Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 910,606 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 94,162,229 | |
Partnership Interest [Member] | ||
Entity Registrant Name | REGENCY CENTERS LP | |
Entity Central Index Key | 1,066,247 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Document Fiscal Year Focus | 2,015 | |
Real estate investments at cost: | ||
Notes receivable | $ 11,314 | $ 12,132 |
Liabilities: | ||
Notes payable | 1,808,652 | 1,946,357 |
Unsecured credit facilities | 215,000 | 75,000 |
Parent Company [Member] | ||
Real estate investments at cost: | ||
Land | 1,431,612 | 1,380,211 |
Buildings and improvements | 2,880,141 | 2,790,137 |
Properties in development | 187,240 | 239,538 |
Gross real estate investments at cost | 4,498,993 | 4,409,886 |
Less: accumulated depreciation | 1,014,788 | 933,708 |
Total Cost Net of Accumulated Depreciation | 3,484,205 | 3,476,178 |
Investments in real estate partnerships | 321,164 | 333,167 |
Net real estate investments | 3,805,369 | 3,809,345 |
Cash and cash equivalents | 23,880 | 113,776 |
Restricted cash | 5,142 | 8,013 |
Accounts receivable, net of allowance for doubtful accounts of $5,377 and $4,523 at September 30, 2015 and December 31, 2014, respectively | 24,642 | 30,999 |
Straight-line rent receivable, net of reserve of $1,176 and $652 at September 30, 2015 and December 31, 2014, respectively | 61,435 | 55,768 |
Notes receivable | 11,314 | 12,132 |
Deferred costs, less accumulated amortization of $85,591 and $81,822 at September 30, 2015 and December 31, 2014, respectively | 77,599 | 71,502 |
Acquired lease intangible assets, less accumulated amortization of $43,350 and $36,112 at September 30, 2015 and December 31, 2014, respectively | 108,400 | 52,365 |
Trading securities held in trust, at fair value | 28,291 | 28,134 |
Other assets | 24,815 | 15,136 |
Total assets | 4,170,887 | 4,197,170 |
Liabilities: | ||
Notes payable | 1,808,652 | 1,946,357 |
Unsecured credit facilities | 215,000 | 75,000 |
Accounts payable and other liabilities | 171,304 | 181,197 |
Acquired lease intangible liabilities, less accumulated accretion of $16,689 and $13,993 at September 30, 2015 and December 31, 2014, respectively | 43,161 | 32,143 |
Tenants’ security, escrow deposits and prepaid rent | 24,726 | 25,991 |
Total liabilities | $ 2,262,843 | $ 2,260,688 |
Commitments and contingencies (note 12) | ||
Stockholders’ equity/Partners' capital: | ||
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at September 30, 2015 and December 31, 2014, with liquidation preferences of $25 per share | $ 325,000 | $ 325,000 |
Common stock, $0.01 par value per share,150,000,000 shares authorized; 94,161,761 and 94,108,061 shares issued at September 30, 2015 and December 31, 2014, respectively | 942 | 941 |
Treasury stock at cost, 414,541 and 425,246 shares held at September 30, 2015 and December 31, 2014, respectively | (19,438) | (19,382) |
Additional paid in capital | 2,542,791 | 2,540,153 |
Accumulated other comprehensive loss | (62,307) | (57,748) |
Distributions in excess of net income | (907,962) | (882,372) |
Total stockholders’ equity | 1,879,026 | 1,906,592 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $9,582 and $9,833 at September 30, 2015 and December 31, 2014, respectively | (1,940) | (1,914) |
Limited partners’ interests in consolidated partnerships | 30,958 | 31,804 |
Total noncontrolling interests | 29,018 | 29,890 |
Total equity | 1,908,044 | 1,936,482 |
Total liabilities and equity | 4,170,887 | 4,197,170 |
Partnership Interest [Member] | ||
Real estate investments at cost: | ||
Land | 1,431,612 | 1,380,211 |
Buildings and improvements | 2,880,141 | 2,790,137 |
Properties in development | 187,240 | 239,538 |
Gross real estate investments at cost | 4,498,993 | 4,409,886 |
Less: accumulated depreciation | 1,014,788 | 933,708 |
Total Cost Net of Accumulated Depreciation | 3,484,205 | 3,476,178 |
Investments in real estate partnerships | 321,164 | 333,167 |
Net real estate investments | 3,805,369 | 3,809,345 |
Cash and cash equivalents | 23,880 | 113,776 |
Restricted cash | 5,142 | 8,013 |
Accounts receivable, net of allowance for doubtful accounts of $5,377 and $4,523 at September 30, 2015 and December 31, 2014, respectively | 24,642 | 30,999 |
Straight-line rent receivable, net of reserve of $1,176 and $652 at September 30, 2015 and December 31, 2014, respectively | 61,435 | 55,768 |
Notes receivable | 11,314 | 12,132 |
Deferred costs, less accumulated amortization of $85,591 and $81,822 at September 30, 2015 and December 31, 2014, respectively | 77,599 | 71,502 |
Acquired lease intangible assets, less accumulated amortization of $43,350 and $36,112 at September 30, 2015 and December 31, 2014, respectively | 108,400 | 52,365 |
Trading securities held in trust, at fair value | 28,291 | 28,134 |
Other assets | 24,815 | 15,136 |
Total assets | 4,170,887 | 4,197,170 |
Liabilities: | ||
Notes payable | 1,808,652 | 1,946,357 |
Unsecured credit facilities | 215,000 | 75,000 |
Accounts payable and other liabilities | 171,304 | 181,197 |
Acquired lease intangible liabilities, less accumulated accretion of $16,689 and $13,993 at September 30, 2015 and December 31, 2014, respectively | 43,161 | 32,143 |
Tenants’ security, escrow deposits and prepaid rent | 24,726 | 25,991 |
Total liabilities | $ 2,262,843 | $ 2,260,688 |
Commitments and contingencies (note 12) | ||
Stockholders’ equity/Partners' capital: | ||
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at June 30, 2015 and December 31, 2014, liquidation preference of $25 per unit | $ 325,000 | $ 325,000 |
General partner; 94,161,761 and 94,108,061 units outstanding at September 30, 2015 and December 31, 2014, respectively | 1,616,333 | 1,639,340 |
Limited partners; 154,170 units outstanding at September 30, 2015 and December 31, 2014 | (1,940) | (1,914) |
Accumulated other comprehensive loss | (62,307) | (57,748) |
Total partners’ capital | 1,877,086 | 1,904,678 |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | 30,958 | 31,804 |
Total noncontrolling interests | 30,958 | 31,804 |
Total equity | 1,908,044 | 1,936,482 |
Total liabilities and equity | $ 4,170,887 | $ 4,197,170 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Document Period End Date | Sep. 30, 2015 | |
Parent Company [Member] | ||
Allowance for doubtful accounts receivable | $ 5,377 | $ 4,523 |
Straight-line rent receivable allowance | 1,176 | 652 |
Deferred costs accumulated amortization | 85,591 | 81,822 |
Accumulated amortization of acquired lease intangible assets | 43,350 | 36,112 |
Accumulated accretion of acquired lease intangible liabilities | $ 16,689 | $ 13,993 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | |
Preferred units of Series 6-7, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $ 25 | $ 25 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 94,161,761 | 94,108,061 |
Exchangeable operating partnership units aggregate redemption value | $ 9,582 | $ 9,833 |
Treasury stock, shares held at cost | 414,541 | 425,246 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | $ 5,377 | $ 4,523 |
Straight-line rent receivable allowance | 1,176 | 652 |
Deferred costs accumulated amortization | 85,591 | 81,882 |
Accumulated amortization of acquired lease intangible assets | 43,350 | 36,112 |
Accumulated accretion of acquired lease intangible liabilities | $ 16,689 | $ 13,993 |
Preferred units of general partner par value per unit | $ 0.01 | $ 0.01 |
Preferred units of Series 6-7, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $ 25 | $ 25 |
General partner units, outstanding | 94,161,761 | 94,108,061 |
Limited partner units, outstanding | 154,170 | 154,170 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Document Fiscal Year Focus | 2,015 | |||
Discontinued operations, net: | ||||
Gain on sale of real estate | $ (27,755) | $ (27,558) | $ (34,215) | $ (29,598) |
Parent Company [Member] | ||||
Revenues: | ||||
Minimum rent | 105,071 | 98,620 | 308,766 | 290,935 |
Percentage rent | 486 | 371 | 2,593 | 2,301 |
Recoveries from tenants and other income | 30,725 | 28,787 | 94,205 | 90,144 |
Management, transaction, and other fees | 5,786 | 5,781 | 18,032 | 18,353 |
Total revenues | 142,068 | 133,559 | 423,596 | 401,733 |
Operating expenses: | ||||
Depreciation and amortization | 37,032 | 36,417 | 109,249 | 110,345 |
Operating and maintenance | 19,761 | 18,149 | 61,119 | 58,152 |
General and administrative | 14,750 | 14,463 | 46,227 | 43,883 |
Real estate taxes | 16,044 | 14,832 | 46,842 | 44,529 |
Other operating expenses | 1,880 | 2,062 | 4,825 | 5,665 |
Total operating expenses | 89,467 | 85,923 | 268,262 | 262,574 |
Other expense (income): | ||||
Interest expense, net | 25,099 | 27,561 | 78,407 | 82,141 |
Provision for impairment | 0 | 0 | 0 | 225 |
Early extinguishment of debt | 0 | 0 | 61 | 0 |
Net investment loss (income), including unrealized losses of $1,296 and $472, and $1,771 and $289 for the three and nine months ended September 30, 2015 and 2014, respectively | 1,190 | (94) | 190 | (915) |
Total other expense | 26,289 | 27,467 | 78,536 | 81,451 |
Income from operations before equity in income of investments in real estate partnerships | 26,312 | 20,169 | 76,798 | 57,708 |
Equity in income of investments in real estate partnerships | 5,667 | 5,713 | 17,991 | 22,353 |
Income from operations | 31,979 | 25,882 | 94,789 | 80,061 |
Discontinued operations, net: | ||||
Gain on sale of real estate | (27,755) | (27,558) | (34,215) | (29,598) |
Net income | 59,734 | 53,440 | 129,004 | 109,659 |
Noncontrolling interests: | ||||
Exchangeable operating partnership units | (94) | (90) | (204) | (185) |
Limited partners’ interests in consolidated partnerships | (643) | (142) | (1,619) | (863) |
Income attributable to noncontrolling interests | (737) | (232) | (1,823) | (1,048) |
Net income attributable to the Company | 58,997 | 53,208 | 127,181 | 108,611 |
Preferred stock dividends | (5,266) | (5,266) | (15,797) | (15,797) |
Net income attributable to common stockholders | $ 53,731 | $ 47,942 | $ 111,384 | $ 92,814 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Minimum rent | $ 105,071 | $ 98,620 | $ 308,766 | $ 290,935 |
Percentage rent | 486 | 371 | 2,593 | 2,301 |
Recoveries from tenants and other income | 30,725 | 28,787 | 94,205 | 90,144 |
Management, transaction, and other fees | 5,786 | 5,781 | 18,032 | 18,353 |
Total revenues | 142,068 | 133,559 | 423,596 | 401,733 |
Operating expenses: | ||||
Depreciation and amortization | 37,032 | 36,417 | 109,249 | 110,345 |
Operating and maintenance | 19,761 | 18,149 | 61,119 | 58,152 |
General and administrative | 14,750 | 14,463 | 46,227 | 43,883 |
Real estate taxes | 16,044 | 14,832 | 46,842 | 44,529 |
Other operating expenses | 1,880 | 2,062 | 4,825 | 5,665 |
Total operating expenses | 89,467 | 85,923 | 268,262 | 262,574 |
Other expense (income): | ||||
Interest expense, net | 25,099 | 27,561 | 78,407 | 82,141 |
Provision for impairment | 0 | 0 | 0 | 225 |
Early extinguishment of debt | 0 | 0 | 61 | 0 |
