Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 910,606 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
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 | 104,493,307 | |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Real estate investments at cost: | ||
Notes receivable | $ 10,480 | $ 10,480 |
Liabilities: | ||
Notes payable | 1,364,200 | 1,699,771 |
Unsecured credit facilities | 263,421 | 164,514 |
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,600,284 | 2,082,620 |
Parent Company [Member] | ||
Real estate investments at cost: | ||
Land, including amounts held for future development | 1,654,389 | 1,479,814 |
Buildings and improvements | 3,086,287 | 2,896,396 |
Properties in development | 157,537 | 169,690 |
Gross real estate investments at cost | 4,898,213 | 4,545,900 |
Less: accumulated depreciation | 1,108,221 | 1,043,787 |
Total Cost Net of Accumulated Depreciation | 3,789,992 | 3,502,113 |
Investments in real estate partnerships | 274,940 | 306,206 |
Net real estate investments | 4,064,932 | 3,808,319 |
Cash and cash equivalents | 40,902 | 36,856 |
Restricted cash | 4,005 | 3,767 |
Accounts receivable, net of allowance for doubtful accounts of $5,690 and $5,295 at September 30, 2016 and December 31, 2015, respectively | 24,816 | 32,292 |
Straight-line rent receivable, net of reserve of $3,688 and $1,365 at September 30, 2016 and December 31, 2015, respectively | 67,931 | 63,392 |
Notes receivable | 10,480 | 10,480 |
Deferred Costs, Leasing, Net | 68,455 | 66,367 |
Acquired lease intangible assets, less accumulated amortization of $53,878 and $45,639 at September 30, 2016 and December 31, 2015, respectively | 122,738 | 105,380 |
Trading securities held in trust, at fair value | 29,280 | 29,093 |
Other assets | 24,749 | 26,935 |
Total assets | 4,458,288 | 4,182,881 |
Liabilities: | ||
Notes payable | 1,364,200 | 1,699,771 |
Unsecured credit facilities | 263,421 | 164,514 |
Accounts payable and other liabilities | 145,689 | 164,515 |
Acquired lease intangible liabilities, less accumulated accretion of $22,067 and $17,555 at September 30, 2016 and December 31, 2015, respectively | 56,455 | 42,034 |
Tenants’ security, escrow deposits and prepaid rent | 28,239 | 29,427 |
Total liabilities | 1,858,004 | 2,100,261 |
Commitments and contingencies (note 11) | ||
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, 2016 and December 31, 2015, with liquidation preferences of $25 per share | 325,000 | 325,000 |
Common stock, $0.01 par value per share,150,000,000 shares authorized; 104,492,738 and 97,212,638 shares issued at September 30, 2016 and December 31, 2015, respectively | 1,045 | 972 |
Treasury stock at cost, 345,359 and 417,862 shares held at September 30, 2016 and December 31, 2015, respectively | (16,882) | (19,658) |
Additional paid in capital | 3,291,602 | 2,742,508 |
Accumulated other comprehensive loss | (35,739) | (58,693) |
Distributions in excess of net income | (997,881) | (936,020) |
Total stockholders’ equity | 2,567,145 | 2,054,109 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $11,947 and $10,502 at September 30, 2016 and December 31, 2015, respectively | (2,006) | (1,975) |
Limited partners’ interests in consolidated partnerships | 35,145 | 30,486 |
Stockholders' Equity Attributable to Noncontrolling Interest | 33,139 | 28,511 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,600,284 | 2,082,620 |
Total liabilities and equity | 4,458,288 | 4,182,881 |
Partnership Interest [Member] | ||
Real estate investments at cost: | ||
Land, including amounts held for future development | 1,654,389 | 1,479,814 |
Buildings and improvements | 3,086,287 | 2,896,396 |
Properties in development | 157,537 | 169,690 |
Gross real estate investments at cost | 4,898,213 | 4,545,900 |
Less: accumulated depreciation | 1,108,221 | 1,043,787 |
Total Cost Net of Accumulated Depreciation | 3,789,992 | 3,502,113 |
Investments in real estate partnerships | 274,940 | 306,206 |
Net real estate investments | 4,064,932 | 3,808,319 |
Cash and cash equivalents | 40,902 | 36,856 |
Restricted cash | 4,005 | 3,767 |
Accounts receivable, net of allowance for doubtful accounts of $5,690 and $5,295 at September 30, 2016 and December 31, 2015, respectively | 24,816 | 32,292 |
Straight-line rent receivable, net of reserve of $3,688 and $1,365 at September 30, 2016 and December 31, 2015, respectively | 67,931 | 63,392 |
Notes receivable | 10,480 | 10,480 |
Deferred Costs, Leasing, Net | 68,455 | 66,367 |
Acquired lease intangible assets, less accumulated amortization of $53,878 and $45,639 at September 30, 2016 and December 31, 2015, respectively | 122,738 | 105,380 |
Trading securities held in trust, at fair value | 29,280 | 29,093 |
Other assets | 24,749 | 26,935 |
Total assets | 4,458,288 | 4,182,881 |
Liabilities: | ||
Notes payable | 1,364,200 | 1,699,771 |
Unsecured credit facilities | 263,421 | 164,514 |
Accounts payable and other liabilities | 145,689 | 164,515 |
Acquired lease intangible liabilities, less accumulated accretion of $22,067 and $17,555 at September 30, 2016 and December 31, 2015, respectively | 56,455 | 42,034 |
Tenants’ security, escrow deposits and prepaid rent | 28,239 | 29,427 |
Total liabilities | 1,858,004 | 2,100,261 |
Commitments and contingencies (note 11) | ||
Stockholders’ equity/Partners' capital: | ||
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at September 30, 2016 and December 31, 2015, liquidation preference of $25 per unit | 325,000 | 325,000 |
General partner; 104,492,738 and 97,212,638 units outstanding at September 30, 2016 and December 31, 2015, respectively | 2,277,884 | 1,787,802 |
Limited partners; 154,170 units outstanding at September 30, 2016 and December 31, 2015 | (2,006) | (1,975) |
Accumulated other comprehensive loss | (35,739) | (58,693) |
Total partners’ capital | 2,565,139 | 2,052,134 |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | 35,145 | 30,486 |
Total noncontrolling interests | 35,145 | 30,486 |
Total equity | 2,600,284 | 2,082,620 |
Total liabilities and equity | 4,458,288 | 4,182,881 |
Preferred Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 325,000 | 325,000 |
Common Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,045 | 972 |
Treasury Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (16,882) | (19,658) |
Additional Paid-in Capital [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,291,602 | 2,742,508 |
AOCI Attributable to Parent [Member] | ||
Stockholders’ equity/Partners' capital: | ||
Accumulated other comprehensive loss | (35,739) | (58,693) |
AOCI Attributable to Parent [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (35,739) | (58,693) |
Accumulated Distributions in Excess of Net Income [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (997,881) | (936,020) |
Total Stockholders' Equity [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,567,145 | 2,054,109 |
Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,006) | (1,975) |
Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 35,145 | $ 30,486 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Parent Company [Member] | ||
Allowance for doubtful accounts receivable | $ 5,690 | $ 5,295 |
Straight-line rent receivable allowance | 3,688 | 1,365 |
Deferred costs accumulated amortization | 82,277 | 76,823 |
Accumulated amortization of acquired lease intangible assets | 53,878 | 45,639 |
Accumulated accretion of acquired lease intangible liabilities | $ 22,067 | $ 17,555 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 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 | 104,492,738 | 97,212,638 |
Exchangeable operating partnership units aggregate redemption value | $ 11,947 | $ 10,502 |
Treasury stock, shares held at cost | 345,359 | 417,862 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | $ 5,534 | $ 5,295 |
Straight-line rent receivable allowance | 2,961 | 1,365 |
Deferred costs accumulated amortization | 80,816 | 76,823 |
Accumulated amortization of acquired lease intangible assets | 50,553 | 45,639 |
Accumulated accretion of acquired lease intangible liabilities | $ 20,240 | $ 17,555 |
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 | 104,492,738 | 97,212,638 |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other expense (income): | ||||
Provision for impairment | $ 0 | $ 0 | $ 1,666 | $ 0 |
Discontinued operations, net: | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 9,580 | 27,755 | 22,997 | 34,215 |
Net income | 105,334 | 129,004 | ||
Parent Company [Member] | ||||
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | 16 | 94 | 165 | 204 |
Revenues: | ||||
Minimum rent | 111,886 | 105,071 | 329,506 | 308,766 |
Percentage rent | 495 | 486 | 2,651 | 2,593 |
Recoveries from tenants and other income | 34,532 | 30,725 | 103,894 | 94,205 |
Management Fees Revenue | 5,855 | 5,786 | 18,759 | 18,032 |
Total revenues | 152,768 | 142,068 | 454,810 | 423,596 |
Operating expenses: | ||||
Depreciation and amortization | 40,705 | 37,032 | 119,721 | 109,249 |
Operating and maintenance | 23,373 | 19,761 | 69,767 | 61,119 |
General and administrative | 16,046 | 14,750 | 48,695 | 46,227 |
Real estate taxes | 17,058 | 16,044 | 49,697 | 46,842 |
Other operating expenses | 1,046 | 1,880 | 5,795 | 4,825 |
Total operating expenses | 98,228 | 89,467 | 293,675 | 268,262 |
Other expense (income): | ||||
Interest expense, net | 21,945 | 25,099 | 70,489 | 78,407 |
Provision for impairment | 0 | 0 | 1,666 | 0 |
Early extinguishment of debt | (13,943) | 0 | (13,943) | 61 |
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 821 | (1,190) | 1,268 | (190) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 40,586 | 0 | 40,586 | 0 |
Nonoperating Income (Expense) | 75,653 | 26,289 | 125,416 | 78,536 |
Income (loss) from operations before equity in income of investments in real estate partnerships | (21,113) | 26,312 | 35,719 | 76,798 |
Equity in income of investments in real estate partnerships | 22,647 | 5,667 | 46,618 | 17,991 |
Income from operations | 1,534 | 31,979 | 82,337 | 94,789 |
Discontinued operations, net: | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 9,580 | 27,755 | 22,997 | 34,215 |
Net income | 11,114 | 59,734 | 105,334 | 129,004 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (527) | (643) | (1,380) | (1,619) |
Income attributable to noncontrolling interests | (543) | (737) | (1,545) | (1,823) |
Net income attributable to the Company | 10,571 | 58,997 | 103,789 | 127,181 |
Preferred stock dividends | (5,266) | (5,266) | (15,797) | (15,797) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 5,305 | $ 53,731 | $ 87,992 | $ 111,384 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Minimum rent | $ 111,886 | $ 105,071 | $ 329,506 | $ 308,766 |
Percentage rent | 495 | 486 | 2,651 | 2,593 |
Recoveries from tenants and other income | 34,532 | 30,725 | 103,894 | 94,205 |
Management Fees Revenue | 5,855 | 5,786 | 18,759 | 18,032 |
Total revenues | 152,768 | 142,068 | 454,810 | 423,596 |
Operating expenses: | ||||
Depreciation and amortization | 40,705 | 37,032 | 119,721 | 109,249 |
Operating and maintenance | 23,373 | 19,761 | 69,767 | 61,119 |
General and administrative | 16,046 | 14,750 | 48,695 | 46,227 |
Real estate taxes | 17,058 | 16,044 | 49,697 | 46,842 |
Other operating expenses | 1,046 | 1,880 | 5,795 | 4,825 |
Total operating expenses | 98,228 | 89,467 | 293,675 | 268,262 |
Other expense (income): | ||||
Interest expense, net | 21,945 | 25,099 | 70,489 | 78,407 |
Provision for impairment | 0 | 0 | 1,666 | 0 |
Early extinguishment of debt | (13,943) | 0 | (13,943) | 61 |
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 821 | (1,190) | 1,268 | (190) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 40,586 | 0 | 40,586 | 0 |
Nonoperating Income (Expense) | 75,653 | 26,289 | 125,416 | 78,536 |
Income (loss) from operations before equity in income of investments in real estate partnerships | (21,113) | 26,312 | 35,719 | 76,798 |
Equity in income of investments in real estate partnerships | 22,647 | 5,667 | 46,618 | 17,991 |
Income from operations | 1,534 | 31,979 | 82,337 | 94,789 |
Discontinued operations, net: | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 9,580 | 27,755 | 22,997 | 34,215 |
Net income | 11,114 | 59,734 | 105,334 | 129,004 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (527) | (643) | (1,380) | (1,619) |
Income attributable to noncontrolling interests | (527) | (643) | (1,380) | (1,619) |
Net income attributable to the Company | 10,587 | 59,091 | 103,954 | 127,385 |
Distributions Paid To Preferred Unit Holders | 5,266 | 5,266 | 15,797 | 15,797 |
Net income attributable to common unit holders | $ 5,321 | $ 53,825 | $ 88,157 | $ 111,588 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Parent Company [Member] | ||||
Interest income | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | (383) | 1,296 | (888) | 1,771 |
Partnership Interest [Member] | ||||
Interest income | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (383) | $ 1,296 | $ (888) | $ 1,771 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |||
