Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 910,606 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 169,435,706 | |
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Real estate investments at cost: | ||
Notes receivable | $ 0 | $ 15,803 |
Parent Company [Member] | ||
Real estate investments at cost: | ||
Property, Plant and Equipment, Gross | 10,752,552 | 10,578,430 |
Properties in development | 164,001 | 314,391 |
Gross real estate investments at cost | 10,916,553 | 10,892,821 |
Less: accumulated depreciation | 1,433,120 | 1,339,771 |
Total Cost Net of Accumulated Depreciation | 9,483,433 | 9,553,050 |
Investments in real estate partnerships | 451,220 | 386,304 |
Net real estate investments | 9,934,653 | 9,939,354 |
Real Estate Held-for-sale | 102,163 | 0 |
Cash and cash equivalents | 37,151 | 45,370 |
Restricted cash | 6,089 | 4,011 |
Tenant and other receivables, net of allowance for doubtful accounts and straight-line rent reserves of $14,790 and $12,728 at June 30, 2018 and December 31, 2017, respectively | 155,540 | 170,985 |
Deferred Costs, Leasing, Net | 83,686 | 80,044 |
Acquired lease intangible assets, less accumulated amortization of $188,246 and $148,280 at June 30, 2018 and December 31, 2017, respectively | 432,951 | 478,826 |
Other assets | 429,497 | 427,127 |
Total assets | 11,181,730 | 11,145,717 |
Liabilities: | ||
Notes payable | 3,118,002 | 2,971,715 |
Unsecured credit facilities | 713,498 | 623,262 |
Accounts payable and other liabilities | 215,300 | 234,272 |
Acquired lease intangible liabilities, less accumulated amortization of $75,179 and $56,550 at June 30, 2018 and December 31, 2017, respectively | 517,018 | 537,401 |
Tenants’ security, escrow deposits and prepaid rent | 49,124 | 46,013 |
Total liabilities | 4,612,942 | 4,412,663 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity/Partners' capital: | ||
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 169,435,301 and 171,364,908 shares issued at June 30, 2018 and December 31, 2017, respectively | 1,694 | 1,714 |
Treasury stock at cost, 381,258 and 366,628 shares held at June 30, 2018 and December 31, 2017, respectively | (19,268) | (18,307) |
Additional paid in capital | 7,751,375 | 7,873,104 |
Accumulated other comprehensive income (loss) | 10,317 | (6,289) |
Distributions in excess of net income | (1,216,018) | (1,158,170) |
Total stockholders’ equity | 6,528,100 | 6,692,052 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $21,722 and $24,206 at June 30, 2018 and December 31, 2017, respectively | 10,765 | 10,907 |
Limited partners’ interests in consolidated partnerships | 29,923 | 30,095 |
Stockholders' Equity Attributable to Noncontrolling Interest | 40,688 | 41,002 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,568,788) | (6,733,054) |
Total liabilities and equity | 11,181,730 | 11,145,717 |
Partnership Interest [Member] | ||
Real estate investments at cost: | ||
Property, Plant and Equipment, Gross | 10,752,552 | 10,578,430 |
Properties in development | 164,001 | 314,391 |
Gross real estate investments at cost | 10,916,553 | 10,892,821 |
Less: accumulated depreciation | 1,433,120 | 1,339,771 |
Total Cost Net of Accumulated Depreciation | 9,483,433 | 9,553,050 |
Investments in real estate partnerships | 451,220 | 386,304 |
Net real estate investments | 9,934,653 | 9,939,354 |
Real Estate Held-for-sale | 102,163 | 0 |
Cash and cash equivalents | 37,151 | 45,370 |
Restricted cash | 6,089 | 4,011 |
Tenant and other receivables, net of allowance for doubtful accounts and straight-line rent reserves of $14,790 and $12,728 at June 30, 2018 and December 31, 2017, respectively | 155,540 | 170,985 |
Deferred Costs, Leasing, Net | 83,686 | 80,044 |
Acquired lease intangible assets, less accumulated amortization of $188,246 and $148,280 at June 30, 2018 and December 31, 2017, respectively | 432,951 | 478,826 |
Other assets | 429,497 | 427,127 |
Total assets | 11,181,730 | 11,145,717 |
Liabilities: | ||
Notes payable | 3,118,002 | 2,971,715 |
Unsecured credit facilities | 713,498 | 623,262 |
Accounts payable and other liabilities | 215,300 | 234,272 |
Acquired lease intangible liabilities, less accumulated amortization of $75,179 and $56,550 at June 30, 2018 and December 31, 2017, respectively | 517,018 | 537,401 |
Tenants’ security, escrow deposits and prepaid rent | 49,124 | 46,013 |
Total liabilities | 4,612,942 | 4,412,663 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity/Partners' capital: | ||
General partner; 169,435,301 and 171,364,908 units outstanding at June 30, 2018 and December 31, 2017, respectively | 6,517,783 | 6,698,341 |
Limited partners; 349,902 units outstanding at June 30, 2018 and December 31, 2017 | 10,765 | 10,907 |
Accumulated other comprehensive income (loss) | 10,317 | (6,289) |
Total partners’ capital | 6,538,865 | 6,702,959 |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | 29,923 | 30,095 |
Total noncontrolling interests | 29,923 | 30,095 |
Total equity | 6,568,788 | 6,733,054 |
Total liabilities and equity | $ 11,181,730 | $ 11,145,717 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Parent Company [Member] | ||
Allowance for doubtful accounts receivable | $ 14,790 | $ 12,728 |
Deferred costs accumulated amortization | 97,107 | 93,291 |
Accumulated amortization of acquired lease intangible assets | 188,246 | 148,280 |
Accumulated accretion of acquired lease intangible liabilities | $ 75,179 | $ 56,550 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 169,435,301 | 171,364,908 |
Exchangeable operating partnership units aggregate redemption value | $ 21,722 | $ 24,206 |
Treasury stock, shares held at cost | 381,258 | 366,628 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | $ 14,790 | $ 12,728 |
Deferred costs accumulated amortization | 97,107 | 93,291 |
Accumulated amortization of acquired lease intangible assets | 188,246 | 148,280 |
Accumulated accretion of acquired lease intangible liabilities | $ 75,179 | $ 56,550 |
Preferred units of general partner par value per unit | $ 0.01 | $ 0.01 |
General partner units, outstanding | 169,435,301 | 171,364,908 |
Limited partner units, outstanding | 349,902 | 349,902 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |||
Other expense (income): | ||||
Provision for impairment, net of tax | $ 2,974 | $ 0 | $ 3,348 | $ 0 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 1,123 | 4,366 | 1,219 | 4,781 |
Parent Company [Member] | ||||
Revenues: | ||||
Minimum rent | 208,827 | 195,992 | 410,219 | 337,232 |
Percentage rent | 1,196 | 1,456 | 5,068 | 4,362 |
Revenue from Contract with Customer, Including Assessed Tax | 64,502 | 57,256 | 128,773 | 102,535 |
Property Management Fee Revenue | 6,887 | 6,601 | 14,045 | 13,307 |
Total revenues | 281,412 | 261,305 | 558,105 | 457,436 |
Operating expenses: | ||||
Depreciation and amortization | 89,105 | 92,230 | 177,629 | 152,284 |
Operating and maintenance | 41,851 | 36,105 | 84,367 | 65,868 |
General and administrative | 16,776 | 16,746 | 34,382 | 34,419 |
Real estate taxes | 31,541 | 28,871 | 61,967 | 50,321 |
Other operating expenses (note 2) | 2,799 | 6,862 | 4,432 | 78,425 |
Total operating expenses | 182,072 | 180,814 | 362,777 | 381,317 |
Other expense (income): | ||||
Interest expense, net | 38,074 | 35,407 | 74,859 | 62,606 |
Provision for impairment, net of tax | 12,533 | 0 | 28,587 | 0 |
Gain (Loss) on Extinguishment of Debt | 11,010 | 12,404 | 11,172 | 12,404 |
Marketable Securities, Gain (Loss), Excluding Other-than-temporary Impairment Loss | (569) | (887) | (602) | (1,984) |
Nonoperating Income (Expense) | 61,048 | 46,924 | 114,016 | 73,026 |
Income from operations before equity in income of investments in real estate partnerships | 38,292 | 33,567 | 81,312 | 3,093 |
Equity in income of investments in real estate partnerships | 9,174 | 12,240 | 19,523 | 21,583 |
Income from operations | 47,466 | 45,807 | 100,835 | 24,676 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 1,123 | 4,366 | 1,219 | 4,781 |
Net income | 48,589 | 50,173 | 102,054 | 29,457 |
Noncontrolling interests: | ||||
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | 100 | 104 | 212 | 85 |
Limited partners’ interests in consolidated partnerships | (648) | (576) | (1,342) | (1,247) |
Income attributable to noncontrolling interests | (748) | (680) | (1,554) | (1,332) |
Net income attributable to the Company | 47,841 | 49,493 | 100,500 | 28,125 |
Preferred stock dividends and issuance costs | 0 | (1,125) | 0 | (12,981) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 47,841 | $ 48,368 | $ 100,500 | $ 15,144 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Minimum rent | $ 208,827 | $ 195,992 | $ 410,219 | $ 337,232 |
Percentage rent | 1,196 | 1,456 | 5,068 | 4,362 |
Revenue from Contract with Customer, Including Assessed Tax | 64,502 | 57,256 | 128,773 | 102,535 |
Property Management Fee Revenue | 6,887 | 6,601 | 14,045 | 13,307 |
Total revenues | 281,412 | 261,305 | 558,105 | 457,436 |
Operating expenses: | ||||
Depreciation and amortization | 89,105 | 92,230 | 177,629 | 152,284 |
Operating and maintenance | 41,851 | 36,105 | 84,367 | 65,868 |
General and administrative | 16,776 | 16,746 | 34,382 | 34,419 |
Real estate taxes | 31,541 | 28,871 | 61,967 | 50,321 |
Other operating expenses (note 2) | 2,799 | 6,862 | 4,432 | 78,425 |
Total operating expenses | 182,072 | 180,814 | 362,777 | 381,317 |
Other expense (income): | ||||
Interest expense, net | 38,074 | 35,407 | 74,859 | 62,606 |
Provision for impairment, net of tax | 12,533 | 0 | 28,587 | 0 |
Gain (Loss) on Extinguishment of Debt | 11,010 | 12,404 | 11,172 | 12,404 |
Marketable Securities, Gain (Loss), Excluding Other-than-temporary Impairment Loss | (569) | (887) | (602) | (1,984) |
Nonoperating Income (Expense) | 61,048 | 46,924 | 114,016 | 73,026 |
Income from operations before equity in income of investments in real estate partnerships | 38,292 | 33,567 | 81,312 | 3,093 |
Equity in income of investments in real estate partnerships | 9,174 | 12,240 | 19,523 | 21,583 |
Income from operations | 47,466 | 45,807 | 100,835 | 24,676 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 1,123 | 4,366 | 1,219 | 4,781 |
Net income | 48,589 | 50,173 | 102,054 | 29,457 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (648) | (576) | (1,342) | (1,247) |
Income attributable to noncontrolling interests | (648) | (576) | (1,342) | (1,247) |
Net income attributable to the Company | 47,941 | 49,597 | 100,712 | 28,210 |
Distributions Paid To Preferred Unit Holders | 0 | (1,125) | 0 | (12,981) |
Net income attributable to common unit holders | $ 47,941 | $ 48,472 | $ 100,712 | $ 15,229 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Parent Company [Member] | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (291) | $ (11) | $ 84 | $ (863) |
Partnership Interest [Member] | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (291) | $ (11) | $ 84 | $ (863) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |||
Other comprehensive income (loss): | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 4,289 | $ (3,805) | $ 13,794 | $ (3,873) |
Parent Company [Member] | ||||
Net income | (48,589) | (50,173) | (102,054) | (29,457) |
Other comprehensive income (loss): | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,289 | (3,805) | 13,794 | (3,873) |
Reclassification adjustment of derivative instruments included in net income | 1,415 | 3,071 | 3,553 | 5,726 |
Available-for-sale Securities, Gross Unrealized Gain | 44 | 11 | (75) | 43 |
Other comprehensive income (loss) | 5,748 | (723) | 17,272 | 1,896 |
Comprehensive income | 54,337 | 49,450 | 119,326 | 31,353 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (748) | (680) | (1,554) | (1,332) |
Other comprehensive income (loss) attributable to noncontrolling interests | 195 | (80) | 678 | (15) |
Comprehensive income attributable to noncontrolling interests | 943 | 600 | 2,232 | 1,317 |
Comprehensive income attributable to the Company | 53,394 | 48,850 | 117,094 | 30,036 |
Partnership Interest [Member] | ||||
Net income | (48,589) | (50,173) | (102,054) | (29,457) |
Other comprehensive income (loss): | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,289 | (3,805) | 13,794 | (3,873) |
Reclassification adjustment of derivative instruments included in net income | 1,415 | 3,071 | 3,553 | 5,726 |
Available-for-sale Securities, Gross Unrealized Gain | 44 | 11 | (75) | 43 |
Other comprehensive income (loss) | 5,748 | (723) | 17,272 | 1,896 |
Comprehensive income | 54,337 | 49,450 | 119,326 | 31,353 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (648) | (576) | (1,342) | (1,247) |
Other comprehensive income (loss) attributable to noncontrolling interests | 183 | 79 | 643 | (16) |
Comprehensive income attributable to noncontrolling interests | 831 | 655 | 1,985 | 1,231 |
Comprehensive income attributable to the Company | $ 53,506 | $ 48,795 | $ 117,341 | $ 30,122 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Parent Company [Member] | Partnership Interest [Member] | Preferred Stock [Member]Parent Company [Member] | Common Stock [Member]Parent Company [Member] | Treasury Stock [Member]Parent Company [Member] | Additional Paid-in Capital [Member]Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | 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] | Preferred Stock [Member]Parent Company [Member] | Preferred Stock [Member]Preferred Stock [Member]Parent Company [Member] | Preferred Stock [Member]Common Stock [Member]Parent Company [Member] | Preferred Stock [Member]Treasury Stock [Member]Parent Company [Member] | Preferred Stock [Member]Additional Paid-in Capital [Member]Parent Company [Member] | Preferred Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Preferred Stock [Member]Distributions in Excess of Net Income [Member]Parent Company [Member] | Preferred Stock [Member]Total Stockholders' Equity [Member]Parent Company [Member] | Preferred Stock [Member]Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Preferred Stock [Member]Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Preferred Stock [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] | Partners Capital Total [Member]Partnership Interest [Member] | Noncontrolling Interest [Member]Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Partnership Interest [Member] | Limited Partner [Member]Partnership Interest [Member] | General Partner [Member]Partnership Interest [Member] | Equity One Inc. [Member]Parent Company [Member] | Equity One Inc. [Member]Partnership Interest [Member] | Equity One Inc. [Member]Preferred Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Common Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Treasury Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Additional Paid-in Capital [Member]Parent Company [Member] | Equity One Inc. [Member]Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Equity One Inc. [Member]Distributions in Excess of Net Income [Member]Parent Company [Member] | Equity One Inc. [Member]Total Stockholders' Equity [Member]Parent Company [Member] | Equity One Inc. [Member]Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Equity One Inc. [Member]Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Equity One Inc. [Member]Noncontrolling Interest [Member]Parent Company [Member] | Equity One Inc. [Member]Partners Capital Total [Member]Partnership Interest [Member] | Equity One Inc. [Member]Noncontrolling Interest [Member]Partnership Interest [Member] | Equity One Inc. [Member]Accumulated Other Comprehensive Income (Loss) [Member]Partnership Interest [Member] | Equity One Inc. [Member]Limited Partner [Member]Partnership Interest [Member] | Equity One Inc. [Member]General Partner [Member]Partnership Interest [Member] |