Net investment loss (income), including unrealized losses of $1,296 and $472, and $1,771 and $289 for the three and nine months ended September 30, 2015 and 2014, respectively | 1,190 | (94) | 190 | (915) |
Total other expense | 26,289 | 27,467 | 78,536 | 81,451 |
Income from operations before equity in income of investments in real estate partnerships | 26,312 | 20,169 | 76,798 | 57,708 |
Equity in income of investments in real estate partnerships | 5,667 | 5,713 | 17,991 | 22,353 |
Income from operations | 31,979 | 25,882 | 94,789 | 80,061 |
Discontinued operations, net: | ||||
Gain on sale of real estate | (27,755) | (27,558) | (34,215) | (29,598) |
Net income | 59,734 | 53,440 | 129,004 | 109,659 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (643) | (142) | (1,619) | (863) |
Income attributable to noncontrolling interests | (643) | (142) | (1,619) | (863) |
Net income attributable to the Company | 59,091 | 53,298 | 127,385 | 108,796 |
Preferred unit distributions | (5,266) | (5,266) | (15,797) | (15,797) |
Net income attributable to common unit holders | $ 53,825 | $ 48,032 | $ 111,588 | $ 92,999 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Parent Company [Member] | ||||
Interest income | ||||
Unrealized Gain on Securities | $ 1,296 | $ 472 | $ 1,771 | $ 289 |
Partnership Interest [Member] | ||||
Interest income | ||||
Unrealized Gain on Securities | $ 1,296 | $ 472 | $ 1,771 | $ 289 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Document Fiscal Year Focus | 2,015 | |||
Other comprehensive loss: | ||||
Effective portion of change in fair value of derivative instruments | $ (15,768) | $ (3,651) | $ (11,274) | $ (28,603) |
Parent Company [Member] | ||||
Net income | (59,734) | (53,440) | (129,004) | (109,659) |
Other comprehensive loss: | ||||
Amortization of loss on settled derivative instruments recognized in net income | 2,011 | 2,107 | 6,225 | 6,639 |
Effective portion of change in fair value of derivative instruments | (15,768) | (3,651) | (11,274) | (28,603) |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 144 | 153 | 429 | 459 |
Available-for-sale Securities, Gross Unrealized Gain | (43) | 3,895 | (73) | 4,809 |
Other comprehensive (loss) income | (13,656) | 2,504 | (4,693) | (16,696) |
Comprehensive income | 46,078 | 55,944 | 124,311 | 92,963 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (737) | (232) | (1,823) | (1,048) |
Other comprehensive (loss) income attributable to noncontrolling interests | (149) | 56 | (134) | (137) |
Comprehensive income attributable to noncontrolling interests | 588 | 288 | 1,689 | 911 |
Comprehensive income attributable to the Company | 45,490 | 55,656 | 122,622 | 92,052 |
Partnership Interest [Member] | ||||
Net income | (59,734) | (53,440) | (129,004) | (109,659) |
Other comprehensive loss: | ||||
Amortization of loss on settled derivative instruments recognized in net income | 2,011 | 2,107 | 6,225 | 6,639 |
Effective portion of change in fair value of derivative instruments | (15,768) | (3,651) | (11,274) | (28,603) |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 144 | 153 | 429 | 459 |
Available-for-sale Securities, Gross Unrealized Gain | (43) | 3,895 | (73) | 4,809 |
Other comprehensive (loss) income | (13,656) | 2,504 | (4,693) | (16,696) |
Comprehensive income | 46,078 | 55,944 | 124,311 | 92,963 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (643) | (142) | (1,619) | (863) |
Other comprehensive (loss) income attributable to noncontrolling interests | 86 | (92) | (127) | (108) |
Comprehensive income attributable to noncontrolling interests | 729 | 50 | 1,492 | 755 |
Comprehensive income attributable to the Company | $ 45,349 | $ 55,894 | $ 122,819 | $ 92,208 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Parent Company [Member] | Partnership Interest [Member] | Preferred Stock [Member]Parent Company [Member] | Common Stock [Member]Parent Company [Member] | Treasury Stock [Member]Parent Company [Member] | Additional Paid-in Capital [Member]Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Partnership Interest [Member] | Distributions in Excess of Net Income [Member]Parent Company [Member] | Total Stockholders' Equity [Member]Parent Company [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Partnership Interest [Member] | Total Noncontrolling Interests [Member]Parent Company [Member] | Preferred Units [Member]Partnership Interest [Member] | General Partner Preferred and Common Units [Member]Partnership Interest [Member] | Limited Partners [Member]Partnership Interest [Member] | Total Partners' Capital [Member]Partnership Interest [Member] | Common Stock [Member]Parent Company [Member] | Common Stock [Member]Preferred Stock [Member]Parent Company [Member] | Common Stock [Member]Common Stock [Member]Parent Company [Member] | Common Stock [Member]Treasury Stock [Member]Parent Company [Member] | Common Stock [Member]Additional Paid-in Capital [Member]Parent Company [Member] | Common Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Common Stock [Member]Distributions in Excess of Net Income [Member]Parent Company [Member] | Common Stock [Member]Total Stockholders' Equity [Member]Parent Company [Member] | Common Stock [Member]Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Common Stock [Member]Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Common Stock [Member]Total Noncontrolling Interests [Member]Parent Company [Member] |
Beginning balance at Dec. 31, 2013 | $ 1,861,134 | $ 1,861,134 | $ 325,000 | $ 923 | $ (16,726) | $ 2,426,477 | $ (17,404) | $ (17,404) | $ (874,916) | $ 1,843,354 | $ (1,426) | $ 19,206 | $ 19,206 | $ 17,780 | $ 1,860,758 | $ (1,426) | $ 1,841,928 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income | 109,659 | 109,659 | 0 | 0 | 0 | 0 | 0 | 0 | 108,611 | 185 | 863 | 863 | 1,048 | 108,611 | 185 | 108,796 | ||||||||||||||
Net Income (Loss) Attributable to Parent | 108,611 | 108,796 | ||||||||||||||||||||||||||||
Current period other comprehensive income, net | (16,696) | (16,696) | 0 | 0 | 0 | 0 | $ (16,696) | (16,559) | (16,559) | 0 | (16,559) | (29) | (108) | 0 | (29) | (16,588) | ||||||||||||||
Other comprehensive (loss) income attributable to noncontrolling interests | (137) | (108) | ||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | (2,441) | 2,441 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Restricted stock issued, net of amortization | 8,747 | 8,747 | 0 | 0 | 0 | 8,747 | 0 | 0 | 0 | 8,747 | 0 | 0 | 0 | 0 | 8,747 | 0 | 8,747 | |||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | $ 3,528 | $ 0 | $ 0 | $ 0 | $ 3,528 | $ 0 | $ 0 | $ 3,528 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Common stock issued for dividend reinvestment plan | 895 | 895 | 0 | 0 | 0 | 895 | 0 | 0 | 895 | 0 | 0 | 0 | ||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 0 | 0 | 137 | 0 | 0 | 137 | (137) | 0 | (137) | |||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 0 | 9 | 0 | 49,291 | 0 | 0 | 49,300 | 0 | 0 | 0 | ||||||||||||||||||||
Preferred unit distributions | (15,797) | 0 | 0 | (15,797) | 0 | (15,797) | ||||||||||||||||||||||||
Contributions from partners | 15,933 | 15,933 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15,933 | 15,933 | 15,933 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | (5,051) | (135,218) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,051) | (5,051) | (5,051) | (129,939) | (228) | (130,167) | |||||||||||||
Preferred Stock Redemption Premium | (300) | 0 | 0 | $ 0 | (300) | (300) | ||||||||||||||||||||||||
Common units issued as a result of common stock issued by Parent Company, net of repurchases | 46,667 | 0 | 0 | 46,667 | 0 | 46,667 | ||||||||||||||||||||||||
Redemption of partnership units | 300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 300 | |||||||||||||||||||
Cash dividends declared: preferred stock/unit | 15,797 | 0 | 0 | 0 | 0 | 0 | 15,797 | 15,797 | 0 | 0 | 0 | |||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 15,797 | |||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 130,167 | 0 | 0 | 0 | 0 | 0 | 129,939 | 129,939 | 228 | 0 | 228 | |||||||||||||||||||
Ending Balance at Sep. 30, 2014 | 1,874,129 | 1,874,129 | 325,000 | 932 | (19,167) | 2,484,460 | (33,963) | (33,963) | (912,041) | 1,845,221 | (1,935) | 30,843 | 30,843 | 28,908 | 1,879,184 | (1,935) | 1,843,286 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Common units exchanged for common stock of the parent company | 0 | 0 | 0 | (137) | 137 | 0 | ||||||||||||||||||||||||
Beginning balance at Dec. 31, 2014 | 1,936,482 | 1,936,482 | 325,000 | 941 | (19,382) | 2,540,153 | (57,748) | (57,748) | (882,372) | 1,906,592 | (1,914) | 31,804 | 31,804 | 29,890 | 1,964,340 | (1,914) | 1,904,678 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income | 129,004 | 129,004 | 0 | 0 | 0 | 0 | 0 | 0 | 127,181 | 204 | 1,619 | 1,619 | 1,823 | 127,181 | 204 | 127,385 | ||||||||||||||
Net Income (Loss) Attributable to Parent | 127,181 | 127,385 | ||||||||||||||||||||||||||||
Current period other comprehensive income, net | (4,693) | (4,693) | 0 | 0 | 0 | 0 | $ (4,693) | (4,559) | (4,559) | 0 | (4,559) | (7) | (127) | 0 | (7) | (4,566) | ||||||||||||||
Other comprehensive (loss) income attributable to noncontrolling interests | (134) | (127) | ||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | (56) | 56 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Restricted stock issued, net of amortization | 10,441 | 10,441 | 0 | 0 | 0 | 10,441 | 0 | 0 | 0 | 10,441 | 0 | 0 | 0 | 0 | 10,441 | 0 | 10,441 | |||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 9,770 | 0 | 0 | 0 | 9,770 | 0 | 0 | 9,770 | 0 | 0 | 0 | |||||||||||||||||||
Common stock issued for dividend reinvestment plan | 966 | 966 | 0 | 0 | 0 | 966 | 0 | 0 | 966 | 0 | 0 | 0 | ||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | $ (946) | $ 0 | $ 1 | $ 0 | $ 945 | $ 0 | $ 0 | $ 946 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Preferred unit distributions | (15,797) | 0 | 0 | (15,797) | 0 | (15,797) | ||||||||||||||||||||||||
Contributions from partners | 454 | 454 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 454 | 454 | 454 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | (2,792) | (139,989) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,792) | (2,792) | (2,792) | (136,974) | (223) | (137,197) | |||||||||||||
Common units issued as a result of common stock issued by Parent Company, net of repurchases | (7,858) | 0 | 0 | (7,858) | 0 | (7,858) | ||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | 15,797 | 0 | 0 | 0 | 0 | 0 | 15,797 | 0 | 0 | 0 | ||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 15,797 | |||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 137,197 | 0 | 0 | 0 | 0 | 0 | 136,974 | 136,974 | 223 | 0 | 223 | |||||||||||||||||||
Ending Balance at Sep. 30, 2015 | $ 1,908,044 | $ 1,908,044 | $ 325,000 | $ 942 | $ (19,438) | $ 2,542,791 | $ (62,307) | $ (62,307) | $ (907,962) | $ 1,879,026 | $ (1,940) | $ 30,958 | $ 30,958 | $ 29,018 | $ 1,941,333 | $ (1,940) | $ 1,877,086 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Common stock/unit per share | $ 1.455 | $ 1.41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Document Fiscal Year Focus | 2,015 | |
