of the offering, the agreements provide that we may elect to cash settle or net share settle such transactions. Under the ATM Program, we have no obligation to sell any shares of our common stock pursuant to the distribution agreements and may terminate one or all of the distribution agreements at our discretion. Concurrent with the execution of the distribution agreements, we also entered into a common stock purchase agreement with MGN America, LLC ("MGN"), an affiliate of Gazit-Globe, Ltd. ("Gazit"), our largest stockholder, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. Pursuant to this agreement, MGN has the option to purchase directly from us in private placements up to 20% of the number of shares of common stock sold by us pursuant to the distribution agreements (excluding any shares sold pursuant to any forward sale agreements unless otherwise agreed to in writing by us and MGN) during each calendar quarter, up to an aggregate maximum of 1.4 million shares over the duration of the ATM Program, at a per share purchase price equal to the volume weighted average gross price per share of the shares sold under the distribution agreements during the applicable quarter. During the three months ended September 30, 2016 , we issued 1.9 million shares of our common stock under the current and prior continuous equity offering programs at a weighted average price of $31.83 per share for cash proceeds of approximately $60.0 million before expenses. During the nine months ended September 30, 2016 , we issued 3.7 million shares of our common stock under the current and prior continuous equity offering programs at a weighted average price of $30.23 per share for cash proceeds of approximately $112.9 million before expenses. The commissions paid to distribution agents during the three and nine months ended September 30, 2016 were approximately $750,000 and $1.4 million , respectively. During the nine months ended September 30, 2016 , we did not enter into any forward sale agreements for sales of our common stock, and MGN did not purchase any of the shares issued under the current and prior continuous equity offering programs. As of September 30, 2016 , we had the capacity to issue up to approximately 7.5 million shares of our common stock under the current ATM Program. Earnings Per Share The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Net income $ 12,561 $ 19,459 $ 55,209 $ 59,528 Net income attributable to noncontrolling interests — (2,498 ) — (7,507 ) Net income attributable to Equity One, Inc. 12,561 16,961 55,209 52,021 Allocation of income to participating securities (86 ) (103 ) (281 ) (325 ) Net income available to common stockholders $ 12,475 $ 16,858 $ 54,928 $ 51,696 Weighted average shares outstanding — Basic 143,773 129,013 141,726 127,590 Convertible units held by LIH using the if-converted method — — 497 — Stock options using the treasury method 113 87 132 117 Non-participating restricted stock using the treasury method 8 9 3 7 Executive incentive plan shares using the treasury method 212 37 179 60 Weighted average shares outstanding — Diluted 144,106 129,146 142,537 127,774 Earnings per share available to common stockholders: Basic $ 0.09 $ 0.13 $ 0.39 $ 0.41 Diluted $ 0.09 $ 0.13 $ 0.39 $ 0.40 No shares of common stock issuable upon the exercise of outstanding options were excluded from the computation of diluted EPS for the three and nine months ended September 30, 2016 and 2015 as the prices applicable to all options then outstanding were less than the average market price of our common shares during the respective periods. The computation of diluted EPS for both the three and nine months ended September 30, 2015 did not include the 11.4 million joint venture units held by LIH as of such date, which were 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 would have been anti-dilutive. In January 2016, LIH exercised its redemption right for all of their convertible units. See Note 10 for further discussion. |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments The following table presents information regarding stock option activity during the nine months ended September 30, 2016 : 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, 2016 651 $ 20.72 Exercised (451 ) $ 19.77 Outstanding at September 30, 2016 200 $ 22.87 7.6 $ 1,548 Exercisable at September 30, 2016 100 $ 22.87 7.6 $ 774 The total cash received from options exercised during the nine months ended September 30, 2016 was $8.9 million . The total intrinsic value of options exercised during the nine months ended September 30, 2016 was $4.9 million . The following table presents information regarding restricted stock activity during the nine months ended September 30, 2016 : Unvested Shares Weighted Average Grant-Date Fair Value (In thousands) Unvested at January 1, 2016 410 $ 23.72 Granted 130 $ 27.82 Vested (121 ) $ 23.39 Forfeited (36 ) $ 26.50 Unvested at September 30, 2016 383 $ 24.95 During the nine months ended September 30, 2016 , we granted approximately 130,000 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. During the nine months ended September 30, 2016 , the total grant-date value of the approximately 121,000 shares of restricted stock that vested was approximately $2.8 million . Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of income, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Restricted stock expense $ 1,443 $ 1,205 $ 3,850 $ 3,621 Stock option expense 79 78 234 259 Employee stock purchase plan discount 8 12 32 28 Total equity-based expense 1,530 1,295 4,116 3,908 Restricted stock classified as a liability 123 112 287 286 Total expense 1,653 1,407 4,403 4,194 Less amount capitalized (1) (126 ) (116 ) (30 ) (348 ) Net share-based compensation expense $ 1,527 $ 1,291 $ 4,373 $ 3,846 ______________________________________________ (1) The amount capitalized during the nine months ended September 30, 2016 includes the impact of the forfeiture of restricted stock by a former employee who was involved with development activities. As of September 30, 2016 , we had $8.5 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options, restricted shares and long-term incentive plan awards) granted under our Amended and Restated 2000 Executive Incentive Compensation Plan. This expense is expected to be recognized over a weighted average period of 1.8 years . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2016 , we had provided letters of credit having an aggregate face amount of $1.6 million as additional security for financial and other obligations. As of September 30, 2016 , we have invested an aggregate of approximately $136.0 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $111.4 million to complete, based on our current plans and estimates, which we anticipate will be primarily expended over the next two to three years . We have other significant projects for which we expect to expend an additional $14.9 million over 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 revolving credit facility, sales of equity under our ATM Program, 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 September 30, 2016 will have a material adverse effect on our financial condition, results of operations or cash flows. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2016 | |
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 | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements As of September 30, 2016 and December 31, 2015 , 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. Additionally, as of December 31, 2015, we had a forward starting interest rate swap with a notional amount of $50.0 million which was terminated and settled in February 2016. See Note 7 for further discussion. As of September 30, 2016 , the fair value of our interest rate swaps was a liability of $4.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2015 , the fair value of one of our interest rate swaps consisted of an asset of $217,000 , which is included in other assets in our condensed consolidated balance sheet, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2015 , the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our condensed consolidated balance sheet. The net unrealized gain (loss) on our interest rate derivatives was $1.7 million and $(5.9) million for the three and nine months ended September 30, 2016 , 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 contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 September 30, 2016 (In thousands) Interest rate derivatives: Classified as a liability in accounts payable and accrued expenses $ 3,962 $ — $ 3,962 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable and accrued expenses $ 1,991 $ — $ 1,991 $ — 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 September 30, 2016 , the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gain/loss included in other comprehensive gain/loss was primarily attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of September 30, 2016 , none of which were reported in the condensed consolidated statements of income because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. 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 September 30, 2016 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 3,100 $ — $ — $ 3,100 (2) $ 2,454 Total $ 3,100 $ — $ — $ 3,100 $ 2,454 ____________________________________________ (1) Total losses exclude an impairment of $667,000 related to a loss on a joint venture investment recognized in September 2016 . (2) An impairment loss was recognized on an operating property due to the total projected undiscounted cash flows from the property being less than its carrying value. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value of a property is considered impaired when the total projected undiscounted cash flows from the property 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 property as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are the key inputs used in determining the fair value of the operating properties measured using Level 3 inputs: September 30, December 31, Overall capitalization rate 15.5% 10.0% Terminal capitalization rate 16.0% 10.5% Discount rate 17.0% 12.5% September 30, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 255,719 $ 268,466 $ 283,459 $ 296,067 Senior notes $ 496,118 $ 521,748 $ 515,372 $ 528,041 Term loans $ 472,455 $ 475,304 $ 471,891 $ 475,393 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Disclosure [Text Block] | Fair Value of Financial Instruments All financial instruments are reflected in our condensed consolidated balance sheets at amounts which, in our estimation, reasonably approximates their fair values, except for the following: September 30, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 255,719 $ 268,466 $ 283,459 $ 296,067 Senior notes $ 496,118 $ 521,748 $ 515,372 $ 528,041 Term loans $ 472,455 $ 475,304 $ 471,891 $ 475,393 ______________________________________________ ( 1) The carrying amount consists of principal, net of unamortized deferred financing costs and premium/discount. The above fair values approximate the amounts that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2016 and December 31, 2015 . These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the liability at the measurement date, the fair value measurement reflects our judgments about the assumptions that market participants would use in pricing the liability. The fair market value calculations of our debt as of September 30, 2016 and December 31, 2015 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 mortgage loans, senior notes and term loans are consistent with current market trends. Mortgage Loans The fair value of our mortgage loans is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to us for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying condensed consolidated financial statements at fair value at the time the property is acquired. The fair value of the mortgage loans was determined using Level 2 inputs of the fair value hierarchy. Senior Notes Term Loans The fair value of our term loans is calculated based on the net present value of payments over the term of the loans using estimated market rates for similar notes and remaining terms. The fair value of the term loans was determined using Level 2 inputs of the fair value hierarchy. Interest Rate Swap Agreements We measure our interest rate swaps at fair value on a recurring basis. See Notes 7 and 15 for further discussion. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2016 | |
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 senior notes, term loans and revolving credit facility. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to these guarantors: Condensed Consolidating Balance Sheet As of September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 126,287 $ 1,473,606 $ 1,489,271 $ (58 ) $ 3,089,106 Investment in affiliates 2,650,078 — — (2,650,078 ) — Other assets 112,725 98,784 178,325 (84,029 ) 305,805 TOTAL ASSETS $ 2,889,090 $ 1,572,390 $ 1,667,596 $ (2,734,165 ) $ 3,394,911 LIABILITIES Total notes payable $ 1,033,574 $ 24,983 $ 313,629 $ (82,894 ) $ 1,289,292 Other liabilities 6,148 62,591 188,705 (1,193 ) 256,251 TOTAL LIABILITIES 1,039,722 87,574 502,334 (84,087 ) 1,545,543 EQUITY 1,849,368 1,484,816 1,165,262 (2,650,078 ) 1,849,368 TOTAL LIABILITIES AND EQUITY $ 2,889,090 $ 1,572,390 $ 1,667,596 $ (2,734,165 ) $ 3,394,911 Condensed Consolidating Balance Sheet As of December 31, 2015 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 137,695 $ 1,495,211 $ 1,435,613 $ (83 ) $ 3,068,436 Investment in affiliates 2,899,538 — — (2,899,538 ) — Other assets 229,368 91,902 803,076 (816,879 ) 307,467 TOTAL ASSETS $ 3,266,601 $ 1,587,113 $ 2,238,689 $ (3,716,500 ) $ 3,375,903 LIABILITIES Total notes payable $ 1,683,262 $ 42,903 $ 401,157 $ (760,600 ) $ 1,366,722 Other liabilities 19,333 62,995 213,064 (56,362 ) 239,030 TOTAL LIABILITIES 1,702,595 105,898 614,221 (816,962 ) 1,605,752 EQUITY 1,564,006 1,481,215 1,624,468 (2,899,538 ) 1,770,151 TOTAL LIABILITIES AND EQUITY $ 3,266,601 $ 1,587,113 $ 2,238,689 $ (3,716,500 ) $ 3,375,903 Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,052 $ 47,909 $ 39,794 $ — $ 93,755 Equity in subsidiaries' earnings 36,018 — — (36,018 ) — Total costs and expenses 11,883 23,683 22,266 (256 ) 57,576 INCOME BEFORE OTHER INCOME AND 30,187 24,226 17,528 (35,762 ) 36,179 Other income and (expense) (17,563 ) (240 ) (4,262 ) (1,193 ) (23,258 ) INCOME BEFORE INCOME TAXES 12,624 23,986 13,266 (36,955 ) 12,921 Income tax provision of taxable REIT — (61 ) (299 ) — (360 ) NET INCOME 12,624 23,925 12,967 (36,955 ) 12,561 Other comprehensive income 1,980 — 63 — 2,043 COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 14,604 $ 23,925 $ 13,030 $ (36,955 ) $ 14,604 Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2015 Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,002 $ 46,314 $ 38,123 $ — $ 90,439 Equity in subsidiaries' earnings 36,130 — — (36,130 ) — Total costs and expenses 11,537 24,509 23,195 (238 ) 59,003 INCOME BEFORE OTHER INCOME AND 30,595 21,805 14,928 (35,892 ) 31,436 Other income and (expense) (13,860 ) 19 2,401 (1,155 ) (12,595 ) INCOME BEFORE INCOME TAXES 16,735 21,824 17,329 (37,047 ) 18,841 Income tax benefit (provision) of taxable REIT — 815 (197 ) — 618 NET INCOME 16,735 22,639 17,132 (37,047 ) 19,459 Other comprehensive loss (2,570 ) — (226 ) — (2,796 ) COMPREHENSIVE INCOME 14,165 22,639 16,906 (37,047 ) 16,663 Comprehensive income attributable to — — (2,498 ) — (2,498 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 14,165 $ 22,639 $ 14,408 $ (37,047 ) $ 14,165 Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 18,231 $ 143,456 $ 119,076 $ — $ 280,763 Equity in subsidiaries' earnings 116,420 — — (116,420 ) — Total costs and expenses 33,587 76,479 67,182 (744 ) 176,504 INCOME BEFORE OTHER INCOME AND 101,064 66,977 51,894 (115,676 ) 104,259 Other income and (expense) (46,159 ) 2,162 (2,229 ) (1,693 ) (47,919 ) INCOME BEFORE INCOME TAXES 54,905 69,139 49,665 (117,369 ) 56,340 Income tax provision of taxable REIT — (127 ) (1,004 ) — (1,131 ) NET INCOME 54,905 69,012 48,661 (117,369 ) 55,209 Other comprehensive loss (5,450 ) — (304 ) — (5,754 ) COMPREHENSIVE INCOME ATTRIBUTABLE $ 49,455 $ 69,012 $ 48,357 $ (117,369 ) $ 49,455 Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2015 Equity One, Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 17,413 $ 137,769 $ 114,471 $ — $ 269,653 Equity in subsidiaries' earnings 130,047 — — (130,047 ) — Total costs and expenses 32,679 69,415 64,996 (779 ) 166,311 INCOME BEFORE OTHER INCOME AND 114,781 68,354 49,475 (129,268 ) 103,342 Other income and (expense) (62,928 ) (663 ) 20,965 (1,655 ) (44,281 ) INCOME BEFORE INCOME TAXES 51,853 67,691 70,440 (130,923 ) 59,061 Income tax benefit (provision) of taxable REIT — 1,036 (569 ) — 467 NET INCOME 51,853 68,727 69,871 (130,923 ) 59,528 Other comprehensive loss (4,110 ) — (168 ) — (4,278 ) COMPREHENSIVE INCOME 47,743 68,727 69,703 (130,923 ) 55,250 Comprehensive income attributable to — — (7,507 ) — (7,507 ) COMPREHENSIVE INCOME ATTRIBUTABLE $ 47,743 $ 68,727 $ 62,196 $ (130,923 ) $ 47,743 Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (45,508 ) $ 111,926 $ 91,477 $ 157,895 INVESTING ACTIVITIES: Acquisition of income producing property — — (30,000 ) (30,000 ) Additions to income producing properties (1,070 ) (5,844 ) (4,842 ) (11,756 ) Additions to construction in progress (1,278 ) (27,994 ) (29,573 ) (58,845 ) Deposits for the acquisition of income producing properties (3,250 ) — — (3,250 ) Proceeds from sale of operating properties 7,203 9,288 — 16,491 Increase in deferred leasing costs and lease intangibles (459 ) (3,460 ) (1,267 ) (5,186 ) Investment in joint ventures (339 ) — — (339 ) Distributions from joint ventures — 1,308 1,308 Repayments from subsidiaries, net 83,929 (66,218 ) (17,711 ) — Net cash provided by (used in) investing activities 84,736 (94,228 ) (82,085 ) (91,577 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (17,698 ) (41,658 ) (59,356 ) Purchase of marketable securities for defeasance of mortgage loan — — (66,447 ) (66,447 ) Borrowings under mortgage loans — 100,435 100,435 Net repayments under revolving credit facility (31,000 ) — — (31,000 ) Borrowings under senior notes 200,000 — — 200,000 Repayment of senior notes (230,425 ) — — (230,425 ) Payment of deferred financing costs (5,345 ) — (1,722 ) (7,067 ) Proceeds from issuance of common stock 122,006 — — 122,006 Repurchase of common stock (554 ) — — (554 ) Stock issuance costs (1,905 ) — — (1,905 ) Dividends paid to stockholders (94,562 ) — — (94,562 ) Net cash used in financing activities (41,785 ) (17,698 ) (9,392 ) (68,875 ) Net decrease in cash and cash equivalents (2,557 ) — — (2,557 ) Cash and cash equivalents at beginning of the period 21,353 — — 21,353 Cash and cash equivalents at end of the period $ 18,796 $ — $ — $ 18,796 Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (69,697 ) $ 98,518 $ 101,191 $ 130,012 INVESTING ACTIVITIES: Acquisition of income producing property — (11,800 ) — (11,800 ) Additions to income producing properties (1,753 ) (8,036 ) (5,219 ) (15,008 ) Acquisition of land — (1,350 ) — (1,350 ) Additions to construction in progress (5,696 ) (24,717 ) (17,742 ) (48,155 ) Deposits for the acquisition of income producing properties (2,610 ) — — (2,610 ) Proceeds from sale of operating properties — 4,527 1,282 5,809 Increase in deferred leasing costs and lease intangibles (1,011 ) (2,532 ) (1,457 ) (5,000 ) Investment in joint ventures (284 ) — (23,611 ) (23,895 ) Advances to joint ventures — — (16 ) (16 ) Distributions from joint ventures — — 7,829 7,829 Collection of development costs tax credit — 1,542 — 1,542 Repayments from subsidiaries, net 85,016 (54,413 ) (30,603 ) — Net cash provided by (used in) investing activities 73,662 (96,779 ) (69,537 ) (92,654 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (1,739 ) (22,935 ) (24,674 ) Net borrowings under revolving credit facility 57,000 — — 57,000 Repayment of senior notes (110,122 ) — — (110,122 ) Payment of deferred financing costs (10 ) — — (10 ) Proceeds from issuance of common stock 124,870 — — 124,870 Repurchase of common stock (298 ) — — (298 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (84,466 ) — — (84,466 ) Purchase of noncontrolling interests — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (7,503 ) (7,503 ) Net cash used in financing activities (13,650 ) (1,739 ) (31,654 ) (47,043 ) Net decrease in cash and cash equivalents (9,685 ) — — (9,685 ) Cash and cash equivalents at beginning of the period 27,469 — — 27,469 Cash and cash equivalents at end of the period $ 17,784 $ — $ — $ 17,784 |
Related Parties (Notes)