Net income | $ (105,334) | $ (129,004) | ||
Other comprehensive (loss) income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 1,294 | $ (15,768) | (25,338) | (11,274) |
Other comprehensive income (loss) | 22,815 | (4,693) | ||
Parent Company [Member] | ||||
Net income | (11,114) | (59,734) | (105,334) | (129,004) |
Other comprehensive (loss) income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1,294 | (15,768) | (25,338) | (11,274) |
Reclassification adjustment of derivative instruments included in net income | 43,111 | 2,155 | 48,063 | 6,654 |
Available-for-sale Securities, Gross Unrealized Gain | 53 | (43) | 90 | (73) |
Other comprehensive income (loss) | 44,458 | (13,656) | 22,815 | (4,693) |
Comprehensive income | 55,572 | 46,078 | 128,149 | 124,311 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (543) | (737) | (1,545) | (1,823) |
Other comprehensive income (loss) attributable to noncontrolling interests | 158 | (149) | (139) | (134) |
Comprehensive income attributable to noncontrolling interests | 701 | 588 | 1,406 | 1,689 |
Comprehensive income attributable to the Company | 54,871 | 45,490 | 126,743 | 122,622 |
Partnership Interest [Member] | ||||
Net income | (11,114) | (59,734) | (105,334) | (129,004) |
Other comprehensive (loss) income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1,294 | (15,768) | (25,338) | (11,274) |
Reclassification adjustment of derivative instruments included in net income | 43,111 | 2,155 | 48,063 | 6,654 |
Available-for-sale Securities, Gross Unrealized Gain | 53 | (43) | 90 | (73) |
Other comprehensive income (loss) | 44,458 | (13,656) | 22,815 | (4,693) |
Comprehensive income | 55,572 | 46,078 | 128,149 | 124,311 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (527) | (643) | (1,380) | (1,619) |
Other comprehensive income (loss) attributable to noncontrolling interests | 91 | 86 | (172) | (127) |
Comprehensive income attributable to noncontrolling interests | 618 | 729 | 1,208 | 1,492 |
Comprehensive income attributable to the Company | $ 54,954 | $ 45,349 | $ 126,941 | $ 122,819 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | 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] | 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 Interest [Member]Parent Company [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]Noncontrolling Interest [Member]Parent Company [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Limited Partner [Member] | General Partner [Member] |
Beginning balance at Dec. 31, 2014 | $ 1,936,482 | $ 1,936,482 | $ 325,000 | $ 941 | $ (19,382) | $ 2,540,153 | $ (57,748) | $ (882,372) | $ 1,906,592 | $ (1,914) | $ 31,804 | $ 29,890 | $ 31,804 | $ (57,748) | $ (1,914) | $ 1,964,340 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 129,004 | 129,004 | $ 129,004 | 0 | 0 | 0 | 0 | 0 | 127,181 | 204 | 1,619 | 1,823 | 1,619 | 0 | 204 | 127,181 | |||||||||||||
Net Income (Loss) Attributable to Parent | 127,181 | 127,385 | |||||||||||||||||||||||||||
Current period other comprehensive income, net | (4,693) | (4,693) | (4,693) | 0 | 0 | 0 | 0 | $ (4,559) | (4,559) | 0 | (4,559) | (7) | (127) | (4,559) | (7) | 0 | |||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (134) | (127) | (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 | 10,441 | 0 | 0 | 0 | 0 | 0 | 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 | ||||||||||||||||||
Contributions from partners | 454 | 454 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 454 | 454 | 454 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | (139,989) | (2,792) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,792) | (2,792) | (2,792) | 0 | (223) | (136,974) | |||||||||||||
Cash dividends declared: preferred stock/unit | 15,797 | 15,797 | 0 | 0 | 0 | 0 | 0 | 15,797 | 15,797 | 0 | 0 | 0 | 0 | 0 | 0 | 15,797 | |||||||||||||
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) | (907,962) | 1,879,026 | (1,940) | 30,958 | 29,018 | $ 30,958 | $ (62,307) | $ (1,940) | $ 1,941,333 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Partners' Capital Account, Units, Redeemed | 7,858 | 0 | 0 | 0 | 7,858 | ||||||||||||||||||||||||
Beginning balance at Dec. 31, 2015 | $ 2,082,620 | 2,082,620 | 325,000 | 972 | (19,658) | 2,742,508 | (58,693) | (936,020) | 2,054,109 | (1,975) | 30,486 | 28,511 | $ 30,486 | $ (58,693) | $ (1,975) | $ 2,112,802 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||
Net income | 105,334 | 105,334 | 105,334 | 0 | 0 | 0 | 0 | 0 | 103,789 | 165 | 1,380 | 1,545 | 1,380 | 0 | 165 | 103,789 | |||||||||||||
Net Income (Loss) Attributable to Parent | 103,789 | 103,954 | |||||||||||||||||||||||||||
Current period other comprehensive income, net | 22,815 | 22,815 | 22,815 | 0 | 0 | 0 | 0 | $ 22,954 | 22,954 | 0 | 22,954 | 33 | (172) | 22,954 | 33 | 0 | |||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (139) | (172) | (172) | ||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | 2,776 | (2,776) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Restricted stock issued, net of amortization | 9,967 | 9,967 | 0 | 2 | 0 | 9,965 | 0 | 0 | 9,967 | 0 | 0 | 0 | 0 | 0 | 0 | 9,967 | |||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 7,835 | 0 | 0 | 0 | 7,835 | 0 | 0 | 7,835 | 0 | 0 | 0 | ||||||||||||||||||
Common stock issued for dividend reinvestment plan | 804 | $ 804 | 0 | 0 | 0 | 804 | 0 | 0 | 804 | 0 | 0 | 0 | |||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | $ 549,545 | $ 0 | $ 71 | $ 0 | $ 549,474 | $ 0 | $ 0 | $ 549,545 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
Contributions from partners | 8,675 | 8,675 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,675 | 8,675 | 8,675 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | (155,844) | (5,762) | 0 | 0 | 0 | (538) | 0 | 0 | (538) | 0 | (5,224) | (5,224) | (5,224) | 0 | (229) | (150,391) | |||||||||||||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (542,514) | 0 | 0 | 0 | (542,514) | ||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | 15,797 | 15,797 | 0 | 0 | 0 | 0 | 0 | 15,797 | 0 | 0 | 0 | 0 | 0 | 0 | 15,797 | ||||||||||||||
Preferred Stock Dividends, Income Statement Impact | (15,797) | ||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 150,082 | 0 | 0 | 0 | 0 | 0 | 149,853 | 149,853 | 229 | 0 | 229 | ||||||||||||||||||
Ending Balance at Sep. 30, 2016 | $ 2,600,284 | $ 2,600,284 | $ 325,000 | $ 1,045 | $ (16,882) | $ 3,291,602 | $ (35,739) | $ (997,881) | $ 2,567,145 | $ (2,006) | $ 35,145 | $ 33,139 | $ 35,145 | $ (35,739) | $ (2,006) | $ 2,602,884 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Common stock/unit per share | $ 1.50 | $ 1.455 |
Consolidated Statement of Chan9
Consolidated Statement of Changes in Partner Capital Statement - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Partners' Capital Account, Units, Redeemed | 7,858 | |||
Dividends, Preferred Stock, Cash | $ 15,797 | $ 15,797 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,600,284 | 1,908,044 | $ 2,082,620 | $ 1,936,482 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 105,334 | 129,004 | ||
Other Comprehensive Income (Loss), Net of Tax | 22,815 | (4,693) | ||
Partners' Capital Account, Contributions | 8,675 | 454 | ||
Partners' Capital Account, Distributions | 155,844 | 139,989 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 542,514 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 9,967 | $ 10,441 | ||
Noncontrolling Interest [Member] | ||||
Partners' Capital Account, Units, Redeemed | 0 | |||
Dividends, Preferred Stock, Cash | 0 | $ 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 35,145 | 30,958 | 30,486 | 31,804 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,380 | 1,619 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (172) | (127) | ||
Partners' Capital Account, Contributions | 8,675 | 454 | ||
Partners' Capital Account, Distributions | 5,224 | 2,792 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 0 | ||
Partners Capital Total [Member] | ||||
Partners' Capital Account, Units, Redeemed | 7,858 | |||
Dividends, Preferred Stock, Cash | 15,797 | $ 15,797 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,565,139 | 1,877,086 | 2,052,134 | 1,904,678 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 103,954 | 127,385 | ||
Other Comprehensive Income (Loss), Net of Tax | 22,987 | (4,566) | ||
Partners' Capital Account, Contributions | 0 | 0 | ||
Partners' Capital Account, Distributions | 150,620 | 137,197 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 542,514 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 9,967 | $ 10,441 | ||
AOCI Attributable to Parent [Member] | ||||
Partners' Capital Account, Units, Redeemed | 0 | |||
Dividends, Preferred Stock, Cash | 0 | $ 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (35,739) | (62,307) | (58,693) | (57,748) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 22,954 | (4,559) | ||
Partners' Capital Account, Contributions | 0 | 0 | ||
Partners' Capital Account, Distributions | 0 | 0 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 0 | ||
Limited Partner [Member] | ||||
Partners' Capital Account, Units, Redeemed | 0 | |||
Dividends, Preferred Stock, Cash | 0 | $ 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,006) | (1,940) | (1,975) | (1,914) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 165 | 204 | ||
Other Comprehensive Income (Loss), Net of Tax | 33 | (7) | ||
Partners' Capital Account, Contributions | 0 | 0 | ||
Partners' Capital Account, Distributions | 229 | 223 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | $ 0 | ||
General Partner [Member] | ||||
Partners' Capital Account, Units, Redeemed | 7,858 | |||
Dividends, Preferred Stock, Cash | 15,797 | $ 15,797 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,602,884 | 1,941,333 | $ 2,112,802 | $ 1,964,340 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 103,789 | 127,181 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Partners' Capital Account, Contributions | 0 | 0 | ||
Partners' Capital Account, Distributions | 150,391 | 136,974 | ||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 542,514 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 9,967 | 10,441 | ||
Partnership Interest [Member] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 105,334 | 129,004 | ||
Other Comprehensive Income (Loss), Net of Tax | 22,815 | (4,693) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (172) | $ (127) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 105,334 | $ 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for impairment | (1,666) | 0 |
Cash flows from investing activities: | ||
Proceeds from sale of real estate investments | 85,885 | 93,727 |
Parent Company [Member] | ||
Proceeds from Issuance of Unsecured Debt | 0 | 248,160 |
Cash flows from operating activities: | ||
Net income | 105,334 | 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 119,721 | 109,249 |
Amortization of deferred loan cost and debt premium | 7,242 | 7,404 |
(Accretion) and amortization of above and below market lease intangibles, net | (2,296) | (1,250) |
Share-based Compensation | 7,554 | 8,379 |
Stock-based compensation, net of capitalization | 2,561 | 2,196 |
Equity in income of investments in real estate partnerships | (46,618) | (17,991) |
Gain on sale of real estate, net of tax | (22,997) | (34,215) |
Provision for impairment | (1,666) | 0 |
Early extinguishment of debt | (13,943) | 61 |
(Payments for) Proceeds from Settlement of Derivative Instrument | 0 | (7,267) |
Distribution of earnings from operations of investments in real estate partnerships | (39,765) | (34,527) |
Deferred compensation expense | 1,249 | (610) |
Realized and unrealized loss (gain) on investments | (1,268) | 189 |
Increase (Decrease) in Restricted Cash for Operating Activities | 84 | (1,534) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (4,269) | (4,408) |
Straight-line rent receivables, net | (4,894) | (6,274) |
Deferred leasing costs | (7,841) | (8,268) |
Other assets | (59) | (2,257) |
Accounts payable and other liabilities | 12,607 | 10,230 |
Tenants’ security, escrow deposits and prepaid rent | (1,406) | (1,152) |
Net cash provided by operating activities | 217,349 | 216,763 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (333,220) | (42,983) |
Payments for Deposits on Real Estate Acquisitions | 1,250 | (2,250) |
Real estate development and capital improvements | (146,773) | (150,967) |
Proceeds from sale of real estate investments | 83,675 | 93,727 |
Payments for (Proceeds from) Loans Receivable | 0 | (1,000) |
Investments in real estate partnerships | (13,127) | (18,644) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 52,536 | 15,014 |
Dividends on investment securities | 189 | 128 |
Acquisition of securities | (53,290) | (25,675) |
Proceeds from sale of securities | 54,176 | 22,296 |
Net cash used in investing activities | (354,584) | (108,354) |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 549,545 | 946 |
Proceeds from sale of treasury stock | 957 | 51 |