Cash flows from investing activities: | ||
Payments for Deposits on Real Estate Acquisitions | $ (2,300) | |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 1,173 | $ 49,995 |
Parent Company [Member] | ||
Proceeds from Issuance of Unsecured Debt | 248,160 | 248,705 |
Cash flows from operating activities: | ||
Net income | 129,004 | 109,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 109,249 | 110,355 |
Amortization of deferred loan cost and debt premium | 7,404 | 8,095 |
Amortization and (accretion) of above and below market lease intangibles, net | (1,250) | (2,315) |
Stock-based compensation, net of capitalization | 8,379 | 6,885 |
Equity in income of investments in real estate partnerships | (17,991) | (22,353) |
Gain on sale of real estate | (34,215) | (29,598) |
Provision for impairment | 0 | (225) |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (34,527) | (30,008) |
Loss on settlement of derivative instruments | 7,267 | (4,648) |
Gain on derivative instruments | 0 | (13) |
Deferred compensation expense | (610) | 610 |
Realized and unrealized loss (gain) on investments | 189 | (612) |
Changes in assets and liabilities: | ||
Restricted cash | 1,534 | 497 |
Accounts receivable | (4,408) | (2,801) |
Straight-line rent receivables, net | (6,274) | (4,724) |
Deferred leasing costs | (8,268) | (6,416) |
Other assets | (2,257) | 131 |
Accounts payable and other liabilities | 10,230 | 15,018 |
Tenants’ security, escrow deposits and prepaid rent | (1,152) | 511 |
Net cash provided by operating activities | 216,763 | 217,810 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (42,983) | (98,018) |
Payments for Deposits on Real Estate Acquisitions | (2,250) | 0 |
Real estate development and capital improvements | (150,967) | (160,552) |
Proceeds from sale of real estate investments | 93,727 | 62,788 |
Collection of notes receivable | 1,000 | 0 |
Investments in real estate partnerships | (18,644) | (6,012) |
Distributions received from investments in real estate partnerships | 15,014 | 29,916 |
Dividends on investments | 128 | 100 |
Acquisition of securities | (25,675) | (19,866) |
Proceeds from sale of securities | 22,296 | 5,344 |
Net cash used in investing activities | (108,354) | (186,300) |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 946 | 49,300 |
Proceeds from sale of treasury stock | 51 | 0 |
Redemption of preferred stock and partnership units | 0 | (300) |
Distributions to limited partners in consolidated partnerships, net | (2,352) | (4,619) |
Distributions to exchangeable operating partnership unit holders | (223) | (228) |
Dividends paid to common stockholders | (136,008) | (129,044) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 445,000 | 255,000 |
Repayment of unsecured credit facilities | (305,000) | (255,000) |
Proceeds from notes payable | 3,325 | 12,025 |
Repayments of Notes Payable | 76,027 | 13,487 |
Scheduled principal payments | (4,384) | (5,068) |
Payment of loan costs | (5,996) | (2,973) |
Net cash used in financing activities | (198,305) | (11,486) |
Repayments of Unsecured Debt | 350,000 | 150,000 |
Net (decrease) increase in cash and cash equivalents | (89,896) | 20,024 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 23,880 | 100,708 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $5,403 and $5,158 in 2015 and 2014, respectively) | 71,734 | 72,573 |
Income Taxes Paid | 871 | 94 |
Supplemental disclosure of non-cash transactions: | ||
Mortgage loans assumed for the acquisition of real estate | 42,799 | 78,049 |
Change in fair value of derivative instruments | (10,845) | (28,144) |
Common stock issued for dividend reinvestment plan | 966 | 895 |
Stock-based compensation capitalized | 2,196 | 2,026 |
Contributions from limited partners in consolidated partnerships, net | 13 | 116 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 631 | 581 |
Contribution of stock awards into trust | 1,633 | 1,865 |
Distribution of stock held in trust | 1,898 | 4 |
Unrealized Gain (Loss) on Securities | (73) | 4,809 |
Partnership Interest [Member] | ||
Proceeds from Issuance of Unsecured Debt | 248,160 | 248,705 |
Cash flows from operating activities: | ||
Net income | 129,004 | 109,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 109,249 | 110,355 |
Amortization of deferred loan cost and debt premium | 7,404 | 8,095 |
Amortization and (accretion) of above and below market lease intangibles, net | (1,250) | (2,315) |
Stock-based compensation, net of capitalization | 8,379 | 6,885 |
Equity in income of investments in real estate partnerships | (17,991) | (22,353) |
Gain on sale of real estate | (34,215) | (29,598) |
Provision for impairment | 0 | (225) |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (34,527) | (30,008) |
Loss on settlement of derivative instruments | 7,267 | (4,648) |
Gain on derivative instruments | 0 | (13) |
Deferred compensation expense | (610) | 610 |
Realized and unrealized loss (gain) on investments | 189 | (612) |
Changes in assets and liabilities: | ||
Restricted cash | 1,534 | 497 |
Accounts receivable | (4,408) | (2,801) |
Straight-line rent receivables, net | (6,274) | (4,724) |
Deferred leasing costs | (8,268) | (6,416) |
Other assets | (2,257) | 131 |
Accounts payable and other liabilities | 10,230 | 15,018 |
Tenants’ security, escrow deposits and prepaid rent | (1,152) | 511 |
Net cash provided by operating activities | 216,763 | 217,810 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (42,983) | (98,018) |
Payments for Deposits on Real Estate Acquisitions | (2,250) | 0 |
Real estate development and capital improvements | (150,967) | (160,552) |
Proceeds from sale of real estate investments | 93,727 | 62,788 |
Collection of notes receivable | 1,000 | 0 |
Investments in real estate partnerships | (18,644) | (6,012) |
Distributions received from investments in real estate partnerships | 15,014 | 29,916 |
Dividends on investments | 128 | 100 |
Acquisition of securities | (25,675) | (19,866) |
Proceeds from sale of securities | 22,296 | 5,344 |
Net cash used in investing activities | (108,354) | (186,300) |
Cash flows from financing activities: | ||
Net proceeds from common units issued as a result of common stock issued by Parent Company | 946 | 49,300 |
Proceeds from sale of treasury stock | 51 | 0 |
Redemption of preferred stock and partnership units | 0 | (300) |
Distributions to limited partners in consolidated partnerships, net | (2,352) | (4,619) |
Dividends paid to common stockholders | (136,231) | (129,272) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 445,000 | 255,000 |
Repayment of unsecured credit facilities | (305,000) | (255,000) |
Proceeds from notes payable | 3,325 | 12,025 |
Repayments of Notes Payable | 76,027 | 13,487 |
Scheduled principal payments | (4,384) | (5,068) |
Payment of loan costs | (5,996) | (2,973) |
Net cash used in financing activities | (198,305) | (11,486) |
Repayments of Unsecured Debt | 350,000 | 150,000 |
Net (decrease) increase in cash and cash equivalents | (89,896) | 20,024 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 23,880 | 100,708 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $5,403 and $5,158 in 2015 and 2014, respectively) | 71,734 | 72,573 |
Income Taxes Paid | 871 | 94 |
Supplemental disclosure of non-cash transactions: | ||
Mortgage loans assumed for the acquisition of real estate | 42,799 | 78,049 |
Change in fair value of derivative instruments | (10,845) | (28,144) |
Common stock issued for dividend reinvestment plan | 966 | 895 |
Stock-based compensation capitalized | 2,196 | 2,026 |
Contributions from limited partners in consolidated partnerships, net | 13 | 116 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 631 | 581 |
Contribution of stock awards into trust | 1,633 | 1,865 |
Distribution of stock held in trust | 1,898 | 4 |
Unrealized Gain (Loss) on Securities | $ (73) | $ 4,809 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Parent Company [Member] | ||
Capitalized interest | $ 5,403 | $ 5,158 |
Partnership Interest [Member] | ||
Capitalized interest | $ 5,403 | $ 5,158 |
Organization and Principles of
Organization and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation General Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company currently owns approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. As of September 30, 2015 , the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) directly owned 199 retail shopping centers and held partial interests in an additional 119 retail shopping centers through investments in real estate partnerships (also referred to as "joint ventures" or "co-investment partnerships"). The financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP and will be effective for the Company on January 1, 2018, with adoption as early as January 1, 2017 permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (Topic 810), which requires amendments to both the variable interest entity ("VIE") and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The adoption of this standard during the first quarter of 2016 will not have a material impact on the Company's financial position or results of operations, but may result in additional disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years with early adoption permitted. The Company will adopt this ASU in the first quarter of 2016, which will result in a decrease to total assets and liabilities of the net unamortized balance of debt issuance costs, which is $8.8 million at September 30, 2015 , exclusive of the line of credit costs. Debt issue costs related to the line of credit will remain in deferred costs. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments The following tables detail the shopping centers acquired or land acquired for development. Additionally, the Company made $2.3 million in deposits toward the potential acquisition of operating properties. (in thousands) Nine months ended September 30, 2015 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 9/1/15 University Commons Boca Raton, FL Operating 100% $80,500 42,799 64,482 14,039 (in thousands) Nine months ended September 30, 2014 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/31/14 Persimmon Place Dublin, CA Development 100% $14,200 — — — 2/14/14 Shops at Mira Vista Austin, TX Operating 100% 22,500 319 2,329 291 3/7/14 Fairfield Portfolio (1) Fairfield, CT Operating 80% 149,344 77,730 12,650 5,601 6/2/14 Willow Oaks Crossing Concord, NC Development 100% 3,342 — — — 7/15/14 Clybourn Commons Chicago, IL Operating 100% 19,000 — 1,686 3,298 9/10/14 Belmont Chase Ashburn, VA Development 100% 4,300 — — — 9/19/14 CityLine Market Dallas, TX Development 100% 4,913 — — — Total property acquisitions $217,599 $78,049 $16,665 $9,190 (1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio, consisting of three operating properties. As a result of consolidation, the Company recorded the non-controlling interest of $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. The real estate operations acquired were not considered material to the Company, individually or in the aggregate, therefore pro-forma financial information is not required. |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | 3. Property Dispositions Dispositions The following table provides a summary of shopping centers and land parcels disposed of: Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Net proceeds from sale of real estate investments $ 67,345 $ 55,569 $ 93,727 $ 62,788 Gain on sale of real estate $ 27,755 $ 27,558 $ 34,215 $ 29,598 Number of operating properties sold 2 4 4 6 Number of land parcels sold — 2 — 5 Percent interest sold 100 % 100 % 100 % 100 % |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities The Company’s debt outstanding consists of the following: (in thousands) September 30, 2015 December 31, 2014 Notes payable: Fixed rate mortgage loans $ 479,413 518,993 Variable rate mortgage loans (1) 33,163 29,839 Fixed rate unsecured loans 1,296,076 1,397,525 Total notes payable 1,808,652 1,946,357 Unsecured credit facilities: Line of Credit 50,000 — Term Loan 165,000 75,000 Total unsecured credit facilities 215,000 75,000 Total debt outstanding $ 2,023,652 2,021,357 (1) An interest rate swap is in place to establish a fixed interest rate on $28.1 million of this variable rate mortgage for both periods. See note 6. The weighted average contractual interest rates were 5.2% and 1.1% on the fixed rate and variable rate debt, respectively, at September 30, 2015 . Significant financing activity since December 31, 2014 includes the following: • The Company repaid three mortgages totaling $76.0 million that were scheduled to mature during 2015 ; • The Company borrowed $50.0 million , net of repayments, on its $800.0 million Line of Credit (the "Line"); • In May 2015, the Company amended its Line to extend the maturity to May 13, 2019 and reduced the applicable interest rate. Based on current credit ratings, the Line bears interest at an annual rate of LIBOR plus 92.5 basis points on any drawn balance plus an annual 15 basis point facility fee on the entire $800.0 million capacity. The interest rates are based on the higher of the Company's current corporate credit ratings issued by Moody's or S&P. Further, the Company has options to extend the maturity for two additional six-month periods. • In August 2015, the Company issued $250.0 million of 3.90% fixed rate ten-year unsecured public debt, which matures on November 1, 2025 . • The proceeds from the public debt offering, along with borrowings of $90.0 million on the Term Loan, were used to repay $350.0 million of 5.25% fixed rate ten-year unsecured public debt that matured. • In September 2015, the Company assumed a mortgage with a fair value of $42.8 million upon acquisition of University Commons. As of September 30, 2015 , scheduled principal payments and maturities on notes payable were as follows: (in thousands) September 30, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2015 $ 2,127 — — 2,127 2016 6,603 41,374 — 47,977 2017 5,937 116,383 400,000 (2) 522,320 2018 5,021 57,253 — 62,274 2019 4,044 106,000 215,000 325,044 Beyond 5 Years 16,274 141,362 900,000 1,057,636 Unamortized debt premiums (discounts), net — 10,198 (3,924 ) 6,274 Total $ 40,006 472,570 1,511,076 2,023,652 (1) Includes unsecured public debt and unsecured credit facilities. (2) During October 2015, the Company notified the trustee that it will redeem $100.0 million of the 2017 unsecured public debt on November 27, 2015. The Company was in compliance as of September 30, 2015 with the financial and other covenants under its unsecured public debt and unsecured credit facilities. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Liabilities (2) Effective Date Maturity Date Early Termination Date (1) Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2015 December 31, 2014 10/16/13 10/16/20 N/A $ 28,100 1 Month LIBOR 2.196% $ (1,272 ) (764 ) 8/1/15 8/1/25 2/1/16 (3) 75,000 3 Month LIBOR 2.479% — (289 ) 8/1/15 8/1/25 2/1/16 (3) 50,000 3 Month LIBOR 2.479% — (193 ) 8/1/15 8/1/25 2/1/16 (3) 50,000 3 Month LIBOR 2.479% — (193 ) 8/1/15 8/1/25 2/1/16 (3) 45,000 3 Month LIBOR 3.412% — (3,964 ) 6/15/17 6/15/27 12/15/17 20,000 3 Month LIBOR 3.488% (1,933 ) (1,227 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (9,584 ) (6,080 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (9,583 ) (6,084 ) Total derivative financial instruments $ (22,372 ) (18,794 ) (1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. (2) Derivatives in an asset position are included within Other Assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts Payable and Other Liabilities. (3) In connection with the issuance of the new bonds, the Company terminated and settled these swaps, resulting in cash payments of $7.3 million . The settlement value of these swaps will amortize through interest expense over the life of the bonds. These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The Company has master netting agreements; however, the Company does not have multiple derivatives subject to a single master netting agreement with the same counterparties. Therefore, none are offset in the accompanying Consolidated Balance Sheet. The Company expects to issue new debt in 2017 . In order to mitigate the risk of interest rate volatility, the Company previously entered into $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 2017 . These interest rate swaps lock in the 10-year treasury rate and swap spread at a weighted average fixed rate of 3.48% . A current market based credit spread applicable to Regency will be added to the locked in fixed rate at time of issuance that will determine the final bond yield. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income (loss) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within interest expense. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Location and Amount of Gain or Three months ended September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ (15,768 ) (3,651 ) Interest $ (2,155 ) (2,260 ) Other expenses $ — — Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Location and Amount of Gain or Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ (11,274 ) (28,603 ) Interest $ (6,654 ) (7,098 ) Other expenses $ — — As of September 30, 2015 , the Company expects $8.8 million of net deferred losses on derivative instruments accumulated in other comprehensive income to be reclassified into earnings during the next 12 months, of which $8.3 million is related to previously settled swaps. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 11,314 11,339 $ 12,132 11,980 Financial liabilities: Notes payable $ 1,808,652 1,925,400 $ 1,946,357 2,116,000 Unsecured credit facilities $ 215,000 215,300 $ 75,000 75,000 The table above reflects carrying amounts in the accompanying Consolidated Balance Sheets under the indicated captions. The above fair values approximate the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2015 and December 31, 2014 . These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. The following methods and assumptions were used to estimate the fair value of these financial instruments: Notes Receivable The fair value of the Company's notes receivable is estimated by calculating the present value of future contractual cash flows discounted at interest rates available for notes of the same terms and maturities, adjusted for counter-party specific credit risk. The fair value of notes receivable was determined primarily using Level 3 inputs of the fair value hierarchy, which considered counter-party credit risk and loan to value ratio on the underlying property securing the note receivable. Notes Payable The fair value of the Company's unsecured debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. The fair value of the unsecured debt was determined using Level 2 inputs of the fair value hierarchy. The fair value of the Company's mortgage notes payable is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to the Company for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired. The fair value of the mortgage notes payable was determined using Level 2 inputs of the fair value hierarchy. Unsecured Credit Facilities The fair value of the Company's unsecured credit facilities is estimated based on the interest rates currently offered to the Company by financial institutions. The fair value of the credit facilities was determined using Level 2 inputs of the fair value hierarchy. The following interest rate ranges were used by the Company to estimate the fair value of its financial instruments: September 30, 2015 December 31, 2014 Low High Low High Notes receivable 6.9% 6.9% 7.4% 7.4% Notes payable 2.4% 3.9% 0.9% 3.4% Unsecured credit facilities 1.1% 1.2% 1.3% 1.3% (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Trading Securities Held in Trust The Company has investments in marketable securities, which are assets of the non-qualified deferred compensation plan ("NQDCP"), that are classified as trading securities held in trust on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of trading securities are recorded within net investment (income) loss from deferred compensation plan in the accompanying Consolidated Statements of Operations. Available-for-Sale Securities Available-for-sale securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these securities are recognized through other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,291 28,291 — — Available-for-sale securities 7,833 — 7,833 — Total $ 36,124 28,291 7,833 — Liabilities Interest rate derivatives $ (22,372 ) — (22,372 ) — Fair Value Measurements as of December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,134 28,134 — — Liabilities Interest rate derivatives $ (18,794 ) — (18,794 ) — There were no assets measured at fair value on a nonrecurring basis as of September 30, 2015 . |
Equity and Capital
Equity and Capital | 9 Months Ended |
Sep. 30, 2015 | |
Equity and Capital [Abstract] | |
