Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Entity Registrant Name | 'REGENCY CENTERS CORP | ' |
Entity Central Index Key | '0000910606 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 92,327,456 |
Partnership Interest [Member] | ' | ' |
Entity Registrant Name | 'REGENCY CENTERS LP | ' |
Entity Central Index Key | '0001066247 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Real estate investments at cost: | ' | ' |
Notes receivable | $26,128,000 | $23,751,000 |
Liabilities: | ' | ' |
Notes payable | 1,764,437,000 | 1,771,891,000 |
Unsecured credit facilities | 100,000,000 | 170,000,000 |
Parent Company [Member] | ' | ' |
Real estate investments at cost: | ' | ' |
Land | 1,175,815,000 | 1,215,659,000 |
Buildings and improvements | 2,479,326,000 | 2,502,186,000 |
Properties in development | 305,249,000 | 192,067,000 |
Gross real estate investments at cost | 3,960,390,000 | 3,909,912,000 |
Less: accumulated depreciation | 835,447,000 | 782,749,000 |
Total Cost Net of Accumulated Depreciation | 3,124,943,000 | 3,127,163,000 |
Real Estate Held-for-sale | 10,607,000 | 0 |
Investments in real estate partnerships | 414,509,000 | 442,927,000 |
Net real estate investments | 3,550,059,000 | 3,570,090,000 |
Cash and cash equivalents | 62,702,000 | 22,349,000 |
Restricted cash | 5,288,000 | 6,472,000 |
Accounts receivable, net of allowance for doubtful accounts of $3,626 and $3,915 at September 30, 2013 and December 31, 2012, respectively | 23,379,000 | 26,601,000 |
Straight-line rent receivable, net of reserve of $451 and $870 at September 30, 2013 and December 31, 2012, respectively | 50,422,000 | 49,990,000 |
Notes receivable | 26,128,000 | 23,751,000 |
Deferred costs, less accumulated amortization of $72,808 and $69,224 at September 30, 2013 and December 31, 2012, respectively | 69,553,000 | 69,506,000 |
Acquired lease intangible assets, less accumulated amortization of $23,750 and $19,148 at September 30, 2013 and December 31, 2012, respectively | 39,134,000 | 42,459,000 |
Trading securities held in trust, at fair value | 25,421,000 | 23,429,000 |
Other assets | 44,467,000 | 18,811,000 |
Total assets | 3,896,553,000 | 3,853,458,000 |
Liabilities: | ' | ' |
Notes payable | 1,764,437,000 | 1,771,891,000 |
Unsecured credit facilities | 100,000,000 | 170,000,000 |
Accounts payable and other liabilities | 147,087,000 | 127,185,000 |
Acquired lease intangible liabilities, less accumulated accretion of $9,123 and $6,636 at September 30, 2013 and December 31, 2012, respectively | 25,480,000 | 20,325,000 |
Tenants’ security and escrow deposits and prepaid rent | 22,454,000 | 18,146,000 |
Total liabilities | 2,059,458,000 | 2,107,547,000 |
Commitments and contingencies (note 12) | ' | ' |
Stockholders’ equity/Partners' capital: | ' | ' |
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at September 30, 2013 and December 31, 2012, with liquidation preferences of $25 per share | 325,000,000 | 325,000,000 |
Common stock, $0.01 par value per share,150,000,000 shares authorized; 92,327,151 and 90,394,486 shares issued at September 30, 2013 and December 31, 2012, respectively | 923,000 | 904,000 |
Treasury stock at cost, 369,144 and 335,347 shares held at September 30, 2013 and December 31, 2012, respectively | -16,540,000 | -14,924,000 |
Additional paid in capital | 2,422,466,000 | 2,312,310,000 |
Accumulated other comprehensive loss | -28,430,000 | -57,715,000 |
Distributions in excess of net income | -878,753,000 | -834,810,000 |
Total stockholders’ equity | 1,824,666,000 | 1,730,765,000 |
Noncontrolling interests: | ' | ' |
Exchangeable operating partnership units, aggregate redemption value of $8,016 and $8,348 at September 30, 2013 and December 31, 2012, respectively | -1,462,000 | -1,153,000 |
Limited partners’ interests in consolidated partnerships | 13,891,000 | 16,299,000 |
Total noncontrolling interests | 12,429,000 | 15,146,000 |
Total equity/capital | 1,837,095,000 | 1,745,911,000 |
Total liabilities and equity/capital | 3,896,553,000 | 3,853,458,000 |
Partnership Interest [Member] | ' | ' |
Real estate investments at cost: | ' | ' |
Land | 1,175,815,000 | 1,215,659,000 |
Buildings and improvements | 2,479,326,000 | 2,502,186,000 |
Properties in development | 305,249,000 | 192,067,000 |
Gross real estate investments at cost | 3,960,390,000 | 3,909,912,000 |
Less: accumulated depreciation | 835,447,000 | 782,749,000 |
Total Cost Net of Accumulated Depreciation | 3,124,943,000 | 3,127,163,000 |
Real Estate Held-for-sale | 10,607,000 | 0 |
Investments in real estate partnerships | 414,509,000 | 442,927,000 |
Net real estate investments | 3,550,059,000 | 3,570,090,000 |
Cash and cash equivalents | 62,702,000 | 22,349,000 |
Restricted cash | 5,288,000 | 6,472,000 |
Accounts receivable, net of allowance for doubtful accounts of $3,626 and $3,915 at September 30, 2013 and December 31, 2012, respectively | 23,379,000 | 26,601,000 |
Straight-line rent receivable, net of reserve of $451 and $870 at September 30, 2013 and December 31, 2012, respectively | 50,422,000 | 49,990,000 |
Notes receivable | 26,128,000 | 23,751,000 |
Deferred costs, less accumulated amortization of $72,808 and $69,224 at September 30, 2013 and December 31, 2012, respectively | 69,553,000 | 69,506,000 |
Acquired lease intangible assets, less accumulated amortization of $23,750 and $19,148 at September 30, 2013 and December 31, 2012, respectively | 39,134,000 | 42,459,000 |
Trading securities held in trust, at fair value | 25,421,000 | 23,429,000 |
Other assets | 44,467,000 | 18,811,000 |
Total assets | 3,896,553,000 | 3,853,458,000 |
Liabilities: | ' | ' |
Notes payable | 1,764,437,000 | 1,771,891,000 |
Unsecured credit facilities | 100,000,000 | 170,000,000 |
Accounts payable and other liabilities | 147,087,000 | 127,185,000 |
Acquired lease intangible liabilities, less accumulated accretion of $9,123 and $6,636 at September 30, 2013 and December 31, 2012, respectively | 25,480,000 | 20,325,000 |
Tenants’ security and escrow deposits and prepaid rent | 22,454,000 | 18,146,000 |
Total liabilities | 2,059,458,000 | 2,107,547,000 |
Commitments and contingencies (note 12) | ' | ' |
Stockholders’ equity/Partners' capital: | ' | ' |
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at September 30, 2013 and December 31, 2012, liquidation preference of $25 per unit | 325,000,000 | 325,000,000 |
General partner; 92,279,321 and 90,394,486 units outstanding at September 30, 2013 and December 31, 2012, respectively | 1,528,096,000 | 1,463,480,000 |
Limited partners; 165,796 and 177,164 units outstanding at September 30, 2013 and December 31, 2012 | -1,462,000 | -1,153,000 |
Accumulated other comprehensive loss | -28,430,000 | -57,715,000 |
Total partners’ capital | 1,823,204,000 | 1,729,612,000 |
Noncontrolling interests: | ' | ' |
Limited partners’ interests in consolidated partnerships | 13,891,000 | 16,299,000 |
Total noncontrolling interests | 13,891,000 | 16,299,000 |
Total equity/capital | 1,837,095,000 | 1,745,911,000 |
Total liabilities and equity/capital | 3,896,553,000 | 3,853,458,000 |
Preferred Stock [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | 325,000,000 | ' |
Common Stock [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | 923,000 | ' |
Treasury Stock [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | -16,540,000 | ' |
Additional Paid-in Capital [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | 2,422,466,000 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Stockholders’ equity/Partners' capital: | ' | ' |
Accumulated other comprehensive loss | -28,430,000 | -57,715,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | -28,430,000 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | Partnership Interest [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | -28,430,000 | -57,715,000 |
Accumulated Distributions in Excess of Net Income [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | -878,753,000 | ' |
Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | -1,462,000 | ' |
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Parent Company [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | 13,891,000 | ' |
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Partnership Interest [Member] | ' | ' |
Noncontrolling interests: | ' | ' |
Total equity/capital | 13,891,000 | 16,299,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Real estate investments at cost: | ' | ' |
Trading securities held in trust, at fair value | $25,421,000 | $23,429,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Parent Company [Member] | ' | ' |
Allowance for doubtful accounts receivable | $3,626 | $3,915 |
Straight-line rent receivable allowance | 451 | 870 |
Deferred costs accumulated amortization | 72,808 | 69,224 |
Accumulated amortization of acquired lease intangible assets | 23,750 | 19,148 |
Accumulated accretion of acquired lease intangible liabilities | 9,123 | 6,636 |
Preferred stock, par value per share | $0.01 | $0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred units of Series 6-7, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $25 | $25 |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 92,327,151 | 90,394,486 |
Exchangeable operating partnership units aggregate redemption value | 8,016 | 8,348 |
Treasury stock, shares held at cost | 369,144 | 335,347 |
Partnership Interest [Member] | ' | ' |
Allowance for doubtful accounts receivable | 3,626 | 3,915 |
Straight-line rent receivable allowance | 451 | 870 |
Deferred costs accumulated amortization | 72,808 | 69,224 |
Accumulated amortization of acquired lease intangible assets | 23,750 | 19,148 |
Accumulated accretion of acquired lease intangible liabilities | $9,123 | $6,636 |
Preferred units of general partner par value per unit | $0.01 | $0.01 |
Preferred units of Series 6-7, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $25 | $25 |
General partner units, outstanding | 92,327,151 | 90,394,486 |
Limited partner units, outstanding | 165,796 | 177,164 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other expense (income): | ' | ' | ' | ' |
Income tax expense (benefit) of taxable REIT subsidiary | $0 | $490 | $0 | ($118) |
Discontinued operations, net: | ' | ' | ' | ' |
Gain on sale of operating properties, net | 16,052 | 0 | 27,462 | 8,605 |
Parent Company [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rent | 90,178 | 84,382 | 266,104 | 261,519 |
Percentage rent | 415 | 378 | 2,257 | 1,935 |
Recoveries from tenants and other income | 25,823 | 24,388 | 80,917 | 79,606 |
Management, transaction, and other fees | 5,694 | 6,441 | 19,195 | 20,060 |
Total revenues | 122,110 | 115,589 | 368,473 | 363,120 |
Operating expenses: | ' | ' | ' | ' |
Depreciation and amortization | 33,184 | 28,529 | 96,241 | 90,934 |
Operating and maintenance | 17,040 | 15,808 | 52,222 | 51,012 |
General and administrative | 15,001 | 15,641 | 47,942 | 45,783 |
Real estate taxes | 13,553 | 12,884 | 41,030 | 41,212 |
Other expenses | 917 | 1,150 | 3,986 | 3,596 |
Total operating expenses | 79,695 | 74,012 | 241,421 | 232,537 |
Other expense (income): | ' | ' | ' | ' |
Interest expense, net of interest income of $350 and $379, and $1,101 and $1,291 for the three and nine months ended September 30, 2013 and 2012, respectively | 26,750 | 27,462 | 82,363 | 84,796 |
Provision for impairment | 6,000 | 1,147 | 6,000 | 20,155 |
Gains (Losses) on Extinguishment of Debt | 0 | 852 | 0 | 852 |
Net investment income from deferred compensation plan, including unrealized gains of $875 and $618, and $1,724 and $1,343 for the three and nine months ended September 30, 2013 and 2012, respectively | -963 | -752 | -1,998 | -1,836 |
Total other expense | -31,787 | -28,709 | -86,365 | -103,967 |
Income before equity in income of investments in real estate partnerships | 10,628 | 12,868 | 40,687 | 26,616 |
Equity in income of investments in real estate partnerships | 13,262 | 5,403 | 25,150 | 19,173 |
Income from continuing operations before tax | 23,890 | 18,271 | 65,837 | 45,789 |
Income tax expense (benefit) of taxable REIT subsidiary | 0 | 490 | 0 | -118 |
Income from continuing operations | 23,890 | 17,781 | 65,837 | 45,907 |
Discontinued operations, net: | ' | ' | ' | ' |
Operating income | 666 | 1,811 | 4,196 | 1,350 |
Gain on sale of operating properties, net | 16,052 | 0 | 27,462 | 8,605 |
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 |
Income before gain on sale of real estate | 40,608 | 19,592 | 97,495 | 55,862 |
Gain on sale of real estate | -56 | -228 | -1,773 | -2,041 |
Net income | 40,664 | 19,820 | 99,268 | 57,903 |
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders (Deprecated 2013-01-31) | 0 | 0 | 0 | 629 |
Noncontrolling interests: | ' | ' | ' | ' |
Exchangeable operating partnership units | -73 | -39 | -183 | -116 |
Limited partnersb interests in consolidated partnerships | -327 | -212 | -872 | -636 |
(Income) loss attributable to noncontrolling interests | -400 | -251 | -1,055 | -123 |
Net income attributable to the Company | 40,264 | 19,569 | 98,213 | 57,780 |
Preferred stock dividends | -5,266 | -7,932 | -15,797 | -27,265 |
Net Income (Loss) attributable to Common Stockholders | 34,998 | 11,637 | 82,416 | 30,515 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.20 | $0.11 | $0.55 | $0.23 |
Discontinued operations (in dollars per share) | $0.18 | $0.02 | $0.35 | $0.11 |
Net income attributable to common stockholders (in dollars per share) | $0.38 | $0.13 | $0.90 | $0.34 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.20 | $0.11 | $0.55 | $0.23 |
Discontinued operations (in dollars per share) | $0.18 | $0.02 | $0.35 | $0.11 |