Distributions to limited partners in consolidated partnerships, net | (3,126) | (2,352) |
Distributions to exchangeable operating partnership unit holders | (229) | (223) |
Dividends paid to common stockholders | (149,049) | (136,008) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 395,000 | 445,000 |
Repayment of unsecured credit facilities | (295,000) | (305,000) |
Proceeds from notes payable | 20,223 | 3,325 |
Repayments of Notes Payable | (41,584) | (76,027) |
Scheduled principal payments | (4,462) | (4,384) |
Payment of loan costs | (1,954) | (5,996) |
Payments of Debt Extinguishment Costs | (13,214) | 0 |
Net cash provided by (used in) financing activities | 141,281 | (198,305) |
Repayments of Unsecured Debt | 300,000 | 350,000 |
Payments for Repurchase of Common Stock | 29 | 0 |
Cash and cash equivalents at beginning of the period | 36,856 | 113,776 |
Cash and cash equivalents at end of the period | 40,902 | 23,880 |
Net increase (decrease) in cash and cash equivalents | 4,046 | (89,896) |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $2,622 and $5,403 in 2016 and 2015, respectively) | 54,904 | 71,734 |
Income Taxes Paid | 0 | 871 |
Supplemental disclosure of non-cash transactions: | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 42,799 |
Change in fair value of derivative instruments | (25,338) | (10,845) |
Common stock issued for dividend reinvestment plan | 804 | 966 |
Contributions from limited partners in consolidated partnerships, net | 8,674 | 13 |
Common stock issued for dividend reinvestment in trust | 556 | 631 |
Contribution of stock awards into trust | 1,513 | 1,633 |
Distribution of stock held in trust | 4,096 | 1,898 |
Unrealized Gain (Loss) on Securities | 90 | (73) |
Deconsolidation of previously consolidated partnership [Abstract] | ||
Deconsolidation of consolidated partnership, Real estate, net | 14,075 | 0 |
Deconsolidation of consolidated partnership, Return of capital | (3,355) | 0 |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | (9,415) | 0 |
Deconsolidation of consolidated partnership, Other assets and liabilities | 640 | 0 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | (2,099) | 0 |
Partnership Interest [Member] | ||
Proceeds from Issuance of Unsecured Debt | 0 | 248,160 |
Cash flows from operating activities: | ||
Net income | 105,334 | 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 119,721 | 109,249 |
Amortization of deferred loan cost and debt premium | 7,242 | 7,404 |
(Accretion) and amortization of above and below market lease intangibles, net | (2,296) | (1,250) |
Share-based Compensation | 7,554 | 8,379 |
Stock-based compensation, net of capitalization | 2,561 | 2,196 |
Equity in income of investments in real estate partnerships | (46,618) | (17,991) |
Gain on sale of real estate, net of tax | (22,997) | (34,215) |
Provision for impairment | (1,666) | 0 |
Early extinguishment of debt | (13,943) | 61 |
(Payments for) Proceeds from Settlement of Derivative Instrument | 0 | (7,267) |
Distribution of earnings from operations of investments in real estate partnerships | (39,765) | (34,527) |
Deferred compensation expense | 1,249 | (610) |
Realized and unrealized loss (gain) on investments | (1,268) | 189 |
Increase (Decrease) in Restricted Cash for Operating Activities | 84 | (1,534) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (4,269) | (4,408) |
Straight-line rent receivables, net | (4,894) | (6,274) |
Deferred leasing costs | (7,841) | (8,268) |
Other assets | (59) | (2,257) |
Accounts payable and other liabilities | 12,607 | 10,230 |
Tenants’ security, escrow deposits and prepaid rent | (1,406) | (1,152) |
Net cash provided by operating activities | 217,349 | 216,763 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (333,220) | (42,983) |
Payments for Deposits on Real Estate Acquisitions | 1,250 | (2,250) |
Real estate development and capital improvements | (146,773) | (150,967) |
Proceeds from sale of real estate investments | 83,675 | 93,727 |
Payments for (Proceeds from) Loans Receivable | 0 | (1,000) |
Investments in real estate partnerships | (13,127) | (18,644) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 52,536 | 15,014 |
Dividends on investment securities | 189 | 128 |
Acquisition of securities | (53,290) | (25,675) |
Proceeds from sale of securities | 54,176 | 22,296 |
Net cash used in investing activities | (354,584) | (108,354) |
Cash flows from financing activities: | ||
Net proceeds from common units issued as a result of common stock issued by Parent Company | 549,545 | 946 |
Proceeds from sale of treasury stock | 957 | 51 |
Distributions to limited partners in consolidated partnerships, net | (3,126) | (2,352) |
Dividends paid to common stockholders | (149,278) | (136,231) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 395,000 | 445,000 |
Repayment of unsecured credit facilities | (295,000) | (305,000) |
Proceeds from notes payable | 20,223 | 3,325 |
Repayments of Notes Payable | (41,584) | (76,027) |
Scheduled principal payments | (4,462) | (4,384) |
Payment of loan costs | (1,954) | (5,996) |
Payments of Debt Extinguishment Costs | (13,214) | 0 |
Net cash provided by (used in) financing activities | 141,281 | (198,305) |
Repayments of Unsecured Debt | 300,000 | 350,000 |
Payments for Repurchase of Common Stock | 29 | 0 |
Cash and cash equivalents at beginning of the period | 36,856 | 113,776 |
Cash and cash equivalents at end of the period | 40,902 | 23,880 |
Net increase (decrease) in cash and cash equivalents | 4,046 | (89,896) |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $2,622 and $5,403 in 2016 and 2015, respectively) | 54,904 | 71,734 |
Income Taxes Paid | 0 | 871 |
Supplemental disclosure of non-cash transactions: | ||
Change in fair value of derivative instruments | (25,338) | (10,845) |
Common stock issued for dividend reinvestment plan | 804 | 966 |
Contributions from limited partners in consolidated partnerships, net | 8,674 | 13 |
Non-controlling interest recorded, fair value | 0 | 0 |
Common stock issued for dividend reinvestment in trust | 556 | 631 |
Contribution of stock awards into trust | 1,513 | 1,633 |
Distribution of stock held in trust | 4,096 | 1,898 |
Unrealized Gain (Loss) on Securities | 90 | (73) |
Deconsolidation of previously consolidated partnership [Abstract] | ||
Deconsolidation of consolidated partnership, Real estate, net | 14,075 | 0 |
Deconsolidation of consolidated partnership, Return of capital | (3,355) | 0 |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | (9,415) | 0 |
Deconsolidation of consolidated partnership, Other assets and liabilities | 640 | 0 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | $ (2,099) | $ 0 |
Consolidated Statements of Ca11
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Parent Company [Member] | ||
Capitalized interest | $ 2,622 | $ 5,403 |
Partnership Interest [Member] | ||
Capitalized interest | $ 2,622 | $ 5,403 |
Organization and Principles of
Organization and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2016 | |
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 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. The Parent Company currently owns approximately 99.9% of the outstanding common Partnership Units of the Operating Partnership. As of September 30, 2016 , the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) owned 197 retail shopping centers and held partial interests in an additional 110 retail shopping centers through unconsolidated investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). The consolidated 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. Consolidation The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIEs"). For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company's determination of the primary beneficiary considers all relationships between it and the VIE, including management agreements and other contractual arrangements. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2016 , the Parent Company owned approximately 99.9% of the outstanding common Partnership Units of the Operating Partnership with the remaining limited Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity, and the Parent Company is the primary beneficiary which consolidates it. The Parent Company’s only investment is the Operating Partnership. Real Estate Partnerships Regency has an ownership interest in 121 properties through partnerships, of which 11 are consolidated, with institutional investors, other real estate developers and/or operators, and individual parties who help Regency source transactions for development and investment ("the Partners", "limited partners"). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property management to the partnerships. The partners’ level of involvement varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to involvement in approving leases, operating budgets, and capital budgets. • Those partnerships for which the partners only have protective rights are considered VIEs under ASC 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests. The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. Regency does not provide financial support to the VIEs. • Those partnerships for which the partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. ◦ Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. ◦ Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and its ownership interest is recognized through single-line presentation as Investments in Real Estate Partnerships, in the Consolidated Balance Sheet, and Equity in Income of Investments in Real Estate Partnerships, in the Consolidated Statements of Operations. Distributions received from these partnerships are accounted for using the look-through method with returns of capital from property sales or debt financing considered investing cash flows and the remaining distributions generally considered operating cash flows. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's VIEs are as follows: (in thousands) September 30, 2016 December 31, 2015 Assets Real estate assets, net $ 84,586 81,424 Cash and cash equivalents 7,822 790 Liabilities Notes payable 8,169 17,948 Equity Limited partners’ interests in consolidated partnerships 17,374 11,058 Reclassifications During the nine months ended September 30, 2016 , the Company reclassified its land held for future development from Properties in development to Land within the accompanying Consolidated Balance Sheets. The Company reclassified prior period amounts of $47.3 million to conform to current period presentation. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments The following table details the shopping centers acquired or land acquired for development: (in thousands) Nine months ended September 30, 2016 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 2/22/16 Garden City Park Garden City Park, NY Operating 100% $17,300 — 10,171 2,940 3/4/16 The Market at Springwoods Village (1) Houston, TX Development 53% 17,994 — — — 5/16/16 Market Common Clarendon Arlington, VA Operating 100% 280,500 — 15,428 15,662 7/15/2016 Klahanie Shopping Center Sammamish, WA Operating 100% 35,988 — 2,264 539 8/4/2016 The Village at Tustin Legacy Tustin, CA Development 100% 18,800 — — — Total property acquisitions $370,582 — 27,863 19,141 (1) Regency acquired a 53% controlling interest in the Market at Springwoods Village partnership to develop a shopping center on land contributed by the partner. As a result of consolidation, the Company recorded the partner's non-controlling interest of $8.4 million in Limited partners' interests in consolidated partnerships in the accompanying Consolidated Balance Sheets. (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 The results of operations from acquisitions are included in the Consolidated Statements of Operations beginning on the acquisition date. Results of operations related to the material acquisition of Market Common Clarendon resulted in the following impact to Revenues and Net income attributable to common stockholders for the three and nine months ended September 30, 2016 , as follows: September 30, 2016 (in thousands) Three months ended Nine months ended Increase in total revenues $ 4,333 6,620 Increase (decrease) in net income attributable to common stockholders (1) 1,490 (130 ) (1) Includes $59,000 and $1.5 million of transaction costs during the three and nine months ended September 30, 2016 , respectively, which are recorded in Other operating expenses in the accompanying Consolidated Statements of Operations. The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of financing the Market Common Clarendon acquisition as if it had occurred on January 1, 2015: (Pro Forma) (Pro Forma) Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Total revenues $ 152,768 146,908 462,562 438,273 Income from operations (1) 1,592 33,010 85,153 96,496 Net income attributable to common stockholders (1) 5,363 54,761 90,808 113,091 Income per common share - basic $ 0.05 0.57 0.89 1.17 Income per common share - diluted 0.05 0.57 0.89 1.16 (1) The pro forma earnings for the three and nine months ended September 30, 2016 were adjusted to exclude $59,000 and $1.5 million , respectively, of acquisition costs, while 2015 pro forma earnings were adjusted to include those costs during the first quarter of 2015. The pro forma financial data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the results of operations for future periods. The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Market Common Clarendon acquisition: Nine months ended (in years) September 30, 2016 Assets: In-place leases 7.4 Liabilities: Acquired lease intangible liabilities 7.9 |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | 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) 2016 2015 2016 2015 Net proceeds from sale of real estate investments $ 47,180 $ 67,345 $ 85,885 (1 ) $ 93,727 Gain on sale of real estate, net of tax $ 9,580 $ 27,755 $ 22,997 $ 34,215 Provision for impairment $ — $ — $ (1,666 ) — Number of operating properties sold 3 2 7 4 Number of land parcels sold 2 — 12 — Percent interest sold 100 % 100 % 100 % 100 % (1) Includes cash deposits received in the previous year. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt consisted of the following: (in thousands) September 30, 2016 December 31, 2015 Notes payable: Fixed rate mortgage loans $ 418,358 475,214 Variable rate mortgage loans 53,975 (1) 34,154 Fixed rate unsecured loans 891,867 1,190,403 Total notes payable 1,364,200 1,699,771 Unsecured credit facilities: Line of Credit (the "Line") — — Term Loan 263,421 164,514 Total unsecured credit facilities 263,421 164,514 Total debt outstanding $ 1,627,621 1,864,285 (1) As of September 30, 2016 , the amount consists of two mortgages with variable interest rates of one month LIBOR plus 150 basis points and which mature on October 16, 2020 and April 1, 2023 , respectively. Interest rate swaps are in place fixing the interest rates at 3.696% on $28.1 million and 2.803% on $20.0 million , respectively. See note 5. As of September 30, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows: September 30, 2016 Weighted Average Effective Rate Weighted Average Contractual Rate Mortgage loans 6.0% 6.0% Fixed rate unsecured loans 5.3% 4.5% Line (1) 1.8% 1.4% Term loan 2.1% 2.0% (1) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. Significant financing activity since December 31, 2015 includes the following: • The Company has repaid three mortgages totaling $41.6 million that were scheduled to mature during 2016 . • The Company issued new variable rate mortgage debt of $20.0 million , related to one of the mortgages that matured during 2016 , and fixed the rate at 2.803% with an interest rate swap. • The Company amended its existing Term Loan, which increased the facility size by $100.0 million to $265.0 million , extended the maturity date to January 5, 2022 and reduced the applicable interest rate. The Term Loan now bears interest at LIBOR plus a ratings based margin of 0.95% per annum, subject to adjustment from time to time based on changes to the Company's corporate credit rating. At closing, the Company executed interest rate swaps for the full notional amount of the Term Loan, which fixed the interest rate at 2.0% through maturity. • In August, the Company redeemed the entirety of its $300 million of 5.875% senior unsecured notes due June 15, 2017 (" $300 million notes") funded from proceeds from an equity offering, as discussed in note 7. The redemption payment included a $13.2 million make-whole premium that was expensed during the three months ended September 30, 2016 . As of September 30, 2016 , scheduled principal payments and maturities on notes payable were as follows: (in thousands) September 30, 2016 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2016 $ 1,428 — — 1,428 2017 5,507 117,298 — 122,805 2018 4,826 57,358 — 62,184 2019 3,753 106,000 — 109,753 2020 4,091 84,222 150,000 238,313 Beyond 5 Years 11,933 70,071 1,015,000 1,097,004 Unamortized debt premium/(discount) and issuance costs — 5,846 (9,712 ) (3,866 ) Total $ 31,538 440,795 1,155,288 1,627,621 (1) Includes unsecured public debt and unsecured credit facilities. The Company was in compliance as of September 30, 2016 with the financial and other covenants under its unsecured public debt and unsecured credit facilities. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
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) Assets (Liabilities) (2) Effective Date Maturity Date Early Termination Date (1) Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2016 December 31, 2015 10/16/13 10/16/20 N/A $ 28,100 1 Month LIBOR 2.196% $ (1,373 ) (898 ) 8/1/16 1/5/22 N/A 200,000 1 Month LIBOR 1.048% 423 — 8/1/16 1/5/22 N/A 65,000 1 Month LIBOR 1.070% 53 — 4/7/16 4/1/23 N/A 20,000 1 Month LIBOR 1.303% (264 ) — 6/15/17 6/15/27 12/15/17 20,000 3 Month LIBOR 3.488% (3) — (1,798 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (3) — (8,922 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (3) — (8,921 ) Total derivative financial instruments $ (1,161 ) (20,539 ) (1) Represents the date specified in the agreement for either optional or mandatory early termination by the counterparty, which will result in cash settlement. The Company has the option to terminate and settle at any date prior to this. (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 2014, the Company entered into $220 million of forward starting interest rate swaps to hedge the interest rate on new fixed rate ten year debt that the Company expected to issue in June 2017 for the specific purpose of repaying at maturity the $300 million notes. These interest rate swaps locked in a weighted average fixed rate of 3.48% , before the Company's credit spread. These swaps were settled during the during the third quarter of 2016, as further described below. 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, as of September 30, 2016 , 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 Sheets. 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, in the accompanying Consolidated Statements of Operations. 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) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ 1,294 (15,768 ) Interest $ (2,525 ) (2,155 ) Loss on derivative instruments $ (40,586 ) — 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) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (25,338 ) (11,274 ) Interest $ (7,477 ) (6,654 ) Loss on derivative instruments $ (40,586 ) — As of September 30, 2016 , the Company expects $10.7 million of net deferred losses on derivative instruments accumulated in Other comprehensive income, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. Included in the reclass is $8.4 million which is related to previously settled swaps on the Company's ten year fixed rate unsecured loans. Hedge Settlement During the third quarter of 2016, the Company initiated and completed a $400.1 million equity offering, as further described in note 7, for the primary purpose of funding the early redemption of its $300 million notes. The Company also used $40.6 million from the net offering proceeds to settle $220 million of forward starting swaps related to new debt previously expected to be issued in 2017 to repay the notes at maturity. As a result of the equity offering, the Company believed that the issuance of new fixed rate debt within the remaining period of the forward starting swaps was probable not to occur. Accordingly, the Company ceased hedge accounting and reclassified the $40.6 million paid to settle the forward starting swaps from Accumulated other comprehensive loss to earnings during the third quarter of 2016. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 December 31, 2015 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 10,480 10,460 $ 10,480 10,620 Financial liabilities: Notes payable $ 1,364,200 1,478,100 $ 1,699,771 1,793,200 Unsecured credit facilities $ 263,421 264,800 $ 164,514 165,300 The above fair values represent management's estimate of 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, 2016 and December 31, 2015 . These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the 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 collateral risk of 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, 2016 December 31, 2015 Low High Low High Notes receivable 6.8% 6.8% 6.3% 6.3% Notes payable 2.7% 3.8% 2.8% 4.2% Unsecured credit facilities 1.5% 1.5% 1.1% 1.1% (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, 2016 (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 $ 29,280 29,280 — — Available-for-sale securities 8,017 — 8,017 — Interest rate derivatives 476 — 476 — Total $ 37,773 29,280 8,493 — Liabilities: Interest rate derivatives $ (1,637 ) — (1,637 ) — Fair Value Measurements as of December 31, 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 $ 29,093 29,093 — — Available-for-sale securities 7,922 — 7,922 — Total $ 37,015 29,093 7,922 — Liabilities: Interest rate derivatives $ (20,539 ) — (20,539 ) — There were no assets measured at fair value on a nonrecurring basis as of September 30, 2016 or December 31, 2015 . |
Equity and Capital
Equity and Capital | 9 Months Ended |
Sep. 30, 2016 | |
Equity and Capital [Abstract] | |
Equity and Capital | Equity and Capital Common Stock of the Parent Company Issuances : At the Market ("ATM") Program 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, 2016 , $70.8 million of common stock remained available for issuance under this ATM equity program. There were no shares issued under the ATM equity program during the three months ended September 30, 2016 or 2015 . The following table presents the shares that were issued under the ATM equity program during the nine months ended September 30, 2016 and 2015: Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2016 2015 Shares issued (1) 182,787 18,125 Weighted average price per share $ 68.85 64.72 Gross proceeds $ 12,584 1,173 Commissions $ 157 15 Issuance costs $ 80 — (1) Reflects shares traded in December and settled in January each year. Forward Equity Offering In March 2016, the Parent Company entered into a forward sale agreement (the "Forward Equity Offering") to issue 3.10 million shares of its common stock at an offering price of $75.25 per share before any underwriting discount and offering expenses. In June 2016, the Parent Company partially settled its forward equity offering by delivering 1.85 million shares of newly issued common stock, receiving $137.5 million of net proceeds, which were used to repay the Line. The remaining 1.25 million shares must be settled under the forward sale agreement prior to June 23, 2017 . Equity Offering In July 2016, the Parent Company issued 5.0 million shares of common stock at $79.78 per share resulting in net proceeds of $400.1 million , used to (i) redeem, in August, the entire $300 million notes, including a make-whole payment, (ii) settle forward interest rate swaps, and (iii) fund investment activities, and for general corporate purposes. 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, 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 ) 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, 2015 $ (58,650 ) (43 ) (58,693 ) (785 ) — (785 ) (59,478 ) Other comprehensive income before reclassifications (25,015 ) 89 (24,926 ) (322 ) — (322 ) (25,248 ) Amounts reclassified from accumulated other comprehensive income 47,880 — 47,880 183 — 183 48,063 Current period other comprehensive income, net 22,865 89 22,954 (139 ) — (139 ) 22,815 Balance as of September 30, 2016 $ (35,785 ) 46 (35,739 ) (924 ) — (924 ) (36,663 ) The following represents amounts reclassified out of AOCI into income: AOCI Component Amount Reclassified from AOCI into income Affected Line Item(s) Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Interest rate swaps $ 43,111 2,155 $ 48,063 6,654 Interest expense and Loss on derivative instruments |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
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 2016 , the Company granted 191,128 shares of restricted stock with a weighted-average grant-date fair value of $79.40 per share. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [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 in a Rabbi trust. The following table reflects the balances of the assets held in the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2016 December 31, 2015 Assets: Trading securities held in trust $ 29,280 29,093 Liabilities: Accounts payable and other liabilities $ 28,875 28,632 The assets and liabilities presented include the trading securities held in the Rabbi trust and the related participant obligations. The Company's common stock held in the Rabbi trust, and the related participant obligation, is presented within Stockholders' equity in the accompanying Consolidated Balance Sheets as Treasury stock and part of Additional paid in capital, respectively. |
Earnings per Share and Unit
Earnings per Share and Unit | 9 Months Ended |
Sep. 30, 2016 | |
Earnings per Share and Unit [Abstract] | |