Equity and Capital | Equity and Capital Common Stock of the Parent Company Issuances: The current ATM equity offering program authorizes the Parent Company to sell up to $200 million of common stock at prices determined by the market at the time of sale. As of September 30, 2015 , $95.0 million of common stock remained available for issuance under this ATM equity program. The following table presents the shares that were issued under the ATM equity program, with no shares issued during the three months ended September 30, 2015 : Three months ended September 30, Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2014 2015 2014 Shares issued 871,754 18,125 871,754 Weighted average price per share $ 57.35 $ 64.72 57.35 Total proceeds $ 49,995 $ 1,173 49,995 Commissions $ 695 $ 15 695 Issuance costs $ — $ — — In January 2015, the Parent Company entered into a forward sale and an underwritten public offering of 2.875 million shares of its common stock at a price of $67.40 per share which will result in gross proceeds of approximately $193.8 million , before any underwriting discount and offering expenses. The forward sale will settle on one or more dates no later than January 14, 2016. Common Units of the Operating Partnership Issuances: Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above. Accumulated Other Comprehensive Loss The following tables present changes in the balances of each component of AOCI: Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2013 $ (17,404 ) — (17,404 ) (479 ) — (479 ) (17,883 ) Other comprehensive income before reclassifications (28,326 ) 4,801 (23,525 ) (277 ) 8 (269 ) (23,794 ) Amounts reclassified from accumulated other comprehensive income 6,966 — 6,966 132 — 132 7,098 Current period other comprehensive income, net (21,360 ) 4,801 (16,559 ) (145 ) 8 (137 ) (16,696 ) Balance as of September 30, 2014 $ (38,764 ) 4,801 (33,963 ) (624 ) 8 (616 ) (34,579 ) Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2014 $ (57,748 ) — (57,748 ) (750 ) — (750 ) (58,498 ) Other comprehensive income before reclassifications (11,022 ) (73 ) (11,095 ) (252 ) — (252 ) (11,347 ) Amounts reclassified from accumulated other comprehensive income 6,536 — 6,536 118 — 118 6,654 Current period other comprehensive income, net (4,486 ) (73 ) (4,559 ) (134 ) — (134 ) (4,693 ) Balance as of September 30, 2015 $ (62,234 ) (73 ) (62,307 ) (884 ) — (884 ) (63,191 ) The following represents amounts reclassified out of AOCI into income: AOCI Component Amount Reclassified from AOCI into income Affected Line Item Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Interest rate swaps $ 2,155 $ 2,260 $ 6,654 $ 7,098 Interest expense |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations. During 2015 , the Company granted 209,069 shares of restricted stock with a weighted-average grant-date fair value of $69.80 per share. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2015 | |
Non Qualified Deferred Compensation Plan [Abstract] | |
Non-Qualified Deferred Compensation Plan | Non-Qualified Deferred Compensation Plan ("NQDCP") The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited into a Rabbi trust. The assets of the Rabbi trust, exclusive of the shares of the Company's common stock, are classified as trading securities in the accompanying Consolidated Balance Sheets, and totaled $28.3 million and $28.1 million at September 30, 2015 and December 31, 2014 , respectively. The participants' deferred compensation liability, also exclusive of the shares of the Company's common stock, is included within accounts payable and other liabilities in the accompanying Consolidated Balance Sheets and totaled $27.8 million and $27.6 million at September 30, 2015 and December 31, 2014 , respectively. |
Earnings per Share and Unit
Earnings per Share and Unit | 9 Months Ended |
Sep. 30, 2015 | |
Earnings per Share and Unit [Abstract] | |
Earnings per Share and Unit | 11. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2015 2014 2015 2014 Numerator: Income from operations $ 31,979 25,882 $ 94,789 80,061 Gain on sale of real estate 27,755 27,558 34,215 29,598 Less: income attributable to noncontrolling interests 737 232 1,823 1,048 Income from operations attributable to the Company 58,997 53,208 127,181 108,611 Less: preferred stock dividends and other 5,266 5,415 15,797 16,245 Income from operations attributable to common stockholders - basic $ 53,731 47,793 111,384 92,366 Income from operations attributable to common stockholders - diluted $ 53,731 47,817 111,384 92,416 Denominator: Weighted average common shares outstanding for basic EPS 94,158 92,345 94,080 92,071 Weighted average common shares outstanding for diluted EPS 94,595 92,396 94,483 92,107 Income per common share – basic $ 0.57 0.52 $ 1.18 1.00 Income per common share – diluted $ 0.57 0.52 $ 1.18 1.00 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the three and nine months ended September 30, 2015 were 154,170 , and for the three and nine months ended September 30, 2014 were 158,920 and 159,229 , respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2015 2014 2015 2014 Numerator: Income from operations $ 31,979 25,882 $ 94,789 80,061 Gain on sale of real estate 27,755 27,558 34,215 29,598 Less: income attributable to noncontrolling interests 643 142 1,619 863 Income from operations attributable to the Partnership 59,091 53,298 127,385 108,796 Less: preferred unit distributions and other 5,266 5,415 15,797 16,245 Income from operations attributable to common unit holders - basic 53,825 47,883 111,588 92,551 Income from operations attributable to common unit holders - diluted 53,825 47,907 111,588 92,601 Denominator: Weighted average common units outstanding for basic EPU 94,312 92,505 94,234 92,231 Weighted average common units outstanding for diluted EPU 94,749 92,556 94,637 92,267 Income per common unit – basic $ 0.57 0.52 $ 1.18 1.00 Income per common unit – diluted $ 0.57 0.52 $ 1.18 1.00 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million , which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of September 30, 2015 and December 31, 2014 , the Company had $5.9 million in letters of credit outstanding. |
Available-for-sale securities (
Available-for-sale securities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Available-for-Sale Securities Available-for-sale securities are included in other assets in the accompanying Consolidated Balance Sheets, and consist of the following: September 30, 2015 (in thousands) Amortized Cost Gains in Accumulated Other Comprehensive Loss Losses in Accumulated Other Comprehensive Loss Estimated Fair Value Certificates of deposit $ 1,750 1 — 1,751 Corporate bonds 6,156 — (74 ) 6,082 Total $ 7,906 1 (74 ) 7,833 September 30, 2014 (in thousands) Amortized Cost Gains in Accumulated Other Comprehensive Loss Losses in Accumulated Other Comprehensive Loss Estimated Fair Value Common stock $ 14,350 4,809 — 19,159 Realized gains or losses on investments are recorded in our consolidated statements of operations within other income. Upon the sale of a security classified as available-for-sale, the security’s specific unrealized gain (loss) is reclassified out of accumulated other comprehensive loss into earnings based on the specific identification method. During the nine months ended September 30, 2015 and 2014 , there were no reclassifications from accumulated other comprehensive loss into earnings. The contractual maturities of available-for sale securities were as follows: September 30, 2015 (in thousands) Less than 12 months 1-3 Years Over 3 Years Total Certificates of deposit $ 1,751 — — 1,751 Corporate bonds 453 4,122 1,507 6,082 Total $ 2,204 4,122 1,507 7,833 |
Real Estate Investments Real Es
Real Estate Investments Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of business acquisitions | (in thousands) Nine months ended September 30, 2015 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 9/1/15 University Commons Boca Raton, FL Operating 100% $80,500 42,799 64,482 14,039 (in thousands) Nine months ended September 30, 2014 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/31/14 Persimmon Place Dublin, CA Development 100% $14,200 — — — 2/14/14 Shops at Mira Vista Austin, TX Operating 100% 22,500 319 2,329 291 3/7/14 Fairfield Portfolio (1) Fairfield, CT Operating 80% 149,344 77,730 12,650 5,601 6/2/14 Willow Oaks Crossing Concord, NC Development 100% 3,342 — — — 7/15/14 Clybourn Commons Chicago, IL Operating 100% 19,000 — 1,686 3,298 9/10/14 Belmont Chase Ashburn, VA Development 100% 4,300 — — — 9/19/14 CityLine Market Dallas, TX Development 100% 4,913 — — — Total property acquisitions $217,599 $78,049 $16,665 $9,190 (1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio, consisting of three operating properties. As a result of consolidation, the Company recorded the non-controlling interest of $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties disposed of | The following table provides a summary of shopping centers and land parcels disposed of: Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Net proceeds from sale of real estate investments $ 67,345 $ 55,569 $ 93,727 $ 62,788 Gain on sale of real estate $ 27,755 $ 27,558 $ 34,215 $ 29,598 Number of operating properties sold 2 4 4 6 Number of land parcels sold — 2 — 5 Percent interest sold 100 % 100 % 100 % 100 % |
Notes Payable and Unsecured C25
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The Company’s debt outstanding consists of the following: (in thousands) September 30, 2015 December 31, 2014 Notes payable: Fixed rate mortgage loans $ 479,413 518,993 Variable rate mortgage loans (1) 33,163 29,839 Fixed rate unsecured loans 1,296,076 1,397,525 Total notes payable 1,808,652 1,946,357 Unsecured credit facilities: Line of Credit 50,000 — Term Loan 165,000 75,000 Total unsecured credit facilities 215,000 75,000 Total debt outstanding $ 2,023,652 2,021,357 |
Schedule of maturities of long-term debt | As of September 30, 2015 , scheduled principal payments and maturities on notes payable were as follows: (in thousands) September 30, 2015 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2015 $ 2,127 — — 2,127 2016 6,603 41,374 — 47,977 2017 5,937 116,383 400,000 (2) 522,320 2018 5,021 57,253 — 62,274 2019 4,044 106,000 215,000 325,044 Beyond 5 Years 16,274 141,362 900,000 1,057,636 Unamortized debt premiums (discounts), net — 10,198 (3,924 ) 6,274 Total $ 40,006 472,570 1,511,076 2,023,652 (1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Location and Amount of Gain or Three months ended September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ (15,768 ) (3,651 ) Interest $ (2,155 ) (2,260 ) Other expenses $ — — Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Location and Amount of Gain or Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ (11,274 ) (28,603 ) Interest $ (6,654 ) (7,098 ) Other expenses $ — — |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Liabilities (2) Effective Date Maturity Date Early Termination Date (1) Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2015 December 31, 2014 10/16/13 10/16/20 N/A $ 28,100 1 Month LIBOR 2.196% $ (1,272 ) (764 ) 8/1/15 8/1/25 2/1/16 (3) 75,000 3 Month LIBOR 2.479% — (289 ) 8/1/15 8/1/25 2/1/16 (3) 50,000 3 Month LIBOR 2.479% — (193 ) 8/1/15 8/1/25 2/1/16 (3) 50,000 3 Month LIBOR 2.479% — (193 ) 8/1/15 8/1/25 2/1/16 (3) 45,000 3 Month LIBOR 3.412% — (3,964 ) 6/15/17 6/15/27 12/15/17 20,000 3 Month LIBOR 3.488% (1,933 ) (1,227 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (9,584 ) (6,080 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (9,583 ) (6,084 ) Total derivative financial instruments $ (22,372 ) (18,794 ) (1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. (2) Derivatives in an asset position are included within Other Assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts Payable and Other Liabilities. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of balance sheet fair values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2015 December 31, 2014 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 11,314 11,339 $ 12,132 11,980 Financial liabilities: Notes payable $ 1,808,652 1,925,400 $ 1,946,357 2,116,000 Unsecured credit facilities $ 215,000 215,300 $ 75,000 75,000 |