Beginning balance at Dec. 31, 2016 | $ 2,624,502 | $ 325,000 | $ 1,045 | $ (17,062) | $ 3,294,923 | $ (18,346) | $ (994,259) | $ 2,591,301 | $ (1,967) | $ 35,168 | $ 33,201 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 28,125 | $ 28,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29,457 | 29,457 | 0 | 0 | 0 | 0 | 0 | 28,125 | 85 | 1,247 | 1,332 | $ 28,210 | $ 1,247 | $ 0 | $ 85 | $ 28,125 | |||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 1,896 | 1,896 | 0 | 0 | 0 | 0 | $ 1,911 | 1,911 | 0 | 1,911 | 1 | (16) | 1,912 | 1,911 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (15) | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 1 | 0 | 0 | (1,043) | 1,044 | 0 | 0 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 7,171 | 7,171 | 0 | 2 | 0 | 7,169 | 0 | 0 | 7,171 | 0 | 0 | 0 | 7,171 | 0 | 0 | 0 | 7,171 | $ 7,951 | $ 7,951 | $ 0 | $ 1 | $ 0 | $ 7,950 | $ 0 | $ 0 | $ 7,951 | $ 0 | $ 0 | $ 0 | $ 7,951 | $ 0 | $ 0 | $ 0 | $ 7,951 | |||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | $ 18,333 | $ 0 | $ 1 | $ 0 | $ 18,332 | $ 0 | $ 0 | $ 18,333 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | 607 | 607 | 607 | 0 | 0 | 0 | 607 | 0 | 0 | 607 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued, net of issuance costs | 4,471,470 | 0 | 654 | 0 | 4,470,816 | 0 | 0 | 4,471,470 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from partners | 13,441 | 13,441 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13,100 | 341 | 13,441 | 13,100 | 341 | 0 | 13,100 | 0 | ||||||||||||||||||||||||||||||||||||||||
Distributions to partners | (5,946) | (149,761) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,946) | (5,946) | (143,815) | (5,946) | 0 | (264) | (143,551) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | 4,367 | 4,367 | 0 | 0 | 0 | 0 | 0 | 4,367 | 4,367 | 0 | 0 | 0 | (4,367) | 0 | 0 | 0 | 4,367 | ||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | 250,000 | $ 250,000 | $ 250,000 | $ 0 | $ 0 | $ 8,614 | $ 0 | $ 8,614 | $ 250,000 | $ 0 | $ 0 | $ 0 | 250,000 | 0 | 0 | 0 | 250,000 | ||||||||||||||||||||||||||||||||||||||||
Preferred stock | (12,981) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 143,815 | 0 | 0 | 0 | 0 | 0 | 143,551 | 143,551 | 264 | 0 | 264 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2017 | 6,734,035 | 75,000 | 1,701 | (18,105) | 7,772,791 | (16,435) | (1,122,666) | 6,692,286 | 10,955 | 30,794 | 41,749 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 6,763,957 | 0 | 1,714 | (18,307) | 7,873,104 | (6,277) | (1,127,281) | 6,722,953 | 10,907 | 30,097 | 41,004 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 30,903 | 30,903 | 0 | 0 | 0 | 0 | 12 | 12 | 30,889 | 30,901 | 0 | 2 | 2 | 30,901 | 2 | 12 | 0 | 30,889 | |||||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | 6,733,054 | 0 | 1,714 | (18,307) | 7,873,104 | (6,289) | (1,158,170) | 6,692,052 | 10,907 | 30,095 | 41,002 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 100,500 | 100,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 102,054 | 102,054 | 0 | 0 | 0 | 0 | 0 | 100,500 | 212 | 1,342 | 1,554 | 100,712 | 1,342 | 0 | 212 | 100,500 | |||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 17,272 | 17,272 | 0 | 0 | 0 | 0 | $ 16,594 | 16,594 | 0 | 16,594 | 35 | 643 | 16,629 | 16,594 | 35 | 0 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | 678 | 643 | 643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | (4) | 0 | 0 | (961) | 957 | 0 | 0 | (4) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 8,135 | 8,135 | 0 | 1 | 0 | 8,134 | 0 | 0 | 8,135 | 0 | 0 | 0 | 8,135 | 0 | 0 | 0 | 8,135 | ||||||||||||||||||||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 6,540 | 0 | 0 | 0 | 6,540 | 0 | 0 | 6,540 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (124,989) | 0 | (21) | 0 | (124,968) | 0 | 0 | (124,989) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | 678 | 678 | 678 | 0 | 0 | 0 | 678 | 0 | 0 | 678 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued, net of issuance costs | $ 10 | $ 0 | $ 0 | $ 0 | $ 10 | $ 0 | $ 0 | $ 10 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to partners | (2,159) | (191,785) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,159) | (2,159) | (189,626) | (2,159) | 0 | (389) | (189,237) | ||||||||||||||||||||||||||||||||||||||||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | $ 5,852 | $ 5,852 | $ 0 | $ 0 | $ 0 | $ 5,852 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 189,626 | 0 | 0 | 0 | 0 | 0 | 189,237 | 189,237 | 389 | 0 | 389 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2018 | $ 6,568,788 | $ 0 | $ 1,694 | $ (19,268) | $ 7,751,375 | $ 10,317 | $ (1,216,018) | $ 6,528,100 | $ 10,765 | $ 29,923 | $ 40,688 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Parent Company [Member] | ||
Common stock/unit per share | $ 1.04 | $ 1.11 |
Consolidated Statement of Chan9
Consolidated Statement of Changes in Partner Capital Statement - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Partnership Interest [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | $ 4,453,744 | |||
Dividends, Preferred Stock, Cash | (4,367) | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 30,903 | |||
Partners' Capital, Adjusted Balance | 6,763,957 | |||
Net income | $ 102,054 | 29,457 | ||
Other comprehensive income (loss) | 17,272 | 1,896 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 643 | (16) | ||
Deferred Compensation Plan | (4) | (1) | ||
Partners' Capital Account, Contributions | 13,441 | |||
Partners' Capital Account, Distributions | (191,785) | (149,761) | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (124,989) | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,135 | 7,171 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 6,568,788 | 6,734,035 | 6,733,054 | $ 2,624,502 |
Partnership Interest [Member] | Noncontrolling Interest [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | 0 | |||
Dividends, Preferred Stock, Cash | 0 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2 | |||
Partners' Capital, Adjusted Balance | 30,097 | |||
Net income | 1,342 | 1,247 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 643 | (16) | ||
Deferred Compensation Plan | 0 | 0 | ||
Partners' Capital Account, Contributions | 341 | |||
Partners' Capital Account, Distributions | (2,159) | (5,946) | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 29,923 | 30,794 | 30,095 | 35,168 |
Partnership Interest [Member] | Partners Capital Total [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | 4,453,744 | |||
Dividends, Preferred Stock, Cash | 4,367 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 30,901 | |||
Partners' Capital, Adjusted Balance | 6,733,860 | |||
Net income | 100,712 | 28,210 | ||
Other comprehensive income (loss) | 16,629 | 1,912 | ||
Deferred Compensation Plan | (4) | (1) | ||
Partners' Capital Account, Contributions | 13,100 | |||
Partners' Capital Account, Distributions | (189,626) | (143,815) | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (124,989) | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,135 | 7,171 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 6,538,865 | 6,703,241 | 6,702,959 | 2,589,334 |
Partnership Interest [Member] | AOCI Attributable to Parent [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | 0 | |||
Dividends, Preferred Stock, Cash | 0 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 12 | |||
Partners' Capital, Adjusted Balance | (6,277) | |||
Net income | 0 | 0 | ||
Other comprehensive income (loss) | 16,594 | 1,911 | ||
Deferred Compensation Plan | 0 | 0 | ||
Partners' Capital Account, Contributions | 0 | |||
Partners' Capital Account, Distributions | 0 | 0 | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 10,317 | (16,435) | (6,289) | (18,346) |
Partnership Interest [Member] | Limited Partner [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | 0 | |||
Dividends, Preferred Stock, Cash | 0 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | |||
Partners' Capital, Adjusted Balance | 10,907 | |||
Net income | 212 | 85 | ||
Other comprehensive income (loss) | 35 | 1 | ||
Deferred Compensation Plan | 0 | 0 | ||
Partners' Capital Account, Contributions | 13,100 | |||
Partners' Capital Account, Distributions | (389) | (264) | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | 0 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 10,765 | 10,955 | 10,907 | (1,967) |
Partnership Interest [Member] | General Partner [Member] | ||||
Common unit redeemed as result of common stock redeemed by parent | 4,453,744 | |||
Dividends, Preferred Stock, Cash | (4,367) | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 30,889 | |||
Partners' Capital, Adjusted Balance | 6,729,230 | |||
Net income | 100,500 | 28,125 | ||
Other comprehensive income (loss) | 0 | 0 | ||
Deferred Compensation Plan | (4) | (1) | ||
Partners' Capital Account, Contributions | 0 | |||
Partners' Capital Account, Distributions | (189,237) | (143,551) | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (124,989) | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,135 | 7,171 | ||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 6,517,783 | 6,708,721 | 6,698,341 | $ 2,609,647 |
AOCI Attributable to Parent [Member] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 12 | |||
Other comprehensive income (loss) | $ 16,594 | 1,911 | ||
Equity One Inc. [Member] | Partnership Interest [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7,951 | |||
Equity One Inc. [Member] | Partnership Interest [Member] | Noncontrolling Interest [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||
Equity One Inc. [Member] | Partnership Interest [Member] | Partners Capital Total [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7,951 | |||
Equity One Inc. [Member] | Partnership Interest [Member] | AOCI Attributable to Parent [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||
Equity One Inc. [Member] | Partnership Interest [Member] | Limited Partner [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||
Equity One Inc. [Member] | Partnership Interest [Member] | General Partner [Member] | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 7,951 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for impairment | $ 3,348 | $ 0 |
Cash flows from investing activities: | ||
Proceeds from sale of real estate investments | 42,008 | 15,230 |
Cash flows from financing activities: | ||
Repayment of unsecured credit facilities | (60,000) | |
Partnership Interest [Member] | ||
Cash flows from operating activities: | ||
Net income | (102,054) | (29,457) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 177,629 | 152,284 |
Amortization of deferred loan costs and debt premiums | 4,999 | 4,769 |
Amortization of above and below Market Leases | (19,326) | (11,683) |
Share-based Compensation | 6,574 | 13,826 |
Equity in income of investments in real estate partnerships | (19,523) | (21,583) |
Gain on sale of real estate, net of tax | (1,219) | (4,781) |
Provision for impairment | 28,587 | 0 |
Gain (Loss) on Extinguishment of Debt | 11,172 | 12,404 |
Distribution of earnings from operations of investments in real estate partnerships | (26,711) | (26,271) |
Deferred compensation expense | 544 | 1,948 |
Realized and unrealized gain on investments | (530) | (1,951) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 6,023 | 10,639 |
Straight-line rent receivables, net | (9,825) | (8,887) |
Deferred leasing costs | (3,404) | (6,701) |
Other assets | (6,174) | 3,617 |
Accounts payable and other liabilities | (6,052) | (23,850) |
Tenants’ security and escrow deposits and prepaid rent | 2,666 | 1,291 |
Net cash provided by operating activities | 300,906 | 177,070 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (85,766) | (345) |
Payments for Deposits on Real Estate Acquisitions | (2,025) | (100) |
Payments for Merger Related Costs | 0 | (646,984) |
Real estate development and capital improvements | (120,579) | (159,889) |
Proceeds from sale of real estate investments | 42,508 | 13,270 |
Payments for (Proceeds from) Loans Receivable | 15,648 | (2,837) |
Investments in real estate partnerships | (45,451) | (3,064) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2,328 | 30,612 |
Dividends on investment securities | 176 | 128 |
Acquisition of securities | (11,726) | (9,853) |
Proceeds from sale of securities | 10,976 | 10,877 |
Net cash used in investing activities | (193,911) | (768,185) |
Cash flows from financing activities: | ||
Payments Related to Tax Withholding for Share-based Compensation | (6,755) | (18,998) |
Payments for Repurchase of Common Stock | (124,989) | 0 |
Proceeds from sale of treasury stock | 99 | 76 |
Payments for Repurchase of Preferred Units | 0 | 250,000 |
Distributions to limited partners in consolidated partnerships, net | (2,159) | (5,891) |
Dividends paid to common stockholders | (188,948) | (143,208) |
Dividends paid to preferred stockholders | 0 | (4,366) |
Repayments of Unsecured Debt | 150,000 | 0 |
Proceeds from Issuance of Unsecured Debt | 299,511 | 953,115 |
Proceeds from unsecured credit facilities | 400,000 | 905,000 |
Repayment of unsecured credit facilities | (310,000) | (620,000) |
Proceeds from notes payable | 1,740 | 124,088 |
Repayments of Notes Payable | (6,199) | (232,839) |
Scheduled principal payments | (5,513) | (4,789) |
Payment of loan costs | (9,432) | (11,832) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 10,491 | 12,419 |
Net cash (used in) provided by financing activities | (113,136) | 677,937 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (6,141) | 86,822 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 43,240 | 104,701 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $4,150 and $3,290 in 2018 and 2017, respectively) | 66,692 | 43,643 |
Proceeds from Income Tax Refunds | (290) | (899) |
Supplemental disclosure of non-cash transactions: | ||
Partnership units issued for acquisition of real estate | 0 | 13,100 |
Noncash or Part Noncash Acquisition, Debt Assumed | 9,700 | 0 |
Real Estate Received Through Foreclosure On Notes Receivable | 0 | 6,000 |
Common stock issued under dividend reinvestment plan | 678 | 607 |
Stock-based compensation, net of capitalization | 1,777 | 1,624 |
Contributions from limited partners in consolidated partnerships, net | 0 | 286 |
Common stock issued for dividend reinvestment in trust | 415 | 366 |
Contribution of stock awards into trust | 1,174 | 1,372 |
Distribution of stock held in trust | 524 | 640 |
Unrealized Gain (Loss) on Securities | (89) | 43 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | (102,054) | (29,457) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 177,629 | 152,284 |
Amortization of deferred loan costs and debt premiums | 4,999 | 4,769 |
Amortization of above and below Market Leases | (19,326) | (11,683) |
Share-based Compensation | 6,574 | 13,826 |
Equity in income of investments in real estate partnerships | (19,523) | (21,583) |
Gain on sale of real estate, net of tax | (1,219) | (4,781) |
Provision for impairment | 28,587 | 0 |
Gain (Loss) on Extinguishment of Debt | 11,172 | 12,404 |
Distribution of earnings from operations of investments in real estate partnerships | (26,711) | (26,271) |
Deferred compensation expense | 544 | 1,948 |
Realized and unrealized gain on investments | (530) | (1,951) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 6,023 | 10,639 |
Straight-line rent receivables, net | (9,825) | (8,887) |
Deferred leasing costs | (3,404) | (6,701) |
Other assets | (6,174) | 3,617 |
Accounts payable and other liabilities | (6,052) | (23,850) |
Tenants’ security and escrow deposits and prepaid rent | 2,666 | 1,291 |
Net cash provided by operating activities | 300,906 | 177,070 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (85,766) | (345) |