Earnings per Share and Unit | 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) 2016 2015 2016 2015 Numerator: Income from operations attributable to common stockholders - basic $ 5,305 53,731 $ 87,992 111,384 Income from operations attributable to common stockholders - diluted $ 5,305 53,731 $ 87,992 111,384 Denominator: Weighted average common shares outstanding for basic EPS 103,675 94,158 99,639 94,080 Weighted average common shares outstanding for diluted EPS (1) 104,255 94,595 100,128 94,483 Income per common share – basic $ 0.05 0.57 $ 0.88 1.18 Income per common share – diluted $ 0.05 0.57 $ 0.88 1.18 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering using the treasury stock method. 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, 2016 and 2015 were 154,170 . 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) 2016 2015 2016 2015 Numerator: Income from operations attributable to common unit holders - basic $ 5,321 53,825 $ 88,157 111,588 Income from operations attributable to common unit holders - diluted $ 5,321 53,825 $ 88,157 111,588 Denominator: Weighted average common units outstanding for basic EPU 103,829 94,312 99,793 94,234 Weighted average common units outstanding for diluted EPU (1) 104,409 94,749 100,282 94,637 Income per common unit – basic $ 0.05 0.57 $ 0.88 1.18 Income per common unit – diluted $ 0.05 0.57 $ 0.88 1.18 (1) Includes the dilutive impact of unvested restricted stock and forward equity offering using the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
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. The Company 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 on behalf of its captive insurance program and to facilitate the construction of development projects. As of September 30, 2016 and December 31, 2015 , the Company had $5.8 million and $5.9 million , respectively, in letters of credit outstanding. |
Organization and Principles o23
Organization and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | Reclassifications During the nine months ended September 30, 2016 , the Company reclassified its land held for future development from Properties in development to Land within the accompanying Consolidated Balance Sheets. The Company reclassified prior period amounts of $47.3 million to conform to current period presentation. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2015-02, February 2015 , Consolidation (Topic 810): Amendments to the Consolidation Analysis ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs. January 2016 The adoption of this standard resulted in five additional investment partnerships being considered variable interest entities due to the limited partners' lack of substantive participation in the partnerships. This did not result in any impact to the Company's Consolidated Balance Sheets, Statements of Operations, or Cash Flows, but did result in additional disclosures about its relationships with and exposure to variable interest entities. ASU 2015-03, April 2015, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 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. January 2016 The adoption and implementation of this standard has resulted in the retrospective presentation of debt issuance costs associated with the Company's notes payable and term loans as a direct deduction from the carrying amount of the related debt instruments (previously, included in deferred costs in the consolidated balance sheets). Unamortized debt issuance costs of $8.2 million has been reclassified to offset the related debt as of December 31, 2015. ASU 2015-15, August 2015, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ASU 2015-15 clarifies that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset, amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. January 2016 The adoption of this standard resulted in debt issuance costs related to the Line of credit ("Line") to continue being presented as an asset in the Consolidated Balance Sheets, previously within deferred costs, and now presented within other assets. Standard Description Date of adoption Effect on the financial statements or other significant matters Not yet adopted: ASU 2014-15, August 2014, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern The standard requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. December 2016 The Company does not expect the adoption of this standard to have an impact on its Consolidated Balance Sheets, Statements of Operations, or Cash Flows but will result in more disclosure surrounding the Company's plans for addressing significant upcoming debt maturities. ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities, an option to recognize stock compensation forfeitures as they occur, and changes to classification on the statement of cash flows. January 2017 The Company does not expect the adoption of this standard to have an impact on its financial statements and related disclosures. Revenue from Contracts with Customers (Topic 606): ASU 2014-09, May 2014, Revenue from Contracts with Customers (Topic 606) ASU 2016-08, March 2016, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. January 2018 The Company is currently evaluating the alternative methods of adoption and the impact it may have on its financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 The Company does not expect the adoption and implementation of this standard to have a material impact on its results of operations, financial condition or cash flows. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. Early adoption is permitted on a retrospective basis. January 2018 The ASU is consistent with the Company's current treatment and the Company does not expect the adoption and implementation of this standard to have an impact on its cash flow statement. ASU 2016-02, February 2016, Leases (Topic 842) The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting, including a change to the treatment of initial direct leasing costs, which no longer considers fixed internal leasing salaries as capitalizable costs. Early adoption of this standard is permitted to coincide with adoption of ASU 2014-09. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 The Company is currently evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 2020 The Company is currently evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Real Estate Partnerships Regency has an ownership interest in 121 properties through partnerships, of which 11 are consolidated, with institutional investors, other real estate developers and/or operators, and individual parties who help Regency source transactions for development and investment ("the Partners", "limited partners"). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property management to the partnerships. The partners’ level of involvement varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to involvement in approving leases, operating budgets, and capital budgets. • Those partnerships for which the partners only have protective rights are considered VIEs under ASC 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests. The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. Regency does not provide financial support to the VIEs. • Those partnerships for which the partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. ◦ Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. ◦ Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and its ownership interest is recognized through single-line presentation as Investments in Real Estate Partnerships, in the Consolidated Balance Sheet, and Equity in Income of Investments in Real Estate Partnerships, in the Consolidated Statements of Operations. Distributions received from these partnerships are accounted for using the look-through method with returns of capital from property sales or debt financing considered investing cash flows and the remaining distributions generally considered operating cash flows. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships. |
Consolidation, Policy [Policy Text Block] | Consolidation The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIEs"). For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company's determination of the primary beneficiary considers all relationships between it and the VIE, including management agreements and other contractual arrangements. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2016 , the Parent Company owned approximately 99.9% of the outstanding common Partnership Units of the Operating Partnership with the remaining limited Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity, and the Parent Company is the primary beneficiary which consolidates it. The Parent Company’s only investment is the Operating Partnership. |
Organization and Principles o24
Organization and Principles of Consolidation Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's VIEs are as follows: (in thousands) September 30, 2016 December 31, 2015 Assets Real estate assets, net $ 84,586 81,424 Cash and cash equivalents 7,822 790 Liabilities Notes payable 8,169 17,948 Equity Limited partners’ interests in consolidated partnerships 17,374 11,058 |
Organization and Principles o25
Organization and Principles of Consolidation Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2015-02, February 2015 , Consolidation (Topic 810): Amendments to the Consolidation Analysis ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs. January 2016 The adoption of this standard resulted in five additional investment partnerships being considered variable interest entities due to the limited partners' lack of substantive participation in the partnerships. This did not result in any impact to the Company's Consolidated Balance Sheets, Statements of Operations, or Cash Flows, but did result in additional disclosures about its relationships with and exposure to variable interest entities. ASU 2015-03, April 2015, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 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. January 2016 The adoption and implementation of this standard has resulted in the retrospective presentation of debt issuance costs associated with the Company's notes payable and term loans as a direct deduction from the carrying amount of the related debt instruments (previously, included in deferred costs in the consolidated balance sheets). Unamortized debt issuance costs of $8.2 million has been reclassified to offset the related debt as of December 31, 2015. ASU 2015-15, August 2015, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ASU 2015-15 clarifies that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset, amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. January 2016 The adoption of this standard resulted in debt issuance costs related to the Line of credit ("Line") to continue being presented as an asset in the Consolidated Balance Sheets, previously within deferred costs, and now presented within other assets. Standard Description Date of adoption Effect on the financial statements or other significant matters Not yet adopted: ASU 2014-15, August 2014, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern The standard requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. December 2016 The Company does not expect the adoption of this standard to have an impact on its Consolidated Balance Sheets, Statements of Operations, or Cash Flows but will result in more disclosure surrounding the Company's plans for addressing significant upcoming debt maturities. ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities, an option to recognize stock compensation forfeitures as they occur, and changes to classification on the statement of cash flows. January 2017 The Company does not expect the adoption of this standard to have an impact on its financial statements and related disclosures. Revenue from Contracts with Customers (Topic 606): ASU 2014-09, May 2014, Revenue from Contracts with Customers (Topic 606) ASU 2016-08, March 2016, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. January 2018 The Company is currently evaluating the alternative methods of adoption and the impact it may have on its financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 The Company does not expect the adoption and implementation of this standard to have a material impact on its results of operations, financial condition or cash flows. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. Early adoption is permitted on a retrospective basis. January 2018 The ASU is consistent with the Company's current treatment and the Company does not expect the adoption and implementation of this standard to have an impact on its cash flow statement. ASU 2016-02, February 2016, Leases (Topic 842) The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting, including a change to the treatment of initial direct leasing costs, which no longer considers fixed internal leasing salaries as capitalizable costs. Early adoption of this standard is permitted to coincide with adoption of ASU 2014-09. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 The Company is currently evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 2020 The Company is currently evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Market Common Clarendon acquisition: Nine months ended (in years) September 30, 2016 Assets: In-place leases 7.4 Liabilities: Acquired lease intangible liabilities 7.9 |