Related Parties (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | Related Parties Refer to Note 11 with respect to our arrangement with MGN related to sales of common stock in connection with our ATM Program. In June 2016, we entered into an assignment agreement with Promed Manhattan, LLC (“Promed”), an affiliate of Gazit, whereby we assumed Promed’s lease with a third party landlord commencing September 1, 2016. The leased premises consists of office space located in the same building in New York City where we maintain our corporate headquarters. Concurrently with the lease assignment, we entered into a license agreement with Gazit Group USA, Inc. (“Gazit Group”), an affiliate of Gazit, whereby Gazit Group has the right to use a designated portion of the office space subject to certain limitations. As part of the license agreement, Gazit Group will reimburse us for its pro-rata portion of the costs due to the landlord of the office space, which is currently estimated to be approximately $60,000 annually. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 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. In October 2016, we acquired San Carlos Marketplace, a 153,510 square foot shopping center located in San Carlos, California, for $97.0 million . In connection with the transaction, we also paid $3.4 million for the prepayment penalty on the existing mortgage loan encumbering the property, which was not assumed in the acquisition, and drew the remaining $75.0 million under our $300.0 million delayed draw term loan facility. Additionally, in November 2016, we acquired an outparcel adjacent to Pablo Plaza located in Jacksonville, Florida, for $2.6 million . |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard amends the existing guidance and addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The standard requires a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, entities may apply the amendments prospectively as of the earliest date practicable. January 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard amends the existing guidance and impacts how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. Depending on the instrument, the standard requires a modified-retrospective or prospective transition approach. January 2020 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-06, Derivatives and Hedging (Topic 815) The standard amends the existing guidance and eliminates diversity in practice in assessing embedded contingent call (put) options in debt instruments. The standard clarifies that an entity performing this assessment is required to assess the embedded call (put) options solely in accordance with the four-step decision sequence within the guidance. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. January 2017 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2016-02, Leases (Topic 842) The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. The standard requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as clarified and amended by ASU 2016-08, ASU 2016-10 and ASU 2016-12. 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 2018 We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters Standards that were adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) The standard simplifies several aspects of the existing guidance for accounting for share-based payment transactions, including classification of awards as either equity or liabilities and an option to recognize stock compensation forfeitures as they occur. Early adoption of this standard is permitted. Depending on the specific amendment, the standard requires prospective, retrospective or a modified retrospective transition approach. September 2016 We elected to early adopt the provisions of ASU 2016-09 and made a policy election to account for forfeitures when they occur (previously, we estimated the number of awards that were expected to vest primarily based on historical data). The adoption and implementation of this standard did not have a material impact on our results of operations, financial condition or cash flows. 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 2016 The adoption and implementation of this standard did not have an impact on our results of operations, financial condition or cash flows. |
Acquisition and Disposition A30
Acquisition and Disposition Activity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The aggregate purchase price of the above property acquisition has been preliminarily allocated as follows: Amount Weighted Average Amortization Period (In thousands) (In years) Land $ 25,393 N/A Land improvements 522 8.0 Buildings 14,110 25.0 Tenant improvements 176 7.7 In-place lease interests 3,287 7.7 Leasing commissions 72 7.7 Lease origination costs 2 7.7 Below-market leases (13,562 ) 7.7 $ 30,000 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table provides a summary of disposition activity during the nine months ended September 30, 2016 : Date Sold Property Name City State Square Feet Gross Sales Price (In thousands) May 11, 2016 Wesley Chapel Decatur GA 164,153 $ 7,094 May 11, 2016 Hairston Center Decatur GA 13,000 431 February 18, 2016 Sherwood South Baton Rouge LA 77,489 3,000 February 18, 2016 Plaza Acadienne Eunice LA 59,419 1,775 February 11, 2016 Beauclerc Village Jacksonville FL 68,966 5,525 Total $ 17,825 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the condensed consolidated balance sheets: Investment Balance Joint Venture (1) Number of Properties Location Ownership September 30, December 31, (In thousands) G&I Investment South Florida Portfolio, LLC 1 FL 20.0% $ 3,746 $ 3,719 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% 19,112 19,263 Equity One JV Portfolio, LLC (2) 6 FL, MA, NJ 30.0% 37,991 39,501 Other Equity Investment (3) 45.0% — 329 Total 62,195 64,158 Advances to unconsolidated joint ventures 366 442 Investments in and advances to unconsolidated joint ventures $ 62,561 $ 64,600 ______________________________________________ (1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) The investment balance as of September 30, 2016 and December 31, 2015 is presented net of a deferred gain of approximately $376,000 associated with the disposition of assets by us to the joint venture. (3) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In September 2016 , we recognized an impairment loss of $667,000 , which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 included in the condensed consolidated balance sheets: September 30, December 31, (In thousands) Lease intangible assets, net $ 95,246 $ 101,010 Leasing commissions, net 42,640 41,211 Prepaid expenses and other receivables 15,582 13,074 Straight-line rent receivables, net 32,525 28,910 Deposits and mortgage escrows 7,725 7,980 Deferred financing costs, net 6,003 3,419 Furniture, fixtures and equipment, net 2,500 3,255 Fair value of interest rate swaps — 835 Deferred tax asset 3,797 3,924 Total other assets $ 206,018 $ 203,618 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Composition of Other Liabilities | The following is a summary of the composition of other liabilities included in the condensed consolidated balance sheets: September 30, December 31, (In thousands) Lease intangible liabilities, net $ 154,340 $ 159,665 Prepaid rent 10,279 9,361 Other 908 677 Total other liabilities $ 165,527 $ 169,703 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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: September 30, December 31, (In thousands) C&C (US) No. 1, Inc. ("CapCo") $ — $ 206,145 Total noncontrolling interests included in total equity $ — $ 206,145 |
Stockholders' Equity and Earn35
Stockholders' Equity and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Net income $ 12,561 $ 19,459 $ 55,209 $ 59,528 Net income attributable to noncontrolling interests — (2,498 ) — (7,507 ) Net income attributable to Equity One, Inc. 12,561 16,961 55,209 52,021 Allocation of income to participating securities (86 ) (103 ) (281 ) (325 ) Net income available to common stockholders $ 12,475 $ 16,858 $ 54,928 $ 51,696 Weighted average shares outstanding — Basic 143,773 129,013 141,726 127,590 Convertible units held by LIH using the if-converted method — — 497 — Stock options using the treasury method 113 87 132 117 Non-participating restricted stock using the treasury method 8 9 3 7 Executive incentive plan shares using the treasury method 212 37 179 60 Weighted average shares outstanding — Diluted 144,106 129,146 142,537 127,774 Earnings per share available to common stockholders: Basic $ 0.09 $ 0.13 $ 0.39 $ 0.41 Diluted $ 0.09 $ 0.13 $ 0.39 $ 0.40 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table presents information regarding stock option activity during the nine months ended September 30, 2016 : 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, 2016 651 $ 20.72 Exercised (451 ) $ 19.77 Outstanding at September 30, 2016 200 $ 22.87 7.6 $ 1,548 Exercisable at September 30, 2016 100 $ 22.87 7.6 $ 774 |
Summary of Restricted Stock Activity | The following table presents information regarding restricted stock activity during the nine months ended September 30, 2016 : Unvested Shares Weighted Average Grant-Date Fair Value (In thousands) Unvested at January 1, 2016 410 $ 23.72 Granted 130 $ 27.82 Vested (121 ) $ 23.39 Forfeited (36 ) $ 26.50 Unvested at September 30, 2016 383 $ 24.95 |
Share-Based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in the accompanying condensed consolidated statements of income, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Restricted stock expense $ 1,443 $ 1,205 $ 3,850 $ 3,621 Stock option expense 79 78 234 259 Employee stock purchase plan discount 8 12 32 28 Total equity-based expense 1,530 1,295 4,116 3,908 Restricted stock classified as a liability 123 112 287 286 Total expense 1,653 1,407 4,403 4,194 Less amount capitalized (1) (126 ) (116 ) (30 ) (348 ) Net share-based compensation expense $ 1,527 $ 1,291 $ 4,373 $ 3,846 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 September 30, 2016 (In thousands) Interest rate derivatives: Classified as a liability in accounts payable and accrued expenses $ 3,962 $ — $ 3,962 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable and accrued expenses $ 1,991 $ — $ 1,991 $ — |