Net income attributable to common stockholders (in dollars per share) | $0.38 | $0.13 | $0.90 | $0.34 |
Partnership Interest [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rent | 90,178 | 84,382 | 266,104 | 261,519 |
Percentage rent | 415 | 378 | 2,257 | 1,935 |
Recoveries from tenants and other income | 25,823 | 24,388 | 80,917 | 79,606 |
Management, transaction, and other fees | 5,694 | 6,441 | 19,195 | 20,060 |
Total revenues | 122,110 | 115,589 | 368,473 | 363,120 |
Operating expenses: | ' | ' | ' | ' |
Depreciation and amortization | 33,184 | 28,529 | 96,241 | 90,934 |
Operating and maintenance | 17,040 | 15,808 | 52,222 | 51,012 |
General and administrative | 15,001 | 15,641 | 47,942 | 45,783 |
Real estate taxes | 13,553 | 12,884 | 41,030 | 41,212 |
Other expenses | 917 | 1,150 | 3,986 | 3,596 |
Total operating expenses | 79,695 | 74,012 | 241,421 | 232,537 |
Other expense (income): | ' | ' | ' | ' |
Interest expense, net of interest income of $350 and $379, and $1,101 and $1,291 for the three and nine months ended September 30, 2013 and 2012, respectively | 26,750 | 27,462 | 82,363 | 84,796 |
Provision for impairment | 6,000 | 1,147 | 6,000 | 20,155 |
Gains (Losses) on Extinguishment of Debt | 0 | 852 | 0 | 852 |
Net investment income from deferred compensation plan, including unrealized gains of $875 and $618, and $1,724 and $1,343 for the three and nine months ended September 30, 2013 and 2012, respectively | -963 | -752 | -1,998 | -1,836 |
Total other expense | -31,787 | -28,709 | -86,365 | -103,967 |
Income before equity in income of investments in real estate partnerships | 10,628 | 12,868 | 40,687 | 26,616 |
Equity in income of investments in real estate partnerships | 13,262 | 5,403 | 25,150 | 19,173 |
Income from continuing operations before tax | 23,890 | 18,271 | 65,837 | 45,789 |
Income tax expense (benefit) of taxable REIT subsidiary | 0 | 490 | 0 | -118 |
Income from continuing operations | 23,890 | 17,781 | 65,837 | 45,907 |
Discontinued operations, net: | ' | ' | ' | ' |
Operating income | 666 | 1,811 | 4,196 | 1,350 |
Gain on sale of operating properties, net | 16,052 | 0 | 27,462 | 8,605 |
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 |
Income before gain on sale of real estate | 40,608 | 19,592 | 97,495 | 55,862 |
Gain on sale of real estate | -56 | -228 | -1,773 | -2,041 |
Net income | 40,664 | 19,820 | 99,268 | 57,903 |
Noncontrolling interests: | ' | ' | ' | ' |
Limited partnersb interests in consolidated partnerships | -327 | -212 | -872 | -636 |
(Income) loss attributable to noncontrolling interests | -327 | -212 | -872 | -636 |
Net income attributable to the Company | 40,337 | 19,608 | 98,396 | 57,267 |
Preferred unit distributions | -5,266 | -7,932 | -15,797 | -26,636 |
Net income attributable to common unit holders | $35,071 | $11,676 | $82,599 | $30,631 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.20 | $0.11 | $0.55 | $0.23 |
Discontinued operations (in dollars per share) | $0.18 | $0.02 | $0.35 | $0.11 |
Net income attributable to common unit holders (in dollars per share) | $0.38 | $0.13 | $0.90 | $0.34 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.20 | $0.11 | $0.55 | $0.23 |
Discontinued operations (in dollars per share) | $0.18 | $0.02 | $0.35 | $0.11 |
Net income attributable to common unit holders (in dollars per share) | $0.38 | $0.13 | $0.90 | $0.34 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Parent Company [Member] | ' | ' | ' | ' |
Interest income | $350 | $379 | $1,101 | $1,291 |
Unrealized Gain on Securities | -875 | -618 | -1,724 | -1,343 |
Partnership Interest [Member] | ' | ' | ' | ' |
Interest income | 350 | 379 | 1,101 | 1,291 |
Unrealized Gain on Securities | ($875) | ($618) | ($1,724) | ($1,343) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Effective portion of change in fair value of derivative instruments | $521 | ($25) | $22,225 | ($85) |
Parent Company [Member] | ' | ' | ' | ' |
Net income | -40,664 | -19,820 | -99,268 | -57,903 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of loss on settlement of derivative instruments recognized in net income | 2,367 | 2,366 | 7,099 | 7,099 |
Effective portion of change in fair value of derivative instruments | 521 | -25 | 22,225 | -85 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 8 | 8 | 24 | 17 |
Other comprehensive income | 2,896 | 2,349 | 29,348 | 7,031 |
Comprehensive income | 43,560 | 22,169 | 128,616 | 64,934 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interests | -400 | -251 | -1,055 | -123 |
Other comprehensive income (loss) attributable to noncontrolling interests | 6 | -4 | 63 | -20 |
Comprehensive income (loss) attributable to noncontrolling interests | 406 | 247 | 1,118 | 103 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 43,154 | 21,922 | 127,498 | 64,831 |
Partnership Interest [Member] | ' | ' | ' | ' |
Net income | -40,664 | -19,820 | -99,268 | -57,903 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of loss on settlement of derivative instruments recognized in net income | 2,367 | 2,366 | 7,099 | 7,099 |
Effective portion of change in fair value of derivative instruments | 521 | -25 | 22,225 | -85 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 8 | 8 | 24 | 17 |
Other comprehensive income | 2,896 | 2,349 | 29,348 | 7,031 |
Comprehensive income | 43,560 | 22,169 | 128,616 | 64,934 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interests | -327 | -212 | -872 | -636 |
Other comprehensive income (loss) attributable to noncontrolling interests | 1 | -9 | 8 | -34 |
Comprehensive income (loss) attributable to noncontrolling interests | 328 | 203 | 880 | 602 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 43,232 | 21,966 | 127,736 | 64,332 |
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Parent Company [Member] | ' | ' | ' | ' |
Net income | ' | ' | -872 | -636 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Other comprehensive income | ' | ' | 8 | -34 |
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Partnership Interest [Member] | ' | ' | ' | ' |
Net income | ' | ' | -872 | -636 |
Total Noncontrolling Interests [Member] | Parent Company [Member] | ' | ' | ' | ' |
Net income | ' | ' | ($1,055) | ($123) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Parent Company [Member] | Partnership Interest [Member] | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Preferred Units [Member] | General Partner Preferred and Common Units [Member] | Limited Partners [Member] | Total Partners' Capital [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] |
In Thousands | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Partnership Interest [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Partnership Interest [Member] | Parent Company [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Partnership Interest [Member] | General Partner Preferred and Common Units [Member] | Limited Partners [Member] | Total Partners' Capital [Member] | Parent Company [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Parent Company [Member] | Preferred Stock [Member] | Parent Company [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Parent Company [Member] | Parent Company [Member] | Total Noncontrolling Interests [Member] | |||
Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2011 | ' | $1,869,654 | $275,000 | $899 | ($15,197) | $2,281,817 | ' | ($71,429) | ' | ($662,735) | $1,808,355 | $49,158 | ($963) | $13,104 | ' | $61,299 | ' | $1,879,784 | ' | $1,856,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan, net | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued for stock offerings, net of issuance costs | ' | ' | 0 | 5 | 0 | 21,672 | ' | 0 | ' | 0 | 21,677 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2011 | 1,869,654 | 1,869,654 | 275,000 | 899 | -15,197 | 2,281,817 | ' | -71,429 | -71,429 | -662,735 | 1,808,355 | 49,158 | -963 | 13,104 | 13,104 | 61,299 | 49,158 | 1,879,784 | -963 | 1,856,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 57,903 | 57,903 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | 57,780 | -629 | 116 | 636 | 636 | 123 | -629 | 57,780 | 116 | 57,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -57,780 | -57,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -7,031 | -7,031 | 0 | 0 | 0 | 0 | ' | -7,051 | -7,051 | 0 | -7,051 | 0 | -14 | 34 | ' | ' | 0 | 0 | -14 | -7,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 103 | 602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | -20 | -34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan, net | 12 | ' | 0 | 0 | 441 | -429 | ' | 0 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of restricted stock issued | 8,589 | 8,589 | 0 | 0 | 0 | 8,589 | ' | 0 | 0 | 0 | 8,589 | 0 | 0 | 0 | 0 | 0 | 0 | 8,589 | 0 | 8,589 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redeemed for taxes withheld for stock based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,490 | 0 | 0 | 0 | -1,490 | 0 | 0 | -1,490 | 0 | 0 | 0 | 0 | ' | ' | ' |
Common stock issued for dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 740 | 0 | 0 | 0 | 740 | 0 | 0 | 740 | 0 | 0 | 0 | 0 | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred units | -48,125 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | -48,125 | 0 | 0 | ' | -48,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred unit distributions | ' | -18,392 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 404 | 17,988 | 0 | -18,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued for stock offerings, net of issuance costs | ' | 313,505 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | 313,505 | 0 | 313,505 | ' | ' | ' | ' | ' | ' | ' | 325,000 | 0 | 0 | -11,495 | 0 | 0 | 313,505 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of preferred stock | 313,505 | 313,505 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | -275,000 | 275,000 | -275,000 | 0 | 0 | 9,277 | ' | 0 | 0 | -9,277 | -275,000 | 0 | 0 | 0 | 0 | 0 | 0 | 275,000 | 0 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from partners | 3,362 | 3,362 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 3,362 | 3,362 | 3,362 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to partners | -892 | -125,032 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | -892 | 892 | -892 | 0 | 123,894 | 246 | -124,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,125 | 0 | 0 | 48,125 | 0 | 0 | -48,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued as a result of common stock issued by Parent Company, net of repurchases | ' | 20,927 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | -20,927 | 0 | 20,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock/unit | -18,392 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | -17,988 | -17,988 | ' | 0 | 0 | ' | -404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' |
Preferred stock dividends | -27,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock/unit | -124,140 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | -123,894 | -123,894 | 0 | ' | 0 | ' | -246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | ' |
Ending Balance at Sep. 30, 2012 | 1,814,434 | 1,814,434 | 325,000 | 904 | -14,756 | 2,308,681 | ' | -64,378 | -64,378 | -756,114 | 1,799,337 | 0 | -1,079 | 16,176 | 16,176 | 15,097 | 0 | 1,863,715 | -1,079 | 1,798,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 19,820 | 19,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -19,569 | -19,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -2,349 | -2,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 247 | 203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | -4 | -9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | -7,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 1,814,434 | 1,814,434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 1,745,911 | 1,745,911 | ' | ' | ' | ' | ' | ' | -57,715 | ' | ' | 0 | ' | ' | 16,299 | ' | 0 | 1,788,480 | -1,153 | 1,729,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 99,268 | 99,268 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | 98,213 | 0 | 183 | 872 | 872 | 1,055 | 0 | 98,213 | 183 | 98,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -98,213 | -98,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -29,348 | -29,348 | 0 | 0 | 0 | 0 | -29,285 | -29,285 | -29,285 | 0 | -29,285 | 0 | -55 | -8 | ' | ' | 0 | 0 | -55 | -29,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 1,118 | 880 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | 63 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation plan, net | 0 | 0 | 0 | 0 | -1,616 | 1,616 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of restricted stock issued | 10,600 | 10,600 | 0 | 0 | 0 | 10,600 | ' | 0 | 0 | 0 | 10,600 | 0 | 0 | 0 | 0 | 0 | 0 | 10,600 | 0 | 10,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redeemed for taxes withheld for stock based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,927 | 0 | 0 | 0 | -2,927 | 0 | 0 | -2,927 | 0 | 0 | 0 | 0 | ' | ' | ' |
Common stock issued for dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 831 | 0 | 0 | 0 | 831 | 0 | 0 | 831 | 0 | 0 | 0 | 0 | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 302 | 302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 302 | 0 | 0 | 302 | 0 | -302 | 0 | -302 | ' | ' | ' |
Redemption of preferred units | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred unit distributions | ' | -15,797 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | 15,797 | 0 | -15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued for stock offerings, net of issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -99,753 | 0 | 19 | 0 | 99,734 | 0 | 0 | 99,753 | 0 | 0 | 0 | 0 | ' | ' | ' |