Business Acquisition, Pro Forma Information [Table Text Block] | The results of operations from acquisitions are included in the Consolidated Statements of Operations beginning on the acquisition date. Results of operations related to the material acquisition of Market Common Clarendon resulted in the following impact to Revenues and Net income attributable to common stockholders for the three and nine months ended September 30, 2016 , as follows: September 30, 2016 (in thousands) Three months ended Nine months ended Increase in total revenues $ 4,333 6,620 Increase (decrease) in net income attributable to common stockholders (1) 1,490 (130 ) (1) Includes $59,000 and $1.5 million of transaction costs during the three and nine months ended September 30, 2016 , respectively, which are recorded in Other operating expenses in the accompanying Consolidated Statements of Operations. The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of financing the Market Common Clarendon acquisition as if it had occurred on January 1, 2015: (Pro Forma) (Pro Forma) Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2016 2015 2016 2015 Total revenues $ 152,768 146,908 462,562 438,273 Income from operations (1) 1,592 33,010 85,153 96,496 Net income attributable to common stockholders (1) 5,363 54,761 90,808 113,091 Income per common share - basic $ 0.05 0.57 0.89 1.17 Income per common share - diluted 0.05 0.57 0.89 1.16 (1) The pro forma earnings for the three and nine months ended September 30, 2016 were adjusted to exclude $59,000 and $1.5 million , respectively, of acquisition costs, while 2015 pro forma earnings were adjusted to include those costs during the first quarter of 2015. The pro forma financial data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the results of operations for future periods. |
Schedule of business acquisitions | (in thousands) Nine months ended September 30, 2016 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 2/22/16 Garden City Park Garden City Park, NY Operating 100% $17,300 — 10,171 2,940 3/4/16 The Market at Springwoods Village (1) Houston, TX Development 53% 17,994 — — — 5/16/16 Market Common Clarendon Arlington, VA Operating 100% 280,500 — 15,428 15,662 7/15/2016 Klahanie Shopping Center Sammamish, WA Operating 100% 35,988 — 2,264 539 8/4/2016 The Village at Tustin Legacy Tustin, CA Development 100% 18,800 — — — Total property acquisitions $370,582 — 27,863 19,141 (1) Regency acquired a 53% controlling interest in the Market at Springwoods Village partnership to develop a shopping center on land contributed by the partner. As a result of consolidation, the Company recorded the partner's non-controlling interest of $8.4 million in Limited partners' interests in consolidated partnerships in the accompanying Consolidated Balance Sheets. (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 |
Property Dispositions (Tables)
Property Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) 2016 2015 2016 2015 Net proceeds from sale of real estate investments $ 47,180 $ 67,345 $ 85,885 (1 ) $ 93,727 Gain on sale of real estate, net of tax $ 9,580 $ 27,755 $ 22,997 $ 34,215 Provision for impairment $ — $ — $ (1,666 ) — Number of operating properties sold 3 2 7 4 Number of land parcels sold 2 — 12 — Percent interest sold 100 % 100 % 100 % 100 % (1) Includes cash deposits received in the previous year. |
Notes Payable and Unsecured C28
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The Company’s outstanding debt consisted of the following: (in thousands) September 30, 2016 December 31, 2015 Notes payable: Fixed rate mortgage loans $ 418,358 475,214 Variable rate mortgage loans 53,975 (1) 34,154 Fixed rate unsecured loans 891,867 1,190,403 Total notes payable 1,364,200 1,699,771 Unsecured credit facilities: Line of Credit (the "Line") — — Term Loan 263,421 164,514 Total unsecured credit facilities 263,421 164,514 Total debt outstanding $ 1,627,621 1,864,285 (1) As of September 30, 2016 , the amount consists of two mortgages with variable interest rates of one month LIBOR plus 150 basis points and which mature on October 16, 2020 and April 1, 2023 , respectively. Interest rate swaps are in place fixing the interest rates at 3.696% on $28.1 million and 2.803% on $20.0 million , respectively. See note 5. |
Schedule of long-term debt | As of September 30, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows: September 30, 2016 Weighted Average Effective Rate Weighted Average Contractual Rate Mortgage loans 6.0% 6.0% Fixed rate unsecured loans 5.3% 4.5% Line (1) 1.8% 1.4% Term loan 2.1% 2.0% (1) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. |
Schedule of maturities of long-term debt | As of September 30, 2016 , scheduled principal payments and maturities on notes payable were as follows: (in thousands) September 30, 2016 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2016 $ 1,428 — — 1,428 2017 5,507 117,298 — 122,805 2018 4,826 57,358 — 62,184 2019 3,753 106,000 — 109,753 2020 4,091 84,222 150,000 238,313 Beyond 5 Years 11,933 70,071 1,015,000 1,097,004 Unamortized debt premium/(discount) and issuance costs — 5,846 (9,712 ) (3,866 ) Total $ 31,538 440,795 1,155,288 1,627,621 (1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | 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) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ 1,294 (15,768 ) Interest $ (2,525 ) (2,155 ) Loss on derivative instruments $ (40,586 ) — 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) 2016 2015 2016 2015 2016 2015 Interest rate swaps $ (25,338 ) (11,274 ) Interest $ (7,477 ) (6,654 ) Loss on derivative instruments $ (40,586 ) — |
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) Assets (Liabilities) (2) Effective Date Maturity Date Early Termination Date (1) Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2016 December 31, 2015 10/16/13 10/16/20 N/A $ 28,100 1 Month LIBOR 2.196% $ (1,373 ) (898 ) 8/1/16 1/5/22 N/A 200,000 1 Month LIBOR 1.048% 423 — 8/1/16 1/5/22 N/A 65,000 1 Month LIBOR 1.070% 53 — 4/7/16 4/1/23 N/A 20,000 1 Month LIBOR 1.303% (264 ) — 6/15/17 6/15/27 12/15/17 20,000 3 Month LIBOR 3.488% (3) — (1,798 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (3) — (8,922 ) 6/15/17 6/15/27 12/15/17 100,000 3 Month LIBOR 3.480% (3) — (8,921 ) Total derivative financial instruments $ (1,161 ) (20,539 ) (1) Represents the date specified in the agreement for either optional or mandatory early termination by the counterparty, which will result in cash settlement. The Company has the option to terminate and settle at any date prior to this. (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 2014, the Company entered into $220 million of forward starting interest rate swaps to hedge the interest rate on new fixed rate ten year debt that the Company expected to issue in June 2017 for the specific purpose of repaying at maturity the $300 million notes. These interest rate swaps locked in a weighted average fixed rate of 3.48% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 December 31, 2015 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 10,480 10,460 $ 10,480 10,620 Financial liabilities: Notes payable $ 1,364,200 1,478,100 $ 1,699,771 1,793,200 Unsecured credit facilities $ 263,421 264,800 $ 164,514 165,300 |
Fair Value, Interest rate ranges [Table Text Block] | The following interest rate ranges were used by the Company to estimate the fair value of its financial instruments: September 30, 2016 December 31, 2015 Low High Low High Notes receivable 6.8% 6.8% 6.3% 6.3% Notes payable 2.7% 3.8% 2.8% 4.2% Unsecured credit facilities 1.5% 1.5% 1.1% 1.1% |
Summary of assets measured on recurring basis | 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, 2016 (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 $ 29,280 29,280 — — Available-for-sale securities 8,017 — 8,017 — Interest rate derivatives 476 — 476 — Total $ 37,773 29,280 8,493 — Liabilities: Interest rate derivatives $ (1,637 ) — (1,637 ) — Fair Value Measurements as of December 31, 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 $ 29,093 29,093 — — Available-for-sale securities 7,922 — 7,922 — Total $ 37,015 29,093 7,922 — Liabilities: Interest rate derivatives $ (20,539 ) — (20,539 ) — |
Equity and Capital (Tables)
Equity and Capital (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 during the nine months ended September 30, 2016 and 2015: Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2016 2015 Shares issued (1) 182,787 18,125 Weighted average price per share $ 68.85 64.72 Gross proceeds $ 12,584 1,173 Commissions $ 157 15 Issuance costs $ 80 — (1) Reflects shares traded in December and settled in January each year. |
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, 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 ) 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, 2015 $ (58,650 ) (43 ) (58,693 ) (785 ) — (785 ) (59,478 ) Other comprehensive income before reclassifications (25,015 ) 89 (24,926 ) (322 ) — (322 ) (25,248 ) Amounts reclassified from accumulated other comprehensive income 47,880 — 47,880 183 — 183 48,063 Current period other comprehensive income, net 22,865 89 22,954 (139 ) — (139 ) 22,815 Balance as of September 30, 2016 $ (35,785 ) 46 (35,739 ) (924 ) — (924 ) (36,663 ) |
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(s) Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2016 2015 2016 2015 Interest rate swaps $ 43,111 2,155 $ 48,063 6,654 Interest expense and Loss on derivative instruments |
Non-Qualified Deferred Compen32
Non-Qualified Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | The following table reflects the balances of the assets held in the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2016 December 31, 2015 Assets: Trading securities held in trust $ 29,280 29,093 Liabilities: Accounts payable and other liabilities $ 28,875 28,632 The assets and liabilities presented include the trading securities held in the Rabbi trust and the related participant obligations. The Company's common stock held in the Rabbi trust, and the related participant obligation, is presented within Stockholders' equity in the accompanying Consolidated Balance Sheets as Treasury stock and part of Additional paid in capital, respectively. |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) 2016 2015 2016 2015 Numerator: Income from operations attributable to common stockholders - basic $ 5,305 53,731 $ 87,992 111,384 Income from operations attributable to common stockholders - diluted $ 5,305 53,731 $ 87,992 111,384 Denominator: Weighted average common shares outstanding for basic EPS 103,675 94,158 99,639 94,080 Weighted average common shares outstanding for diluted EPS (1) 104,255 94,595 100,128 94,483 Income per common share – basic $ 0.05 0.57 $ 0.88 1.18 Income per common share – diluted $ 0.05 0.57 $ 0.88 1.18 |
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) 2016 2015 2016 2015 Numerator: Income from operations attributable to common unit holders - basic $ 5,321 53,825 $ 88,157 111,588 Income from operations attributable to common unit holders - diluted $ 5,321 53,825 $ 88,157 111,588 Denominator: Weighted average common units outstanding for basic EPU 103,829 94,312 99,793 94,234 Weighted average common units outstanding for diluted EPU (1) 104,409 94,749 100,282 94,637 Income per common unit – basic $ 0.05 0.57 $ 0.88 1.18 Income per common unit – diluted $ 0.05 0.57 $ 0.88 1.18 (1) Includes the dilutive impact of unvested restricted stock and forward equity offering using the treasury stock method. |
Organization and Principles o34
Organization and Principles of Consolidation (Details) | 9 Months Ended |
Sep. 30, 2016retail_shopping_center | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Document Period End Date | Sep. 30, 2016 |
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 | 197 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 110 |
Partially Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 121 |
Consolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 11 |
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 | 99.90% |
Organization and Principles o35
Organization and Principles of Consolidation Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 8,169 | $ 17,948 |
Noncontrolling Interest in Variable Interest Entity | 17,374 | 11,058 |
Real Estate [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 84,586 | 81,424 |
Cash and Cash Equivalents [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 7,822 | $ 790 |
Organization and Principles o36