Payments for Deposits on Real Estate Acquisitions | (2,025) | (100) |
Payments for Merger Related Costs | 0 | (646,984) |
Real estate development and capital improvements | (120,579) | (159,889) |
Proceeds from sale of real estate investments | 42,508 | 13,270 |
Payments for (Proceeds from) Loans Receivable | 15,648 | (2,837) |
Investments in real estate partnerships | (45,451) | (3,064) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 2,328 | 30,612 |
Dividends on investment securities | 176 | 128 |
Acquisition of securities | (11,726) | (9,853) |
Proceeds from sale of securities | 10,976 | 10,877 |
Net cash used in investing activities | (193,911) | (768,185) |
Cash flows from financing activities: | ||
Payments Related to Tax Withholding for Share-based Compensation | (6,755) | (18,998) |
Payments for Repurchase of Common Stock | (124,989) | 0 |
Proceeds from sale of treasury stock | 99 | 76 |
Payments for Repurchase of Preferred Units | 0 | 250,000 |
Distributions to limited partners in consolidated partnerships, net | (2,159) | (5,891) |
Distributions to exchangeable operating partnership unit holders | (389) | (264) |
Dividends paid to common stockholders | (188,559) | (142,944) |
Dividends paid to preferred stockholders | 0 | (4,366) |
Repayments of Unsecured Debt | 150,000 | 0 |
Proceeds from Issuance of Unsecured Debt | 299,511 | 953,115 |
Proceeds from unsecured credit facilities | 400,000 | 905,000 |
Repayment of unsecured credit facilities | (310,000) | (620,000) |
Proceeds from notes payable | 1,740 | 124,088 |
Repayments of Notes Payable | (6,199) | (232,839) |
Scheduled principal payments | (5,513) | (4,789) |
Payment of loan costs | (9,432) | (11,832) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 10,491 | 12,419 |
Net cash (used in) provided by financing activities | (113,136) | 677,937 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (6,141) | 86,822 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 43,240 | 104,701 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $4,150 and $3,290 in 2018 and 2017, respectively) | 66,692 | 43,643 |
Proceeds from Income Tax Refunds | (290) | (899) |
Supplemental disclosure of non-cash transactions: | ||
Partnership units issued for acquisition of real estate | 0 | 13,100 |
Noncash or Part Noncash Acquisition, Debt Assumed | 9,700 | 0 |
Real Estate Received Through Foreclosure On Notes Receivable | 0 | 6,000 |
Common stock issued under dividend reinvestment plan | 678 | 607 |
Stock-based compensation, net of capitalization | 1,777 | 1,624 |
Contributions from limited partners in consolidated partnerships, net | 0 | 286 |
Common stock issued for dividend reinvestment in trust | 415 | 366 |
Contribution of stock awards into trust | 1,174 | 1,372 |
Distribution of stock held in trust | 524 | 640 |
Unrealized Gain (Loss) on Securities | (89) | 43 |
Equity One Inc. [Member] | Partnership Interest [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 757,399 |
Units Issued to Parent Company for common stock exchanged for Equity One shares | 0 | 4,471,808 |
Equity One Inc. [Member] | Parent Company [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 757,399 |
Common stock exchanged for Equity One shares | $ 0 | $ 4,471,808 |
Consolidated Statements of Ca11
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Parent Company [Member] | ||
Capitalized interest | $ 4,150 | $ 3,290 |
Partnership Interest [Member] | ||
Capitalized interest | $ 4,150 | $ 3,290 |
Organization and Principles of
Organization and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Significant Accounting Policies 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 other than through its investment in the Operating Partnership, and its only liabilities are the unsecured notes assumed from the merger with Equity One, Inc. ("Equity One"), which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of June 30, 2018 , the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 309 retail shopping centers and held partial interests in an additional 119 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 fairly state 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 and 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 June 30, 2018 , the Parent Company owned approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). The EOP units are exchangeable for one share of common stock of the Parent Company and the unit holder cannot require redemption in cash or other assets. The Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. 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 the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company’s only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships As of June 30, 2018 , Regency had a partial ownership interest in 130 properties through partnerships, of which 11 are consolidated. Regency's partners include institutional investors, other real estate developers and/or operators, and individual parties who had a role in Regency sourcing transactions for development and investment (the "Partners" or "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 the 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 Sheets, and Equity in income of investments in real estate partnerships in the Consolidated Statements of Operations. Cash distributions of earnings from operations from investments in real estate partnerships are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in investments in real estate partnerships are presented in cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. Distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment has resulted in a negative investment balance for one partnership, which is recorded within accounts payable and other liabilities in the Consolidated Balance Sheets. ◦ The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to income and recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years. 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 the 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 consolidated VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) June 30, 2018 December 31, 2017 Assets Net real estate investments $ 161,592 172,736 Cash and cash equivalents 3,795 4,993 Liabilities Notes payable 18,358 16,551 Equity Limited partners’ interests in consolidated partnerships 17,496 17,572 Revenues and Tenant and Other Receivables On January 1, 2018, the Company adopted the new accounting guidance for revenue recognition (Topic 606 Revenue from Contracts with Customers , “Topic 606”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, certain of the Company's significant accounting policies subject to Topic 606 have been updated. The Company adopted Topic 606 on January 1, 2018, using a modified retrospective approach and applied the transition practical expedients allowed by the standard. Additionally, the Company applied the practical expedient related to the remaining performance obligations, because all of its performance obligations are satisfied at a point in time, are part of a contract that has an original expected duration of one year or less, or are considered to be a series of performance obligations where variable consideration is allocated entirely to a wholly unsatisfied distinct day of service that forms part of the series, such that the Company does not need to estimate variable consideration to recognize revenue. Subsequent to the adoption of Topic 606, the Company recognizes revenue when or as control of the promised services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers which is in the scope of Topic 606. Property and Asset Management Services The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset management, property management, and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods. Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. Leasing Services Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing. Transaction Services The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred to the customer at the time the related transaction closes, which is the point in time when the Company recognizes the related fees. Any unpaid amounts related to transaction-based fees are included in Accounts receivable. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations, as follows: Three months ended June 30, Six months ended June 30, (in thousands) Timing of satisfaction of performance obligations 2018 2017 2018 2017 Property management services Over time $ 3,652 $ 3,587 $ 7,420 7,006 Asset management services Over time 1,804 1,763 3,507 3,552 Leasing services Point in time 1,072 787 1,757 1,617 Other transaction fees Point in time 359 464 1,361 1,132 Total management, transaction, and other fees $ 6,887 6,601 $ 14,045 13,307 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $9.1 million and $8.7 million , as of June 30, 2018 and December 31, 2017 , respectively. Real Estate Sales On January 1, 2018, the Company adopted the new accounting guidance for sales of nonfinancial assets (“Subtopic 610-20”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, the Company's accounting policy for real estate sales subject to Subtopic 610-20 has been updated. The Company now derecognizes real estate and recognizes a gain or loss on sales of real estate when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. Any retained non-controlling interest is measured at fair value. This change in accounting policy resulted in the recognition, through opening retained earnings on January 1, 2018, of $30.9 million of previously deferred gains from property sales to the Company's Investments in real estate partnerships. Goodwill Goodwill represents the excess of the purchase price consideration for the Equity One merger over the fair value of the assets acquired and liabilities assumed, and reflects expected synergies from combining Regency's and Equity One's operations. The Company accounts for goodwill in accordance with the Intangibles - Goodwill and Other Topic of the FASB ASC 350, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. The goodwill impairment evaluation may be completed through a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below. The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. |
Real Estate Investments
Real Estate Investments | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments The following table details the components of Land, building and improvements in the Consolidated Balance Sheets: (in thousands) June 30, 2018 December 31, 2017 Land $ 4,219,729 4,235,032 Land improvements 595,260 556,140 Buildings 5,088,953 4,999,378 Building and tenant improvements 848,610 787,880 Total Land, building and improvements $ 10,752,552 10,578,430 Acquisitions The following table details the shopping centers acquired or land acquired or leased for development: (in thousands) Six months ended June 30, 2018 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/2/18 Ballard Blocks I Seattle, WA Operating 49.9% $54,500 — 3,668 2,350 1/2/18 Ballard Blocks II Seattle, WA Development 49.9% 4,000 — — — 1/5/18 The District at Metuchen Metuchen, NJ Operating 20% 33,830 — 3,147 1,905 1/10/18 Hewlett Crossing I & II Hewlett, NY Operating 100% 30,900 9,700 3,114 1,868 4/3/2018 Rivertowns Square Dobbs Ferry, NY Operating 100% 68,933 — 4,993 5,554 5/18/2018 Crossroads Commons II Boulder, CO Operating 20% 10,500 — 447 769 Total property acquisitions $202,663 9,700 15,369 12,446 (in thousands) Six months ended June 30, 2017 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 3/6/17 The Field at Commonwealth Chantilly, VA Development 100% $9,500 — — — 3/8/17 Pinecrest Place (1) Miami, FL Development 100% — — — — 4/13/17 Mellody Farm (2) Chicago, IL Development 100% 26,200 — — — 6/28/17 Concord outparcel (3) Miami, FL Operating 100% 350 — — — Total property acquisitions $36,050 — — — (1) The Company leased 10.67 acres for a ground up development. (2) The Operating Partnership issued 195,732 partnership units values at $13.1 million as partial consideration for the purchase. (3) The Company purchased a 0.67 acre vacant outparcel adjacent to the Company's existing operating Concord Shopping Plaza. Equity One Merger General On March 1, 2017, Regency completed its merger with Equity One, a NYSE listed shopping center company, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock owned immediately prior to the effective time of the merger resulting in approximately 65.5 million Regency common shares being issued to effect the merger. The following table provides the components that made up the total purchase price for the Equity One merger: (in thousands, except stock price) Purchase Price Shares of common stock issued for merger 65,379 Closing stock price on March 1, 2017 $ 68.40 Value of common stock issued for merger $ 4,471,808 Other cash payments 721,297 Total purchase price $ 5,193,105 As part of the merger, Regency acquired 121 properties, including 8 properties held through co-investment partnerships. The consolidated net assets and results of operations of Equity One are included in the consolidated financial statements from the closing date, March 1, 2017. Final Purchase Price Allocation of Merger The Equity One merger has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values, and allows a measurement period, not to exceed one year from the acquisition date, to finalize the acquisition date fair values. The acquired assets and assumed liabilities of an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases. This methodology requires estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determining the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases, and deferred taxes related to the book tax difference created through purchase accounting. The excess of the purchase price consideration over the fair value of assets acquired and liabilities assumed results in goodwill in the business combination, which reflects expected synergies from combining Regency's and Equity One's operations and the deferred tax liability at one of the acquired taxable REIT subsidiaries. The goodwill is not deductible for tax purposes. The fair value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third party valuation specialist. The third party used stabilized Net Operating Income (“NOI”) and market specific capitalization and discount rates as the primary inputs in determining the fair value of the real estate assets. Management reviewed the inputs used by the third party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures were performed in accordance with management's policy. Management and the third party valuation specialist have prepared their fair value estimates for each of the operating properties acquired, and completed the purchase price allocation during the measurement period. The following table summarizes the final purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: (in thousands) Final Purchase Price Allocation Land $ 2,865,053 Building and improvements 2,619,163 Properties in development 68,744 Properties held for sale 19,600 Investments in unconsolidated real estate partnerships 99,666 Real estate assets 5,672,226 Cash, accounts receivable and other assets 112,909 Intangible assets 458,877 Goodwill 332,384 Total assets acquired 6,576,396 Notes payable 757,399 Accounts payable, accrued expenses, and other liabilities 122,217 Lease intangible liabilities 503,675 Total liabilities assumed 1,383,291 Total purchase price $ 5,193,105 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 Equity One merger: (in years) Weighted Average Amortization / Accretion Period Assets: In-place leases 10.8 Above-market leases 7.8 Below-market ground leases 55.3 Liabilities: Below-market leases 24.9 Pro forma Information The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2017 2017 Total revenues $ 261,314 $ 526,488 Income from operations (1) 56,435 123,832 Net income attributable to common stockholders (1) 54,624 109,434 Income per common share - basic 0.32 0.64 Income per common share - diluted 0.32 0.64 (1) The pro forma earnings for the three and six months ended June 30, 2017, were adjusted to exclude $4.7 million and $97.3 million of merger costs, respectively. 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. |