Fair Value, Assets Measured on Nonrecurring Basis | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of September 30, 2016 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 3,100 $ — $ — $ 3,100 (2) $ 2,454 Total $ 3,100 $ — $ — $ 3,100 $ 2,454 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following are the key inputs used in determining the fair value of the operating properties measured using Level 3 inputs: September 30, December 31, Overall capitalization rate 15.5% 10.0% Terminal capitalization rate 16.0% 10.5% Discount rate 17.0% 12.5% |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Recurring Fair Value Measurements As of September 30, 2016 and December 31, 2015 , 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. Additionally, as of December 31, 2015, we had a forward starting interest rate swap with a notional amount of $50.0 million which was terminated and settled in February 2016. See Note 7 for further discussion. As of September 30, 2016 , the fair value of our interest rate swaps was a liability of $4.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2015 , the fair value of one of our interest rate swaps consisted of an asset of $217,000 , which is included in other assets in our condensed consolidated balance sheet, while the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million , which is included in accounts payable and accrued expenses in our condensed consolidated balance sheet. As of December 31, 2015 , the fair value of our forward starting interest rate swap consisted of an asset of $618,000 , which is included in other assets in our condensed consolidated balance sheet. The net unrealized gain (loss) on our interest rate derivatives was $1.7 million and $(5.9) million for the three and nine months ended September 30, 2016 , 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 contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 : Fair Value Measurements Total Level 1 Level 2 Level 3 September 30, 2016 (In thousands) Interest rate derivatives: Classified as a liability in accounts payable and accrued expenses $ 3,962 $ — $ 3,962 $ — December 31, 2015 Interest rate derivatives: Classified as an asset in other assets $ 835 $ — $ 835 $ — Classified as a liability in accounts payable and accrued expenses $ 1,991 $ — $ 1,991 $ — 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 September 30, 2016 , the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed, and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized gain/loss included in other comprehensive gain/loss was primarily attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of September 30, 2016 , none of which were reported in the condensed consolidated statements of income because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. 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 September 30, 2016 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 3,100 $ — $ — $ 3,100 (2) $ 2,454 Total $ 3,100 $ — $ — $ 3,100 $ 2,454 ____________________________________________ (1) Total losses exclude an impairment of $667,000 related to a loss on a joint venture investment recognized in September 2016 . (2) An impairment loss was recognized on an operating property due to the total projected undiscounted cash flows from the property being less than its carrying value. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015 : Assets: Total Level 1 Level 2 Level 3 Total Losses (1) (In thousands) Operating property held and used $ 700 $ — $ — $ 700 (2) $ 1,579 Land held and used 8,550 — — 8,550 (3) 3,667 Total $ 9,250 $ — $ — $ 9,250 $ 5,246 ____________________________________________ (1) Total losses exclude impairments of $11.3 million related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value of a property is considered impaired when the total projected undiscounted cash flows from the property 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 property as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are the key inputs used in determining the fair value of the operating properties measured using Level 3 inputs: September 30, December 31, Overall capitalization rate 15.5% 10.0% Terminal capitalization rate 16.0% 10.5% Discount rate 17.0% 12.5% September 30, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial liabilities: Mortgage loans $ 255,719 $ 268,466 $ 283,459 $ 296,067 Senior notes $ 496,118 $ 521,748 $ 515,372 $ 528,041 Term loans $ 472,455 $ 475,304 $ 471,891 $ 475,393 |
Condensed Consolidating Finan39
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet As of September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 126,287 $ 1,473,606 $ 1,489,271 $ (58 ) $ 3,089,106 Investment in affiliates 2,650,078 — — (2,650,078 ) — Other assets 112,725 98,784 178,325 (84,029 ) 305,805 TOTAL ASSETS $ 2,889,090 $ 1,572,390 $ 1,667,596 $ (2,734,165 ) $ 3,394,911 LIABILITIES Total notes payable $ 1,033,574 $ 24,983 $ 313,629 $ (82,894 ) $ 1,289,292 Other liabilities 6,148 62,591 188,705 (1,193 ) 256,251 TOTAL LIABILITIES 1,039,722 87,574 502,334 (84,087 ) 1,545,543 EQUITY 1,849,368 1,484,816 1,165,262 (2,650,078 ) 1,849,368 TOTAL LIABILITIES AND EQUITY $ 2,889,090 $ 1,572,390 $ 1,667,596 $ (2,734,165 ) $ 3,394,911 Condensed Consolidating Balance Sheet As of December 31, 2015 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) ASSETS Properties, net $ 137,695 $ 1,495,211 $ 1,435,613 $ (83 ) $ 3,068,436 Investment in affiliates 2,899,538 — — (2,899,538 ) — Other assets 229,368 91,902 803,076 (816,879 ) 307,467 TOTAL ASSETS $ 3,266,601 $ 1,587,113 $ 2,238,689 $ (3,716,500 ) $ 3,375,903 LIABILITIES Total notes payable $ 1,683,262 $ 42,903 $ 401,157 $ (760,600 ) $ 1,366,722 Other liabilities 19,333 62,995 213,064 (56,362 ) 239,030 TOTAL LIABILITIES 1,702,595 105,898 614,221 (816,962 ) 1,605,752 EQUITY 1,564,006 1,481,215 1,624,468 (2,899,538 ) 1,770,151 TOTAL LIABILITIES AND EQUITY $ 3,266,601 $ 1,587,113 $ 2,238,689 $ (3,716,500 ) $ 3,375,903 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,052 $ 47,909 $ 39,794 $ — $ 93,755 Equity in subsidiaries' earnings 36,018 — — (36,018 ) — Total costs and expenses 11,883 23,683 22,266 (256 ) 57,576 INCOME BEFORE OTHER INCOME AND 30,187 24,226 17,528 (35,762 ) 36,179 Other income and (expense) (17,563 ) (240 ) (4,262 ) (1,193 ) (23,258 ) INCOME BEFORE INCOME TAXES 12,624 23,986 13,266 (36,955 ) 12,921 Income tax provision of taxable REIT — (61 ) (299 ) — (360 ) NET INCOME 12,624 23,925 12,967 (36,955 ) 12,561 Other comprehensive income 1,980 — 63 — 2,043 COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 14,604 $ 23,925 $ 13,030 $ (36,955 ) $ 14,604 Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2015 Equity One, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 6,002 $ 46,314 $ 38,123 $ — $ 90,439 Equity in subsidiaries' earnings 36,130 — — (36,130 ) — Total costs and expenses 11,537 24,509 23,195 (238 ) 59,003 INCOME BEFORE OTHER INCOME AND 30,595 21,805 14,928 (35,892 ) 31,436 Other income and (expense) (13,860 ) 19 2,401 (1,155 ) (12,595 ) INCOME BEFORE INCOME TAXES 16,735 21,824 17,329 (37,047 ) 18,841 Income tax benefit (provision) of taxable REIT — 815 (197 ) — 618 NET INCOME 16,735 22,639 17,132 (37,047 ) 19,459 Other comprehensive loss (2,570 ) — (226 ) — (2,796 ) COMPREHENSIVE INCOME 14,165 22,639 16,906 (37,047 ) 16,663 Comprehensive income attributable to — — (2,498 ) — (2,498 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. $ 14,165 $ 22,639 $ 14,408 $ (37,047 ) $ 14,165 Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminating Entries Consolidated (In thousands) Total revenue $ 18,231 $ 143,456 $ 119,076 $ — $ 280,763 Equity in subsidiaries' earnings 116,420 — — (116,420 ) — Total costs and expenses 33,587 76,479 67,182 (744 ) 176,504 INCOME BEFORE OTHER INCOME AND 101,064 66,977 51,894 (115,676 ) 104,259 Other income and (expense) (46,159 ) 2,162 (2,229 ) (1,693 ) (47,919 ) INCOME BEFORE INCOME TAXES 54,905 69,139 49,665 (117,369 ) 56,340 Income tax provision of taxable REIT — (127 ) (1,004 ) — (1,131 ) NET INCOME 54,905 69,012 48,661 (117,369 ) 55,209 Other comprehensive loss (5,450 ) — (304 ) — (5,754 ) COMPREHENSIVE INCOME ATTRIBUTABLE $ 49,455 $ 69,012 $ 48,357 $ (117,369 ) $ 49,455 Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2015 Equity One, Non- Eliminating Entries Consolidated (In thousands) Total revenue $ 17,413 $ 137,769 $ 114,471 $ — $ 269,653 Equity in subsidiaries' earnings 130,047 — — (130,047 ) — Total costs and expenses 32,679 69,415 64,996 (779 ) 166,311 INCOME BEFORE OTHER INCOME AND 114,781 68,354 49,475 (129,268 ) 103,342 Other income and (expense) (62,928 ) (663 ) 20,965 (1,655 ) (44,281 ) INCOME BEFORE INCOME TAXES 51,853 67,691 70,440 (130,923 ) 59,061 Income tax benefit (provision) of taxable REIT — 1,036 (569 ) — 467 NET INCOME 51,853 68,727 69,871 (130,923 ) 59,528 Other comprehensive loss (4,110 ) — (168 ) — (4,278 ) COMPREHENSIVE INCOME 47,743 68,727 69,703 (130,923 ) 55,250 Comprehensive income attributable to — — (7,507 ) — (7,507 ) COMPREHENSIVE INCOME ATTRIBUTABLE $ 47,743 $ 68,727 $ 62,196 $ (130,923 ) $ 47,743 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2016 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (45,508 ) $ 111,926 $ 91,477 $ 157,895 INVESTING ACTIVITIES: Acquisition of income producing property — — (30,000 ) (30,000 ) Additions to income producing properties (1,070 ) (5,844 ) (4,842 ) (11,756 ) Additions to construction in progress (1,278 ) (27,994 ) (29,573 ) (58,845 ) Deposits for the acquisition of income producing properties (3,250 ) — — (3,250 ) Proceeds from sale of operating properties 7,203 9,288 — 16,491 Increase in deferred leasing costs and lease intangibles (459 ) (3,460 ) (1,267 ) (5,186 ) Investment in joint ventures (339 ) — — (339 ) Distributions from joint ventures — 1,308 1,308 Repayments from subsidiaries, net 83,929 (66,218 ) (17,711 ) — Net cash provided by (used in) investing activities 84,736 (94,228 ) (82,085 ) (91,577 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (17,698 ) (41,658 ) (59,356 ) Purchase of marketable securities for defeasance of mortgage loan — — (66,447 ) (66,447 ) Borrowings under mortgage loans — 100,435 100,435 Net repayments under revolving credit facility (31,000 ) — — (31,000 ) Borrowings under senior notes 200,000 — — 200,000 Repayment of senior notes (230,425 ) — — (230,425 ) Payment of deferred financing costs (5,345 ) — (1,722 ) (7,067 ) Proceeds from issuance of common stock 122,006 — — 122,006 Repurchase of common stock (554 ) — — (554 ) Stock issuance costs (1,905 ) — — (1,905 ) Dividends paid to stockholders (94,562 ) — — (94,562 ) Net cash used in financing activities (41,785 ) (17,698 ) (9,392 ) (68,875 ) Net decrease in cash and cash equivalents (2,557 ) — — (2,557 ) Cash and cash equivalents at beginning of the period 21,353 — — 21,353 Cash and cash equivalents at end of the period $ 18,796 $ — $ — $ 18,796 Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015 Equity One, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (In thousands) Net cash (used in) provided by operating activities $ (69,697 ) $ 98,518 $ 101,191 $ 130,012 INVESTING ACTIVITIES: Acquisition of income producing property — (11,800 ) — (11,800 ) Additions to income producing properties (1,753 ) (8,036 ) (5,219 ) (15,008 ) Acquisition of land — (1,350 ) — (1,350 ) Additions to construction in progress (5,696 ) (24,717 ) (17,742 ) (48,155 ) Deposits for the acquisition of income producing properties (2,610 ) — — (2,610 ) Proceeds from sale of operating properties — 4,527 1,282 5,809 Increase in deferred leasing costs and lease intangibles (1,011 ) (2,532 ) (1,457 ) (5,000 ) Investment in joint ventures (284 ) — (23,611 ) (23,895 ) Advances to joint ventures — — (16 ) (16 ) Distributions from joint ventures — — 7,829 7,829 Collection of development costs tax credit — 1,542 — 1,542 Repayments from subsidiaries, net 85,016 (54,413 ) (30,603 ) — Net cash provided by (used in) investing activities 73,662 (96,779 ) (69,537 ) (92,654 ) FINANCING ACTIVITIES: Repayments of mortgage loans — (1,739 ) (22,935 ) (24,674 ) Net borrowings under revolving credit facility 57,000 — — 57,000 Repayment of senior notes (110,122 ) — — (110,122 ) Payment of deferred financing costs (10 ) — — (10 ) Proceeds from issuance of common stock 124,870 — — 124,870 Repurchase of common stock (298 ) — — (298 ) Stock issuance costs (624 ) — — (624 ) Dividends paid to stockholders (84,466 ) — — (84,466 ) Purchase of noncontrolling interests — — (1,216 ) (1,216 ) Distributions to noncontrolling interests — — (7,503 ) (7,503 ) Net cash used in financing activities (13,650 ) (1,739 ) (31,654 ) (47,043 ) Net decrease in cash and cash equivalents (9,685 ) — — (9,685 ) Cash and cash equivalents at beginning of the period 27,469 — — 27,469 Cash and cash equivalents at end of the period $ 17,784 $ — $ — $ 17,784 |