Organization and Principles of Consolidation Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 7.8 | $ 8.2 |
Organization and Principles o37
Organization and Principles of Consolidation Reclassifications (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Reclassifications [Abstract] | |
Prior Period Reclassification Adjustment | $ 47.3 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||
Document Period End Date | Sep. 30, 2016 | ||
Purchase Price | $ 370,582,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | |
Klahanie Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jul. 15, 2016 | ||
Property Name | Klahanie Shopping Center | ||
City/State | Sammamish, WA | ||
Business Acquisition, Description of Acquired Entity | Operating | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |
Purchase Price | $ 35,988,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | |
Market Common Clarendon [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | May 16, 2016 | ||
Property Name | Market Common Clarendon | ||
City/State | Arlington, VA | ||
Business Acquisition, Description of Acquired Entity | Operating | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |
Purchase Price | $ 280,500,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | 0 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 4,333,000 | $ 6,620,000 | |
Garden City [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Feb. 22, 2016 | ||
Property Name | Garden City Park | ||
City/State | Garden City Park, NY | ||
Business Acquisition, Description of Acquired Entity | Operating | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |
Purchase Price | $ 17,300,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | |
The Market at Springwoods Village [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Mar. 4, 2016 | ||
Property Name | The Market at Springwoods Village (1) | ||
City/State | Houston, TX | ||
Business Acquisition, Description of Acquired Entity | Development | ||
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | 53.00% | |
Purchase Price | $ 17,994,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | 0 | |
Non-controlling interest recorded, fair value | $ 8,400,000 | $ 8,400,000 | |
The Village at Tustin Legacy [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Aug. 4, 2016 | ||
Property Name | The Village at Tustin Legacy | ||
City/State | Tustin, CA | ||
Business Acquisition, Description of Acquired Entity | Development | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |
Purchase Price | $ 18,800,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | 0 | |
University Commons [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Sep. 1, 2015 | ||
Property Name | University Commons | ||
City/State | Boca Raton, FL | ||
Business Acquisition, Description of Acquired Entity | Operating | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 80,500,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 42,799,000 | ||
Parent Company [Member] | |||
Business Acquisition [Line Items] | |||
Contributions from limited partners in consolidated partnerships, net | 8,674,000 | 13,000 | |
Partnership Interest [Member] | |||
Business Acquisition [Line Items] | |||
Contributions from limited partners in consolidated partnerships, net | 8,674,000 | 13,000 | |
Non-controlling interest recorded, fair value | 0 | 0 | 0 |
Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 27,863,000 | 27,863,000 | |
Off-Market Favorable Lease [Member] | Klahanie Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,264,000 | 2,264,000 | |
Off-Market Favorable Lease [Member] | Market Common Clarendon [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,428,000 | 15,428,000 | |
Off-Market Favorable Lease [Member] | Garden City [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 10,171,000 | 10,171,000 | |
Off-Market Favorable Lease [Member] | The Market at Springwoods Village [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | 0 | |
Off-Market Favorable Lease [Member] | The Village at Tustin Legacy [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | 0 | |
Off-Market Favorable Lease [Member] | University Commons [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 64,482,000 | ||
Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 19,141,000 | 19,141,000 | |
Off-Market Lease, Unfavorable [Member] | Klahanie Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 539,000 | 539,000 | |
Off-Market Lease, Unfavorable [Member] | Market Common Clarendon [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 15,662,000 | 15,662,000 | |
Off-Market Lease, Unfavorable [Member] | Garden City [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,940,000 | 2,940,000 | |
Off-Market Lease, Unfavorable [Member] | The Market at Springwoods Village [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | 0 | |
Off-Market Lease, Unfavorable [Member] | The Village at Tustin Legacy [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 0 | $ 0 | |
Off-Market Lease, Unfavorable [Member] | University Commons [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 14,039,000 |
Real Estate Investments Busin39
Real Estate Investments Business Acquisitions, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition, Pro Forma Information [Line Items] | ||||
Document Fiscal Year Focus | 2,016 | |||
Business Acquisition, Pro Forma Revenue | $ 152,768 | $ 146,908 | $ 462,562 | $ 438,273 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 1,592 | 33,010 | 85,153 | 96,496 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 5,363 | $ 54,761 | $ 90,808 | $ 113,091 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.0005 | $ 0.0057 | $ 0.0089 | $ 0.0117 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.0005 | $ 0.0057 | $ 0.0089 | $ 0.0116 |
Market Common Clarendon [Member] | ||||
Business Acquisition, Pro Forma Information [Line Items] | ||||
Business Combination, Transaction Costs | $ 100 | $ 1,500 | ||
Business Combination, Pro Forma Information, Expenses of Acquiree since Acquisition Date, Actual | 1,490 | (130) | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 4,333 | $ 6,620 |
Real Estate Investments Acquire
Real Estate Investments Acquired Finite-Lived Intangibles Acquired as Part of a Business Combination (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Acquired Lease Intangible Liabilities [Member] | Parent Company [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Accretion Period of Intangible Liabilities | 7 years 10 months 24 days |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Document Fiscal Year Focus | 2,016 | |||
Document Period End Date | Sep. 30, 2016 | |||
Proceeds from sale of real estate investments | $ 47,180 | $ 67,345 | $ 85,885 | $ 93,727 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 9,580 | 27,755 | 22,997 | 34,215 |
Provision for impairment | $ 0 | $ 0 | $ (1,666) | $ 0 |
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 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] | ||||
Proceeds from sale of real estate investments | $ 83,675 | $ 93,727 | ||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 9,580 | $ 27,755 | 22,997 | 34,215 |
Revenues | 152,768 | 142,068 | 454,810 | 423,596 |
Operating expenses | 98,228 | 89,467 | 293,675 | 268,262 |
Provision for impairment | $ 0 | $ 0 | $ (1,666) | $ 0 |
Operating Segments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties Sold | property | 3 | 2 | 7 | 4 |
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties Sold | property | 2 | 0 | 12 | 0 |
Notes Payable and Unsecured C42
Notes Payable and Unsecured Credit Facilities (Details) - USD ($) $ in Thousands | Jan. 05, 2022 | Jul. 07, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 13, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Document Period End Date | Sep. 30, 2016 | |||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 1,428 | |||||
2,017 | 122,805 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 62,184 | |||||
2,019 | 109,753 | |||||
2,020 | 238,313 | |||||
Beyond 5 Years | 1,097,004 | |||||
Unamortized debt (discounts) premiums, net | (3,866) | |||||
Long-term Debt | 1,627,621 | $ 1,864,285 | ||||
Mortgages [Member] | ||||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt | 418,358 | 475,214 | ||||
Notes Payable to Banks [Member] | ||||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt | 1,364,200 | 1,699,771 | ||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300,000 | |||||
Total credit facilities | 263,421 | 164,514 | ||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt | 891,867 | 1,190,403 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||
Notice of Repayment of Unsecured Debt Subsequent to Period End Date, Make-Whole Premium Costs | $ 13,200 | |||||
Line of Credit [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total credit facilities | 0 | 0 | ||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Increase in Borrowing Capacity | $ 100,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 265,000 | |||||
Line of Credit Facility, Expiration Date | Jan. 5, 2022 | |||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a ratings based margin of 0.95% | |||||
Line of Credit Facility, Interest Rate at Period End | 2.00% | |||||
Term Loan [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total credit facilities | 263,421 | 164,514 | ||||
Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Notes Payable | 41,584 | $ 76,027 | ||||
Debt repaid | $ 300,000 | $ 350,000 | ||||
Construction Loans [Member] | Variable Income Interest Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate Terms | one month LIBOR plus 150 basis points | |||||
Fellsway $28.1M, Swap fixed 3.696% [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.696% | |||||
Blackrock $20M, Swap fixed 2.803% [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.803% | |||||
Scheduled Principal Payments [Member] | Mortgages [Member] | ||||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 1,428 | |||||
2,017 | 5,507 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 4,826 | |||||
2,019 | 3,753 | |||||
2,020 | 4,091 | |||||
Beyond 5 Years | 11,933 | |||||
Unamortized debt (discounts) premiums, net | 0 | |||||
Long-term Debt | 31,538 | |||||
Mortgage Loan Maturities [Member] | Mortgages [Member] | ||||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 | |||||
2,017 | 117,298 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 57,358 | |||||
2,019 | 106,000 | |||||
2,020 | 84,222 | |||||
Beyond 5 Years | 70,071 | |||||
Unamortized debt (discounts) premiums, net | 5,846 | |||||
Long-term Debt | 440,795 | |||||
Unsecured Maturities [Member] | Unsecured Debt [Member] | ||||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 | |||||
2,017 | 0 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |||||
2,019 | 0 | |||||
2,020 | 150,000 | |||||
Beyond 5 Years | 1,015,000 | |||||
Unamortized debt (discounts) premiums, net | (9,712) | |||||
Long-term Debt | 1,155,288 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from Issuance of Long-term Debt | 20,000 | |||||
Maturities of Long-term Debt [Abstract] | ||||||
Long-term Debt | 53,975 | $ 34,154 | ||||
Derivative @ 2.196% 28.1M [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | 28,100 | |||||
Derivative @ 1.30250% 20.0M [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 20,000 |
Notes Payable and Unsecured C43
Notes Payable and Unsecured Credit Facilities Weighted Average Debt Rates (Details) | Sep. 30, 2016 |
Effective Rate [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 1.80% |
Effective Rate [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 5.30% |
Effective Rate [Member] | Mortgages [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 6.00% |
Effective Rate [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.10% |
Contractual Rate [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 1.40% |
Contractual Rate [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 4.50% |
Contractual Rate [Member] | Mortgages [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 6.00% |
Contractual Rate [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.00% |
Derivatives (Details)
Derivatives (Details) - USD ($) | Jul. 14, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 13, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 1,294,000 | $ (15,768,000) | $ (25,338,000) | $ (11,274,000) | |||
Amount reclassified from accumulated other comprehensive loss | (2,525,000) | (2,155,000) | (7,477,000) | (6,654,000) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (40,586,000) | $ 0 | (40,586,000) | $ 0 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 10,700,000 | ||||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ 40,600,000 | ||||||
Derivative @ 1.070% 65K [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Inception Date | Aug. 1, 2016 | ||||||
Derivative, Maturity Date | Jan. 5, 2022 | ||||||
Derivative, Notional Amount | $ 65,000,000 | $ 65,000,000 | |||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||||
Derivative, Fixed Interest Rate | 1.07% | 1.07% | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 53,000 | $ 53,000 | $ 0 | ||||