Fair Value, Interest rate ranges [Table Text Block] | September 30, 2015 December 31, 2014 Low High Low High Notes receivable 6.9% 6.9% 7.4% 7.4% Notes payable 2.4% 3.9% 0.9% 3.4% Unsecured credit facilities 1.1% 1.2% 1.3% 1.3% |
Summary of assets measured on recurring basis | Fair Value Measurements as of September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,291 28,291 — — Available-for-sale securities 7,833 — 7,833 — Total $ 36,124 28,291 7,833 — Liabilities Interest rate derivatives $ (22,372 ) — (22,372 ) — Fair Value Measurements as of December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,134 28,134 — — Liabilities Interest rate derivatives $ (18,794 ) — (18,794 ) — |
Equity and Capital (Tables)
Equity and Capital (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity and Capital [Abstract] | |
Summary of shares issued under ATM equity programs | The following table presents the shares that were issued under the ATM equity program, with no shares issued during the three months ended September 30, 2015 : Three months ended September 30, Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2014 2015 2014 Shares issued 871,754 18,125 871,754 Weighted average price per share $ 57.35 $ 64.72 57.35 Total proceeds $ 49,995 $ 1,173 49,995 Commissions $ 695 $ 15 695 Issuance costs $ — $ — — |
Summary of accumulated other comprehensive loss | The following tables present changes in the balances of each component of AOCI: Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2013 $ (17,404 ) — (17,404 ) (479 ) — (479 ) (17,883 ) Other comprehensive income before reclassifications (28,326 ) 4,801 (23,525 ) (277 ) 8 (269 ) (23,794 ) Amounts reclassified from accumulated other comprehensive income 6,966 — 6,966 132 — 132 7,098 Current period other comprehensive income, net (21,360 ) 4,801 (16,559 ) (145 ) 8 (137 ) (16,696 ) Balance as of September 30, 2014 $ (38,764 ) 4,801 (33,963 ) (624 ) 8 (616 ) (34,579 ) Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2014 $ (57,748 ) — (57,748 ) (750 ) — (750 ) (58,498 ) Other comprehensive income before reclassifications (11,022 ) (73 ) (11,095 ) (252 ) — (252 ) (11,347 ) Amounts reclassified from accumulated other comprehensive income 6,536 — 6,536 118 — 118 6,654 Current period other comprehensive income, net (4,486 ) (73 ) (4,559 ) (134 ) — (134 ) (4,693 ) Balance as of September 30, 2015 $ (62,234 ) (73 ) (62,307 ) (884 ) — (884 ) (63,191 ) |
Schedule of amounts reclassified out of accumulated other comprehensive loss | The following represents amounts reclassified out of AOCI into income: AOCI Component Amount Reclassified from AOCI into income Affected Line Item Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2015 2014 2015 2014 Interest rate swaps $ 2,155 $ 2,260 $ 6,654 $ 7,098 Interest expense |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Parent Company [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2015 2014 2015 2014 Numerator: Income from operations $ 31,979 25,882 $ 94,789 80,061 Gain on sale of real estate 27,755 27,558 34,215 29,598 Less: income attributable to noncontrolling interests 737 232 1,823 1,048 Income from operations attributable to the Company 58,997 53,208 127,181 108,611 Less: preferred stock dividends and other 5,266 5,415 15,797 16,245 Income from operations attributable to common stockholders - basic $ 53,731 47,793 111,384 92,366 Income from operations attributable to common stockholders - diluted $ 53,731 47,817 111,384 92,416 Denominator: Weighted average common shares outstanding for basic EPS 94,158 92,345 94,080 92,071 Weighted average common shares outstanding for diluted EPS 94,595 92,396 94,483 92,107 Income per common share – basic $ 0.57 0.52 $ 1.18 1.00 Income per common share – diluted $ 0.57 0.52 $ 1.18 1.00 |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2015 2014 2015 2014 Numerator: Income from operations $ 31,979 25,882 $ 94,789 80,061 Gain on sale of real estate 27,755 27,558 34,215 29,598 Less: income attributable to noncontrolling interests 643 142 1,619 863 Income from operations attributable to the Partnership 59,091 53,298 127,385 108,796 Less: preferred unit distributions and other 5,266 5,415 15,797 16,245 Income from operations attributable to common unit holders - basic 53,825 47,883 111,588 92,551 Income from operations attributable to common unit holders - diluted 53,825 47,907 111,588 92,601 Denominator: Weighted average common units outstanding for basic EPU 94,312 92,505 94,234 92,231 Weighted average common units outstanding for diluted EPU 94,749 92,556 94,637 92,267 Income per common unit – basic $ 0.57 0.52 $ 1.18 1.00 Income per common unit – diluted $ 0.57 0.52 $ 1.18 1.00 |
Available-for-sale securities30
Available-for-sale securities (Tables) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Investments Classified by Contractual Maturity Date [Table Text Block] | The contractual maturities of available-for sale securities were as follows: September 30, 2015 (in thousands) Less than 12 months 1-3 Years Over 3 Years Total Certificates of deposit $ 1,751 — — 1,751 Corporate bonds 453 4,122 1,507 6,082 Total $ 2,204 4,122 1,507 7,833 | |
Available-for-sale Securities [Table Text Block] | September 30, 2015 (in thousands) Amortized Cost Gains in Accumulated Other Comprehensive Loss Losses in Accumulated Other Comprehensive Loss Estimated Fair Value Certificates of deposit $ 1,750 1 — 1,751 Corporate bonds 6,156 — (74 ) 6,082 Total $ 7,906 1 (74 ) 7,833 | September 30, 2014 (in thousands) Amortized Cost Gains in Accumulated Other Comprehensive Loss Losses in Accumulated Other Comprehensive Loss Estimated Fair Value Common stock $ 14,350 4,809 — 19,159 |
Organization and Principles o31
Organization and Principles of Consolidation (Details) | 9 Months Ended |
Sep. 30, 2015retail_shopping_center | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Operations commenced date | Dec. 31, 1993 |
Wholly Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 199 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 119 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage of outstanding common partnership units | 99.80% |
Organization and Principles o32
Organization and Principles of Consolidation Recent accounting pronouncements (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Document Period End Date | Sep. 30, 2015 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Proceeds from Issuance of Debt | $ 8.8 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) $ in Thousands | Sep. 19, 2014USD ($) | Sep. 10, 2014USD ($) | Jul. 15, 2014USD ($) | Jun. 02, 2014USD ($) | Mar. 07, 2014USD ($)property | Feb. 14, 2014USD ($) | Jan. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 01, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Payments for Deposits on Real Estate Acquisitions | $ 2,300 | ||||||||||
Document Period End Date | Sep. 30, 2015 | ||||||||||
Purchase Price | $ 217,599 | ||||||||||
Debt Assumed, Net of Premiums | 78,049 | ||||||||||
Intangible Assets | 16,665 | ||||||||||
Intangible Liabilities | 9,190 | ||||||||||
University Commons [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | Sep. 1, 2015 | ||||||||||
Property Name | University Commons | ||||||||||
City/State | Boca Raton, FL | ||||||||||
Property Type | Operating | ||||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | $ 80,500 | ||||||||||
Debt Assumed, Net of Premiums | $ 42,799 | ||||||||||
Intangible Assets | 64,482 | ||||||||||
Intangible Liabilities | $ 14,039 | ||||||||||
Persimmon Place [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | Jan. 31, 2014 | ||||||||||
Property Name | Persimmon Place | ||||||||||
City/State | Dublin, CA | ||||||||||
Property Type | Development | ||||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | $ 14,200 | ||||||||||
Debt Assumed, Net of Premiums | 0 | ||||||||||
Intangible Assets | 0 | ||||||||||
Intangible Liabilities | $ 0 | ||||||||||
Shops at Mira Vista [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | Feb. 14, 2014 | ||||||||||
Property Name | Shops at Mira Vista | ||||||||||
City/State | Austin, TX | ||||||||||
Property Type | Operating | ||||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | $ 22,500 | ||||||||||
Debt Assumed, Net of Premiums | 319 | ||||||||||
Intangible Assets | 2,329 | ||||||||||
Intangible Liabilities | $ 291 | ||||||||||
Fairfield Portfolio [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | [1] | Mar. 7, 2014 | |||||||||
Property Name | [1] | Fairfield Portfolio (1) | |||||||||
City/State | [1] | Fairfield, CT | |||||||||
Property Type | [1] | Operating | |||||||||
Ownership | 80.00% | ||||||||||
Purchase Price | [1] | $ 149,344 | |||||||||
Non-controlling interest recorded, fair value | $ 15,400 | ||||||||||
Number of real estate properties acquired | property | 3 | ||||||||||
Debt Assumed, Net of Premiums | [1] | $ 77,730 | |||||||||
Intangible Assets | [1] | 12,650 | |||||||||
Intangible Liabilities | [1] | $ 5,601 | |||||||||
Willow Oaks Crossing [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | [1] | Jun. 2, 2014 | |||||||||
Property Name | [1] | Willow Oaks Crossing | |||||||||
City/State | [1] | Concord, NC | |||||||||
Property Type | [1] | Development | |||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | [1] | $ 3,342 | |||||||||
Debt Assumed, Net of Premiums | [1] | 0 | |||||||||
Intangible Assets | [1] | 0 | |||||||||
Intangible Liabilities | [1] | $ 0 | |||||||||
Clybourn Commons [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | [1] | Jul. 15, 2014 | |||||||||
Property Name | [1] | Clybourn Commons | |||||||||
City/State | [1] | Chicago, IL | |||||||||
Property Type | [1] | Operating | |||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | [1] | $ 19,000 | |||||||||
Debt Assumed, Net of Premiums | [1] | 0 | |||||||||
Intangible Assets | [1] | 1,686 | |||||||||
Intangible Liabilities | [1] | $ 3,298 | |||||||||
Belmont Chase [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | [1] | Sep. 10, 2014 | |||||||||
Property Name | [1] | Belmont Chase | |||||||||
City/State | [1] | Ashburn, VA | |||||||||
Property Type | [1] | Development | |||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | [1] | $ 4,300 | |||||||||
Debt Assumed, Net of Premiums | [1] | 0 | |||||||||
Intangible Assets | [1] | 0 | |||||||||
Intangible Liabilities | [1] | $ 0 | |||||||||
City Line Market [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date Purchased | [1] | Sep. 19, 2014 | |||||||||
Property Name | [1] | CityLine Market | |||||||||
City/State | [1] | Dallas, TX | |||||||||
Property Type | [1] | Development | |||||||||
Ownership | 100.00% | ||||||||||
Purchase Price | [1] | $ 4,913 | |||||||||
Debt Assumed, Net of Premiums | [1] | 0 | |||||||||
Intangible Assets | [1] | 0 | |||||||||
Intangible Liabilities | [1] | $ 0 | |||||||||
Partnership Interest [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments for Deposits on Real Estate Acquisitions | 2,250 | 0 | |||||||||
Non-controlling interest recorded, fair value | 0 | 15,385 | |||||||||
Mortgage loans assumed for the acquisition of real estate | $ 42,799 | $ 78,049 | |||||||||