Net proceeds from issuance of preferred stock | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred stock | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from partners | 347 | 347 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 347 | 347 | 347 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to partners | -3,635 | -130,239 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | -3,635 | 3,635 | -3,635 | 0 | 126,359 | 245 | -126,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued as a result of common stock issued by Parent Company, net of repurchases | ' | 97,657 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | -97,657 | 0 | 97,657 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock/unit | -15,797 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | -15,797 | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Preferred stock dividends | -15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock/unit | -126,604 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | -126,359 | -126,359 | 0 | -245 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245 |
Common units exchanged for common stock of the parent company | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | 0 | 302 | -302 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | 1,837,095 | 1,837,095 | 325,000 | 923 | -16,540 | 2,422,466 | ' | -28,430 | -28,430 | -878,753 | 1,824,666 | 0 | -1,462 | 13,891 | 13,891 | 12,429 | 0 | 1,853,096 | -1,462 | 1,823,204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 40,664 | 40,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | -40,264 | -40,337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -2,896 | -2,896 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 406 | 328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | 6 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock dividends | -5,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $1,837,095 | $1,837,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common stock/unit per share | $1.39 | $1.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation, net of capitalization | $9,227 | $7,331 |
Cash flows from investing activities: | ' | ' |
Proceeds from Issuance of Common Stock | 101,342 | ' |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 99,268 | 57,903 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 98,620 | 96,217 |
Amortization of deferred loan cost and debt premium | 9,265 | 9,619 |
Accretion of above and below market lease intangibles, net | -1,646 | -667 |
Stock-based compensation, net of capitalization | 9,227 | 7,332 |
Equity in income of investments in real estate partnerships | -25,150 | -19,173 |
Net gain on sale of properties | -29,235 | -10,646 |
Provision for impairment | -6,000 | -24,655 |
Gains (Losses) on Extinguishment of Debt | 0 | 852 |
Distribution of earnings from operations of investments in real estate partnerships | -34,772 | -28,550 |
Loss on derivative instruments | -14 | -17 |
Deferred compensation expense | 2,023 | 1,840 |
Realized and unrealized gains on trading securities held in trust | -2,024 | -1,878 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 1,185 | -83 |
Accounts receivable | -2,200 | 5,040 |
Straight-line rent receivables, net | -3,850 | -4,656 |
Deferred leasing costs | -6,599 | -8,869 |
Other assets | -1,767 | -2,140 |
Accounts payable and other liabilities | 8,137 | 17,734 |
Tenantsb security and escrow deposits and prepaid rent | 4,550 | -5,559 |
Net cash provided by operating activities | 200,562 | 196,054 |
Cash flows from investing activities: | ' | ' |
Acquisition of operating real estate | -26,676 | -58,015 |
Development of real estate, including acquisition of land | -162,419 | -117,550 |
Proceeds from sale of real estate investments | 136,997 | 315,235 |
Payments for (Proceeds from) Loans Receivable | -6,015 | 579 |
Investments in real estate partnerships | -10,844 | -53,587 |
Distributions received from investments in real estate partnerships | 31,457 | 29,463 |
Dividends on trading securities held in trust | 95 | 130 |
Acquisition of securities | -17,795 | -13,635 |
Proceeds from sale of securities | 12,732 | 13,900 |
Net cash (used in) provided by investing activities | -30,438 | 115,362 |
Proceeds from Issuance of Common Stock | 99,753 | 21,677 |
Cash flows from financing activities: | ' | ' |
Net proceeds from issuance of preferred stock | 0 | 313,505 |
Proceeds from sale of treasury stock | 34 | 339 |
Acquisition of treasury stock | 0 | -4 |
Redemption of preferred stock and partnership units | 0 | -323,125 |
Payments to Noncontrolling Interests | 3,288 | -1,484 |
Distributions | -245 | -246 |
Payments of Preferred Dividends, Noncontrolling Interest | 0 | -404 |
Dividends, Common Stock, Cash | 126,604 | 124,140 |
Dividends paid to common stockholders | -125,528 | -123,155 |
Dividends paid to preferred stockholders | -15,797 | -13,373 |
Repayment of debt | 0 | -192,377 |
Proceeds from Lines of Credit | 82,000 | 535,000 |
Repayments of Lines of Credit | -152,000 | -510,000 |
Proceeds from notes payable | 8,250 | 0 |
Repayments of Notes Payable | -16,439 | 0 |
Scheduled principal payments | -6,352 | -6,484 |
Payment of loan costs | -159 | -4,305 |
Net cash used in financing activities | -129,771 | -301,468 |
Net increase in cash and cash equivalents | 40,353 | 9,948 |
Cash and cash equivalents at beginning of the period | 22,349 | 11,402 |
Cash and cash equivalents at end of the period | 62,702 | 21,350 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest (net of capitalized interest of $4,174 and $2,477 in 2013 and 2012, respectively) | 72,607 | 80,742 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Preferred unit and stock distribution declared and not paid | 0 | 4,615 |
Stock Issued During Period, Value, Conversion of Units | 302 | 0 |
Real estate received through distribution in kind | 7,576 | 0 |
Mortgage loans assumed for the acquisition of real estate | 0 | 0 |
Real Estate Owned, Transfer from Real Estate Owned | 0 | 47,500 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 7,646 | 0 |
Real estate acquired through elimination of note receivable | 0 | 12,585 |
Change in fair value of derivative instruments | 22,249 | -67 |
Stock-based compensation capitalized | 1,567 | 1,453 |
Contributions from limited partners in consolidated partnerships, net | 0 | 986 |
Common stock issued for dividend reinvestment in trust | 489 | 439 |
Contribution of stock awards into trust | 1,522 | 821 |
Distribution of stock held in trust | 201 | 1,191 |
Partnership Interest [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 99,268 | 57,903 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 98,620 | 96,217 |
Amortization of deferred loan cost and debt premium | 9,265 | 9,619 |
Accretion of above and below market lease intangibles, net | -1,646 | -667 |
Stock-based compensation, net of capitalization | 9,227 | 7,332 |
Equity in income of investments in real estate partnerships | -25,150 | -19,173 |
Net gain on sale of properties | -29,235 | -10,646 |
Provision for impairment | -6,000 | -24,655 |
Gains (Losses) on Extinguishment of Debt | 0 | 852 |
Distribution of earnings from operations of investments in real estate partnerships | -34,772 | -28,550 |
Loss on derivative instruments | -14 | -17 |
Deferred compensation expense | 2,023 | 1,840 |
Realized and unrealized gains on trading securities held in trust | -2,024 | -1,878 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 1,185 | -83 |
Accounts receivable | -2,200 | 5,040 |
Straight-line rent receivables, net | -3,850 | -4,656 |
Deferred leasing costs | -6,599 | -8,869 |
Other assets | -1,767 | -2,140 |
Accounts payable and other liabilities | 8,137 | 17,734 |
Tenantsb security and escrow deposits and prepaid rent | 4,550 | -5,559 |
Net cash provided by operating activities | 200,562 | 196,054 |
Cash flows from investing activities: | ' | ' |
Acquisition of operating real estate | -26,676 | -58,015 |
Development of real estate, including acquisition of land | -162,419 | -117,550 |
Proceeds from sale of real estate investments | 136,997 | 315,235 |
Payments for (Proceeds from) Loans Receivable | -6,015 | 579 |
Investments in real estate partnerships | -10,844 | -53,587 |
Distributions received from investments in real estate partnerships | 31,457 | 29,463 |
Dividends on trading securities held in trust | 95 | 130 |
Acquisition of securities | -17,795 | -13,635 |
Proceeds from sale of securities | 12,732 | 13,900 |
Net cash (used in) provided by investing activities | -30,438 | 115,362 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common units issued as a result of common stock issued by Parent Company | 99,753 | 21,677 |
Net proceeds from issuance of preferred stock | 0 | 313,505 |
Proceeds from sale of treasury stock | 34 | 339 |
Acquisition of treasury stock | 0 | -4 |
Redemption of preferred stock and partnership units | 0 | -323,125 |
Payments to Noncontrolling Interests | 3,288 | -1,484 |
Dividends paid to common stockholders | -125,773 | -123,401 |
Dividends paid to preferred stockholders | -15,797 | -13,777 |
Repayment of debt | 0 | -192,377 |
Proceeds from Lines of Credit | 82,000 | 535,000 |
Repayments of Lines of Credit | -152,000 | -510,000 |
Proceeds from notes payable | 8,250 | 0 |
Repayments of Notes Payable | -16,439 | 0 |
Scheduled principal payments | -6,352 | -6,484 |
Payment of loan costs | -159 | -4,305 |
Net cash used in financing activities | -129,771 | -301,468 |
Net increase in cash and cash equivalents | 40,353 | 9,948 |
Cash and cash equivalents at beginning of the period | 22,349 | 11,402 |
Cash and cash equivalents at end of the period | 62,702 | 21,350 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest (net of capitalized interest of $4,174 and $2,477 in 2013 and 2012, respectively) | 72,607 | 80,742 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Preferred unit and stock distribution declared and not paid | 0 | 4,615 |
Stock Issued During Period, Value, Conversion of Units | 302 | 0 |
Real estate received through distribution in kind | 7,576 | 0 |
Mortgage loans assumed for the acquisition of real estate | 0 | 0 |
Real Estate Owned, Transfer from Real Estate Owned | 0 | 47,500 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 7,646 | 0 |
Real estate acquired through elimination of note receivable | 0 | 12,585 |
Change in fair value of derivative instruments | 22,249 | -67 |
Common stock issued for dividend reinvestment plan | 831 | 740 |
Stock-based compensation capitalized | 1,567 | 1,453 |
Contributions from limited partners in consolidated partnerships, net | 0 | 986 |
Common stock issued for dividend reinvestment in trust | 489 | 439 |
Contribution of stock awards into trust | 1,522 | 821 |
Distribution of stock held in trust | 201 | 1,191 |
Grand Ridge Plaza [Member] | Parent Company [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Mortgage loans assumed for the acquisition of real estate | ' | 12,810 |
Grand Ridge Plaza [Member] | Partnership Interest [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Mortgage loans assumed for the acquisition of real estate | ' | 12,810 |
Hilltop Village [Member] | Parent Company [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Mortgage loans assumed for the acquisition of real estate | 7,500 | ' |
Hilltop Village [Member] | Partnership Interest [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Mortgage loans assumed for the acquisition of real estate | 7,500 | ' |
Total Noncontrolling Interests [Member] | Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 1,055 | 123 |
Cash flows from financing activities: | ' | ' |
Dividends, Common Stock, Cash | ' | 246 |
Total Noncontrolling Interests [Member] | Parent Company [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Dividends, Common Stock, Cash | -245 | ' |
Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 183 | 116 |
Cash flows from financing activities: | ' | ' |
Dividends, Common Stock, Cash | 245 | ' |
Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Dividends, Common Stock, Cash | ' | -246 |
Common Stock [Member] | Parent Company [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | ' |
Common stock issued for dividend reinvestment plan | 831 | 740 |
Common Stock [Member] | Total Noncontrolling Interests [Member] | Parent Company [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Stock Issued During Period, Value, Conversion of Units | -302 | ' |
Common stock issued for dividend reinvestment plan | 0 | 0 |
Common Stock [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | ' | ' |
Supplemental disclosure of non-cash transactions: | ' | ' |
Stock Issued During Period, Value, Conversion of Units | -302 | ' |
Common stock issued for dividend reinvestment plan | $0 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Parent Company [Member] | ' | ' |
Capitalized interest | $4,174 | $2,477 |
Partnership Interest [Member] | ' | ' |
Capitalized interest | $4,174 | $2,477 |
Organization_and_Principles_of
Organization and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Principles of Consolidation | ' |
Organization and Principles of Consolidation | |
General | |
Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company currently owns approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. As of September 30, 2013, the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) directly owned 202 retail shopping centers and held partial interests in an additional 131 retail shopping centers through investments in real estate partnerships (also referred to as "joint ventures" or "co-investment partnerships"). | |
The financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. | |