Property Dispositions
Property Dispositions | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions Dispositions The following table provides a summary of consolidated shopping centers and land parcels disposed of during the periods set forth below: Three months ended June 30, Six months ended June 30, (in thousands, except number sold data) 2018 2017 2018 2017 Net proceeds from sale of real estate investments $ 38,781 $ 13,481 $ 42,008 $ 15,230 Gain on sale of real estate, net of tax $ 1,123 $ 4,366 $ 1,219 $ 4,781 Provision for impairment of real estate sold $ 2,974 $ — $ 3,348 $ — Number of operating properties sold 3 1 4 1 Number of land parcels sold 3 5 3 7 Percent interest sold 100 % 100 % 100 % 100 % At June 30, 2018 , the Company also had three properties classified as Properties held for sale on the Consolidated Balance Sheets, all of which have sold subsequent to June 30, 2018 . |
Other Assets Other Assets (Note
Other Assets Other Assets (Notes) | 3 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets: (in thousands) June 30, 2018 December 31, 2017 Goodwill $ 320,639 331,884 Investments 42,672 41,636 Prepaid and other 25,771 30,332 Derivative assets 25,472 14,515 Furniture, fixtures, and equipment, net 7,010 6,123 Deferred financing costs, net 7,933 2,637 Total other assets $ 429,497 427,127 The following table presents the goodwill balances and activity during the year to date periods ended: (in thousands) June 30, 2018 December 31, 2017 Beginning of year balance $ 331,884 — Goodwill resulting from Equity One merger 500 331,884 Goodwill allocated to properties sold (381 ) — Impairment (1) (9,220 ) — Goodwill allocated to properties held for sale (2,144 ) — End of period balance $ 320,639 331,884 (1) See note 7, Fair value measurements, for additional information about the impairment loss associated with properties held and used or held for sale. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 6 Months Ended |
Jun. 30, 2018 | |
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) Weighted Average Contractual Rate Weighted Average Effective Rate June 30, 2018 December 31, 2017 Notes payable: Fixed rate mortgage loans 5.1% 4.4% $ 516,149 520,193 Variable rate mortgage loans 3.3% 3.5% 127,727 (1) 125,866 Fixed rate unsecured public and private debt 4.0% 4.4% 2,474,126 2,325,656 Total notes payable 3,118,002 2,971,715 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.8% 3.0% 150,000 60,000 Term loans 2.4% 2.5% 563,498 563,262 Total unsecured credit facilities 713,498 623,262 Total debt outstanding $ 3,831,500 3,594,977 (1) Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.07%. (2) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. Significant financing activity during 2018 includes: • On March 9, 2018, the Company received proceeds from issuing $300.0 million of 4.125% senior unsecured public notes, which priced at 99.837% and mature in March 2028. $60.0 million of the proceeds were used to repay our Line and $163.2 million was used to early redeem, on April 2, 2018, the $150.0 million 6% senior unsecured public notes originally due June 2020, including accrued and unpaid interest through the redemption date and a make-whole amount. The remainder of the proceeds are intended to be used to repay 2018 mortgage maturities and for general corporate purposes. • On March 26, 2018, the Company amended and restated its unsecured revolving credit facility (the “Line”). The amendment and restatement increases the size of the Line to $1.25 billion from $1.0 billion and extends the maturity date to March 23, 2022, with options to extend the maturity for two additional six-month periods. Borrowings will bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to the Company’s credit ratings, compared to a rate of 92.5 basis points under its previous facility. An annual facility fee of 15 basis points, subject to the Company’s credit ratings, applies to the Line. As of June 30, 2018 , scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) June 30, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2018 $ 5,173 106,117 — 111,290 2019 9,519 23,525 — 33,044 2020 11,287 78,580 300,000 389,867 2021 11,600 66,751 250,000 328,351 2022 11,799 5,848 715,000 732,647 Beyond 5 Years 37,056 269,216 1,950,000 2,256,272 Unamortized debt premium/(discount) and issuance costs — 7,405 (27,376 ) (19,971 ) Total $ 86,434 557,442 3,187,624 3,831,500 (1) Includes unsecured public and private debt and unsecured credit facilities. The Company has $129.6 million of mortgage loans maturing through 2019 , which it currently intends to repay if wholly owned, or refinance if held within a consolidated real estate investment partnership. The Company has sufficient capacity on its Line to repay this maturing debt, all of which is in the form of non-recourse mortgage loans. The Company was in compliance as of June 30, 2018 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 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) (1) Effective Date Maturity Date Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of June 30, 2018 December 31, 2017 4/3/17 12/2/20 $ 300,000 1 Month LIBOR with Floor 1.824% $ 5,890 1,804 8/1/16 1/5/22 265,000 1 Month LIBOR with Floor 1.053% 15,022 10,744 4/7/16 4/1/23 20,000 1 Month LIBOR 1.303% 1,243 801 12/1/16 11/1/23 33,000 1 Month LIBOR 1.490% 2,002 1,166 6/2/17 6/2/27 37,500 1 Month LIBOR with Floor 2.366% 1,315 (177 ) $ 25,472 14,338 (1) 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. 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 June 30, 2018 , 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 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 following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total Interest Expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended June 30, Three months ended June 30, Three months ended June 30, (in thousands) 2018 2017 2018 2017 2018 2017 Interest rate swaps $ 4,289 (3,805 ) Interest expense $ (1,415 ) (3,071 ) Interest expense, net $ 38,074 35,407 Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total Interest Expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Six months ended June 30, Six months ended June 30, Six months ended June 30, (in thousands) 2018 2017 2018 2017 2018 2017 Interest rate swaps $ 13,794 (3,873 ) Interest expense $ (3,553 ) (5,726 ) Interest expense, net $ 74,859 62,606 As of June 30, 2018 , the Company expects $2.5 million of net deferred losses on derivative instruments in AOCI, 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, 2018 December 31, 2017 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ — — $ 15,803 15,660 Financial liabilities: Notes payable $ 3,118,002 3,081,052 $ 2,971,715 3,058,044 Unsecured credit facilities $ 713,498 715,000 $ 623,262 625,000 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 June 30, 2018 and December 31, 2017 , respectively. 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, appropriate 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. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within net investment (income) loss in the accompanying Consolidated Statements of Operations. Available-for-Sale Debt Securities Available-for-sale debt 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 debt 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 June 30, 2018 (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) Securities $ 35,079 35,079 — — Available-for-sale debt securities 7,593 — 7,593 — Interest rate derivatives 25,472 — 25,472 — Total $ 68,144 35,079 33,065 — Fair Value Measurements as of December 31, 2017 (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) Securities $ 31,662 31,662 — — Available-for-sale debt securities 9,974 — 9,974 — Interest rate derivatives 14,515 — 14,515 — Total $ 56,151 31,662 24,489 — Liabilities: Interest rate derivatives $ (177 ) — (177 ) — The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis: Fair Value Measurements as of June 30, 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains Assets: Balance (Level 1) (Level 2) (Level 3) (Losses) Long-lived assets held for sale Properties held for sale $ 22,054 — 48,254 — (26,200 ) During the six months ended June 30, 2018 , the Company recognized a $28.6 million provision for impairment, net of tax, including $26.2 million impairment on two operating properties classified as held for sale. The impairment of the real estate assets, which are classified as held for sale as of June 30, 2018 , was determined based on the expected selling price as compared to the Company's carrying value of its investment. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2017 . |
Equity and Capital
Equity and Capital | 6 Months Ended |
Jun. 30, 2018 | |
Equity and Capital [Abstract] | |
Equity and Capital | Equity and Capital Common Stock of the Parent Company At the Market ("ATM") Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. There were no shares issued under the ATM equity program during the three and six months ended June 30, 2018 or 2017 . As of June 30, 2018 , all $500 million of common stock remained available for issuance under this ATM equity program. Share Repurchase Program On February 7, 2018, the Company's Board authorized a common share repurchase program under which the Company may repurchase, from time to time, up to $250 million worth of shares of its outstanding common stock through open market purchases and/or in privately negotiated transactions. Any shares purchased will be retired. The program is scheduled to expire on February 6, 2020 . The timing and actual number of shares repurchased under the program depend upon marketplace conditions and other factors. The program remains subject to the discretion of the board. As of June 30, 2018 , the Company had repurchased 2,145,209 shares for $125.0 million at an average price of $58.24 per share. Common Units of the Operating Partnership Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above. Accumulated Other Comprehensive Loss ("AOCI") 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 Debt Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI AOCI Balance as of December 31, 2016 $ (18,327 ) (19 ) (18,346 ) (301 ) — (301 ) (18,647 ) Other comprehensive income before reclassifications (3,770 ) 43 (3,727 ) (103 ) — (103 ) (3,830 ) Amounts reclassified from AOCI (1) 5,638 — 5,638 88 — 88 5,726 Current period other comprehensive income, net 1,868 43 1,911 (15 ) — (15 ) 1,896 Balance as of June 30, 2017 $ (16,459 ) 24 (16,435 ) (316 ) — (316 ) (16,751 ) (1) Amounts recelassified from AOCI into income are presented within Interest expense, net in the Consolidated Statement of Operations. Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI AOCI Balance as of December 31, 2017 $ (6,262 ) (27 ) (6,289 ) (112 ) — (112 ) (6,401 ) Opening adjustment due to change in accounting policy (2) 12 — 12 2 — 2 14 Adjusted balance as of December 31, 2017 (6,250 ) (27 ) (6,277 ) (110 ) — (110 ) (6,387 ) Other comprehensive income before reclassifications 13,156 (75 ) 13,081 638 — 638 13,719 Amounts reclassified from AOCI (1) 3,513 — 3,513 40 — 40 3,553 Current period other comprehensive income, net 16,669 (75 ) 16,594 678 — 678 17,272 Balance as of June 30, 2018 $ 10,419 (102 ) 10,317 568 — 568 10,885 (1) Amounts recelassified from AOCI into income are presented within Interest expense, net in the Consolidated Statement of Operations. (2) Upon adoption of ASU 2017-12, the Company recognized the immaterial adjustment to opening retained earnings and AOCI for previously recognized hedge ineffectiveness from off-market hedges, as further discussed in note 1. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation During six months ended June 30, 2018 , the Company granted 259,356 shares of restricted stock with a weighted-average grant-date fair value of $63.50 per share. The Company records stock-based compensation expense within general and administrative expenses in the accompanying Consolidated Statements of Operations. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [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 vested 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 and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) June 30, 2018 December 31, 2017 Assets: Equity securities (1) $ 33,061 31,662 Liabilities: Accounts payable and other liabilities $ 32,811 31,383 (1) Included within Other assets in the accompanying Consolidated Balance Sheets. |
Earnings per Share and Unit
Earnings per Share and Unit | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, Six months ended June 30, (in thousands, except per share data) 2018 2017 2018 2017 Numerator: Income from operations attributable to common stockholders - basic $ 47,841 48,368 $ 100,500 15,144 Income from operations attributable to common stockholders - diluted $ 47,841 48,368 $ 100,500 15,144 Denominator: Weighted average common shares outstanding for basic EPS 169,424 170,088 170,056 148,610 Weighted average common shares outstanding for diluted EPS (1) 169,682 170,420 170,291 148,930 Income per common share – basic $ 0.28 0.28 $ 0.59 0.10 Income per common share – diluted $ 0.28 0.28 $ 0.59 0.10 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, 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 be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the six months ended June 30, 2018 and 2017 were 349,902 and 238,987 , respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2018 2017 2018 2017 Numerator: Income from operations attributable to common unit holders - basic $ 47,941 48,472 $ 100,712 15,229 Income from operations attributable to common unit holders - diluted $ 47,941 48,472 $ 100,712 15,229 Denominator: Weighted average common units outstanding for basic EPU 169,774 170,410 170,406 148,849 Weighted average common units outstanding for diluted EPU (1) 170,032 170,742 170,641 149,169 Income per common unit – basic $ 0.28 0.28 $ 0.59 0.10 Income per common unit – diluted $ 0.28 0.28 $ 0.59 0.10 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, using the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation 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. Environmental 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 contaminants or 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. Letters of Credit 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 June 30, 2018 and December 31, 2017 , the Company had $9.4 million in letters of credit outstanding. |
Organization and Principles o24