[1] | On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio, consisting of three operating properties. As a result of consolidation, the Company recorded the non-controlling interest of $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)property | Sep. 30, 2014USD ($)property | Sep. 30, 2015USD ($)property | Sep. 30, 2014USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Document Fiscal Year Focus | 2,015 | |||
Proceeds from Sale of Real Estate | $ 67,345 | $ 55,569 | $ 93,727 | $ 62,788 |
Gain (Loss) on Sale of Properties | $ 27,755 | $ 27,558 | $ 34,215 | $ 29,598 |
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 100.00% | 100.00% | 100.00% | 100.00% |
Parent Company [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (Loss) on Sale of Properties | $ 27,755 | $ 27,558 | $ 34,215 | $ 29,598 |
Revenues | 142,068 | 133,559 | 423,596 | 401,733 |
Operating expenses | 89,467 | 85,923 | 268,262 | 262,574 |
Provision for impairment | $ 0 | $ 0 | $ 0 | $ 225 |
Operating Segments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of operating properties sold | property | 2 | 4 | 4 | 6 |
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of operating properties sold | property | 0 | 2 | 0 | 5 |
Income Taxes Income Tax (Detail
Income Taxes Income Tax (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Document Fiscal Year Focus | 2,015 |
Notes Payable and Unsecured C36
Notes Payable and Unsecured Credit Facilities (Details) - USD ($) | 9 Months Ended | ||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Oct. 01, 2015 | Sep. 01, 2015 | Aug. 01, 2015 | Dec. 31, 2014 | Mar. 07, 2014 | Feb. 14, 2014 | ||
Debt Instrument [Line Items] | |||||||||
Document Period End Date | Sep. 30, 2015 | ||||||||
Line of Credit Facility, Expiration Date | May 13, 2019 | ||||||||
Total debt outstanding | $ 2,023,652,000 | $ 2,021,357,000 | |||||||
Document Fiscal Year Focus | 2,015 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
2,017 | $ (2,000) | ||||||||
Debt Assumed, Net of Premiums | $ 78,049,000 | ||||||||
Fixed Rate Mortgage Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 5.20% | ||||||||
Total notes payable | $ 479,413,000 | 518,993,000 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Total notes payable | 479,413,000 | 518,993,000 | |||||||
Notes Payable to Banks [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | 1,808,652,000 | 1,946,357,000 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Total notes payable | $ 1,808,652,000 | 1,946,357,000 | |||||||
Variable Rate Mortgage Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 1.10% | ||||||||
Total notes payable | $ 33,163,000 | 29,839,000 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Total notes payable | 33,163,000 | 29,839,000 | |||||||
Fixed Rate Unsecured Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | 1,296,076,000 | 1,397,525,000 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Total notes payable | 1,296,076,000 | 1,397,525,000 | |||||||
Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total credit facilities | 215,000,000 | 75,000,000 | |||||||
Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term Loan, Withdrawals | $ 90,000,000 | ||||||||
Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 9250.00% | ||||||||
Debt instrument, Facility Fee basis points | $ 15 | ||||||||
Proceeds from Lines of Credit | 50,000,000 | ||||||||
Borrowing capacity | 800,000,000 | ||||||||
Line of Credit [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total credit facilities | 50,000,000 | 0 | |||||||
Term Loan [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total credit facilities | 165,000,000 | $ 75,000,000 | |||||||
Parent Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt repaid | 350,000,000 | $ 150,000,000 | |||||||
5.650% & 5.360% maturing in 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 76,000,000 | ||||||||
3.90% unsecured maturing 11/1/2025 [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Maturity Date | Nov. 1, 2025 | ||||||||
Debt Instrument, Face Amount | $ 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||||||||
5.25% unsecured maturing 8/1/15 [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
2,015 | $ 350,000,000 | ||||||||
University Commons [Member] | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Debt Assumed, Net of Premiums | $ 42,799,000 | ||||||||
Fairfield Portfolio [Member] | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Debt Assumed, Net of Premiums | [1] | $ 77,730,000 | |||||||
Shops at Mira Vista [Member] | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Debt Assumed, Net of Premiums | $ 319,000 | ||||||||
Scheduled Principal Payments [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | 40,006,000 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 2,127,000 | ||||||||
2,016 | 6,603,000 | ||||||||
2,017 | 5,937,000 | ||||||||
2,018 | 5,021,000 | ||||||||
2,019 | 4,044,000 | ||||||||
Beyond 5 Years | 16,274,000 | ||||||||
Unamortized debt (discounts) premiums, net | 0 | ||||||||
Total notes payable | 40,006,000 | ||||||||
Mortgage Loan Maturities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | 472,570,000 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 | ||||||||
2,016 | 41,374,000 | ||||||||
2,017 | 116,383,000 | ||||||||
2,018 | 57,253,000 | ||||||||
2,019 | 106,000,000 | ||||||||
Beyond 5 Years | 141,362,000 | ||||||||
Unamortized debt (discounts) premiums, net | 10,198,000 | ||||||||
Total notes payable | 472,570,000 | ||||||||
Unsecured Maturities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | [2] | 1,511,076,000 | |||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | [2] | 0 | |||||||
2,016 | [2] | 0 | |||||||
2,017 | [2] | 400,000,000 | |||||||
2,018 | [2] | 0 | |||||||
2,019 | [2] | 215,000,000 | |||||||
Beyond 5 Years | [2] | 900,000,000 | |||||||
Unamortized debt (discounts) premiums, net | [2] | (3,924,000) | |||||||
Total notes payable | [2] | 1,511,076,000 | |||||||
Long-term Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total notes payable | 2,023,652,000 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 2,127,000 | ||||||||
2,016 | 47,977,000 | ||||||||
2,017 | 522,320,000 | ||||||||
2,018 | 62,274,000 | ||||||||
2,019 | 325,044,000 | ||||||||
Beyond 5 Years | 1,057,636,000 | ||||||||
Unamortized debt (discounts) premiums, net | 6,274,000 | ||||||||
Total notes payable | $ 2,023,652,000 | ||||||||
Subsequent Event [Member] | 5.875% unsecured maturing 6/15/17 [Member] [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||
[1] | On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio, consisting of three operating properties. As a result of consolidation, the Company recorded the non-controlling interest of $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. | ||||||||
[2] | Includes unsecured public debt and unsecured credit facilities. |
Derivatives (Details)
Derivatives (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||||
Document Period End Date | Sep. 30, 2015 | |||||
Document Fiscal Year Focus | 2,015 | |||||
Effective portion of change in fair value of derivative instruments | $ (15,768,000) | $ (3,651,000) | $ (11,274,000) | $ (28,603,000) | ||
Amount reclassified from accumulated other comprehensive loss | (2,155,000) | (2,260,000) | (6,654,000) | (7,098,000) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | $ 0 | 0 | $ 0 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 8,800,000 | |||||
Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 220,000,000 | $ 220,000,000 | ||||
Derivative @ 2.196% 28.1K [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Oct. 16, 2013 | |||||
Derivative, Maturity Date | Oct. 16, 2020 | |||||
Derivative, Notional Amount | $ 28,100,000 | $ 28,100,000 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 2.196% | 2.196% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (1,272,000) | $ (1,272,000) | $ (764,000) | ||
Derivative B @ 2.479% 50K [Member] [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Aug. 1, 2015 | |||||
Derivative, Maturity Date | Aug. 1, 2025 | |||||
Derivative, Early Termination Date | [2] | Feb. 1, 2016 | ||||
Derivative, Notional Amount | $ 50,000,000 | $ 50,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 2.479% | 2.479% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ 0 | $ 0 | (193,000) | ||
Derivative @ 2.479% 75K [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Aug. 1, 2015 | |||||
Derivative, Maturity Date | Aug. 1, 2025 | |||||
Derivative, Early Termination Date | [2] | Feb. 1, 2016 | ||||
Derivative, Notional Amount | $ 75,000,000 | $ 75,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 2.479% | 2.479% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ 0 | $ 0 | (289,000) | ||
Derivative A @ 2.479% 50K [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Aug. 1, 2015 | |||||
Derivative, Maturity Date | Aug. 1, 2025 | |||||
Derivative, Early Termination Date | [2] | Feb. 1, 2016 | ||||
Derivative, Notional Amount | $ 50,000,000 | $ 50,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 2.479% | 2.479% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ 0 | $ 0 | (193,000) | ||
Derivative @ 3.41% 45K [Member] [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Aug. 1, 2015 | |||||
Derivative, Maturity Date | Aug. 1, 2025 | |||||
Derivative, Early Termination Date | [2] | Feb. 1, 2016 | ||||
Derivative, Notional Amount | $ 45,000,000 | $ 45,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 3.4115% | 3.4115% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ 0 | $ 0 | (3,964,000) | ||
Derivative @ 3.488% 20K [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Jun. 15, 2017 | |||||
Derivative, Maturity Date | Jun. 15, 2027 | |||||
Derivative, Early Termination Date | [2] | Dec. 15, 2017 | ||||
Derivative, Notional Amount | $ 20,000,000 | $ 20,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 3.4875% | 3.4875% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (1,933,000) | $ (1,933,000) | (1,227,000) | ||
Derivative @ 3.48% 100K [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Jun. 15, 2017 | |||||
Derivative, Maturity Date | Jun. 15, 2027 | |||||
Derivative, Early Termination Date | [2] | Dec. 15, 2017 | ||||
Derivative, Notional Amount | $ 100,000,000 | $ 100,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 3.48% | 3.48% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (9,584,000) | $ (9,584,000) | (6,080,000) | ||
Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 8,300,000 | |||||
Derivative @ 3.48% 100K 2 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Jun. 15, 2017 | |||||
Derivative, Maturity Date | Jun. 15, 2027 | |||||
Derivative, Early Termination Date | [2] | Dec. 15, 2017 | ||||
Derivative, Notional Amount | $ 100,000,000 | $ 100,000,000 | ||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 3.48% | 3.48% | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (9,583,000) | $ (9,583,000) | (6,084,000) | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (22,372,000) | $ (22,372,000) | $ (18,794,000) | ||
2017 Debt issuance [Member] | Derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fixed Interest Rate | 3.48% | 3.48% | ||||