Organization and Basis of Pre40
Organization and Basis of Presentation (Details) ft² in Millions | Sep. 30, 2016ft²properties |
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 122 |
Percentage occupancy | 95.40% |
Unconsolidated Properties [Member] | Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 1.4 |
Retail Site [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 98 |
Retail Site [Member] | Unconsolidated Properties [Member] | Corporate Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
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 | 12.3 |
Development and Redevelopment Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 13 |
Net Rentable Area | ft² | 2.8 |
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 |
Acquisition Activity (Details)
Acquisition Activity (Details) | Jun. 30, 2016USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 30,000,000 | $ 30,000,000 | |||
General and Administrative Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | 184,000 | $ 466,000 | 893,000 | $ 779,000 | |
Land [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25,393,000 | 25,393,000 | |||
Land Improvements [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 522,000 | $ 522,000 | |||
Acquired Tangible Assets, Weighted Average Useful Life | 8 years | ||||
Building [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 14,110,000 | $ 14,110,000 | |||
Acquired Tangible Assets, Weighted Average Useful Life | 25 years | ||||
Leaseholds and Leasehold Improvements [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 176,000 | $ 176,000 | |||
Acquired Tangible Assets, Weighted Average Useful Life | 7 years 8 months | ||||
Leases, Acquired-in-Place [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 3,287,000 | $ 3,287,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 8 months | ||||
Above Market Leases [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 72,000 | $ 72,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 8 months | ||||
Lease Origination Costs [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,000 | $ 2,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 8 months | ||||
Off-Market Unfavorable Lease [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ (13,562,000) | $ (13,562,000) | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 8 months | ||||
Norwalk [Member] | Walmart at Norwalk [Member] | |||||
Business Acquisition [Line Items] | |||||
Net Rentable Area | ft² | 142,222 | ||||
Business Combination, Consideration Transferred | $ 30,000,000 |
Disposition Activity (Details)
Disposition Activity (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | May 11, 2016ft² | Feb. 18, 2016ft² | Feb. 11, 2016ft² | Dec. 31, 2015USD ($) | |
Asset Impairment Charges | $ 3,121 | $ 2,417 | $ 3,121 | $ 13,924 | ||||
Real Estate Held-for-sale | 19,346 | 19,346 | $ 2,419 | |||||
Sales of Real Estate | 17,825 | |||||||
Thomasville, North Carolina [Member] | ||||||||
Asset Impairment Charges | $ 2,500 | |||||||
MARYLAND | Westwood Complex [Member] | ||||||||
Sales Price of Real Estate, Under Contract, Held-for-Sale | $ 20,000 | |||||||
Net Rentable Area | ft² | 211,020 | 211,020 | ||||||
Decatur [Member] | Wesley Chapel [Member] | ||||||||
Net Rentable Area | ft² | 164,153 | |||||||
Sales of Real Estate | $ 7,094 | |||||||
Decatur [Member] | Hairston Center [Member] | ||||||||
Net Rentable Area | ft² | 13,000 | |||||||
Sales of Real Estate | 431 | |||||||
Baton Rouge [Member] | Sherwood South [Member] | ||||||||
Net Rentable Area | ft² | 77,489 | |||||||
Sales of Real Estate | 3,000 | |||||||
Eunice [Member] | Plaza Acadienne [Member] | ||||||||
Net Rentable Area | ft² | 59,419 | |||||||
Sales of Real Estate | 1,775 | |||||||
Jacksonville [Member] | Beauclerc Village [Member] | ||||||||
Net Rentable Area | ft² | 68,966 | |||||||
Sales of Real Estate | $ 5,525 |
Investments in Joint Ventures43
Investments in Joint Ventures (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($)properties | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)properties | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)properties | ||||
Schedule of Equity Method and Cost Method Investments [Line Items] | ||||||||
Equity Method Investment, Summarized Financial Information, Long-term Debt | $ 144,800,000 | $ 144,800,000 | $ 146,200,000 | |||||
Investments in Joint Ventures | 62,195,000 | 62,195,000 | 64,158,000 | |||||
Advances to unconsolidated joint ventures | 366,000 | 366,000 | 442,000 | |||||
Investments in and advances to unconsolidated joint ventures | 62,561,000 | 62,561,000 | 64,600,000 | |||||
Asset Impairment Charges | 3,121,000 | $ 2,417,000 | 3,121,000 | $ 13,924,000 | ||||
Equity Method Investment, Long-term Debt, Entity's Portion | 43,400,000 | 43,400,000 | $ 43,900,000 | |||||
Equity in income of unconsolidated joint ventures | 736,000 | 2,435,000 | 2,109,000 | 4,433,000 | ||||
Management Fees Revenue | $ 338,000 | $ 246,000 | $ 837,000 | $ 1,432,000 | ||||
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] | 1 | 1 | 1 | ||||
Equity Method Investment, Ownership Percentage | 20.00% | [1] | 20.00% | [1] | 20.00% | |||
Equity Method Investments | [1] | $ 3,746,000 | $ 3,746,000 | $ 3,719,000 | ||||
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 | 1 | ||||
Cost Method Investment, Ownership Percentage | 8.60% | [1] | 8.60% | [1] | 8.60% | |||
Cost Method Investments | [1] | $ 526,000 | $ 526,000 | $ 526,000 | ||||
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 | 1 | ||||
Cost Method Investment, Ownership Percentage | 20.10% | [1] | 20.10% | [1] | 20.10% | |||
Cost Method Investments | [1] | $ 820,000 | $ 820,000 | $ 820,000 | ||||
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 | 1 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | [1] | 50.00% | [1] | 50.00% | |||
Equity Method Investments | [1] | $ 19,112,000 | $ 19,112,000 | $ 19,263,000 | ||||
Equity One JV Portfolio, LLC (NYCRF) [Member] | ||||||||
Schedule of Equity Method and Cost Method Investments [Line Items] | ||||||||
Equity Method Investment, Deferred Gain on Sale | $ 376,000 | $ 376,000 | ||||||
Equity One JV Portfolio, LLC (NYCRF) [Member] | Florida, Massachusetts, New Jersey [Member] | ||||||||
Schedule of Equity Method and Cost Method Investments [Line Items] | ||||||||
Number of Real Estate Properties | properties | [1],[2] | 6 | 6 | 6 | ||||
Equity Method Investment, Ownership Percentage | 30.00% | [1],[2] | 30.00% | [1],[2] | 30.00% | |||
Equity Method Investments | [1],[2] | $ 37,991,000 | $ 37,991,000 | $ 39,501,000 | ||||
Other Equity Investment [Member] | ||||||||
Schedule of Equity Method and Cost Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | [1],[2] | 45.00% | 45.00% | |||||
Equity Method Investments | [1],[3] | $ 0 | $ 0 | $ 329,000 | ||||
Asset Impairment Charges | [1],[3] | $ 667,000 | ||||||
[1] | All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method | |||||||
[2] | The investment balance as of September 30, 2016 and December 31, 2015 is presented net of a deferred gain of approximately $376,000 associated with the disposition of assets by us to the joint venture. | |||||||
[3] | In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In September 2016, we recognized an impairment loss of $667,000, which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair value of interest rate swaps | $ 0 | |
Total other assets | 206,018 | $ 203,618 |
Other Assets [Member] | ||
Lease intangible assets, net | 95,246 | 101,010 |
Leasing commissions, net | 42,640 | 41,211 |
Prepaid expenses and other receivables | 15,582 | 13,074 |
Straight-line rent receivables, net | 32,525 | 28,910 |
Deposits and mortgage escrows | 7,725 | 7,980 |
Deferred financing costs, net | 6,003 | 3,419 |
Furniture, fixtures and equipment, net | 2,500 | 3,255 |
Fair value of interest rate swaps | 835 | |
Deferred tax asset | 3,797 | 3,924 |
Total other assets | $ 206,018 | $ 203,618 |
Mortgage Loans (Details)
Mortgage Loans (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Jun. 30, 2016 | Jan. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (9,436) | $ 0 | $ (14,650) | $ (2,563) | |||
Repayments of Secured Debt | $ 59,356 | $ 24,674 | |||||
Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 1,600 | ||||||
Debt, Weighted Average Interest Rate | 4.92% | 4.92% | |||||
Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 0.00% | 0.00% | |||||
Repayments of Secured Debt | $ 44,000 | ||||||
Culver Center [Member] | Mortgage Loans on Real Estate [Member] | Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | May 6, 2017 | ||||||
Debt, Weighted Average Interest Rate | 5.58% | ||||||
Repayments of Secured Debt | $ 64,000 | ||||||
Payments for Deposits Applied to Debt Retirements | $ 66,400 | ||||||
Talega Village Center [Member] | Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 10,600 | ||||||
Talega Village Center [Member] [Member] | Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 5.01% | 5.01% | |||||
Westbury Plaza [Member] | Mortgage Loans on Real Estate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Feb. 1, 2026 | ||||||
Debt, Weighted Average Interest Rate | 3.76% | ||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 88,000 |
Senior Notes (Details)
Senior Notes (Details) - USD ($) | Aug. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 11, 2016 | Apr. 29, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 518,401,000 | |||||||
Repayments of Senior Debt | 230,425,000 | $ 110,122,000 | ||||||||
Loss on extinguishment of debt | $ (9,436,000) | $ 0 | $ (14,650,000) | $ (2,563,000) | ||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 200,000,000 | |||||||||
Debt, Weighted Average Interest Rate | 3.79% | 3.79% | ||||||||
Senior Notes [Member] | 3.81% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 100,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.81% | |||||||||
Debt Instrument, Maturity Date | May 11, 2026 | |||||||||
Senior Notes [Member] | 3.91% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior notes | $ 100,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | |||||||||