Organization and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Variable Interest Entity, Policy | Real Estate Partnerships As of June 30, 2018 , Regency had a partial ownership interest in 130 properties through partnerships, of which 11 are consolidated. Regency's partners include institutional investors, other real estate developers and/or operators, and individual parties who had a role in Regency sourcing transactions for development and investment (the "Partners" or "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 the 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 Sheets, and Equity in income of investments in real estate partnerships in the Consolidated Statements of Operations. Cash distributions of earnings from operations from investments in real estate partnerships are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in investments in real estate partnerships are presented in cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. Distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment has resulted in a negative investment balance for one partnership, which is recorded within accounts payable and other liabilities in the Consolidated Balance Sheets. ◦ The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to income and recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years. 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 the 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 consolidated VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) June 30, 2018 December 31, 2017 Assets Net real estate investments $ 161,592 172,736 Cash and cash equivalents 3,795 4,993 Liabilities Notes payable 18,358 16,551 Equity Limited partners’ interests in consolidated partnerships 17,496 17,572 |
Revenue Recognition, Services, Management Fees [Policy Text Block] | Revenues and Tenant and Other Receivables On January 1, 2018, the Company adopted the new accounting guidance for revenue recognition (Topic 606 Revenue from Contracts with Customers , “Topic 606”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, certain of the Company's significant accounting policies subject to Topic 606 have been updated. The Company adopted Topic 606 on January 1, 2018, using a modified retrospective approach and applied the transition practical expedients allowed by the standard. Additionally, the Company applied the practical expedient related to the remaining performance obligations, because all of its performance obligations are satisfied at a point in time, are part of a contract that has an original expected duration of one year or less, or are considered to be a series of performance obligations where variable consideration is allocated entirely to a wholly unsatisfied distinct day of service that forms part of the series, such that the Company does not need to estimate variable consideration to recognize revenue. Subsequent to the adoption of Topic 606, the Company recognizes revenue when or as control of the promised services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers which is in the scope of Topic 606. Property and Asset Management Services The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset management, property management, and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods. Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. Leasing Services Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing. Transaction Services The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred to the customer at the time the related transaction closes, which is the point in time when the Company recognizes the related fees. Any unpaid amounts related to transaction-based fees are included in Accounts receivable. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations, as follows: Three months ended June 30, Six months ended June 30, (in thousands) Timing of satisfaction of performance obligations 2018 2017 2018 2017 Property management services Over time $ 3,652 $ 3,587 $ 7,420 7,006 Asset management services Over time 1,804 1,763 3,507 3,552 Leasing services Point in time 1,072 787 1,757 1,617 Other transaction fees Point in time 359 464 1,361 1,132 Total management, transaction, and other fees $ 6,887 6,601 $ 14,045 13,307 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $9.1 million and $8.7 million , as of June 30, 2018 and December 31, 2017 , respectively. Real Estate Sales On January 1, 2018, the Company adopted the new accounting guidance for sales of nonfinancial assets (“Subtopic 610-20”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, the Company's accounting policy for real estate sales subject to Subtopic 610-20 has been updated. The Company now derecognizes real estate and recognizes a gain or loss on sales of real estate when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. Any retained non-controlling interest is measured at fair value. This change in accounting policy resulted in the recognition, through opening retained earnings on January 1, 2018, of $30.9 million of previously deferred gains from property sales to the Company's Investments in real estate partnerships. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill Goodwill represents the excess of the purchase price consideration for the Equity One merger over the fair value of the assets acquired and liabilities assumed, and reflects expected synergies from combining Regency's and Equity One's operations. The Company accounts for goodwill in accordance with the Intangibles - Goodwill and Other Topic of the FASB ASC 350, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. The goodwill impairment evaluation may be completed through a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below. The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. |
New Accounting Pronouncements and Changes in Accounting Principles | 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 2017-12, August 2017, Targeted Improvements to Accounting for Hedging Activities This ASU provides updated guidance to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. January 2018 The Company adopted this ASU on January 1, 2018, using a modified retrospective transition method, which resulted in an immaterial adjustment to opening retained earnings and accumulated other comprehensive income for previously recognized hedge ineffectiveness from off-market hedges. ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU 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. January 2018 The Company's adoption of this standard did not have a significant impact on its results of operations, financial condition or cash flows as the company has an insignificant amount of equity securities within the scope of this standard. The adoption resulted in reduced disclosure requirements around methodology and significant assumptions used in fair value measurements. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU makes 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 adoption of this ASU did not result in a change to the Company's Consolidated Statements of Cash Flows. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-18, November 2016, Statement of Cash Flows (Topic 230): Restricted Cash This ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendments in this ASU should be applied using a retrospective transition method to each period presented. January 2018 The adoption of this ASU resulted in a change to the classification and presentation of changes in restricted cash on its cash flow statement, which was not material. There was no change to the Company's financial condition or results of operations as a result of adopting this ASU. Upon adoption, and for the six months ended June 30, 2018, net cash provided by operating activities increased by $1.2 million and net cash used in investing activities decreased by $1.6 million, with a corresponding increase in cash and cash equivalents, and restricted cash within the Consolidated Statements of Cash Flows. ASU 2017-05, February 2017, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (Subtopic 610-20) ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset. Once an entity transfers control of the nonfinancial asset, the entity is required to measure any non-controlling interest it receives or retains at fair value. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest resulting in only partial gain recognition by the entity, however, the new guidance eliminates the use of carryover basis and generally requires the full gain be recognized. January 2018 Sales of real estate assets are now accounted for under Subtopic 610-20, which provides for revenue recognition based on transfer of control. For normal arms length property sales to unrelated parties, where Regency has no retained interest in the property, the Company will continue to recognize the full gain or loss upon transfer of control. For property sales in which Regency retains a noncontrolling interest in the property, fair value recognition for the retained noncontrolling interest is now required, which will result in full gain recognition upon loss of control. The Company applied the modified retrospective adoption method, and recognized through opening retained earnings $30.9 million of previously deferred gains from property sales to entities in which Regency had continuing involvement, resulting in a corresponding increase to the value of the Company's investment in those partnerships. Standard Description Date of adoption Effect on the financial statements or other significant matters Revenue from Contracts with Customers (Topic 606) and related updates: 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 ASU 2016-19, December 2016, Technical Corrections and Improvements ASU 2016-20, December 2016, Technical Corrections and Improvements to Topic 606 Revenue from Contracts With Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("Topic 606"). The objective of Topic 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. It supersedes most of the existing revenue guidance, including industry-specific guidance. The core principal of this new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying Topic 606, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. January 2018 The Company utilized the modified retrospective method of adoption, applying the standard to only 2018, and not restating prior periods presented in future financial statements. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Standard Description Date of adoption Effect on the financial statements or other significant matters Not yet adopted: Leases (Topic 842) and related updates: Leases (Topic 842) Codification Improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842): Targeted Improvements Topic 842 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 internal leasing costs and legal costs, which can no longer be capitalized. The provisions of these ASUs are effective as of January 1, 2019, with early adoption permitted. Topic 842 provides 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 or an additional transition method, allowing for initial application at the date of adoption and a cumulative-effect adjustment to opening retained earnings. Additionally, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections will be required to provide additional disclosures. January 2019 The Company is evaluating the impact this standard will have on its financial statements and related disclosures. Upon adoption, the Company will recognize lease obligations for its ground and office leases with a corresponding right of use asset. The Company will continue to recognize a single lease expense for its existing operating leases, currently included in Operating and maintenance expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. Ground leases entered or acquired subsequent to the adoption date will likely be considered finance leases, which will result in a slightly accelerated impact to earnings reflected in amortization expense and interest expense. Capitalization of internal leasing costs and legal costs will no longer be permitted upon the adoption of this standard, which will result in an increase in Total operating expenses in the Consolidated Statements of Operations in the period of adoption and prospectively. Historic capitalization of internal leasing costs was $3.2 million and $10.4 million during the six months ended June 30, 2018 and the year ended December 31, 2017, respectively. Historic capitalization of legal costs was $0.8 million and $1.2 million during the six months ended June 30, 2018 and the year ended December 31, 2017, respectively, including our pro rata share recognized through Equity in income of investments in real estate partnerships. The Company will continue its evaluation of the accounting standard, additional impacts of adoption, and changes in presentation and disclosure requirements. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces 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. This ASU also applies to how the Company determines its allowance for doubtful accounts on tenant receivables. January 2020 The Company is evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. |
Organization and Principles o25
Organization and Principles of Consolidation Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 2017-12, August 2017, Targeted Improvements to Accounting for Hedging Activities This ASU provides updated guidance to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. January 2018 The Company adopted this ASU on January 1, 2018, using a modified retrospective transition method, which resulted in an immaterial adjustment to opening retained earnings and accumulated other comprehensive income for previously recognized hedge ineffectiveness from off-market hedges. ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU 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. January 2018 The Company's adoption of this standard did not have a significant impact on its results of operations, financial condition or cash flows as the company has an insignificant amount of equity securities within the scope of this standard. The adoption resulted in reduced disclosure requirements around methodology and significant assumptions used in fair value measurements. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU makes 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 adoption of this ASU did not result in a change to the Company's Consolidated Statements of Cash Flows. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-18, November 2016, Statement of Cash Flows (Topic 230): Restricted Cash This ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendments in this ASU should be applied using a retrospective transition method to each period presented. January 2018 The adoption of this ASU resulted in a change to the classification and presentation of changes in restricted cash on its cash flow statement, which was not material. There was no change to the Company's financial condition or results of operations as a result of adopting this ASU. Upon adoption, and for the six months ended June 30, 2018, net cash provided by operating activities increased by $1.2 million and net cash used in investing activities decreased by $1.6 million, with a corresponding increase in cash and cash equivalents, and restricted cash within the Consolidated Statements of Cash Flows. ASU 2017-05, February 2017, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (Subtopic 610-20) ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset. Once an entity transfers control of the nonfinancial asset, the entity is required to measure any non-controlling interest it receives or retains at fair value. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest resulting in only partial gain recognition by the entity, however, the new guidance eliminates the use of carryover basis and generally requires the full gain be recognized. January 2018 Sales of real estate assets are now accounted for under Subtopic 610-20, which provides for revenue recognition based on transfer of control. For normal arms length property sales to unrelated parties, where Regency has no retained interest in the property, the Company will continue to recognize the full gain or loss upon transfer of control. For property sales in which Regency retains a noncontrolling interest in the property, fair value recognition for the retained noncontrolling interest is now required, which will result in full gain recognition upon loss of control. The Company applied the modified retrospective adoption method, and recognized through opening retained earnings $30.9 million of previously deferred gains from property sales to entities in which Regency had continuing involvement, resulting in a corresponding increase to the value of the Company's investment in those partnerships. Standard Description Date of adoption Effect on the financial statements or other significant matters Revenue from Contracts with Customers (Topic 606) and related updates: 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 ASU 2016-19, December 2016, Technical Corrections and Improvements ASU 2016-20, December 2016, Technical Corrections and Improvements to Topic 606 Revenue from Contracts With Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("Topic 606"). The objective of Topic 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. It supersedes most of the existing revenue guidance, including industry-specific guidance. The core principal of this new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying Topic 606, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. January 2018 The Company utilized the modified retrospective method of adoption, applying the standard to only 2018, and not restating prior periods presented in future financial statements. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Standard Description Date of adoption Effect on the financial statements or other significant matters Not yet adopted: Leases (Topic 842) and related updates: Leases (Topic 842) Codification Improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842): Targeted Improvements Topic 842 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 internal leasing costs and legal costs, which can no longer be capitalized. The provisions of these ASUs are effective as of January 1, 2019, with early adoption permitted. Topic 842 provides 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 or an additional transition method, allowing for initial application at the date of adoption and a cumulative-effect adjustment to opening retained earnings. Additionally, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections will be required to provide additional disclosures. January 2019 The Company is evaluating the impact this standard will have on its financial statements and related disclosures. Upon adoption, the Company will recognize lease obligations for its ground and office leases with a corresponding right of use asset. The Company will continue to recognize a single lease expense for its existing operating leases, currently included in Operating and maintenance expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. Ground leases entered or acquired subsequent to the adoption date will likely be considered finance leases, which will result in a slightly accelerated impact to earnings reflected in amortization expense and interest expense. Capitalization of internal leasing costs and legal costs will no longer be permitted upon the adoption of this standard, which will result in an increase in Total operating expenses in the Consolidated Statements of Operations in the period of adoption and prospectively. Historic capitalization of internal leasing costs was $3.2 million and $10.4 million during the six months ended June 30, 2018 and the year ended December 31, 2017, respectively. Historic capitalization of legal costs was $0.8 million and $1.2 million during the six months ended June 30, 2018 and the year ended December 31, 2017, respectively, including our pro rata share recognized through Equity in income of investments in real estate partnerships. The Company will continue its evaluation of the accounting standard, additional impacts of adoption, and changes in presentation and disclosure requirements. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces 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. This ASU also applies to how the Company determines its allowance for doubtful accounts on tenant receivables. January 2020 The Company is 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) | 6 Months Ended |
Jun. 30, 2018 | |
Business Acquisition [Line Items] | |
Property, Plant and Equipment [Table Text Block] | The following table details the components of Land, building and improvements in the Consolidated Balance Sheets: (in thousands) June 30, 2018 December 31, 2017 Land $ 4,219,729 4,235,032 Land improvements 595,260 556,140 Buildings 5,088,953 4,999,378 Building and tenant improvements 848,610 787,880 Total Land, building and improvements $ 10,752,552 10,578,430 |
Schedule of business acquisitions | The following table details the shopping centers acquired or land acquired or leased for development: (in thousands) Six months ended June 30, 2018 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/2/18 Ballard Blocks I Seattle, WA Operating 49.9% $54,500 — 3,668 2,350 1/2/18 Ballard Blocks II Seattle, WA Development 49.9% 4,000 — — — 1/5/18 The District at Metuchen Metuchen, NJ Operating 20% 33,830 — 3,147 1,905 1/10/18 Hewlett Crossing I & II Hewlett, NY Operating 100% 30,900 9,700 3,114 1,868 4/3/2018 Rivertowns Square Dobbs Ferry, NY Operating 100% 68,933 — 4,993 5,554 5/18/2018 Crossroads Commons II Boulder, CO Operating 20% 10,500 — 447 769 Total property acquisitions $202,663 9,700 15,369 12,446 (in thousands) Six months ended June 30, 2017 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 3/6/17 The Field at Commonwealth Chantilly, VA Development 100% $9,500 — — — 3/8/17 Pinecrest Place (1) Miami, FL Development 100% — — — — 4/13/17 Mellody Farm (2) Chicago, IL Development 100% 26,200 — — — 6/28/17 Concord outparcel (3) Miami, FL Operating 100% 350 — — — Total property acquisitions $36,050 — — — (1) The Company leased 10.67 acres for a ground up development. (2) The Operating Partnership issued 195,732 partnership units values at $13.1 million as partial consideration for the purchase. (3) The Company purchased a 0.67 acre vacant outparcel adjacent to the Company's existing operating Concord Shopping Plaza. |
Equity One Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions | The following table summarizes the final purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: (in thousands) Final Purchase Price Allocation Land $ 2,865,053 Building and improvements 2,619,163 Properties in development 68,744 Properties held for sale 19,600 Investments in unconsolidated real estate partnerships 99,666 Real estate assets 5,672,226 Cash, accounts receivable and other assets 112,909 Intangible assets 458,877 Goodwill 332,384 Total assets acquired 6,576,396 Notes payable 757,399 Accounts payable, accrued expenses, and other liabilities 122,217 Lease intangible liabilities 503,675 Total liabilities assumed 1,383,291 Total purchase price $ 5,193,105 The following table provides the components that made up the total purchase price for the Equity One merger: (in thousands, except stock price) Purchase Price Shares of common stock issued for merger 65,379 Closing stock price on March 1, 2017 $ 68.40 Value of common stock issued for merger $ 4,471,808 Other cash payments 721,297 Total purchase price $ 5,193,105 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | 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 Equity One merger: (in years) Weighted Average Amortization / Accretion Period Assets: In-place leases 10.8 Above-market leases 7.8 Below-market ground leases 55.3 Liabilities: Below-market leases 24.9 |
Business Acquisition, Pro Forma Information | Pro forma Information The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2017 2017 Total revenues $ 261,314 $ 526,488 Income from operations (1) 56,435 123,832 Net income attributable to common stockholders (1) 54,624 109,434 Income per common share - basic 0.32 0.64 Income per common share - diluted 0.32 0.64 (1) The pro forma earnings for the three and six months ended June 30, 2017, were adjusted to exclude $4.7 million and $97.3 million of merger costs, respectively. 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. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties disposed of | The following table provides a summary of consolidated shopping centers and land parcels disposed of during the periods set forth below: Three months ended June 30, Six months ended June 30, (in thousands, except number sold data) 2018 2017 2018 2017 Net proceeds from sale of real estate investments $ 38,781 $ 13,481 $ 42,008 $ 15,230 Gain on sale of real estate, net of tax $ 1,123 $ 4,366 $ 1,219 $ 4,781 Provision for impairment of real estate sold $ 2,974 $ — $ 3,348 $ — Number of operating properties sold 3 1 4 1 Number of land parcels sold 3 5 3 7 Percent interest sold 100 % 100 % 100 % 100 % |
Other Assets Other Assets (Tabl
Other Assets Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets: (in thousands) June 30, 2018 December 31, 2017 Goodwill $ 320,639 331,884 Investments 42,672 41,636 Prepaid and other 25,771 30,332 Derivative assets 25,472 14,515 Furniture, fixtures, and equipment, net 7,010 6,123 Deferred financing costs, net 7,933 2,637 Total other assets $ 429,497 427,127 |
Schedule of Goodwill [Table Text Block] | The following table presents the goodwill balances and activity during the year to date periods ended: (in thousands) June 30, 2018 December 31, 2017 Beginning of year balance $ 331,884 — Goodwill resulting from Equity One merger 500 331,884 Goodwill allocated to properties sold (381 ) — Impairment (1) (9,220 ) — Goodwill allocated to properties held for sale (2,144 ) — End of period balance $ 320,639 331,884 (1) See note 7, Fair value measurements, for additional information about the impairment loss associated with properties held and used or held for sale. |
Notes Payable and Unsecured C29
Notes Payable and Unsecured Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s outstanding debt consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate June 30, 2018 December 31, 2017 Notes payable: Fixed rate mortgage loans 5.1% 4.4% $ 516,149 520,193 Variable rate mortgage loans 3.3% 3.5% 127,727 (1) 125,866 Fixed rate unsecured public and private debt 4.0% 4.4% 2,474,126 2,325,656 Total notes payable 3,118,002 2,971,715 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.8% 3.0% 150,000 60,000 Term loans 2.4% 2.5% 563,498 563,262 Total unsecured credit facilities 713,498 623,262 Total debt outstanding $ 3,831,500 3,594,977 (1) Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.07%. (2) 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 June 30, 2018 , scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) June 30, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2018 $ 5,173 106,117 — 111,290 2019 9,519 23,525 — 33,044 2020 11,287 78,580 300,000 389,867 2021 11,600 66,751 250,000 328,351 2022 11,799 5,848 715,000 732,647 Beyond 5 Years 37,056 269,216 1,950,000 2,256,272 Unamortized debt premium/(discount) and issuance costs — 7,405 (27,376 ) (19,971 ) Total $ 86,434 557,442 3,187,624 3,831,500 (1) Includes unsecured public and private debt and unsecured credit facilities. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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) (1) Effective Date Maturity Date Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of June 30, 2018 December 31, 2017 4/3/17 12/2/20 $ 300,000 1 Month LIBOR with Floor 1.824% $ 5,890 1,804 8/1/16 1/5/22 265,000 1 Month LIBOR with Floor 1.053% 15,022 10,744 4/7/16 4/1/23 20,000 1 Month LIBOR 1.303% 1,243 801 12/1/16 11/1/23 33,000 1 Month LIBOR 1.490% 2,002 1,166 6/2/17 6/2/27 37,500 1 Month LIBOR with Floor 2.366% 1,315 (177 ) $ 25,472 14,338 (1) 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. |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total Interest Expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended June 30, Three months ended June 30, Three months ended June 30, (in thousands) 2018 2017 2018 2017 2018 2017 Interest rate swaps $ 4,289 (3,805 ) Interest expense $ (1,415 ) (3,071 ) Interest expense, net $ 38,074 35,407 Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total Interest Expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Six months ended June 30, Six months ended June 30, Six months ended June 30, (in thousands) 2018 2017 2018 2017 2018 2017 Interest rate swaps $ 13,794 (3,873 ) Interest expense $ (3,553 ) (5,726 ) Interest expense, net $ 74,859 62,606 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, 2018 December 31, 2017 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ — — $ 15,803 15,660 Financial liabilities: Notes payable $ 3,118,002 3,081,052 $ 2,971,715 3,058,044 Unsecured credit facilities $ 713,498 715,000 $ 623,262 625,000 |
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 June 30, 2018 (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) Securities $ 35,079 35,079 — — Available-for-sale debt securities 7,593 — 7,593 — Interest rate derivatives 25,472 — 25,472 — Total $ 68,144 35,079 33,065 — Fair Value Measurements as of December 31, 2017 (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) Securities $ 31,662 31,662 — — Available-for-sale debt securities 9,974 — 9,974 — Interest rate derivatives 14,515 — 14,515 — Total $ 56,151 31,662 24,489 — Liabilities: Interest rate derivatives $ (177 ) — (177 ) — |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis: Fair Value Measurements as of June 30, 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains Assets: Balance (Level 1) (Level 2) (Level 3) (Losses) Long-lived assets held for sale Properties held for sale $ 22,054 — 48,254 — (26,200 ) During the six months ended June 30, 2018 , the Company recognized a $28.6 million provision for impairment, net of tax, including $26.2 million impairment on two operating properties classified as held for sale. The impairment of the real estate assets, which are classified as held for sale as of June 30, 2018 , was determined based on the expected selling price as compared to the Company's carrying value of its investment. |
Equity and Capital (Tables)
Equity and Capital (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity and Capital [Abstract] | |
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 Debt Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI AOCI Balance as of December 31, 2016 $ (18,327 ) (19 ) (18,346 ) (301 ) — (301 ) (18,647 ) Other comprehensive income before reclassifications (3,770 ) 43 (3,727 ) (103 ) — (103 ) (3,830 ) Amounts reclassified from AOCI (1) 5,638 — 5,638 88 — 88 5,726 Current period other comprehensive income, net 1,868 43 1,911 (15 ) — (15 ) 1,896 Balance as of June 30, 2017 $ (16,459 ) 24 (16,435 ) (316 ) — (316 ) (16,751 ) (1) Amounts recelassified from AOCI into income are presented within Interest expense, net in the Consolidated Statement of Operations. Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Debt Securities AOCI AOCI Balance as of December 31, 2017 $ (6,262 ) (27 ) (6,289 ) (112 ) — (112 ) (6,401 ) Opening adjustment due to change in accounting policy (2) 12 — 12 2 — 2 14 Adjusted balance as of December 31, 2017 (6,250 ) (27 ) (6,277 ) (110 ) — (110 ) (6,387 ) Other comprehensive income before reclassifications 13,156 (75 ) 13,081 638 — 638 13,719 Amounts reclassified from AOCI (1) 3,513 — 3,513 40 — 40 3,553 Current period other comprehensive income, net 16,669 (75 ) 16,594 678 — 678 17,272 Balance as of June 30, 2018 $ 10,419 (102 ) 10,317 568 — 568 10,885 (1) Amounts recelassified from AOCI into income are presented within Interest expense, net in the Consolidated Statement of Operations. (2) Upon adoption of ASU 2017-12, the Company recognized the immaterial adjustment to opening retained earnings and AOCI for previously recognized hedge ineffectiveness from off-market hedges, as further discussed in note 1. |