Recently Adopted Accounting Pronouncements | |
On January 1, 2013, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11") and ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These new standards retain the existing offsetting models under U.S. GAAP but require new disclosure requirements for derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities lending transactions that are either offset in the Consolidated Balance Sheets or subject to an enforceable master netting arrangement or similar agreement. Retrospective application is required. While the Company does have master netting agreements, it does not have multiple derivatives with the same counterparties subject to a single master netting agreement to offset, therefore no additional disclosures are necessary. |
Real_Estate_Investments
Real Estate Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||||||||||
Real Estate Investments | |||||||||||||||||||||||||
The following table details the shopping centers acquired during the nine months ended September 30, 2013 (in thousands), including those acquired through our co-investment partnerships. | |||||||||||||||||||||||||
Date Purchased | Property Name | City/State | Co-investment Partner | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||||||
5/30/13 | Preston Oaks | Dallas, TX | N/A | 100% | $ | 27,000 | $ | — | $ | 3,396 | $ | 7,597 | |||||||||||||
7/23/13 | Shoppes of Burnt Mills | Silver Springs, MD | Columbia - Regency Partners II | 20% | $ | 13,600 | $ | 7,496 | $ | 8,438 | $ | 332 | |||||||||||||
In addition, on March 20, 2013, the Company entered into a liquidation agreement with Macquarie Countrywide (US) No. 2, LLC ("CQR") to redeem its 24.95% interest through dissolution of the Macquarie CountryWide-Regency III, LLC (MCWR III) co-investment partnership through a distribution-in-kind ("DIK"). The assets of the partnership were distributed as 100% ownership interests to CQR and Regency after a selection process, as provided for by the partnership agreement. Regency selected one asset, Hilltop Village, which was recorded at the carrying value of the Company's equity investment in MCWR III, net of deferred gain, on the date of dissolution of $7.6 million, including a $7.5 million mortgage assumed. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Dispositions | |||||||||||||
The following table provides a summary of shopping centers disposed of during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net proceeds | $ | 48,999 | — | $ | 131,633 | 39,200 | |||||||
Gain on sale of properties | $ | 16,052 | — | $ | 27,462 | 8,605 | |||||||
Number of properties sold | 4 | — | 8 | 4 | |||||||||
Percent interest sold | 100% | —% | 100% | 100% | |||||||||
One of the properties sold during the three months ended September 30, 2013 had a sales price of $15.2 million, with a cost basis of $7.9 million, and was financed by the Company issuing a note receivable for $14.9 million. The note is secured by a lien on the property and a guarantee by the purchaser and the purchaser's parent corporation and matures in January 2014. The note receivable is included in the Company's consolidated balance sheets, net of the deferred gain of $7.3 million, which will be recognized under the installment method when principal is paid no later than January 2014. | |||||||||||||
The following table provides a summary of revenues and expenses from properties included in discontinued operations, and those held for sale, for three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues | $ | 1,328 | 4,480 | $ | 8,497 | 14,713 | |||||||
Operating expenses | 662 | 2,675 | 4,301 | 8,883 | |||||||||
Provision for impairment | — | — | — | 4,500 | |||||||||
Income tax benefit (1) | — | (6 | ) | — | (20 | ) | |||||||
Operating income from discontinued operations | $ | 666 | 1,811 | $ | 4,196 | 1,350 | |||||||
(1) The operating income and gain on sales of properties included in discontinued operations are reported net of income taxes, if the property is sold by Regency Realty Group, Inc., a wholly owned subsidiary of the Operating Partnership, which is a Taxable REIT subsidiary as defined by in Section 856(1) of the Internal Revenue Code. | |||||||||||||
Dispositions - Investments in Unconsolidated Real Estate Partnerships | |||||||||||||
During the three months ended September 30, 2013, the Company sold the portfolio of shopping centers owned by Regency Retail Partners, LP (the "Fund") together with two adjacent operating property phases wholly-owned by the Company, which are included above. The gain from sale of these properties is recognized within equity in income of investments in real estate partnerships in the accompanying consolidated statements of operations. The Fund will be liquidated following final distribution of proceeds. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income tax expense (benefit) is separately presented in the accompanying Consolidated Statement of Operations, if the related income is from continuing operations, or is included in operating income from discontinued operations, if from discontinued operations. There was no income tax expense (benefit) for the three and nine months ended September 30, 2013. Income tax expense (benefit) was as follows for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
Income tax expense (benefit) from: | 2013 | 2012 | 2013 | 2012 | |||||||||
Continuing operations | $ | — | 490 | $ | — | (118 | ) | ||||||
Discontinued operations | — | (6 | ) | — | 602 | ||||||||
Total income tax expense | $ | — | 484 | $ | — | 484 | |||||||
Notes_Payable_and_Unsecured_Cr
Notes Payable and Unsecured Credit Facilities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Notes Payable and Unsecured Credit Facilities | ' | ||||||||||||
Notes Payable and Unsecured Credit Facilities | |||||||||||||
The Company’s debt outstanding as of September 30, 2013 and December 31, 2012 consists of the following (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 454,421 | 461,914 | ||||||||||
Variable rate mortgage loans | 11,768 | 12,041 | |||||||||||
Fixed rate unsecured loans | 1,298,248 | 1,297,936 | |||||||||||
Total notes payable | 1,764,437 | 1,771,891 | |||||||||||
Unsecured credit facilities | |||||||||||||
Line | — | 70,000 | |||||||||||
Term Loan | 100,000 | 100,000 | |||||||||||
Total unsecured credit facilities | 100,000 | 170,000 | |||||||||||
Total debt outstanding | $ | 1,864,437 | 1,941,891 | ||||||||||
Significant mortgage loan activity since December 31, 2012, excluding scheduled principal payments, includes: | |||||||||||||
• | On March 4, 2013, the Company entered into an interest only mortgage for $8.3 million, on a recently completed development property in a consolidated partnership at a fixed rate of 3.30%, maturing on April 1, 2020. | ||||||||||||
• | On March 20, 2013, the Company assumed debt of $7.5 million with the DIK of Hilltop Village, which is interest only with a fixed rate of 5.57% and matures on April 6, 2016. | ||||||||||||
• | On May 1, 2013, the Company paid off the $16.3 million maturing balance of a 7.11% secured borrowing. | ||||||||||||
Further, since December 31, 2012, the Company has repaid $70.0 million, net of borrowings, on its $800.0 million Line of Credit (the "Line"). | |||||||||||||
As of September 30, 2013, scheduled principal payments and maturities on notes payable were as follows (in thousands): | |||||||||||||
Scheduled Principal Payments and Maturities by Year: | Scheduled | Mortgage Loan | Unsecured | Total | |||||||||
Principal | Maturities | Maturities (1) | |||||||||||
Payments | |||||||||||||
2013 | $ | 2,019 | — | — | 2,019 | ||||||||
2014 | 7,383 | 26,052 | 150,000 | 183,435 | |||||||||
2015 | 5,747 | 62,435 | 350,000 | 418,182 | |||||||||
2016 | 5,487 | 21,661 | 100,000 | 127,148 | |||||||||
2017 | 4,584 | 84,702 | 400,000 | 489,286 | |||||||||
Beyond 5 Years | 20,021 | 220,993 | 400,000 | 641,014 | |||||||||
Unamortized debt (discounts) premiums, net | — | 5,105 | (1,752 | ) | 3,353 | ||||||||
Total | $ | 45,241 | 420,948 | 1,398,248 | 1,864,437 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. | |||||||||||||
The Company believes it was in compliance as of September 30, 2013 with the financial and other covenants under its unsecured public debt and unsecured credit facilities. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Counterparty | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2013 | 2012 | |||||||||||||||||
Assets: | |||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | JPMorgan Chase Bank, N.A. | $ | 75,000 | 3 Month LIBOR | 2.09% | $ | 6,138 | 1,022 | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | Bank of America, N.A. | 50,000 | 3 Month LIBOR | 2.09% | 4,085 | 672 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | US Bank National Association | 75,000 | 3 Month LIBOR | 2.48% | 7,001 | 1,131 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | Royal Bank of Canada | 50,000 | 3 Month LIBOR | 2.48% | 4,662 | 729 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | PNC Bank, N.A. | 50,000 | 3 Month LIBOR | 2.48% | 4,654 | 753 | |||||||||||||||||
Other Assets | $ | 26,540 | 4,307 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
10/1/11 | 9/1/14 | N/A | PNC Bank, N.A. | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | (45 | ) | (76 | ) | |||||||||||||
Accounts payable and other liabilities | $ | (45 | ) | (76 | ) | ||||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The Company has master netting agreements, however the Company does not have multiple derivatives subject to a single master netting agreement with the same counterparties. Therefore, none are offset in the accompanying Consolidated Balance Sheet. | |||||||||||||||||||||||||
The Company has $150.0 million of unsecured long-term debt that matures in 2014 and $350.0 million of unsecured long-term debt that matures in 2015. In order to mitigate the risk of interest rates rising before new unsecured borrowings are obtained, the Company entered into five forward-starting interest rate swaps during December 2012, for the same ten year periods expected for the future borrowings. These swaps total $300.0 million of notional value, as shown above. The Company will settle these swaps upon the early termination date, which is expected to coincide with the date new unsecured borrowings are obtained, and will begin amortizing the gain or loss realized from the swap settlement over the ten year period expected for the new borrowings; resulting in a modified effective interest rate on those borrowings. In October 2013, the Company entered into two additional forward-starting interest rate swaps for $95.0 million of notional value at a combined fixed rate of 2.867% for a ten year period effective April 15, 2014, to hedge potential changes in the ten-year LIBOR rate covering the expected borrowing term between now and the expected date that new unsecured borrowings are obtained in 2014. | |||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within interest expense. | |||||||||||||||||||||||||
The following tables represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain or | Amount of Gain or | ||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | Reclassified from | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Accumulated OCI into | Income on Derivative | Income on Derivative | ||||||||||||||||||||
Relationships: | Portion) | OCI into Income | Income (Effective | (Ineffective Portion and | (Ineffective Portion and | ||||||||||||||||||||
(Effective Portion) | Portion) | Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 521 | (25 | ) | Interest | $ | (2,366 | ) | (2,366 | ) | Other expenses | $ | — | — | |||||||||||
expense | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain or | Amount of Gain or | ||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | Reclassified from | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Accumulated OCI into | Income on Derivative | Income on Derivative | ||||||||||||||||||||
Relationships: | Portion) | OCI into Income | Income (Effective | (Ineffective Portion and | (Ineffective Portion and | ||||||||||||||||||||
(Effective Portion) | Portion) | Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 22,225 | (85 | ) | Interest | $ | (7,098 | ) | (7,095 | ) | Other expenses | $ | — | (3 | ) | ||||||||||
expense | |||||||||||||||||||||||||
As of September 30, 2013, the Company expects $9.6 million of deferred losses (gains) on derivative instruments accumulated in other comprehensive income to be reclassified into earnings during the next 12 months, of which $9.2 million is related to previously settled swaps. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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 as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Notes receivable | $ | 26,128 | 25,755 | $ | 23,751 | 23,677 | ||||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 1,764,437 | 1,930,004 | $ | 1,771,891 | 2,000,000 | ||||||||||
Unsecured credit facilities | $ | 100,000 | 100,476 | $ | 170,000 | 170,200 | ||||||||||
The table above reflects carrying amounts in the accompanying Consolidated Balance Sheets under the indicated captions. The above fair values represent the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2013 and December 31, 2012. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. The Company's valuation policies and procedures are determined by its Finance Group, which reports to the Chief Financial Officer, and the results of material fair value measurements are discussed with the Audit Committee of the Board of Directors on a quarterly basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of these financial instruments: | ||||||||||||||||