Derivative @ 1.048% 200K [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Inception Date | Aug. 1, 2016 | ||||||
Derivative, Maturity Date | Jan. 5, 2022 | ||||||
Derivative, Notional Amount | $ 200,000,000 | $ 200,000,000 | |||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||||
Derivative, Fixed Interest Rate | 1.0477% | 1.0477% | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 423,000 | $ 423,000 | 0 | ||||
Assets [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 220,000,000 | $ 220,000,000 | |||||
Derivative @ 2.196% 28.1M [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% | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (1,373,000) | $ (1,373,000) | (898,000) | ||||
Derivative @ 3.488% 20K [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Inception Date | Jun. 15, 2017 | ||||||
Derivative, Maturity Date | Jun. 15, 2027 | ||||||
Derivative, Early Termination Date | 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% | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 0 | (1,798,000) | ||||
Derivative @ 3.48% 100K [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Inception Date | Jun. 15, 2017 | ||||||
Derivative, Maturity Date | Jun. 15, 2027 | ||||||
Derivative, Early Termination Date | 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% | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 0 | (8,922,000) | ||||
Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 8,400,000 | ||||||
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 | 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% | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 0 | (8,921,000) | ||||
Derivative @ 1.30250% 20.0M [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Inception Date | Apr. 7, 2016 | ||||||
Derivative, Maturity Date | Apr. 1, 2023 | ||||||
Derivative, Notional Amount | $ 20,000,000 | $ 20,000,000 | |||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||||
Derivative, Fixed Interest Rate | 1.3025% | 1.3025% | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (264,000) | $ (264,000) | 0 | ||||
Fair Value, Measurements, Recurring [Member] | |||||||
Derivative [Line Items] | |||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 476,000 | 476,000 | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,637,000) | (1,637,000) | (20,539,000) | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Derivative [Line Items] | |||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 476,000 | 476,000 | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,637,000) | (1,637,000) | (20,539,000) | ||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | $ 1,161,000 | $ 1,161,000 | $ 20,539,000 | ||||
Unsecured Debt [Member] | |||||||
Derivative [Line Items] | |||||||
Notice of Repayment of Unsecured Debt, Subsequent to Period End Date | $ 300,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||
2017 Debt issuance [Member] | Derivative [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Fixed Interest Rate | 3.48% | 3.48% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes receivable | $ 10,480 | $ 10,480 | $ 10,480 | ||
Notes payable | 1,364,200 | 1,364,200 | 1,699,771 | ||
Unsecured credit facilities | 263,421 | 263,421 | 164,514 | ||
Provision for impairment | 0 | $ 0 | (1,666) | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | 29,280 | 29,280 | 29,093 | ||
Available-for-sale Securities | 8,017 | 8,017 | 7,922 | ||
Interest Rate Derivative Assets, at Fair Value | 476 | 476 | |||
Total | 37,773 | 37,773 | 37,015 | ||
Derivative instruments, at fair value | (1,637) | (1,637) | (20,539) | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading securities held in trust | 0 | ||||
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 | 29,280 | 29,280 | 29,093 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |||
Total | 29,280 | 29,280 | 29,093 | ||
Derivative instruments, at fair value | 0 | 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 | 1,478,100 | 1,478,100 | 1,793,200 | ||
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 | 0 | 0 | 0 | ||
Available-for-sale Securities | 8,017 | 8,017 | 7,922 | ||
Interest Rate Derivative Assets, at Fair Value | 476 | 476 | |||
Total | 8,493 | 8,493 | 7,922 | ||
Derivative instruments, at fair value | (1,637) | (1,637) | (20,539) | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Receivable, Fair Value | 10,460 | 10,460 | 10,620 | ||
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 | 0 | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |||
Total | 0 | 0 | 0 | ||
Derivative instruments, at fair value | 0 | $ 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 | 1.50% | 1.10% | |||
Unsecured Credit Facilities [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 1.50% | 1.10% | |||
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 | $ 264,800 | $ 264,800 | $ 165,300 | ||
Notes Payable, Other Payables [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 2.70% | 2.80% | |||
Notes Payable, Other Payables [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 3.80% | 4.20% | |||
Notes Receivable [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 6.80% | 6.30% | |||
Notes Receivable [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 6.80% | 6.30% |
Equity and Capital Equity and C
Equity and Capital Equity and Capital - Common Stock (Details) - USD ($) | Jul. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 13, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||
Document Period End Date | Sep. 30, 2016 | |||||||
Equity Issuances, Amount Available for Issuance | $ 70,800,000 | $ 70,800,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 122,805,000 | 122,805,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 62,184,000 | 62,184,000 | ||||||
Payments of Stock Issuance Costs | $ 80,000 | $ 0 | ||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Equity Issuances, Common Shares Authorized for Issuance | 200,000,000 | 200,000,000 | ||||||
Equity Offering, Common Shares Authorized for Issuance | 3,100,000 | 3,100,000 | ||||||
Forward Equity Offering, Common Shares available for issue | 1,250,000 | 1,250,000 | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 43,111,000 | $ 2,155,000 | $ 48,063,000 | 6,654,000 | ||||
Accumulated other comprehensive loss | $ (36,663,000) | (63,191,000) | $ (36,663,000) | (63,191,000) | $ (59,478,000) | $ (58,498,000) | ||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Forward Equity Offering, Agreement Price Per Share, Common Stock | $ 75.25 | $ 75.25 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 47,880,000 | 6,536,000 | ||||||
Accumulated other comprehensive loss | $ (35,739,000) | $ (62,307,000) | $ (35,739,000) | $ (62,307,000) | $ (58,693,000) | $ (57,748,000) | ||
ATM Equity Offering Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 182,787 | 18,125 | ||||||
Weighted Average Price Per Share | $ 68.85 | $ 64.72 | ||||||
Net proceeds from common stock issuance | $ 12,584,000 | $ 1,173,000 | ||||||
Payments for Commissions | $ 157,000 | $ 15,000 | ||||||
Forward Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 1,850,000 | |||||||
Net proceeds from common stock issuance | $ 137,500,000 | |||||||
Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 5,000,000 | |||||||
Shares Issued, Price Per Share | $ 79.78 | |||||||
Net proceeds from common stock issuance | $ 400,100,000 | |||||||
Unsecured Debt [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% |
Equity and Capital - Accumulate
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Current period other comprehensive income, net | $ 22,815 | $ (4,693) | ||
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 | (25,015) | (11,022) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (58,650) | (57,748) | ||
Current period other comprehensive income, net | 22,865 | (4,486) | ||
Ending balance | $ (35,785) | $ (62,234) | (35,785) | (62,234) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 47,880 | 6,536 | ||
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Current period other comprehensive income, net | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (322) | (252) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (785) | (750) | ||
Current period other comprehensive income, net | (139) | (134) | ||
Ending balance | (924) | (884) | (924) | (884) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 183 | 118 | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (25,248) | (11,347) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (59,478) | (58,498) | ||
Current period other comprehensive income, net | 22,815 | (4,693) | ||
Ending balance | (36,663) | (63,191) | (36,663) | (63,191) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 43,111 | 2,155 | 48,063 | 6,654 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 89 | (73) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (43) | 0 | ||
Current period other comprehensive income, net | 89 | (73) | ||
Ending balance | 46 | (73) | 46 | (73) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (24,926) | (11,095) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (58,693) | (57,748) | ||
Current period other comprehensive income, net | 22,954 | (4,559) | ||
Ending balance | (35,739) | (62,307) | (35,739) | (62,307) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 47,880 | 6,536 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (322) | (252) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (785) | (750) | ||
Current period other comprehensive income, net | (139) | (134) | ||
Ending balance | (924) | (884) | (924) | (884) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 183 | 118 | ||
Partnership Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (58,693) | |||
Current period other comprehensive income, net | 44,458 | $ (13,656) | 22,815 | $ (4,693) |
Ending balance | $ (35,739) | $ (35,739) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 191,128 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 79.40 |
Non-Qualified Deferred Compen49
Non-Qualified Deferred Compensation Plan (Details) - Parent Company [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred Compensation Plan Assets | $ 29,280 | $ 29,093 |
Deferred Compensation Liability, Current and Noncurrent | $ 28,875 | $ 28,632 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Income per common unit - diluted | |||||
Weighted Average Limited Partnership Units Outstanding, Basic | 154,170,000 | 154,170,000 | 154,170 | 154,170,000 | |
Parent Company [Member] | |||||
Earnings Per Share [Abstract] | |||||
Income from operations | $ 1,534 | $ 31,979 | $ 82,337 | $ 94,789 | |
Gain on sale of real estate, net of tax | 22,997 | 34,215 | |||
Net income attributable to common stockholders | $ 5,305 | $ 53,731 | $ 87,992 | $ 111,384 | |
Weighted average common units outstanding for basic EPU (in shares) | 103,675,000 | 94,158,000 | 99,639,000 | 94,080,000 | |
Weighted average common units outstanding for diluted EPU (in shares) | 104,255,000 | 94,595,000 | 100,128,000 | 94,483,000 | |
Income per common share/unit - basic: | |||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 | |
Income per common share/unit - diluted: | |||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 | |
Partnership Interest [Member] | |||||
Earnings Per Share [Abstract] | |||||
Income from operations | $ 1,534 | $ 31,979 | $ 82,337 | $ 94,789 | |
Gain on sale of real estate, net of tax | $ 22,997 | $ 34,215 | |||
Weighted average common units outstanding for basic EPU (in shares) | 103,829,000 | 94,312,000 | 99,793,000 | 94,234,000 | |
Weighted average common units outstanding for diluted EPU (in shares) | 104,409,000 | 94,749,000 | 100,282,000 | 94,637,000 | |
Income per common unit - basic | |||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 | |
Income per common unit - diluted | |||||
Continuing operations (in dollars per share) | $ 0.05 | $ 0.57 | $ 0.88 | $ 1.18 | |
Continuing Operations [Member] | Parent Company [Member] | |||||
Earnings Per Share [Abstract] | |||||
Net income attributable to common stockholders | $ 5,305 | $ 53,731 | $ 87,992 | $ 111,384 | |
Net income for common stock unit/holders - diluted | 5,305 | 53,731 | 87,992 | 111,384 | |
Continuing Operations [Member] | Partnership Interest [Member] | |||||
Earnings Per Share [Abstract] | |||||
Net income attributable to common stockholders | 5,321 | 53,825 | 88,157 | 111,588 | |
Net income for common stock unit/holders - diluted | $ 5,321 | $ 53,825 | $ 88,157 | $ 111,588 | |
Equity Offering [Member] | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 5,000,000 |
Commitments and Contingencies,
Commitments and Contingencies, Letters of Credit (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |
Letters of Credit Outstanding, Amount | $ 5,800,000 | $ 5,900,000 |
Uncategorized Items - reg-20160
Label | Element | Value |
Leases, Acquired-in-Place [Member] | Parent Company [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife | 7 years 4 months 24 days |