Debt Instrument, Maturity Date | Aug. 11, 2026 | |||||||||
5.375% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Senior Debt | $ 101,400,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||||||||
Loss on extinguishment of debt | $ 5,200,000 | |||||||||
Make-Whole Premium, Amount | $ 5,000,000 | |||||||||
Six Point Zero Percentage Senior Notes Due09152016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Senior Debt | $ 117,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||
Loss on extinguishment of debt | $ 7,400,000 | |||||||||
Make-Whole Premium, Amount | $ 7,000,000 |
Revolving Credit Facilities (De
Revolving Credit Facilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 65,000 | $ 96,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 850,000 | ||
Letters of Credit Outstanding, Amount | 1,600 | ||
Primary Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility | $ 96,000 | ||
Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 850,000 | ||
Line of credit, prior borrowing capacity | 600,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,700,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Line of Credit Facility, Expiration Date | Feb. 1, 2021 | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.53% | ||
Line of Credit Facility, Interest Rate During Period | 1.47% | 1.00% | |
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 | 0.825% | ||
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% |
Term Loan and Interest Rate Swa
Term Loan and Interest Rate Swaps (Details) | Feb. 29, 2016USD ($) | Sep. 30, 2016USD ($)contract | Dec. 31, 2015USD ($) | Apr. 29, 2016USD ($) | Dec. 31, 2015 | Dec. 31, 2015contract |
Debt Instrument [Line Items] | ||||||
Term loan current borrowing capacity | $ 300,000,000 | |||||
Derivative, Number of Instruments Held | 3 | 3 | 3 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (2,000,000) | |||||
Derivative Asset | $ 217,000 | |||||
Senior Notes, Gross | $ 500,000,000 | 518,401,000 | ||||
Second Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Dec. 2, 2020 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Feb. 13, 2019 | |||||
Debt Instrument, Face Amount | $ 225,000,000 | 225,000,000 | ||||
Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.618% | |||||
Forward Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | 50,000,000 | |||||
Derivative, Cost of Hedge Net of Cash Received | $ 3,100,000 | |||||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 | ||||
Derivative, Maturity Date | Feb. 13, 2019 | |||||
Forward Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (308,000) | |||||
Investment Contract Settlement Date | Oct. 4, 2016 | |||||
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative Liability, Number of Instruments Held | contract | 2 | |||||
Derivative Instruments and Hedges, Liabilities | $ 4,000,000 | $ 2,000,000 | ||||
Other Assets [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative Asset, Number of Instruments Held | contract | 1 | |||||
Other Assets [Member] | Forward Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative Asset | $ 618,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes, Gross | $ 200,000,000 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Other Liabilities [Line Items] | ||
Total other liabilities | $ 165,527 | $ 169,703 |
Other Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease intangible liabilities, net | 154,340 | 159,665 |
Prepaid rent | 10,279 | 9,361 |
Other | 908 | 677 |
Total other liabilities | $ 165,527 | $ 169,703 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Dim Vastgoed N V [Member] | |
Federal net operating loss carry forwards | $ 2,200,000 |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2027 |
State net operating loss carry forwards | $ 0 |
I R T Capital Corporation [Member] | |
Federal net operating loss carry forwards | $ 1,700,000 |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 |
State net operating loss carry forwards | $ 1,200,000 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Thousands, shares in Millions | Jan. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 206,145 | |
Cap Co [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 206,145 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | ||
Liberty International Holdings Limited [Member] | Class A Joint Venture Shares [Member] | Cap Co [Member] | |||
Stock Issued During Period, Shares, New Issues | 11.4 |
Stockholders' Equity and Earn52
Stockholders' Equity and Earnings Per Share (Details) | Sep. 30, 2016shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015shares |
Schedule of Equity Method Investments [Line Items] | ||||
Common stock authorized for issuance under ATM program | 8,500,000 | |||
Commission percentage | 2.00% | |||
Affiliate 20% Limit under ATM Program | 20.00% | 20.00% | 20.00% | |
Common stock issued under ATM program | 1,900,000 | 3,700,000 | ||
Weighted Average Price per Share under ATM Program | $ / shares | $ 31.83 | $ 30.23 | ||
Net Proceeds received under ATM Program | $ | $ 60,000,000 | $ 112,900,000 | ||
Stock Issuance Costs under ATM Program | $ | $ 750,000 | $ 1,400,000 | ||
Remaining capacity under ATM Program | 7,500,000 | |||
Class A Joint Venture Shares [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common stock not included in the calculation of EPS, shares | 11,400,000 | |||
Common Stock, Conversion Rate | 1 | |||
MGN America, LLC [Member] | Private Placement [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Aggregate Maximum of Shares Issuable under ATM Program to Affiliate | 1,400,000 | 1,400,000 | 1,400,000 |
Summary of Calculation of EPS a
Summary of Calculation of EPS and Reconciliation of Net Income Available to Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
INCOME FROM CONTINUING OPERATIONS | $ 12,561 | $ 19,459 | $ 55,209 | $ 59,528 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 0 | 2,498 | 0 | 7,507 |
Net income attributable to Equity One, Inc. | 12,561 | 16,961 | 55,209 | 52,021 |
Allocation of income to participating securities | (86) | (103) | (281) | (325) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 12,475 | $ 16,858 | $ 54,928 | $ 51,696 |
Weighted Average Number of Shares Outstanding, Basic | 143,773 | 129,013 | 141,726 | 127,590 |
incremental common shares attributable to dilutive effect of conversion of partnership units | 0 | 0 | 497 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 113 | 87 | 132 | 117 |
Stock options using the treasury method | 8 | 9 | 3 | 7 |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 212 | 37 | 179 | 60 |
Weighted average shares outstanding — Diluted | 144,106 | 129,146 | 142,537 | 127,774 |
Earnings Per Share, Basic | $ 0.09 | $ 0.13 | $ 0.39 | $ 0.41 |
Earnings Per Share, Diluted | $ 0.09 | $ 0.13 | $ 0.39 | $ 0.40 |
(Summary of Stock Option Activi
(Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Shares Under Option | |
Outstanding at January 1, 2016 | shares | 651 |
Exercised (shares) | shares | 451 |
Outstanding at September 30, 2016 | shares | 200 |
Exercisable at September 30, 2016 | shares | 100 |
Weighted Average Exercise Price | |
Outstanding at January 1, 2016 | $ / shares | $ 20.72 |
Exercised (usd per share) | $ / shares | 19.77 |
Outstanding at September 30, 2016 | $ / shares | 22.87 |
Exercisable at September 30, 2016 | $ / shares | $ 22.87 |
Additional Information | |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 7 months |
Weighted Average Remaining Contractual Term, Exercisable | 7 years 7 months |
Aggregate Intrinsic Value, Outstanding | $ | $ 1,548 |
Aggregate Intrinsic Value, Exercisable | $ | $ 774 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Grant-Date Fair Value | ||||
Restricted stock classified as a liability | $ 123 | $ 112 | $ 287 | $ 286 |
Restricted Stock [Member] | ||||
Unvested Shares | ||||
Unvested at January 1, 2016 | 410,000 | |||
Granted | 130,000 | |||
Vested | 121,000 | |||
Forfeited | 36,000 | |||
Unvested at September 30, 2016 | 383,000 | 383,000 | ||
Weighted Average Grant-Date Fair Value | ||||
Unvested at January 1, 2016 | $ 23.72 | |||
Granted | 27.82 | |||
Vested | 23.39 | |||
Forfeited | 26.50 | |||
Unvested at September 30, 2016 | $ 24.95 | $ 24.95 |
Summary of Share-Based Compensa
Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Restricted stock expense | $ 1,443 | $ 1,205 | $ 3,850 | $ 3,621 |
Stock option expense | 79 | 78 | 234 | 259 |
Employee stock purchase plan discount | 8 | 12 | 32 | 28 |
Total equity-based expense | 1,530 | 1,295 | 4,116 | 3,908 |
Total expense | 1,653 | 1,407 | 4,403 | 4,194 |
Less amount capitalized (1) | (126) | (116) | (30) | (348) |
Net share-based compensation expense | $ 1,527 | $ 1,291 | $ 4,373 | $ 3,846 |
Stock Options (Details)
Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from options exercised during the period | $ 8.9 | |
Intrinsic value of options exercised during the period | 4.9 | |
Compensation cost not yet recognized | $ 8.5 | |
Period for recognition | 1 year 9 months | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock granted during period (shares) | 130,000 | |
Restricted stock vested during the period (shares) | 121,000 | |
Weighted average grant date fair value, nonvested | $ 24.95 | $ 23.72 |
Grant-date value of shares vested during period | $ 2.8 | |
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 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Letters of Credit Outstanding, Amount | $ 1.6 |
Investment in development or redevelopment projects | 136 |
Development/Redevelopment Obligation, Amount | 111.4 |
Other Significant Project Obligations, Amount | $ 14.9 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Development/Redevelopment Period | 3 years |
Maximum [Member] | Capital Addition Purchase Commitments [Member] | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 2 years |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Development/Redevelopment Period | 2 years |
Minimum [Member] | Capital Addition Purchase Commitments [Member] | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitment, Period | 1 year |
Assets Measured and Recorded at
Assets Measured and Recorded at Fair Value on a Recurring Basis (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)contract | Sep. 30, 2016USD ($)contract | Dec. 31, 2015USD ($) | Dec. 31, 2015 | Dec. 31, 2015contract | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Number of Instruments Held | 3 | 3 | 3 | 3 | |
Derivative Asset | $ 217,000 | ||||
Interest Rate Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 | 250,000,000 | ||
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 | 835,000 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 3,962,000 | 3,962,000 | 1,991,000 | ||
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 | contract | 1 | ||||