Notes Receivable | ||||||||||||||||
The fair value of the Company's notes receivable is estimated by calculating the present value of future contractual cash flows discounted at interest rates available for notes of the same terms and maturities, adjusted for counter-party specific credit risk. The fair value of notes receivable was determined primarily using Level 3 inputs of the fair value hierarchy, which considered counter-party credit risk and loan to value ratio on the underlying property securing the note receivable. | ||||||||||||||||
Notes Payable | ||||||||||||||||
The fair value of the Company's notes payable is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to the Company for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired. The fair value of the notes payable was determined using Level 2 inputs of the fair value hierarchy. | ||||||||||||||||
Unsecured Credit Facilities | ||||||||||||||||
The fair value of the Company's unsecured credit facilities is estimated based on the interest rates currently offered to the Company by financial institutions. The fair value of the credit facilities was determined using Level 2 inputs of the fair value hierarchy. | ||||||||||||||||
As of September 30, 2013 and December 31, 2012 the following interest rates were used by the Company to estimate the fair value of its financial instruments: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Notes receivable | 5.00% | 7.70% | 7.00% | 8.10% | ||||||||||||
Notes payable | 2.40% | 3.60% | 2.40% | 3.30% | ||||||||||||
Unsecured credit facilities | 1.50% | 1.50% | 1.60% | 1.60% | ||||||||||||
(b) Fair Value Measurements | ||||||||||||||||
The following financial instruments are measured at fair value on a recurring basis: | ||||||||||||||||
Trading Securities Held in Trust | ||||||||||||||||
The Company has investments in marketable securities that are classified as trading securities held in trust on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using quoted prices in active markets, considered Level 1 inputs of the fair value hierarchy. Changes in the value of trading securities are recorded within net investment (income) loss from deferred compensation plan in the accompanying Consolidated Statements of Operations. | ||||||||||||||||
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 table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Trading securities held in trust | $ | 25,421 | 25,421 | — | — | |||||||||||
Interest rate derivatives | 26,540 | — | 26,540 | — | ||||||||||||
Total | $ | 51,961 | 25,421 | 26,540 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (45 | ) | — | (45 | ) | — | |||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Trading securities held in trust | $ | 23,429 | 23,429 | — | — | |||||||||||
Interest rate derivatives | 4,307 | — | 4,307 | — | ||||||||||||
Total | $ | 27,736 | 23,429 | 4,307 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (76 | ) | — | (76 | ) | — | |||||||||
The following table presents fair value measurements that were measured at fair value on a nonrecurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived assets held and used | ||||||||||||||||
Operating and development properties | $ | 4,686 | — | — | 4,686 | (6,000 | ) | |||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) (1) | |||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived assets held and used | ||||||||||||||||
Operating and development properties | $ | 49,673 | — | — | 49,673 | (54,500 | ) | |||||||||
(1) Excludes impairments for properties sold during the year ended December 31, 2012. | ||||||||||||||||
Long-lived assets held and used are comprised primarily of real estate. During the three months ended September 30, 2013, the Company recognized a $6.0 million impairment on a single operating property as a result of an unoccupied anchor declaring bankruptcy, and the inability of the Company, thus far, to re-lease the anchor space. | ||||||||||||||||
The Company recognized a $54.5 million impairment loss related to two operating properties during the year ended December 31, 2012. The majority of this impairment, $50.0 million, related to one operating property, which the Company determined was more likely than not to be sold before the end of its previously estimated hold period, which led to the impairment during the fourth quarter of 2012. The Company subsequently sold this property in May of 2013. The other operating property exhibited weak operating fundamentals, including low economic occupancy for an extended period of time, which led to a $4.5 million impairment during the second quarter of 2012. The Company subsequently sold this property in June of 2013. | ||||||||||||||||
Fair value for the long-lived assets held and used measured using Level 3 inputs was determined through the use of an income approach. The income approach estimates an income stream for a property (typically 10 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from property specific information, market transactions, and other financial and industry data. The terminal cap rate and discount rate are significant inputs to this valuation. The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Low | High | |||||||||||||||
Direct cap rates | 8 | % | 8.3 | % | 8.5 | % | ||||||||||
Rental growth rates | 0 | % | (8.3 | )% | 2.5 | % | ||||||||||
Discount rates | 9 | % | 10.5 | % | 10.5 | % | ||||||||||
Terminal cap rates | 8.5 | % | 8.8 | % | 8.8 | % | ||||||||||
Changes in these inputs could result in a significant change in the valuation of the real estate and a change in the impairment loss recognized during the period. |
Equity_and_Capital
Equity and Capital | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Equity and Capital [Abstract] | ' | ||||||||||||||
Equity and Capital | ' | ||||||||||||||
Equity and Capital | |||||||||||||||
Common Stock of the Parent Company | |||||||||||||||
Issuances: | |||||||||||||||
In August 2012, the Parent Company entered into at the market ("ATM") equity distribution agreements through which it is permitted to offer and sell its common stock from time to time. Net proceeds would fund potential acquisition opportunities, development and redevelopment activities, repay amounts outstanding under the credit facilities and for general corporate purposes. Approximately $121.8 million of common stock was offered and sold through this ATM equity program. | |||||||||||||||
In August 2013, the Parent Company filed a prospectus supplement with respect to a new ATM equity offering program, which ended the prior program established in August 2012. The August 2013 program has similar terms and conditions as the August 2012 program, and authorizes the Parent Company to sell up to $200.0 million of common stock. As of September 30, 2013, $198.4 million in common stock remained available for issuance under this ATM equity program. | |||||||||||||||
During the three and nine months ended September 30, 2013, the following shares were issued under the ATM equity programs (in thousands, except price per share data): | |||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||
Shares issued | 30 | 1,899 | |||||||||||||
Weighted average price per share | $ | 52.28 | $ | 53.35 | |||||||||||
Total proceeds | $ | 1,568 | $ | 101,342 | |||||||||||
Commissions | $ | 24 | $ | 1,520 | |||||||||||
Issuance costs | $ | 69 | $ | 69 | |||||||||||
Common Units of the Operating Partnership | |||||||||||||||
Issuances: | |||||||||||||||
Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above. | |||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||
The following table presents changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2013 (in thousands): | |||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance at December 31, 2012 | $ | (61,991 | ) | 4,276 | (57,715 | ) | |||||||||
Net gain on cash flow derivative instruments | — | 22,187 | 22,187 | ||||||||||||
Amounts reclassified from other comprehensive income | 7,086 | 12 | 7,098 | ||||||||||||
Current period other comprehensive income, net | 7,086 | 22,199 | 29,285 | ||||||||||||
Ending balance at September 30, 2013 | $ | (54,905 | ) | 26,475 | (28,430 | ) | |||||||||
The following represents amounts reclassified out of accumulated other comprehensive loss into earnings during the three and nine months ended September 30, 2013 and 2012, respectively: | |||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement of Operations | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Gains / (Losses) on cash flow hedges | |||||||||||||||
Interest rate derivative contracts | $ | (2,366 | ) | (2,366 | ) | $ | (7,098 | ) | (7,095 | ) | Interest expense |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Restricted stock (1) | $ | 3,622 | 2,863 | $ | 10,600 | 8,589 | |||||||
Directors' fees paid in common stock (1) | 65 | 58 | 194 | 195 | |||||||||
Capitalized stock-based compensation (2) | (620 | ) | (492 | ) | (1,567 | ) | (1,453 | ) | |||||
Stock-based compensation, net of capitalization | $ | 3,067 | 2,429 | $ | 9,227 | 7,331 | |||||||
(1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods. | |||||||||||||
(2) Includes compensation expense specifically identifiable to development and leasing activities. | |||||||||||||
During 2013, the Company granted approximately 248,000 shares of restricted stock with a weighted-average grant-date fair value of $52.80 per share. |
NonQualified_Deferred_Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2013 | |
Non Qualified Deferred Compensation Plan [Abstract] | ' |
Non-Qualified Deferred Compensation Plan | ' |
Non-Qualified Deferred Compensation Plan | |
The Company maintains a non-qualified deferred compensation plan (“NQDCP”) which allows select employees and directors to defer part or all of their salary, cash bonus, and restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited into a Rabbi trust. The participants' deferred compensation liability is included within accounts payable and other liabilities in the accompanying Consolidated Balance Sheets and was $24.9 million and $22.8 million at September 30, 2013 and December 31, 2012, respectively. |
Earnings_per_Share_and_Unit
Earnings per Share and Unit | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
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 for the periods ended September 30, 2013 and 2012, respectively (in thousands except per share data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 23,890 | 17,781 | $ | 65,837 | 45,907 | |||||||
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 | |||||||||
Less: income (loss) attributable to noncontrolling interests | 367 | 248 | 992 | 103 | |||||||||
Income from continuing operations attributable to the Company | 23,579 | 17,761 | 66,618 | 47,845 | |||||||||
Less: preferred stock dividends | 5,266 | 7,932 | 15,797 | 27,265 | |||||||||
Less: dividends paid on unvested restricted stock | 148 | 175 | 445 | 526 | |||||||||
Income from continuing operations attributable to common stockholders - basic | 18,165 | 9,654 | 50,376 | 20,054 | |||||||||
Add: dividends paid on Treasury Method restricted stock | 15 | 32 | 55 | 61 | |||||||||
Income from continuing operations attributable to common stockholders - diluted | 18,180 | 9,686 | 50,431 | 20,115 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 3 | 63 | 20 | |||||||||
Income from discontinued operations attributable to the Company | 16,685 | 1,808 | 31,595 | 9,935 | |||||||||
Net Income | |||||||||||||
Net income attributable to common stockholders - basic | 34,850 | 11,462 | 81,971 | 29,989 | |||||||||
Net income attributable to common stockholders - diluted | $ | 34,865 | 11,494 | $ | 82,026 | 30,050 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic EPS | 91,985 | 89,594 | 91,147 | 89,491 | |||||||||
Incremental shares to be issued under unvested restricted stock | 33 | 68 | 40 | 44 | |||||||||
Weighted average common shares outstanding for diluted EPS | 92,018 | 89,662 | 91,187 | 89,535 | |||||||||
Income per common share – basic | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income attributable to common stockholders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Income per common share – diluted | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income attributable to common stockholders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the three and nine months ended September 30, 2013 were 167,649 and 173,946, respectively, and for the three and nine months ended September 30, 2012 were 177,164. | |||||||||||||
Operating Partnership Earnings per Unit | |||||||||||||
The following summarizes the calculation of basic and diluted earnings per unit for the periods ended September 30, 2013 and 2012, respectively (in thousands except per unit data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 23,890 | 17,781 | $ | 65,837 | 45,907 | |||||||
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 | |||||||||
Less: income attributable to noncontrolling interests | 294 | 208 | 809 | 616 | |||||||||
Income from continuing operations attributable to the Partnership | 23,652 | 17,801 | 66,801 | 47,332 | |||||||||
Less: preferred unit distributions | 5,266 | 7,932 | 15,797 | 26,636 | |||||||||
Less: dividends paid on unvested restricted units | 148 | 175 | 445 | 526 | |||||||||
Income from continuing operations attributable to common unit holders - basic | 18,238 | 9,694 | 50,559 | 20,170 | |||||||||
Add: dividends paid on Treasury Method restricted units | 15 | 31 | 55 | 61 | |||||||||