Non-Qualified Deferred Compen33
Non-Qualified Deferred Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) June 30, 2018 December 31, 2017 Assets: Equity securities (1) $ 33,061 31,662 Liabilities: Accounts payable and other liabilities $ 32,811 31,383 (1) Included within Other assets in the accompanying Consolidated Balance Sheets. |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Parent Company [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2018 2017 2018 2017 Numerator: Income from operations attributable to common stockholders - basic $ 47,841 48,368 $ 100,500 15,144 Income from operations attributable to common stockholders - diluted $ 47,841 48,368 $ 100,500 15,144 Denominator: Weighted average common shares outstanding for basic EPS 169,424 170,088 170,056 148,610 Weighted average common shares outstanding for diluted EPS (1) 169,682 170,420 170,291 148,930 Income per common share – basic $ 0.28 0.28 $ 0.59 0.10 Income per common share – diluted $ 0.28 0.28 $ 0.59 0.10 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, using the treasury stock method. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2018 2017 2018 2017 Numerator: Income from operations attributable to common unit holders - basic $ 47,941 48,472 $ 100,712 15,229 Income from operations attributable to common unit holders - diluted $ 47,941 48,472 $ 100,712 15,229 Denominator: Weighted average common units outstanding for basic EPU 169,774 170,410 170,406 148,849 Weighted average common units outstanding for diluted EPU (1) 170,032 170,742 170,641 149,169 Income per common unit – basic $ 0.28 0.28 $ 0.59 0.10 Income per common unit – diluted $ 0.28 0.28 $ 0.59 0.10 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering, that were fully settled on December 14, 2017, using the treasury stock method. |
Organization and Principles o35
Organization and Principles of Consolidation (Details) | 6 Months Ended |
Jun. 30, 2018retail_shopping_center | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Document Period End Date | Jun. 30, 2018 |
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 | 309 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of Real Estate Properties | 119 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage of outstanding common partnership units | 99.80% |
Organization and Principles o36
Organization and Principles of Consolidation Variable Interest Entities (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($)retail_shopping_center | Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | ||
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) June 30, 2018 December 31, 2017 Assets Net real estate investments $ 161,592 172,736 Cash and cash equivalents 3,795 4,993 Liabilities Notes payable 18,358 16,551 Equity Limited partners’ interests in consolidated partnerships 17,496 17,572 | |
Variable Interest Entity [Line Items] | ||
Document Period End Date | Jun. 30, 2018 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 18,358 | $ 16,551 |
Noncontrolling Interest in Variable Interest Entity | $ 17,496 | 17,572 |
Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Accretion Period | 10 years | |
Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Accretion Period | 40 years | |
Real Estate [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 161,592 | 172,736 |
Cash and Cash Equivalents [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 3,795 | $ 4,993 |
Partially Owned Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of Real Estate Properties | retail_shopping_center | 130 | |
Consolidated Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of Real Estate Properties | retail_shopping_center | 11 |
Organization and Principles o37
Organization and Principles of Consolidation Revenues and Tenant and Other Receivables (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Management, transaction, and other fee [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Accounts Receivable, Net | $ 9,100,000 | $ 9,100,000 | |||
Parent Company [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Property Management Fee Revenue | 6,887,000 | $ 6,601,000 | 14,045,000 | $ 13,307,000 | |
Accounts Receivable, Net | 155,540,000 | 155,540,000 | $ 170,985,000 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 30,903,000 | ||||
Parent Company [Member] | Property management services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Property Management Fee Revenue | 3,652,000 | 3,587,000 | 7,420,000 | 7,006,000 | |
Parent Company [Member] | Asset management services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Property Management Fee Revenue | 1,804,000 | 1,763,000 | 3,507,000 | 3,552,000 | |
Parent Company [Member] | Leasing services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Property Management Fee Revenue | 1,072,000 | 787,000 | 1,757,000 | 1,617,000 | |
Parent Company [Member] | Other transaction fees [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Property Management Fee Revenue | 359,000 | $ 464,000 | 1,361,000 | $ 1,132,000 | |
Parent Company [Member] | Management, transaction, and other fee [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Accounts Receivable, Net | $ 8,700,000 | ||||
Accounting Standards Update 2017-05 [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 30,900,000 | $ 30,900,000 |
Organization and Principles o38
Organization and Principles of Consolidation Recent Accounting Pronouncements (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Standards Update 2017-05 [Member] | ||
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 | $ 30,900,000 | |
Salaries expense [Member] | Accounting Standards Update 2016-02 [Member] | ||
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 | 3,200,000 | $ 10,400,000 |
Legal expense [Member] | Accounting Standards Update 2016-02 [Member] | ||
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 | 800,000 | $ 1,200,000 |
Operating Activities [Member] | Accounting Standards Update 2016-18 [Member] | ||
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 | 1,200,000 | |
Investing Activities [Member] | Accounting Standards Update 2016-18 [Member] | ||
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 | $ 1,600,000 |
Real Estate Investments Land, b
Real Estate Investments Land, buildings, and improvements (Details) - Parent Company [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 4,219,729 | $ 4,235,032 |
Land Improvements | 595,260 | 556,140 |
Buildings | 5,088,953 | 4,999,378 |
Building improvements | 848,610 | 787,880 |
Property, Plant and Equipment, Gross | $ 10,752,552 | $ 10,578,430 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) shares in Thousands, $ in Thousands | Mar. 01, 2017USD ($)propertyshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | |||
Purchase Price | $ 202,663 | $ 36,050 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 9,700 | 0 | |
Parent Company [Member] | |||
Business Acquisition [Line Items] | |||
Conversion of Stock, Conversion Ratio | 0.45 | ||
Shares of common stock issued for merger (in shares) | shares | 65,500 | ||
Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 15,369 | 0 | |
Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 12,446 | $ 0 | |
Ballard Blocks I [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jan. 2, 2018 | ||
Property Name | Ballard Blocks I | ||
City/State | Seattle, WA | ||
Business Acquisition, Percentage of Voting Interests Acquired | 49.90% | ||
Purchase Price | $ 54,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Ballard Blocks I [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 3,668 | ||
Ballard Blocks I [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 2,350 | ||
Ballard Blocks II [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jan. 2, 2018 | ||
Property Name | Ballard Blocks II | ||
City/State | Seattle, WA | ||
Business Acquisition, Percentage of Voting Interests Acquired | 49.90% | ||
Purchase Price | $ 4,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Ballard Blocks II [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | ||
Ballard Blocks II [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 0 | ||
Metuchen [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jan. 5, 2018 | ||
Property Name | The District at Metuchen | ||
City/State | Metuchen, NJ | ||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||
Purchase Price | $ 33,830 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Metuchen [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 3,147 | ||
Metuchen [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,905 | ||
Hewlett Crossing I & II [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jan. 10, 2018 | ||
Property Name | Hewlett Crossing I & II | ||
City/State | Hewlett, NY | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 30,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 9,700 | ||
Hewlett Crossing I & II [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 3,114 | ||
Hewlett Crossing I & II [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,868 | ||
Rivertowns [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Apr. 3, 2018 | ||
Property Name | Rivertowns Square | ||
City/State | Dobbs Ferry, NY | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 68,933 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Rivertowns [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 4,993 | ||
Rivertowns [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 5,554 | ||
Crossroad Commons II [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | May 18, 2018 | ||
Property Name | Crossroads Commons II | ||
City/State | Boulder, CO | ||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||
Purchase Price | $ 10,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Crossroad Commons II [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 447 | ||
Crossroad Commons II [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 769 | ||
The Field at Commonwealth [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Mar. 6, 2017 | ||
Property Name | The Field at Commonwealth | ||
City/State | Chantilly, VA | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 9,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
The Field at Commonwealth [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | ||
The Field at Commonwealth [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 0 | ||
Pinecrest Place [Member] [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Mar. 8, 2017 | ||
Property Name | Pinecrest Place (1) | ||
City/State | Miami, FL | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Pinecrest Place [Member] [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | ||
Pinecrest Place [Member] [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 0 | ||
Market Common Clarendon [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Apr. 13, 2017 | ||
Property Name | Mellody Farm (2) | ||
City/State | Chicago, IL | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 26,200 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Market Common Clarendon [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | ||
Market Common Clarendon [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 0 | ||
Klahanie Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Date Purchased | Jun. 28, 2017 | ||
Property Name | Concord outparcel (3) | ||
City/State | Miami, FL | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Purchase Price | $ 350 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | ||
Klahanie Shopping Center [Member] | Off-Market Favorable Lease [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 0 | ||
Klahanie Shopping Center [Member] | Off-Market Lease, Unfavorable [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 0 | ||
Equity One Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,383,291 | ||
Intangible assets | $ 458,877 | ||
Shares of common stock issued for merger (in shares) | shares | 65,379 | ||
Number of real estate properties acquired | property | 121 | ||
Equity One Inc. [Member] | Partially Owned Properties [Member] | |||
Business Acquisition [Line Items] | |||
Number of real estate properties acquired | property | 8 |
Real Estate Investments Total P
Real Estate Investments Total Purchase Price (Details) - Equity One Inc. [Member] $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 01, 2017USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Shares of common stock issued for merger (in shares) | shares | 65,379 |
Closing stock price (in usd per share) | $ / shares | $ 68.40 |
Value of common stock issued for merger | $ 4,471,808 |
Other cash payments | 721,297 |
Total purchase price | $ 5,193,105 |
Real Estate Investments Assets
Real Estate Investments Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 01, 2017 |
Business Acquisition [Line Items] | |||
Total liabilities assumed | $ 9,700 | $ 0 | |
Equity One Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 2,865,053 | ||
Building and improvements | 2,619,163 | ||
Properties in development | 68,744 | ||
Properties held for sale | 19,600 | ||
Investments in unconsolidated real estate partnerships | 99,666 | ||
Real estate assets | 5,672,226 | ||
Cash, accounts receivable and other assets | 112,909 | ||
Intangible assets | 458,877 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 332,384 | ||
Total assets acquired | 6,576,396 | ||
Notes payable | 757,399 | ||
Accounts payable, accrued expenses, and other liabilities | 122,217 | ||
Lease intangible liabilities | 503,675 | ||
Total liabilities assumed | 1,383,291 | ||
Total purchase price | $ 5,193,105 |
Real Estate Investments Acquire
Real Estate Investments Acquired Finite-Lived Intangibles Acquired as Part of a Business Combination (Details) - Equity One Inc. [Member] | Mar. 01, 2017 |
Leases, Acquired-in-Place [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 9 months 18 days |
Above Market Leases [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 9 months 18 days |
Below Market Ground Rent Lease [Member] [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 55 years 3 months 18 days |
Real Estate Investments Busin44
Real Estate Investments Business Acquisitions, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Business Acquisition, Pro Forma Information [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 261,314 | $ 526,488 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 56,435 | 123,832 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 54,624 | $ 109,434 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.0032 | $ 0.0064 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.0032 | $ 0.0064 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)property | Jun. 30, 2017USD ($)property | Jun. 30, 2018USD ($)property | Jun. 30, 2017USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate investments | $ 38,781 | $ 13,481 | $ 42,008 | $ 15,230 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 1,123 | 4,366 | 1,219 | 4,781 |
Provision for impairment, net of tax | $ 2,974 | $ 0 | $ 3,348 | $ 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 | $ 42,508 | $ 13,270 | ||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 1,123 | $ 4,366 | 1,219 | 4,781 |
Provision for impairment, net of tax | $ 12,533 | $ 0 | $ 28,587 | $ 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 | 1 | 4 | 1 |
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties Sold | property | 3 | 5 | 3 | 7 |
Other Assets Other Assets (Deta
Other Assets Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Current Assets [Line Items] | |||
Goodwill | $ 320,639 | $ 331,884 | $ 0 |