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 | 4,000,000 | 4,000,000 | 2,000,000 | ||
Derivative Liability, Number of Instruments Held | contract | 2 | ||||
Equity One, Inc. [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1,700,000 | (5,900,000) | |||
Forward Swap [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Notional Amount | 50,000,000 | 50,000,000 | |||
Fair Value, Inputs, Level 1 [Member] | 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 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of interest rate swaps | 835,000 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 3,962,000 | 3,962,000 | 1,991,000 | ||
Fair Value, Inputs, Level 3 [Member] | 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 | 0 | ||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 0 | $ 0 |
Assets Measured and Recorded as
Assets Measured and Recorded as Fair Value on a Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset Impairment Charges | $ 3,121,000 | $ 2,417,000 | $ 3,121,000 | $ 13,924,000 | ||
Impairment of Long-Lived Assets Sold | $ 11,300,000 | |||||
Goodwill, Impairment Loss | $ 200,000 | |||||
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 | 17.00% | |||||
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 | 16.00% | |||||
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 | 15.50% | |||||
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 | 12.50% | |||||
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 | 10.50% | |||||
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 | 10.00% | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held-for-investment, Fair Value Disclosure | 3,100,000 | $ 3,100,000 | $ 700,000 | |||
Development Properties Held-for-investment | 8,550,000 | |||||
Assets, Fair Value Disclosure | 3,100,000 | 3,100,000 | 9,250,000 | |||
Impairment loss | 1,579,000 | |||||
Impairment of Real Estate | 3,667,000 | |||||
Asset Impairment Charges | 2,454,000 | 5,246,000 | ||||
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 | 0 | 0 | |||
Development Properties Held-for-investment | 0 | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Operating Properties Held-for-investment, Fair Value Disclosure | 0 | 0 | 0 | |||
Development Properties Held-for-investment | 0 | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||
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 | 3,100,000 | 3,100,000 | 700,000 | |||
Development Properties Held-for-investment | 8,550,000 | |||||
Assets, Fair Value Disclosure | 3,100,000 | $ 3,100,000 | $ 9,250,000 | |||
Other Equity Investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset Impairment Charges | [1],[2] | $ 667,000 | ||||
[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 February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. In September 2016, we recognized an impairment loss of $667,000, which represented the carrying amount of the investment, as a result of our decision to withdraw from the joint venture. |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 255,719 | $ 283,459 |
Term Loan, net of deferred financing costs | 472,455 | 471,891 |
Unsecured Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 496,118 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Payable, Fair Value Disclosure | 475,304 | 475,393 |
Fair Value, Inputs, Level 2 [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | 268,466 | 296,067 |
Fair Value, Inputs, Level 2 [Member] | Unsecured Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 521,748 | 528,041 |
Senior Notes [Member] | Unsecured Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $ 515,372 |
Schedule of Condensed Consolida
Schedule of Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Real Estate Investment Property, Net | $ 3,089,106 | $ 3,068,436 |
Investment in affiliates | 366 | 442 |
Other assets | 206,018 | 203,618 |
TOTAL ASSETS | 3,394,911 | 3,375,903 |
LIABILITIES | ||
Total notes payable | 1,289,292 | 1,366,722 |
Other liabilities | 165,527 | 169,703 |
Total liabilities | 1,545,543 | 1,605,752 |
EQUITY | 1,849,368 | 1,770,151 |
TOTAL LIABILITIES AND EQUITY | 3,394,911 | 3,375,903 |
Equity One, Inc. [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 126,287 | 137,695 |
Investment in affiliates | 2,650,078 | 2,899,538 |
Other assets | 112,725 | 229,368 |
TOTAL ASSETS | 2,889,090 | 3,266,601 |
LIABILITIES | ||
Total notes payable | 1,033,574 | 1,683,262 |
Other liabilities | 6,148 | 19,333 |
Total liabilities | 1,039,722 | 1,702,595 |
EQUITY | 1,849,368 | 1,564,006 |
TOTAL LIABILITIES AND EQUITY | 2,889,090 | 3,266,601 |
Combined Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,473,606 | 1,495,211 |
Investment in affiliates | 0 | 0 |
Other assets | 98,784 | 91,902 |
TOTAL ASSETS | 1,572,390 | 1,587,113 |
LIABILITIES | ||
Total notes payable | 24,983 | 42,903 |
Other liabilities | 62,591 | 62,995 |
Total liabilities | 87,574 | 105,898 |
EQUITY | 1,484,816 | 1,481,215 |
TOTAL LIABILITIES AND EQUITY | 1,572,390 | 1,587,113 |
Non-Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,489,271 | 1,435,613 |
Investment in affiliates | 0 | 0 |
Other assets | 178,325 | 803,076 |
TOTAL ASSETS | 1,667,596 | 2,238,689 |
LIABILITIES | ||
Total notes payable | 313,629 | 401,157 |
Other liabilities | 188,705 | 213,064 |
Total liabilities | 502,334 | 614,221 |
EQUITY | 1,165,262 | 1,624,468 |
TOTAL LIABILITIES AND EQUITY | 1,667,596 | 2,238,689 |
Equity One, Inc. and Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 3,089,106 | 3,068,436 |
Investment in affiliates | 0 | 0 |
Other assets | 305,805 | 307,467 |
TOTAL ASSETS | 3,394,911 | 3,375,903 |
LIABILITIES | ||
Total notes payable | 1,289,292 | 1,366,722 |
Other liabilities | 256,251 | 239,030 |
Total liabilities | 1,545,543 | 1,605,752 |
EQUITY | 1,849,368 | 1,770,151 |
TOTAL LIABILITIES AND EQUITY | 3,394,911 | 3,375,903 |
Eliminating Entries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | (58) | (83) |
Investment in affiliates | (2,650,078) | (2,899,538) |
Other assets | (84,029) | (816,879) |
TOTAL ASSETS | (2,734,165) | (3,716,500) |
LIABILITIES | ||
Total notes payable | (82,894) | (760,600) |
Other liabilities | (1,193) | (56,362) |
Total liabilities | (84,087) | (816,962) |
EQUITY | (2,650,078) | (2,899,538) |
TOTAL LIABILITIES AND EQUITY | $ (2,734,165) | $ (3,716,500) |
Schedule of Condensed Consoli63
Schedule of Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Total revenue | $ 93,755 | $ 90,439 | $ 280,763 | $ 269,653 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 36,179 | 31,436 | 104,259 | 103,342 |
INCOME BEFORE INCOME TAXES | 12,921 | 18,841 | 56,340 | 59,061 |
Income tax provision of taxable REIT subsidiaries | (360) | 618 | (1,131) | 467 |
Net income | 12,561 | 19,459 | 55,209 | 59,528 |
Other comprehensive income (loss) | 2,043 | (2,796) | (5,754) | (4,278) |
COMPREHENSIVE INCOME | 14,604 | 16,663 | 49,455 | 55,250 |
Comprehensive income attributable to noncontrolling interests | 0 | (2,498) | 0 | (7,507) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 14,604 | 14,165 | 49,455 | 47,743 |
Equity One, Inc. [Member] | ||||
Total revenue | 6,052 | 6,002 | 18,231 | 17,413 |
Equity in subsidiaries' earnings | 36,018 | 36,130 | 116,420 | 130,047 |
Total costs and expenses | 11,883 | 11,537 | 33,587 | 32,679 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 30,187 | 30,595 | 101,064 | 114,781 |
Other income and (expense) | (17,563) | (13,860) | (46,159) | (62,928) |
INCOME BEFORE INCOME TAXES | 12,624 | 16,735 | 54,905 | 51,853 |
Income tax provision of taxable REIT subsidiaries | 0 | 0 | 0 | |
Net income | 12,624 | 16,735 | 54,905 | 51,853 |
Other comprehensive income (loss) | 1,980 | (2,570) | (5,450) | (4,110) |
COMPREHENSIVE INCOME | 14,165 | 47,743 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 14,604 | 14,165 | 49,455 | 47,743 |
Combined Guarantor Subsidiaries [Member] | ||||
Total revenue | 47,909 | 46,314 | 143,456 | 137,769 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Total costs and expenses | 23,683 | 24,509 | 76,479 | 69,415 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 24,226 | 21,805 | 66,977 | 68,354 |
Other income and (expense) | (240) | 19 | 2,162 | (663) |
INCOME BEFORE INCOME TAXES | 23,986 | 21,824 | 69,139 | 67,691 |
Income tax provision of taxable REIT subsidiaries | (61) | 815 | 127 | 1,036 |
Net income | 23,925 | 22,639 | 69,012 | 68,727 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME | 22,639 | 68,727 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 23,925 | 22,639 | 69,012 | 68,727 |
Non-Guarantor Subsidiaries [Member] | ||||
Total revenue | 39,794 | 38,123 | 119,076 | 114,471 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Total costs and expenses | 22,266 | 23,195 | 67,182 | 64,996 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 17,528 | 14,928 | 51,894 | 49,475 |
Other income and (expense) | (4,262) | 2,401 | (2,229) | 20,965 |
INCOME BEFORE INCOME TAXES | 13,266 | 17,329 | 49,665 | 70,440 |
Income tax provision of taxable REIT subsidiaries | (299) | (197) | 1,004 | (569) |
Net income | 12,967 | 17,132 | 48,661 | 69,871 |
Other comprehensive income (loss) | 63 | (226) | (304) | (168) |
COMPREHENSIVE INCOME | 16,906 | 69,703 | ||
Comprehensive income attributable to noncontrolling interests | (2,498) | (7,507) | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 13,030 | 14,408 | 48,357 | 62,196 |
Equity One, Inc. and Subsidiaries [Member] | ||||
Total revenue | 93,755 | 90,439 | 280,763 | 269,653 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Total costs and expenses | 57,576 | 59,003 | 176,504 | 166,311 |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | 36,179 | 31,436 | 104,259 | 103,342 |
Other income and (expense) | (23,258) | (12,595) | (47,919) | (44,281) |
INCOME BEFORE INCOME TAXES | 12,921 | 18,841 | 56,340 | 59,061 |
Income tax provision of taxable REIT subsidiaries | (360) | 618 | 1,131 | 467 |
Net income | 12,561 | 19,459 | 55,209 | 59,528 |
Other comprehensive income (loss) | 2,043 | (2,796) | (5,754) | (4,278) |
COMPREHENSIVE INCOME | 16,663 | 55,250 | ||
Comprehensive income attributable to noncontrolling interests | (2,498) | (7,507) | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | 14,604 | 14,165 | 49,455 | 47,743 |
Eliminating Entries [Member] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Equity in subsidiaries' earnings | (36,018) | (36,130) | (116,420) | (130,047) |
Total costs and expenses | (256) | (238) | (744) | (779) |
INCOME BEFORE OTHER INCOME AND EXPENSE AND INCOME TAXES | (35,762) | (35,892) | (115,676) | (129,268) |
Other income and (expense) | (1,193) | (1,155) | (1,693) | (1,655) |
INCOME BEFORE INCOME TAXES | (36,955) | (37,047) | (117,369) | (130,923) |
Income tax provision of taxable REIT subsidiaries | 0 | 0 | 0 | |