Income from continuing operations attributable to common unit holders - diluted | 18,253 | 9,725 | 50,614 | 20,231 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 4 | 63 | 20 | |||||||||
Income from discontinued operations attributable to the Partnership | 16,685 | 1,807 | 31,595 | 9,935 | |||||||||
Net Income | |||||||||||||
Net income attributable to common unit holders - basic | 34,923 | 11,501 | 82,154 | 30,105 | |||||||||
Net income attributable to common unit holders - diluted | $ | 34,938 | 11,532 | $ | 82,209 | 30,166 | |||||||
Denominator: | |||||||||||||
Weighted average common units outstanding for basic EPU | 92,153 | 89,771 | 91,321 | 89,668 | |||||||||
Incremental units to be issued under unvested restricted stock | 33 | 68 | 40 | 44 | |||||||||
Weighted average common units outstanding for diluted EPU | 92,186 | 89,839 | 91,361 | 89,712 | |||||||||
Income (loss) per common unit – basic | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income (loss) attributable to common unit holders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Income (loss) per common unit – diluted | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income (loss) attributable to common unit holders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. | |
The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. | |
The Company has the right to issue letters of credit under the Line up to an amount not to exceed $80.0 million, which reduces the credit availability under the Line. The Company also has stand alone letters of credit with other banks. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of September 30, 2013 and December 31, 2012, the Company had $19.3 million and $20.8 million letters of credit outstanding, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
The Company evaluated subsequent events and transactions that occurred after the September 30, 2013 consolidated balance sheet date for potential recognition or disclosure in its consolidated financial statements. | |
•On October 23, 2013, the Company sold 100% of its interest in the BRET unconsolidated real estate partnership and received a capital distribution of $47.5 million, its share of the undistributed income of the partnership, and a redemption premium. Regency no longer has any interest in the BRET partnership. | |
• In October 2013, the Company entered into two additional forward-starting interest rate swaps for $95.0 million of notional value at a combined fixed rate of 2.867% for a ten year period effective April 15, 2014, to hedge potential changes in the ten-year LIBOR rate covering the expected borrowing term between now and the expected date that new unsecured borrowings are obtained in 2014. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
The following table provides a summary of shopping centers disposed of during the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net proceeds | $ | 48,999 | — | $ | 131,633 | 39,200 | |||||||
Gain on sale of properties | $ | 16,052 | — | $ | 27,462 | 8,605 | |||||||
Number of properties sold | 4 | — | 8 | 4 | |||||||||
Percent interest sold | 100% | —% | 100% | 100% | |||||||||
One of the properties sold during the three months ended September 30, 2013 had a sales price of $15.2 million, with a cost basis of $7.9 million, and was financed by the Company issuing a note receivable for $14.9 million. The note is secured by a lien on the property and a guarantee by the purchaser and the purchaser's parent corporation and matures in January 2014. The note receivable is included in the Company's consolidated balance sheets, net of the deferred gain of $7.3 million, which will be recognized under the installment method when principal is paid no later than January 2014. | |||||||||||||
The following table provides a summary of revenues and expenses from properties included in discontinued operations, and those held for sale, for three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues | $ | 1,328 | 4,480 | $ | 8,497 | 14,713 | |||||||
Operating expenses | 662 | 2,675 | 4,301 | 8,883 | |||||||||
Provision for impairment | — | — | — | 4,500 | |||||||||
Income tax benefit (1) | — | (6 | ) | — | (20 | ) | |||||||
Operating income from discontinued operations | $ | 666 | 1,811 | $ | 4,196 | 1,350 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation [Table Text Block] | ' | ||||||||||||
Income tax expense (benefit) is separately presented in the accompanying Consolidated Statement of Operations, if the related income is from continuing operations, or is included in operating income from discontinued operations, if from discontinued operations. There was no income tax expense (benefit) for the three and nine months ended September 30, 2013. Income tax expense (benefit) was as follows for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
Income tax expense (benefit) from: | 2013 | 2012 | 2013 | 2012 | |||||||||
Continuing operations | $ | — | 490 | $ | — | (118 | ) | ||||||
Discontinued operations | — | (6 | ) | — | 602 | ||||||||
Total income tax expense | $ | — | 484 | $ | — | 484 | |||||||
Notes_Payable_and_Unsecured_Cr1
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||
The Company’s debt outstanding as of September 30, 2013 and December 31, 2012 consists of the following (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 454,421 | 461,914 | ||||||||||
Variable rate mortgage loans | 11,768 | 12,041 | |||||||||||
Fixed rate unsecured loans | 1,298,248 | 1,297,936 | |||||||||||
Total notes payable | 1,764,437 | 1,771,891 | |||||||||||
Unsecured credit facilities | |||||||||||||
Line | — | 70,000 | |||||||||||
Term Loan | 100,000 | 100,000 | |||||||||||
Total unsecured credit facilities | 100,000 | 170,000 | |||||||||||
Total debt outstanding | $ | 1,864,437 | 1,941,891 | ||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||
As of September 30, 2013, scheduled principal payments and maturities on notes payable were as follows (in thousands): | |||||||||||||
Scheduled Principal Payments and Maturities by Year: | Scheduled | Mortgage Loan | Unsecured | Total | |||||||||
Principal | Maturities | Maturities (1) | |||||||||||
Payments | |||||||||||||
2013 | $ | 2,019 | — | — | 2,019 | ||||||||
2014 | 7,383 | 26,052 | 150,000 | 183,435 | |||||||||
2015 | 5,747 | 62,435 | 350,000 | 418,182 | |||||||||
2016 | 5,487 | 21,661 | 100,000 | 127,148 | |||||||||
2017 | 4,584 | 84,702 | 400,000 | 489,286 | |||||||||
Beyond 5 Years | 20,021 | 220,993 | 400,000 | 641,014 | |||||||||
Unamortized debt (discounts) premiums, net | — | 5,105 | (1,752 | ) | 3,353 | ||||||||
Total | $ | 45,241 | 420,948 | 1,398,248 | 1,864,437 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||||||
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, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Counterparty | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2013 | 2012 | |||||||||||||||||
Assets: | |||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | JPMorgan Chase Bank, N.A. | $ | 75,000 | 3 Month LIBOR | 2.09% | $ | 6,138 | 1,022 | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | Bank of America, N.A. | 50,000 | 3 Month LIBOR | 2.09% | 4,085 | 672 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | US Bank National Association | 75,000 | 3 Month LIBOR | 2.48% | 7,001 | 1,131 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | Royal Bank of Canada | 50,000 | 3 Month LIBOR | 2.48% | 4,662 | 729 | |||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | PNC Bank, N.A. | 50,000 | 3 Month LIBOR | 2.48% | 4,654 | 753 | |||||||||||||||||
Other Assets | $ | 26,540 | 4,307 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
10/1/11 | 9/1/14 | N/A | PNC Bank, N.A. | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | (45 | ) | (76 | ) | |||||||||||||
Accounts payable and other liabilities | $ | (45 | ) | (76 | ) | ||||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain or | Amount of Gain or | ||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | Reclassified from | (Loss) Recognized in | (Loss) Recognized in | ||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Accumulated OCI into | Income on Derivative | Income on Derivative | ||||||||||||||||||||
Relationships: | Portion) | OCI into Income | Income (Effective | (Ineffective Portion and | (Ineffective Portion and | ||||||||||||||||||||
(Effective Portion) | Portion) | Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | ||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 521 | (25 | ) | Interest | $ | (2,366 | ) | (2,366 | ) | Other expenses | $ | — | — | |||||||||||
expense |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
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 as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Notes receivable | $ | 26,128 | 25,755 | $ | 23,751 | 23,677 | ||||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 1,764,437 | 1,930,004 | $ | 1,771,891 | 2,000,000 | ||||||||||
Unsecured credit facilities | $ | 100,000 | 100,476 | $ | 170,000 | 170,200 | ||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
he following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Trading securities held in trust | $ | 25,421 | 25,421 | — | — | |||||||||||
Interest rate derivatives | 26,540 | — | 26,540 | — | ||||||||||||
Total | $ | 51,961 | 25,421 | 26,540 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (45 | ) | — | (45 | ) | — | |||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Trading securities held in trust | $ | 23,429 | 23,429 | — | — | |||||||||||
Interest rate derivatives | 4,307 | — | 4,307 | — | ||||||||||||
Total | $ | 27,736 | 23,429 | 4,307 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (76 | ) | — | (76 | ) | — | |||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
The following table presents fair value measurements that were measured at fair value on a nonrecurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived assets held and used | ||||||||||||||||
Operating and development properties | $ | 4,686 | — | — | 4,686 | (6,000 | ) | |||||||||
Fair Value Measurements as of December 31, 2012 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) (1) | |||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived assets held and used | ||||||||||||||||
Operating and development properties | $ | 49,673 | — | — | 49,673 | (54,500 | ) | |||||||||
(1) Excludes impairments for properties sold during the year ended December 31, 2012. | ||||||||||||||||
Ranges Of Key Inputs Used In Determining The Fair Value Of Real Estate [Table Text Block] | ' | |||||||||||||||
The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Low | High | |||||||||||||||
Direct cap rates | 8 | % | 8.3 | % | 8.5 | % | ||||||||||
Rental growth rates | 0 | % | (8.3 | )% | 2.5 | % | ||||||||||
Discount rates | 9 | % | 10.5 | % | 10.5 | % | ||||||||||
Terminal cap rates | 8.5 | % | 8.8 | % | 8.8 | % |
Equity_and_Capital_Tables
Equity and Capital (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Equity and Capital [Abstract] | ' | ||||||||||||||
Schedule of Market Equity Distributions [Table Text Block] | ' | ||||||||||||||
During the three and nine months ended September 30, 2013, the following shares were issued under the ATM equity programs (in thousands, except price per share data): | |||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||||
Shares issued | 30 | 1,899 | |||||||||||||
Weighted average price per share | $ | 52.28 | $ | 53.35 | |||||||||||
Total proceeds | $ | 1,568 | $ | 101,342 | |||||||||||
Commissions | $ | 24 | $ | 1,520 | |||||||||||
Issuance costs | $ | 69 | $ | 69 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
The following table presents changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2013 (in thousands): | |||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance at December 31, 2012 | $ | (61,991 | ) | 4,276 | (57,715 | ) | |||||||||
Net gain on cash flow derivative instruments | — | 22,187 | 22,187 | ||||||||||||
Amounts reclassified from other comprehensive income | 7,086 | 12 | 7,098 | ||||||||||||
Current period other comprehensive income, net | 7,086 | 22,199 | 29,285 | ||||||||||||
Ending balance at September 30, 2013 | $ | (54,905 | ) | 26,475 | (28,430 | ) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
The following represents amounts reclassified out of accumulated other comprehensive loss into earnings during the three and nine months ended September 30, 2013 and 2012, respectively: | |||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement of Operations | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Gains / (Losses) on cash flow hedges | |||||||||||||||
Interest rate derivative contracts | $ | (2,366 | ) | (2,366 | ) | $ | (7,098 | ) | (7,095 | ) | Interest expense |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | ||||||||||||
The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Restricted stock (1) | $ | 3,622 | 2,863 | $ | 10,600 | 8,589 | |||||||
Directors' fees paid in common stock (1) | 65 | 58 | 194 | 195 | |||||||||
Capitalized stock-based compensation (2) | (620 | ) | (492 | ) | (1,567 | ) | (1,453 | ) | |||||
Stock-based compensation, net of capitalization | $ | 3,067 | 2,429 | $ | 9,227 | 7,331 | |||||||
Earnings_per_Share_and_Unit_Ta
Earnings per Share and Unit (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Parent Company [Member] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
The following summarizes the calculation of basic and diluted earnings per share for the periods ended September 30, 2013 and 2012, respectively (in thousands except per share data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 23,890 | 17,781 | $ | 65,837 | 45,907 | |||||||