Investments | 42,672 | 41,636 | |
Other Prepaid Expense, Current | 25,771 | 30,332 | |
Derivative Asset | 25,472 | 14,515 | |
Furniture and Fixtures, Gross | 7,010 | 6,123 | |
Deferred Costs and Other Assets | 7,933 | 2,637 | |
Parent Company [Member] | |||
Other Current Assets [Line Items] | |||
Other Assets | $ 429,497 | $ 427,127 |
Other Assets Goodwill (Details)
Other Assets Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill | $ 320,639 | $ 331,884 | $ 0 |
Goodwill, Other Increase (Decrease) | (381) | 0 | |
Goodwill, Impairment Loss | (9,220) | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 2,144 | 0 | |
Equity One Inc. [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Purchase Accounting Adjustments | $ 500 | ||
Goodwill, Acquired During Period | $ 331,884 |
Schedule of Debt (Details)
Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,831,500 | $ 3,594,977 |
Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 516,149 | 520,193 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 3,118,002 | 2,971,715 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | 713,498 | 623,262 |
Long-term Debt | 2,474,126 | 2,325,656 |
Line of Credit [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | 150,000 | 60,000 |
Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | 563,498 | 563,262 |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 127,727 | $ 125,866 |
Contractual Rate [Member] | Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.10% | |
Contractual Rate [Member] | Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.30% | |
Contractual Rate [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.00% | |
Contractual Rate [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.80% | |
Contractual Rate [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.40% | |
Effective Rate [Member] | Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.40% | |
Effective Rate [Member] | Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.50% | |
Effective Rate [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.40% | |
Effective Rate [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.00% | |
Effective Rate [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.50% |
Notes Payable and Unsecured C49
Notes Payable and Unsecured Credit Facilities Schedule of maturities of long-term debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 111,290 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 33,044 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 389,867 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 328,351 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 732,647 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,256,272 | |
Debt Instrument, Unamortized Discount (Premium), Net | 19,971 | |
Long-term Debt | 3,831,500 | $ 3,594,977 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,474,126 | $ 2,325,656 |
Scheduled Principal Payments [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 5,173 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 9,519 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 11,287 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 11,600 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 11,799 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 37,056 | |
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |
Long-term Debt | 86,434 | |
Mortgage Loan Maturities [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 106,117 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 23,525 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 78,580 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 66,751 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 5,848 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 269,216 | |
Debt Instrument, Unamortized Discount (Premium), Net | (7,405) | |
Long-term Debt | 557,442 | |
Unsecured Maturities [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 300,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 250,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 715,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,950,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | 27,376 | |
Long-term Debt | $ 3,187,624 |
Notes Payable and Unsecured C50
Notes Payable and Unsecured Credit Facilities Narrative (Details) ratio in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Apr. 02, 2018USD ($) | Mar. 09, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Repayments of Lines of Credit | $ 60 | ||
Senior Notes [Member] | Notes Due March 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Debt Instrument, Discount Percent | 0 | ||
Senior Notes [Member] | Notes Due June 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Notes Payable to Banks [Member] | 150M 6% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Unsecured Debt | 163.2 | ||
Accordion Feature [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Increase in Capacity | 1,250 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 129.6 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 4,289 | $ (3,805) | $ 13,794 | $ (3,873) | |
Amount reclassified from accumulated other comprehensive loss | (1,415) | (3,071) | (3,553) | (5,726) | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 2,500 | ||||
Derivative $300M Term [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Apr. 3, 2017 | ||||
Derivative, Maturity Date | Dec. 2, 2020 | ||||
Derivative, Notional Amount | $ 300,000 | $ 300,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 1.824% | 1.824% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (5,890) | $ (5,890) | $ (1,804) | ||
Derivatives 200K @ 1.04770% and 65K @ 1.07000% [Member] [Domain] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Aug. 1, 2016 | ||||
Derivative, Maturity Date | Jan. 5, 2022 | ||||
Derivative, Notional Amount | $ 265,000 | $ 265,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 1.053% | 1.053% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (15,022) | $ (15,022) | (10,744) | ||
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 | $ 20,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.3025% | 1.3025% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (1,243) | $ (1,243) | (801) | ||
Derivative $33M Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Dec. 1, 2016 | ||||
Derivative, Maturity Date | Nov. 1, 2023 | ||||
Derivative, Notional Amount | $ 33,000 | $ 33,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.49% | 1.49% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (2,002) | $ (2,002) | (1,166) | ||
Derivative @ 2.36600% 37.5K [Member] [Domain] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Jun. 2, 2017 | ||||
Derivative, Maturity Date | Jun. 2, 2027 | ||||
Derivative, Notional Amount | $ 37,500 | $ 37,500 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 2.366% | 2.366% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (1,315) | $ (1,315) | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | 177 | ||||
Swap [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 8,400 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | (25,472) | (25,472) | (14,515) | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 177 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | (25,472) | (25,472) | (14,515) | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 177 | ||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 25,472 | 25,472 | $ 14,338 | ||
Parent Company [Member] | |||||
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,289 | (3,805) | 13,794 | (3,873) | |
Interest Expense | $ 38,074 | $ 35,407 | $ 74,859 | $ 62,606 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes receivable | $ 0 | $ 0 | $ 15,803 | ||
Provision for impairment, net of tax | (2,974) | $ 0 | (3,348) | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 35,079 | 35,079 | 31,662 | ||
Available-for-sale Securities | 7,593 | 7,593 | 9,974 | ||
Interest Rate Derivative Assets, at Fair Value | 25,472 | 25,472 | 14,515 | ||
Total | 68,144 | 68,144 | 56,151 | ||
Derivative instruments, at fair value | (177) | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 22,054 | 22,054 | |||
Provision for impairment, net of tax | (26,200) | ||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 35,079 | 35,079 | 31,662 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 0 | ||
Total | 35,079 | 35,079 | 31,662 | ||
Derivative instruments, at fair value | 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] | |||||
Total | 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 | 3,081,052 | 3,081,052 | 3,058,044 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | 0 | ||
Available-for-sale Securities | 7,593 | 7,593 | 9,974 | ||
Interest Rate Derivative Assets, at Fair Value | 25,472 | 25,472 | 14,515 | ||
Total | 33,065 | 33,065 | 24,489 | ||
Derivative instruments, at fair value | (177) | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 48,254 | 48,254 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Receivable, Fair Value | 0 | 0 | 15,660 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Derivative instruments, at fair value | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 0 | 0 | |||
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 | 715,000 | 715,000 | 625,000 | ||
Parent Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable | 3,118,002 | 3,118,002 | 2,971,715 | ||
Unsecured credit facilities | 713,498 | 713,498 | $ 623,262 | ||
Provision for impairment, net of tax | $ (12,533) | $ 0 | $ (28,587) | $ 0 |
Equity and Capital Equity and C
Equity and Capital Equity and Capital - Common Stock (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Class of Stock [Line Items] | |
Stock Repurchase Program Expiration Date | Feb. 6, 2020 |
Maximum [Member] | |
Class of Stock [Line Items] | |
Equity Issuances, Common Shares Authorized for Issuance | shares | 500,000,000 |
Parent Company [Member] | Common Stock [Member] | |
Class of Stock [Line Items] | |
Stock Repurchased and Retired During Period, Shares | shares | 2,145,209 |
Stock Repurchased and Retired During Period, Value | $ (124,989,000) |
Parent Company [Member] | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Class of Stock [Line Items] | |
Stock Repurchased and Retired During Period, Value | 0 |
Parent Company [Member] | Common Stock [Member] | Average share price [Member] | |
Class of Stock [Line Items] | |
Stock Repurchased and Retired During Period, Value | $ (58.24) |
Equity and Capital - Accumulate
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 12 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 13,156 | $ (3,770) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (6,262) | (18,327) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,513 | 5,638 | |
Current period other comprehensive income, net | 16,669 | 1,868 | |
Ending balance | 10,419 | (16,459) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (75) | 43 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (27) | (19) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |
Current period other comprehensive income, net | (75) | 43 | |
Ending balance | (102) | 24 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 12 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13,081 | (3,727) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (6,289) | (18,346) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,513 | 5,638 | |
Current period other comprehensive income, net | 16,594 | 1,911 | |
Ending balance | 10,317 | (16,435) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 638 | (103) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (112) | (301) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40 | 88 | |
Current period other comprehensive income, net | 678 | (15) | |
Ending balance | 568 | (316) | |
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |
Current period other comprehensive income, net | 0 | 0 | |
Ending balance | 0 | 0 | |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 2 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 638 | (103) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (112) | (301) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40 | 88 | |
Current period other comprehensive income, net | 678 | (15) | |
Ending balance | 568 | (316) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 14 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13,719 | (3,830) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (6,401) | (18,647) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,553 | 5,726 | |
Current period other comprehensive income, net | 17,272 | 1,896 | |
Ending balance | 10,885 | $ (16,751) | |
Accounting Standards Update 2017-12 [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (6,250) | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (27) | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (6,277) | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (110) | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | 0 | ||
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | (110) | ||
Accounting Standards Update 2017-12 [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Beginning balance | $ (6,387) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 259,356 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 63.50 |
Non-Qualified Deferred Compen56
Non-Qualified Deferred Compensation Plan (Details) - Parent Company [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred Compensation Plan Assets | $ 33,061 | $ 31,662 |
Deferred Compensation Liability, Current and Noncurrent | $ 32,811 | $ 31,383 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income per common unit - diluted | ||||
Weighted Average Limited Partnership Units Outstanding, Basic | 349,902 | 238,987 | ||
Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 47,841 | $ 48,368 | $ 100,500 | $ 15,144 |
Weighted average common units outstanding for basic EPU (in shares) | 169,424,000 | 170,088,000 | 170,056,000 | 148,610,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 169,682,000 | 170,420,000 | 170,291,000 | 148,930,000 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Weighted average common units outstanding for basic EPU (in shares) | 169,774,000 | 170,410,000 | 170,406,000 | 148,849,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 170,032,000 | 170,742,000 | 170,641,000 | 149,169,000 |
Income per common unit - basic | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Income per common unit - diluted | ||||
Continuing operations (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.59 | $ 0.10 |
Continuing Operations [Member] | Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 47,841 | $ 48,368 | $ 100,500 | $ 15,144 |
Net income for common stock unit/holders - diluted | 47,841 | 48,368 | 100,500 | 15,144 |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | 47,941 | 48,472 | 100,712 | 15,229 |
Net income for common stock unit/holders - diluted | $ 47,941 | $ 48,472 | $ 100,712 | $ 15,229 |
Commitments and Contingencies,
Commitments and Contingencies, Letters of Credit (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |
Letters of Credit Outstanding, Amount | $ 9,400,000 | $ 9,400,000 |
Uncategorized Items - reg-20180
Label | Element | Value |
Partnership Interest [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 17,879,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 49,381,000 |
Parent Company [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 17,879,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 49,381,000 |
Equity One Inc. [Member] | Acquired Lease Intangible Liabilities [Member] | ||
Weighted Average Accretion Period of Intangible Liabilities | reg_WeightedAverageAccretionPeriodOfIntangibleLiabilities | 24 years 10 months 24 days |