Net income | (36,955) | (37,047) | (117,369) | (130,923) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
COMPREHENSIVE INCOME | (37,047) | (130,923) | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ (36,955) | $ (37,047) | $ (117,369) | $ (130,923) |
Schedule of Condensed Consoli64
Schedule of Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Proceeds from Issuance of Debt | $ 200,000 | $ 0 | ||
Net cash (used in) provided by operating activities | 157,895 | 130,012 | ||
Payments to Acquire Commercial Real Estate | 30,000 | 11,800 | ||
INVESTING ACTIVITIES: | ||||
Additions to income producing properties | (11,756) | (15,008) | ||
Payments to Acquire Land | 0 | (1,350) | ||
Additions to construction in progress | (58,845) | (48,155) | ||
Payments for Deposits on Real Estate Acquisitions | 3,250 | 2,610 | ||
Proceeds from sale of operating properties | 16,491 | 5,809 | ||
Increase in deferred leasing costs and lease intangibles | (5,186) | (5,000) | ||
Investment in joint ventures | (339) | (23,895) | ||
Advances to joint ventures | 0 | 16 | ||
Distributions from joint ventures | 1,308 | 7,829 | ||
Collection of development costs tax credit | 0 | 1,542 | ||
Net cash used in investing activities | (91,577) | (92,654) | ||
FINANCING ACTIVITIES: | ||||
Repayments of mortgage loans | (59,356) | (24,674) | ||
Defeasance of Mortgage Loan | (66,447) | 0 | ||
Borrowings under mortgage notes payable | 100,435 | 0 | ||
Net (repayments) borrowings under revolving credit facility | (31,000) | 57,000 | ||
Repayment of senior notes | (230,425) | (110,122) | ||
Payment of deferred financing costs | (7,067) | (10) | ||
Proceeds from issuance of common stock | 122,006 | 124,870 | ||
Repurchase of common stock | (554) | (298) | ||
Stock issuance costs | (1,905) | (624) | ||
Dividends paid to stockholders | (94,562) | (84,466) | ||
Purchase of noncontrolling interests | 0 | 1,216 | ||
Distributions to noncontrolling interests | 0 | (7,503) | ||
Net cash used in financing activities | (68,875) | (47,043) | ||
Net decrease in cash and cash equivalents | (2,557) | (9,685) | ||
Cash and cash equivalents at beginning of the period | 21,353 | 27,469 | ||
Cash and cash equivalents at end of the period | $ 18,796 | $ 17,784 | 18,796 | 17,784 |
Expense recoveries | 20,732 | 20,204 | 61,816 | 60,520 |
Equity One, Inc. [Member] | ||||
Proceeds from Issuance of Debt | 200,000 | |||
Net cash (used in) provided by operating activities | (45,508) | (69,697) | ||
Payments to Acquire Commercial Real Estate | 0 | 0 | ||
INVESTING ACTIVITIES: | ||||
Additions to income producing properties | (1,070) | (1,753) | ||
Payments to Acquire Land | 0 | |||
Additions to construction in progress | (1,278) | (5,696) | ||
Payments for Deposits on Real Estate Acquisitions | 3,250 | 2,610 | ||
Proceeds from sale of operating properties | 7,203 | 0 | ||
Increase in deferred leasing costs and lease intangibles | (459) | (1,011) | ||
Investment in joint ventures | (339) | (284) | ||
Advances to joint ventures | 0 | |||
Distributions from joint ventures | 0 | |||
Collection of development costs tax credit | 0 | |||
Repayments From (Advances To) Subsidiaries, Net | (83,929) | (85,016) | ||
Net cash used in investing activities | 84,736 | 73,662 | ||
FINANCING ACTIVITIES: | ||||
Repayments of mortgage loans | 0 | 0 | ||
Defeasance of Mortgage Loan | 0 | |||
Borrowings under mortgage notes payable | ||||
Net (repayments) borrowings under revolving credit facility | (31,000) | 57,000 | ||
Repayment of senior notes | (230,425) | (110,122) | ||
Payment of deferred financing costs | (5,345) | (10) | ||
Proceeds from issuance of common stock | 122,006 | 124,870 | ||
Repurchase of common stock | (554) | (298) | ||
Stock issuance costs | (1,905) | (624) | ||
Dividends paid to stockholders | (94,562) | (84,466) | ||
Purchase of noncontrolling interests | 0 | |||
Distributions to noncontrolling interests | 0 | |||
Net cash used in financing activities | (41,785) | (13,650) | ||
Net decrease in cash and cash equivalents | (2,557) | (9,685) | ||
Cash and cash equivalents at beginning of the period | 21,353 | 27,469 | ||
Cash and cash equivalents at end of the period | 18,796 | 17,784 | 18,796 | 17,784 |
Combined Guarantor Subsidiaries [Member] | ||||
Proceeds from Issuance of Debt | 0 | |||
Net cash (used in) provided by operating activities | 111,926 | 98,518 | ||
Payments to Acquire Commercial Real Estate | 0 | 11,800 | ||
INVESTING ACTIVITIES: | ||||
Additions to income producing properties | (5,844) | (8,036) | ||
Payments to Acquire Land | (1,350) | |||
Additions to construction in progress | (27,994) | (24,717) | ||
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | ||
Proceeds from sale of operating properties | 9,288 | 4,527 | ||
Increase in deferred leasing costs and lease intangibles | (3,460) | (2,532) | ||
Investment in joint ventures | 0 | 0 | ||
Advances to joint ventures | 0 | |||
Distributions from joint ventures | 0 | 0 | ||
Collection of development costs tax credit | 1,542 | |||
Repayments From (Advances To) Subsidiaries, Net | 66,218 | 54,413 | ||
Net cash used in investing activities | (94,228) | (96,779) | ||
FINANCING ACTIVITIES: | ||||
Repayments of mortgage loans | (17,698) | (1,739) | ||
Defeasance of Mortgage Loan | 0 | |||
Borrowings under mortgage notes payable | 0 | |||
Net (repayments) borrowings under revolving credit facility | 0 | 0 | ||
Repayment of senior notes | 0 | 0 | ||
Payment of deferred financing costs | 0 | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | ||
Repurchase of common stock | 0 | 0 | ||
Stock issuance costs | 0 | 0 | ||
Dividends paid to stockholders | 0 | 0 | ||
Purchase of noncontrolling interests | 0 | |||
Distributions to noncontrolling interests | 0 | |||
Net cash used in financing activities | (17,698) | (1,739) | ||
Net decrease in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of the period | 0 | 0 | ||
Cash and cash equivalents at end of the period | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||||
Proceeds from Issuance of Debt | 0 | |||
Net cash (used in) provided by operating activities | 91,477 | 101,191 | ||
Payments to Acquire Commercial Real Estate | 30,000 | |||
INVESTING ACTIVITIES: | ||||
Additions to income producing properties | (4,842) | (5,219) | ||
Payments to Acquire Land | 0 | |||
Additions to construction in progress | (29,573) | (17,742) | ||
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | ||
Proceeds from sale of operating properties | 0 | 1,282 | ||
Increase in deferred leasing costs and lease intangibles | (1,267) | (1,457) | ||
Investment in joint ventures | 0 | (23,611) | ||
Advances to joint ventures | 16 | |||
Distributions from joint ventures | 1,308 | 7,829 | ||
Collection of development costs tax credit | 0 | |||
Repayments From (Advances To) Subsidiaries, Net | 17,711 | 30,603 | ||
Net cash used in investing activities | (82,085) | (69,537) | ||
FINANCING ACTIVITIES: | ||||
Repayments of mortgage loans | (41,658) | (22,935) | ||
Defeasance of Mortgage Loan | (66,447) | |||
Borrowings under mortgage notes payable | 100,435 | |||
Net (repayments) borrowings under revolving credit facility | 0 | 0 | ||
Repayment of senior notes | 0 | 0 | ||
Payment of deferred financing costs | (1,722) | 0 | ||
Proceeds from issuance of common stock | 0 | 0 | ||
Repurchase of common stock | 0 | 0 | ||
Stock issuance costs | 0 | 0 | ||
Dividends paid to stockholders | 0 | 0 | ||
Purchase of noncontrolling interests | 1,216 | |||
Distributions to noncontrolling interests | (7,503) | |||
Net cash used in financing activities | (9,392) | (31,654) | ||
Net decrease in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of the period | 0 | 0 | ||
Cash and cash equivalents at end of the period | 0 | 0 | 0 | 0 |
Consolidated Entities [Member] | ||||
Payments to Acquire Commercial Real Estate | 11,800 | |||
INVESTING ACTIVITIES: | ||||
Payments for Deposits on Real Estate Acquisitions | 2,610 | |||
Equity One, Inc. and Subsidiaries [Member] | ||||
Proceeds from Issuance of Debt | 200,000 | |||
Net cash (used in) provided by operating activities | 157,895 | 130,012 | ||
Payments to Acquire Commercial Real Estate | 30,000 | |||
INVESTING ACTIVITIES: | ||||
Additions to income producing properties | (11,756) | (15,008) | ||
Payments to Acquire Land | (1,350) | |||
Additions to construction in progress | (58,845) | (48,155) | ||
Payments for Deposits on Real Estate Acquisitions | 3,250 | |||
Proceeds from sale of operating properties | 16,491 | 5,809 | ||
Increase in deferred leasing costs and lease intangibles | (5,186) | (5,000) | ||
Investment in joint ventures | (339) | (23,895) | ||
Advances to joint ventures | 16 | |||
Distributions from joint ventures | 1,308 | 7,829 | ||
Collection of development costs tax credit | 1,542 | |||
Repayments From (Advances To) Subsidiaries, Net | 0 | 0 | ||
Net cash used in investing activities | (91,577) | (92,654) | ||
FINANCING ACTIVITIES: | ||||
Repayments of mortgage loans | (59,356) | (24,674) | ||
Defeasance of Mortgage Loan | (66,447) | |||
Borrowings under mortgage notes payable | 100,435 | |||
Net (repayments) borrowings under revolving credit facility | (31,000) | 57,000 | ||
Repayment of senior notes | (230,425) | (110,122) | ||
Payment of deferred financing costs | (7,067) | (10) | ||
Proceeds from issuance of common stock | 122,006 | 124,870 | ||
Repurchase of common stock | (554) | (298) | ||
Stock issuance costs | (1,905) | (624) | ||
Dividends paid to stockholders | (94,562) | (84,466) | ||
Purchase of noncontrolling interests | 1,216 | |||
Distributions to noncontrolling interests | (7,503) | |||
Net cash used in financing activities | (68,875) | (47,043) | ||
Net decrease in cash and cash equivalents | (2,557) | (9,685) | ||
Cash and cash equivalents at beginning of the period | 21,353 | 27,469 | ||
Cash and cash equivalents at end of the period | $ 18,796 | $ 17,784 | $ 18,796 | $ 17,784 |
Related Party Transactions (Det
Related Party Transactions (Details) | Sep. 30, 2016USD ($) |
Gazit Group USA, Inc. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 60,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Oct. 31, 2016USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Subsequent Event [Line Items] | |||
Proceeds from Issuance of Debt | $ 200,000 | $ 0 | |
Term loan current borrowing capacity | $ 300,000 | ||
Subsequent Event [Member] | San Carlos, CA [Member] | |||
Subsequent Event [Line Items] | |||
Net Rentable Area | ft² | 153,510 | ||
Business Combination, Consideration Transferred | $ 97,000 | ||
Payments of Debt Extinguishment Costs | 3,400 | ||
Subsequent Event [Member] | Outparcel at Pablo Plaza [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | 2,600 | ||
Term Loan [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from Issuance of Debt | $ 75,000 |