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 | |||||||||
Less: income (loss) attributable to noncontrolling interests | 367 | 248 | 992 | 103 | |||||||||
Income from continuing operations attributable to the Company | 23,579 | 17,761 | 66,618 | 47,845 | |||||||||
Less: preferred stock dividends | 5,266 | 7,932 | 15,797 | 27,265 | |||||||||
Less: dividends paid on unvested restricted stock | 148 | 175 | 445 | 526 | |||||||||
Income from continuing operations attributable to common stockholders - basic | 18,165 | 9,654 | 50,376 | 20,054 | |||||||||
Add: dividends paid on Treasury Method restricted stock | 15 | 32 | 55 | 61 | |||||||||
Income from continuing operations attributable to common stockholders - diluted | 18,180 | 9,686 | 50,431 | 20,115 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 3 | 63 | 20 | |||||||||
Income from discontinued operations attributable to the Company | 16,685 | 1,808 | 31,595 | 9,935 | |||||||||
Net Income | |||||||||||||
Net income attributable to common stockholders - basic | 34,850 | 11,462 | 81,971 | 29,989 | |||||||||
Net income attributable to common stockholders - diluted | $ | 34,865 | 11,494 | $ | 82,026 | 30,050 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic EPS | 91,985 | 89,594 | 91,147 | 89,491 | |||||||||
Incremental shares to be issued under unvested restricted stock | 33 | 68 | 40 | 44 | |||||||||
Weighted average common shares outstanding for diluted EPS | 92,018 | 89,662 | 91,187 | 89,535 | |||||||||
Income per common share – basic | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income attributable to common stockholders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Income per common share – diluted | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income attributable to common stockholders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Partnership Interest [Member] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
The following summarizes the calculation of basic and diluted earnings per unit for the periods ended September 30, 2013 and 2012, respectively (in thousands except per unit data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 23,890 | 17,781 | $ | 65,837 | 45,907 | |||||||
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 | |||||||||
Less: income attributable to noncontrolling interests | 294 | 208 | 809 | 616 | |||||||||
Income from continuing operations attributable to the Partnership | 23,652 | 17,801 | 66,801 | 47,332 | |||||||||
Less: preferred unit distributions | 5,266 | 7,932 | 15,797 | 26,636 | |||||||||
Less: dividends paid on unvested restricted units | 148 | 175 | 445 | 526 | |||||||||
Income from continuing operations attributable to common unit holders - basic | 18,238 | 9,694 | 50,559 | 20,170 | |||||||||
Add: dividends paid on Treasury Method restricted units | 15 | 31 | 55 | 61 | |||||||||
Income from continuing operations attributable to common unit holders - diluted | 18,253 | 9,725 | 50,614 | 20,231 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 4 | 63 | 20 | |||||||||
Income from discontinued operations attributable to the Partnership | 16,685 | 1,807 | 31,595 | 9,935 | |||||||||
Net Income | |||||||||||||
Net income attributable to common unit holders - basic | 34,923 | 11,501 | 82,154 | 30,105 | |||||||||
Net income attributable to common unit holders - diluted | $ | 34,938 | 11,532 | $ | 82,209 | 30,166 | |||||||
Denominator: | |||||||||||||
Weighted average common units outstanding for basic EPU | 92,153 | 89,771 | 91,321 | 89,668 | |||||||||
Incremental units to be issued under unvested restricted stock | 33 | 68 | 40 | 44 | |||||||||
Weighted average common units outstanding for diluted EPU | 92,186 | 89,839 | 91,361 | 89,712 | |||||||||
Income (loss) per common unit – basic | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income (loss) attributable to common unit holders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Income (loss) per common unit – diluted | |||||||||||||
Continuing operations | $ | 0.2 | 0.11 | $ | 0.55 | 0.23 | |||||||
Discontinued operations | 0.18 | 0.02 | 0.35 | 0.11 | |||||||||
Net income (loss) attributable to common unit holders | $ | 0.38 | 0.13 | $ | 0.9 | 0.34 | |||||||
Organization_and_Principles_of1
Organization and Principles of Consolidation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Operations Commenced Date | 31-Dec-93 |
Wholly Owned Properties [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of Real Estate Properties | 202 |
Unconsolidated Properties [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of Real Estate Properties | 131 |
Parent Company [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Parent Company, Ownership Percentage of Outstanding Common Partnership Units of Operating Partnership | 99.80% |
Real_Estate_Investments_Busine
Real Estate Investments Business Acquisitions (Details) (USD $) | 0 Months Ended | 9 Months Ended |
Mar. 20, 2013 | Sep. 30, 2013 | |
Wholly Owned Properties [Member] | Preston Oaks [Member] [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 30-May-13 |
Business Acquisition, Name of Acquired Entity | ' | 'Preston Oaks |
Equity Method Investments | ' | 100.00% |
Mortgage loans assumed for the acquisition of real estate | ' | $0 |
Business Acquisition Location, City and State | ' | 'Dallas, TX |
Business Acquisition, Description of Acquired Entity | ' | 'N/A |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | 27,000,000 |
Acquired Finite-lived Intangible Asset, Amount | ' | 3,396,000 |
Acquired Finite Lived Intangible Liability, Amount | ' | 7,597,000 |
Consolidated Entities [Member] | Hilltop Village [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Ownership | 100.00% | ' |
Purchase Price | ' | 7,600,000 |
Unconsolidated Properties [Member] | Shoppes at Burnt Mills [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 23-Jul-13 |
Business Acquisition, Name of Acquired Entity | ' | 'Shoppes of Burnt Mills |
Equity Method Investments | ' | 20.00% |
Mortgage loans assumed for the acquisition of real estate | ' | 7,496,000 |
Business Acquisition Location, City and State | ' | 'Silver Springs, MD |
Business Acquisition, Description of Acquired Entity | ' | 'Columbia - Regency Partners II |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | 13,600,000 |
Acquired Finite-lived Intangible Asset, Amount | ' | 8,438,000 |
Acquired Finite Lived Intangible Liability, Amount | ' | 332,000 |
Macquarie Country Wide - Regency Iii, Llc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Equity Method Investments | 24.95% | ' |
Fixed Rate Mortgage Loans [Member] | Consolidated Entities [Member] | Hilltop Village [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Mortgage loans assumed for the acquisition of real estate | ' | $7,500,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Net | $26,128,000 | ' | $26,128,000 | ' | $23,751,000 |
Gain on sale of properties | 16,052,000 | 0 | 27,462,000 | 8,605,000 | ' |
Income tax expense (benefit) | 0 | 6,000 | 0 | -602,000 | ' |
Rockwall Town Center [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Retail Land Sales, Installment Method, Sales Value | ' | ' | 15,200,000 | ' | ' |
Net proceeds | ' | ' | 7,900,000 | ' | ' |
Financing Receivable, Net | 14,900,000 | ' | 14,900,000 | ' | ' |
Deferred Gain on Sale of Property | ' | ' | 7,300,000 | ' | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | 48,999,000 | 0 | 131,633,000 | 39,200,000 | ' |
Number of properties sold | 4 | 0 | 8 | 4 | ' |
Revenues | 1,328,000 | 4,480,000 | 8,497,000 | 14,713,000 | ' |
Operating expenses | 662,000 | 2,675,000 | 4,301,000 | 8,883,000 | ' |
Impairment of Real Estate | 0 | 0 | 0 | 4,500,000 | ' |
Income tax expense (benefit) | 0 | -6,000 | 0 | -20,000 | ' |
Operating income from discontinued operations | 666,000 | 1,811,000 | 4,196,000 | 1,350,000 | ' |
Segment, Discontinued Operations [Member] | Wholly Owned Properties [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Percent interest sold | 100.00% | 0.00% | 100.00% | 100.00% | ' |
Partnership Interest [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Net | 26,128,000 | ' | 26,128,000 | ' | 23,751,000 |
Gain on sale of properties | 16,052,000 | 0 | 27,462,000 | 8,605,000 | ' |
Revenues | 122,110,000 | 115,589,000 | 368,473,000 | 363,120,000 | ' |
Operating expenses | 79,695,000 | 74,012,000 | 241,421,000 | 232,537,000 | ' |
Impairment of Real Estate | 6,000,000 | 1,147,000 | 6,000,000 | 20,155,000 | ' |
Operating income from discontinued operations | 666,000 | 1,811,000 | 4,196,000 | 1,350,000 | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Net | 26,128,000 | ' | 26,128,000 | ' | 23,751,000 |
Gain on sale of properties | 16,052,000 | 0 | 27,462,000 | 8,605,000 | ' |
Revenues | 122,110,000 | 115,589,000 | 368,473,000 | 363,120,000 | ' |
Operating expenses | 79,695,000 | 74,012,000 | 241,421,000 | 232,537,000 | ' |
Impairment of Real Estate | 6,000,000 | 1,147,000 | 6,000,000 | 20,155,000 | ' |
Operating income from discontinued operations | $666,000 | $1,811,000 | $4,196,000 | $1,350,000 | ' |
Income_Taxes_Continuing_and_Di
Income Taxes - Continuing and Discontinuing Tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Entity Information [Line Items] | ' | ' | ' | ' |
Continuing operations | $0 | $490 | $0 | ($118) |
Discontinued operations | 0 | -6 | 0 | 602 |
Total income tax expense | ' | 484 | 0 | 484 |
Partnership Interest [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Continuing operations | $0 | $490 | $0 | ($118) |
Notes_Payable_and_Unsecured_Cr2
Notes Payable and Unsecured Credit Facilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 1-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Scheduled Principal Payments [Member] | Mortgage Loan Maturities [Member] | Unsecured Maturities [Member] | Long-term Debt [Member] | Line of Credit [Member] | Line of Credit [Member] | Term Loan - Unsecured [Member] | Term Loan - Unsecured [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Variable Rate Mortgage Loans [Member] | Variable Rate Mortgage Loans [Member] | Fixed Rate Unsecured Loans [Member] | Fixed Rate Unsecured Loans [Member] | Unsecured Credit Facilities [Member] | Unsecured Credit Facilities [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Hilltop Village [Member] | Hilltop Village [Member] | ||||
Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | ||||||||||||||||||||||
Seven Point One Percent Mortgage Maturing May 1, 2013 [Member] | 3.3% Mortgage Maturing April 1, 2020 [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | ||||||||||||||||||||||
Five Point Six Percent Mortgage Maturing April 6, 2016 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unsecured Line of Credit, Amount Outstanding | ' | ' | ' | ' | ' | ' | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | |
Mortgage loans assumed for the acquisition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | 7,500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.10% | 3.30% | ' | 5.60% | |
Long-term Debt, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' | |
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2013 | ' | ' | 2,019,000 | 0 | 0 | [1] | 2,019,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 7,383,000 | 26,052,000 | 150,000,000 | [1] | 183,435,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 5,747,000 | 62,435,000 | 350,000,000 | [1] | 418,182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 5,487,000 | 21,661,000 | 100,000,000 | [1] | 127,148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 4,584,000 | 84,702,000 | 400,000,000 | [1] | 489,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beyond 5 Years | ' | ' | 20,021,000 | 220,993,000 | 400,000,000 | [1] | 641,014,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt (discounts) premiums, net | ' | ' | 0 | 5,105,000 | -1,752,000 | [1] | 3,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Amount Outstanding | $1,864,437,000 | $1,941,891,000 | $45,241,000 | $420,948,000 | $1,398,248,000 | [1] | $1,864,437,000 | $0 | $70,000,000 | $100,000,000 | $100,000,000 | $1,764,437,000 | $1,771,891,000 | $454,421,000 | $461,914,000 | $11,768,000 | $12,041,000 | $1,298,248,000 | $1,297,936,000 | $100,000,000 | $170,000,000 | ' | ' | ' | ' |
[1] | Includes unsecured public debt and unsecured credit facilities. |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||
Derivative @ 2.087% 75K [Member] | Derivative @ 2.087% 75K [Member] | Assets [Member] | Derivative @ 2.087% 75K [Member] | Derivative @ 2.087% 75K [Member] | Derivative @ 2.088% 50K [Member] | Derivative @ 2.088% 50K [Member] | Derivative @ 2.479% 75K [Member] | Derivative @ 2.479% 75K [Member] | Derivative A @ 2.479% 50K [Member] | Derivative A @ 2.479% 50K [Member] | Derivative B @ 2.479% 50K [Member] | Derivative B @ 2.479% 50K [Member] | .76% Derivative [Member] | Swap [Member] | Unsecured Maturities [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | |||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||||||||
.76% Derivative [Member] | .76% Derivative [Member] | |||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | [1] | ' | ' | ' | ' | ||||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | [1] | ' | ' | ' | ' | ||||||