[1] | (2) Derivatives in an asset position are included within Other Assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts Payable and Other Liabilities. | |||||
[2] | Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | $ 11,314 | $ 12,132 |
Notes payable | 1,808,652 | 1,946,357 |
Unsecured credit facilities | 215,000 | 75,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 28,291 | 28,134 |
Available-for-sale Securities | 7,833 | |
Total | 36,124 | |
Derivative instruments, at fair value | (22,372) | (18,794) |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 28,291 | 28,134 |
Available-for-sale Securities | 0 | |
Total | 28,291 | |
Derivative instruments, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value | 1,925,400 | 2,116,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 0 | 0 |
Available-for-sale Securities | 7,833 | |
Total | 7,833 | |
Derivative instruments, at fair value | 22,372 | 18,794 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Receivable, Fair Value | 11,339 | 11,980 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 0 | 0 |
Available-for-sale Securities | 0 | |
Total | 0 | |
Derivative instruments, at fair value | $ 0 | $ 0 |
Unsecured Credit Facilities [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 1.10% | 1.30% |
Unsecured Credit Facilities [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 1.20% | 1.30% |
Unsecured Credit Facilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured credit facilities, Fair Value | $ 215,300 | $ 75,000 |
Notes Payable, Other Payables [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 2.40% | 0.90% |
Notes Payable, Other Payables [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 3.90% | 3.40% |
Notes Receivable [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 6.90% | 7.40% |
Notes Receivable [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 6.90% | 7.40% |
Equity and Capital Equity and C
Equity and Capital Equity and Capital - Common Stock (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||
Document Fiscal Year Focus | 2,015 | ||||||
Shares issued | 0 | 871,754,000 | 18,125 | 871,754,000 | |||
Equity Issuances, Amount Available for Issuance | $ 95,000,000 | $ 95,000,000 | |||||
Document Period End Date | Sep. 30, 2015 | ||||||
Equity Offering, Common Shares available for issue | 2,875,000 | ||||||
Weighted Average Price Per Share | $ 57.35 | $ 64.72 | $ 57.35 | ||||
Net proceeds from common stock issuance | $ 49,995,000 | $ 1,173,000 | $ 49,995,000 | ||||
Payments for Commissions | 695,000 | 15,000 | 695,000 | ||||
Payments of Stock Issuance Costs | 0 | 0 | 0 | ||||
Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Equity Issuances, Amount Available for Issuance | 200,000,000 | 200,000,000 | |||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 67.40 | ||||||
Equity Offering, Net Proceeds | 193,800,000 | ||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||
Class of Stock [Line Items] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,155,000 | 2,260,000 | 6,654,000 | 7,098,000 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Class of Stock [Line Items] | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,654,000 | 7,098,000 | |||||
Accumulated other comprehensive loss | $ (63,191,000) | $ (34,579,000) | $ (63,191,000) | $ (34,579,000) | $ (58,498,000) | $ (17,883,000) |
Equity and Capital - Accumulate
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Document Fiscal Year Focus | 2,015 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 2,155 | $ 2,260 | $ 6,654 | $ 7,098 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11,347) | (23,794) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (58,498) | (17,883) | ||
Current period other comprehensive income, net | (4,693) | (16,696) | ||
Ending balance | (63,191) | (34,579) | (63,191) | (34,579) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,654 | 7,098 | ||
Partnership Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (57,748) | |||
Current period other comprehensive income, net | (13,656) | 2,504 | (4,693) | (16,696) |
Ending balance | (62,307) | (62,307) | ||
Partnership Interest [Member] | General Partner [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Current period other comprehensive income, net | 0 | 0 | ||
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Current period other comprehensive income, net | (4,559) | (16,559) | ||
Controlling [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11,022) | (28,326) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (57,748) | (17,404) | ||
Current period other comprehensive income, net | (4,486) | (21,360) | ||
Ending balance | (62,234) | (38,764) | (62,234) | (38,764) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,536 | 6,966 | ||
Controlling [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (73) | 4,801 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Current period other comprehensive income, net | (73) | 4,801 | ||
Ending balance | (73) | 4,801 | (73) | 4,801 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Controlling [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11,095) | (23,525) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (57,748) | (17,404) | ||
Current period other comprehensive income, net | (4,559) | (16,559) | ||
Ending balance | (62,307) | (33,963) | (62,307) | (33,963) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,536 | 6,966 | ||
Noncontrolling Interest [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (252) | (277) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (750) | (479) | ||
Current period other comprehensive income, net | (134) | (145) | ||
Ending balance | (884) | (624) | (884) | (624) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 118 | 132 | ||
Noncontrolling Interest [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 8 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Current period other comprehensive income, net | 0 | 8 | ||
Ending balance | 0 | 8 | 0 | 8 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (252) | (269) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (750) | (479) | ||
Current period other comprehensive income, net | (134) | (137) | ||
Ending balance | $ (884) | $ (616) | (884) | (616) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 118 | $ 132 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 209,069 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 69.80 |
Non-Qualified Deferred Compen42
Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Non Qualified Deferred Compensation Plan [Abstract] | ||
Document Period End Date | Sep. 30, 2015 | |
Deferred compensation liability included in accounts payable and other liabilities | $ 27.8 | $ 27.6 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Document Fiscal Year Focus | 2,015 | |||
Document Period End Date | Sep. 30, 2015 | |||
Earnings Per Share [Abstract] | ||||
Gain on sale of real estate | $ 27,755 | $ 27,558 | $ 34,215 | $ 29,598 |
Income per common unit - diluted | ||||
Weighted Average Limited Partnership Units Outstanding, Basic | 154,170,000 | 158,920 | 154,170 | 159,229 |
Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Income from operations | $ 31,979 | $ 25,882 | $ 94,789 | $ 80,061 |
Gain on sale of real estate | 27,755 | 27,558 | 34,215 | 29,598 |
Less: income attributable to noncontrolling interests | 737 | 232 | 1,823 | 1,048 |
Income from operations attributable to the Company | 58,997 | 53,208 | 127,181 | 108,611 |
Preferred stock dividends | $ (5,266) | $ (5,415) | $ (15,797) | $ (16,245) |
Weighted average common units outstanding for basic EPU (in shares) | 94,158,000 | 92,345,000 | 94,080,000 | 92,071,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 94,595,000 | 92,396,000 | 94,483,000 | 92,107,000 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Income from operations | $ 31,979 | $ 25,882 | $ 94,789 | $ 80,061 |
Gain on sale of real estate | 27,755 | 27,558 | 34,215 | 29,598 |
Less: income attributable to noncontrolling interests | 643 | 142 | 1,619 | 863 |
Income from operations attributable to the Company | 59,091 | 53,298 | 127,385 | 108,796 |
Less: preferred unit distributions and other | $ 5,266 | $ 5,415 | $ 15,797 | $ 16,245 |
Weighted average common units outstanding for basic EPU (in shares) | 94,312,000 | 92,505,000 | 94,234,000 | 92,231,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 94,749,000 | 92,556,000 | 94,637,000 | 92,267,000 |
Income per common unit - basic | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Income per common unit - diluted | ||||
Continuing operations (in dollars per share) | $ 0.57 | $ 0.52 | $ 1.18 | $ 1 |
Continuing Operations [Member] | Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 53,731 | $ 47,793 | $ 111,384 | $ 92,366 |
Net income for common stock unit/holders - diluted | 53,731 | 47,817 | 111,384 | 92,416 |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | 53,825 | 47,883 | 111,588 | 92,551 |
Net income for common stock unit/holders - diluted | $ 53,825 | $ 47,907 | $ 111,588 | $ 92,601 |
Commitments and Contingencies,
Commitments and Contingencies, Letters of Credit (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |
Letters of Credit Outstanding, Amount | $ 5,900,000 | $ 5,900,000 |
Available-for-sale securities45
Available-for-sale securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 7,906 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (74) | |
Available-for-sale Securities, Equity & Debt Maturities, Next Rolling Twelve Months, Fair Value | 2,204 | |
Available-for-sale Securities, Equity & Debt Maturities, Rolling Year One Through Three, Fair Value | 4,122 | |
Available-for-sale Securities, Equity & Debt Maturities, Rolling After Year Three, Fair Value | 1,507 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 14,350 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,809 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available-for-sale Securities | $ 19,159 | |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Maturities, Next Rolling Twelve Months, Fair Value | 1,751 | |
Available-for-sale Securities, Amortized Cost Basis | 1,750 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available-for-sale Securities | 1,751 | |
Available-for-sale Securities, Equity Maturities, Rolling Year One Through Three, Fair Value | 0 | |
Available-for-sale Securities, Equity Maturities, Rolling After Year Three, Fair Value | 0 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 6,156 | |
Available-for-sale Securities | 6,082 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (74) | |
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 453 | |
Available-for-sale Securities, Debt Maturities, Rolling Year One Through Three, Fair Value | 4,122 | |
Available-for-sale Securities, Debt Maturities, Rolling After Year Three, Fair Value | 1,507 | |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | |
Available-for-sale Securities | $ 7,833 |
Uncategorized Items - reg-20150
Label | Element | Value |
Parent Company [Member] | ||
Preferred Stock, Shares Authorized | us-gaap_PreferredStockSharesAuthorized | 30,000,000 |