Effective portion of change in fair value of derivative instruments | 521,000 | -25,000 | 22,225,000 | -85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Inception Date | ' | ' | ' | ' | ' | 15-Apr-14 | ' | ' | 15-Apr-14 | ' | 15-Apr-14 | ' | 1-Aug-15 | ' | 1-Aug-15 | ' | 1-Aug-15 | ' | 1-Oct-11 | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Maturity Date | ' | ' | ' | ' | ' | 15-Apr-24 | ' | ' | 15-Apr-24 | ' | 15-Apr-24 | ' | 1-Aug-25 | ' | 1-Aug-25 | ' | 1-Aug-25 | ' | 1-Sep-14 | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Early Termination Date | ' | ' | ' | ' | ' | 15-Oct-14 | [2] | ' | ' | 15-Oct-14 | [2] | ' | 15-Oct-14 | [2] | ' | 1-Feb-16 | [2] | ' | 1-Feb-16 | [2] | ' | 1-Feb-16 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative, Counterparty | ' | ' | ' | ' | ' | 'JPMorgan Chase Bank, N.A. | ' | ' | 'JPMorgan Chase Bank, N.A. | ' | 'Bank of America, N.A. | ' | 'US Bank National Association | ' | 'Royal Bank of Canada | ' | 'PNC Bank, N.A. | ' | 'PNC Bank, N.A. | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | 75,000,000 | ' | 300,000,000 | ' | 95,000,000 | 50,000,000 | ' | 75,000,000 | ' | 50,000,000 | ' | 50,000,000 | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Description of Variable Rate Basis | ' | ' | ' | ' | ' | '3 Month LIBOR | ' | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '1 Month LIBOR | ' | ' | ' | ' | ' | ' | |||||||
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | 2.09% | ' | ' | 2.09% | 2.87% | 2.09% | ' | 2.48% | ' | 2.48% | ' | 2.48% | ' | 0.76% | ' | ' | ' | ' | ' | ' | |||||||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | 6,138,000 | 1,022,000 | ' | ' | ' | 4,085,000 | 672,000 | 7,001,000 | 1,131,000 | 4,662,000 | 729,000 | 4,654,000 | 753,000 | ' | ' | ' | 26,540,000 | 4,307,000 | ' | ' | |||||||
Derivative Liability, Fair Value, Gross Liability | -45,000 | ' | -45,000 | ' | -76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,000 | -76,000 | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,366,000 | 2,366,000 | 7,098,000 | 7,095,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $0 | $0 | ($3,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | Includes unsecured public debt and unsecured credit facilities. | |||||||||||||||||||||||||||||||
[2] | Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Unsecured Credit Facilities [Member] | Unsecured Credit Facilities [Member] | Unsecured Credit Facilities [Member] | Unsecured Credit Facilities [Member] | Unsecured Credit Facilities [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Receivable [Member] | Notes Receivable [Member] | Vine at Castaic [Member] | Deer Springs [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | .76% Derivative [Member] | .76% Derivative [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Receivable [Member] | Notes Receivable [Member] | ||||||
Overall cap rate [Member] | Overall cap rate [Member] | Terminal cap rate [Member] | Terminal cap rate [Member] | Overall cap rate [Member] | Terminal cap rate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum | Minimum | Maximum | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Minimum | Maximum | Minimum | Maximum | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Notes receivable | $26,128 | $23,751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,128 | ' | $26,128 | ' | $23,751 | ' | ' | ' | ' | ' | ' | ||||
Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,686 | 49,673 | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 4,686 | 49,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.60% | 1.60% | ' | ' | 2.40% | 3.60% | 5.00% | 7.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | 3.30% | 7.00% | 8.10% | ||||
Notes Receivable, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,755 | 23,677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Trading securities held in trust, at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,421 | 23,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,421 | ' | 25,421 | ' | 23,429 | ' | ' | ' | ' | ' | ' | ||||
Notes Payable, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,930,004 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unsecured credit facilities | 100,000 | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 100,000 | ' | 170,000 | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,476 | 170,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Trading Securities, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,421 | 23,429 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,540 | 4,307 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,961 | 27,736 | ' | ' | 25,421 | 23,429 | ' | ' | ' | ' | 26,540 | 4,307 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivative Liability, Fair Value, Gross Liability | 45 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | 76 | ' | ' | ' | ' | ||||
Impairment of Real Estate | ' | ' | -6,000 | [1] | -54,500 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500 | [1] | 50,000 | [1] | 6,000 | 1,147 | 6,000 | 20,155 | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 26,540 | 4,307 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Notes payable | 1,764,437 | 1,771,891 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,764,437 | ' | 1,764,437 | ' | 1,771,891 | ' | ' | ' | ' | ' | ' | ||||
Derivative instruments, at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ($45) | $76 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value Inputs, Cap Rate | ' | ' | ' | ' | ' | ' | 8.00% | 8.30% | 8.50% | 8.80% | ' | 8.50% | 8.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | ' | ' | ' | ' | 0.00% | -8.30% | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | 9.00% | 10.50% | ' | ' | ' | ' | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Excludes impairments for properties sold during the year ended December 31, 2012. |
Equity_and_Capital_Equity_and_
Equity and Capital Equity and Capital - Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Aug. 10, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Maximum | Restricted Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Loss on Settlement of Derivative Instruments [Member] | Loss on Settlement of Derivative Instruments [Member] | Fair Value of Derivative Instruments [Member] | Fair Value of Derivative Instruments [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 30 | 1,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | ($28,430,000) | ($57,715,000) | ($54,905,000) | ($61,991,000) | $26,475,000 | $4,276,000 |
Equity Issuances, Amount Available for Issuance | 198,400,000 | 198,400,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Price Per Share | $52.28 | $53.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from common stock issuance | 1,568,000 | 101,342,000 | 121,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | 69,000 | 69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Commission Expense | $24,000 | $1,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | ' | ' | ' | ' | $52.80 | ' | ' | ' | ' | ' | ' |
Equity_and_Capital_Accumulated
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Amortization of loss on derivative instruments | ($2,366) | ($2,366) | ($7,098) | ($7,095) |
Loss on Settlement of Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance at December 31, 2012 | ' | ' | -61,991 | ' |
Net gain on cash flow derivative instruments | ' | ' | 0 | ' |
Amortization of loss on derivative instruments | ' | ' | -7,086 | ' |
Current period other comprehensive income, net | ' | ' | 7,086 | ' |
Ending balance at September 30, 2013 | -54,905 | ' | -54,905 | ' |
Fair Value of Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance at December 31, 2012 | ' | ' | 4,276 | ' |
Net gain on cash flow derivative instruments | ' | ' | 22,187 | ' |
Amortization of loss on derivative instruments | ' | ' | -12 | ' |
Current period other comprehensive income, net | ' | ' | 22,199 | ' |
Ending balance at September 30, 2013 | 26,475 | ' | 26,475 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance at December 31, 2012 | ' | ' | -57,715 | ' |
Net gain on cash flow derivative instruments | ' | ' | 22,187 | ' |
Amortization of loss on derivative instruments | ' | ' | -7,098 | ' |
Current period other comprehensive income, net | ' | ' | 29,285 | ' |
Ending balance at September 30, 2013 | ($28,430) | ' | ($28,430) | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ($620) | ($492) | ($1,567) | ($1,453) |
Stock-based compensation, net of capitalization | 3,067 | 2,429 | 9,227 | 7,331 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 3,622 | 2,863 | 10,600 | 8,589 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | 248,000 | ' |
Weighted average grant date fair value (in dollars per share) | ' | ' | $52.80 | ' |
Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $65 | $58 | $194 | $195 |
NonQualified_Deferred_Compensa1
Non-Qualified Deferred Compensation Plan (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Non Qualified Deferred Compensation Plan [Abstract] | ' | ' |
Deferred Compensation Liability, Current and Noncurrent | $24.90 | $22.80 |
Earnings_per_Share_and_Unit_De
Earnings per Share and Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income per common unit - diluted | ' | ' | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 167,649 | 177,164 | 173,946 | 177,164 |
Parent Company [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 23,890 | 17,781 | 65,837 | 45,907 |
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 367 | 248 | 992 | 103 |
Less: Noncontrolling interests | 400 | 251 | 1,055 | 123 |
Income (Loss) from Continuing Operations Attributable to Parent | 23,579 | 17,761 | 66,618 | 47,845 |
Preferred stock dividends | -5,266 | -7,932 | -15,797 | -27,265 |
Less: Dividends paid on unvested restricted stock | 148 | 175 | 445 | 526 |
Net income attributable to common stockholders | 34,850 | 11,462 | 81,971 | 29,989 |
Add: Dividends paid on Treasury Method restricted stock | 15 | 32 | 55 | 61 |
Net income for common stock unit/holders - diluted | 34,865 | 11,494 | 82,026 | 30,050 |
Discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 33 | 3 | 63 | 20 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 16,685 | 1,808 | 31,595 | 9,935 |
Weighted average common shares/units outstanding for basic EPS/EPU | 91,985,000 | 89,594,000 | 91,147,000 | 89,491,000 |
Incremental shares to be issued under unvested restricted stock | 33,000 | 68,000 | 40,000 | 44,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 92,018,000 | 89,662,000 | 91,187,000 | 89,535,000 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | 0.2 | 0.11 | 0.55 | 0.23 |
Discontinued operations (in dollars per share) | 0.18 | 0.02 | 0.35 | 0.11 |
Net income attributable to common stockholders (in dollars per share) | 0.38 | 0.13 | 0.9 | 0.34 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | 0.2 | 0.11 | 0.55 | 0.23 |
Discontinued operations (in dollars per share) | 0.18 | 0.02 | 0.35 | 0.11 |
Net income attributable to common stockholders (in dollars per share) | 0.38 | 0.13 | 0.9 | 0.34 |
Partnership Interest [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 23,890 | 17,781 | 65,837 | 45,907 |
Gain on sale of real estate | 56 | 228 | 1,773 | 2,041 |
Less: Noncontrolling interests | 327 | 212 | 872 | 636 |
Income (Loss) from Continuing Operations Attributable to Parent | 23,652 | 17,801 | 66,801 | 47,332 |
Less: Dividends paid on unvested restricted stock | 148 | 175 | 445 | 526 |
Net income attributable to common stockholders | 34,923 | 11,501 | 82,154 | 30,105 |
Add: Dividends paid on Treasury Method restricted stock | -15 | -31 | -55 | -61 |
Net income for common stock unit/holders - diluted | 34,938 | 11,532 | 82,209 | 30,166 |
Discontinued operations | 16,718 | 1,811 | 31,658 | 9,955 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 33 | 4 | 63 | 20 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 16,685 | 1,807 | 31,595 | 9,935 |
Preferred unit distributions | 5,266 | 7,932 | 15,797 | 26,636 |
Weighted average common shares/units outstanding for basic EPS/EPU | 92,153,000 | 89,771,000 | 91,321,000 | 89,668,000 |
Incremental shares to be issued under unvested restricted stock | 33,000 | 68,000 | 40,000 | 44,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 92,186,000 | 89,839,000 | 91,361,000 | 89,712,000 |
Income per common unit - basic | ' | ' | ' | ' |
Continuing operations (in dollars per share) | 0.2 | 0.11 | 0.55 | 0.23 |
Discontinued operations (in dollars per share) | 0.18 | 0.02 | 0.35 | 0.11 |
Net income attributable to common unit holders (in dollars per share) | 0.38 | 0.13 | 0.9 | 0.34 |
Income per common unit - diluted | ' | ' | ' | ' |
Continuing operations (in dollars per share) | 0.2 | 0.11 | 0.55 | 0.23 |
Discontinued operations (in dollars per share) | 0.18 | 0.02 | 0.35 | 0.11 |
Net income attributable to common unit holders (in dollars per share) | 0.38 | 0.13 | 0.9 | 0.34 |
Continuing Operations [Member] | Parent Company [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to common stockholders | 18,165 | 9,654 | 50,376 | 20,054 |
Net income for common stock unit/holders - diluted | 18,180 | 9,686 | 50,431 | 20,115 |
Continuing Operations [Member] | Partnership Interest [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 294 | 208 | 809 | 616 |
Net income attributable to common stockholders | 18,238 | 9,694 | 50,559 | 20,170 |
Net income for common stock unit/holders - diluted | 18,253 | 9,725 | 50,614 | 20,231 |
Commitments_and_Contingencies_
Commitments and Contingencies, Letters of Credit (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $80,000,000 | ' |
Letters of Credit Outstanding, Amount | $19,300,000 | $20,800,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Derivative @ 2.867% 95M [Member] [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Derivative, Notional Amount | ' | $95,000,000 |
Derivative, Fixed Interest Rate | ' | 2.87% |
Derivative, Inception Date | 15-Apr-14 | ' |
BRE Throne Holdings LLC (BRET) [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 47,500,000 | ' |