Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Entity Registrant Name | 'REGENCY CENTERS CORP | ' |
Entity Central Index Key | '0000910606 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 93,243,831 |
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, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Parent Company [Member] | Parent Company [Member] | Partnership Interest [Member] | Partnership Interest [Member] |
Real estate investments at cost: | ' | ' | ' | ' |
Land | $1,323,452 | $1,249,779 | $1,323,452 | $1,249,779 |
Buildings and improvements | 2,703,109 | 2,590,302 | 2,703,109 | 2,590,302 |
Properties in development | 273,710 | 186,450 | 273,710 | 186,450 |
Gross real estate investments at cost | 4,300,271 | 4,026,531 | 4,300,271 | 4,026,531 |
Less: accumulated depreciation | 909,572 | 844,873 | 909,572 | 844,873 |
Total Cost Net of Accumulated Depreciation | 3,390,699 | 3,181,658 | 3,390,699 | 3,181,658 |
Real Estate Held-for-sale | 12,203 | 0 | 12,203 | 0 |
Investments in real estate partnerships | 328,398 | 358,849 | 328,398 | 358,849 |
Net real estate investments | 3,731,300 | 3,540,507 | 3,731,300 | 3,540,507 |
Cash and cash equivalents | 100,708 | 80,684 | 100,708 | 80,684 |
Restricted cash | 9,339 | 9,520 | 9,339 | 9,520 |
Accounts receivable, net of allowance for doubtful accounts of $4,543 and $3,922 at September 30, 2014 and December 31, 2013, respectively | 25,719 | 26,319 | 25,719 | 26,319 |
Straight-line rent receivable, net of reserve of $509 and $547 at September 30, 2014 and December 31, 2013, respectively | 54,947 | 50,612 | 54,947 | 50,612 |
Notes receivable | 12,132 | 11,960 | 12,132 | 11,960 |
Deferred costs, less accumulated amortization of $79,504 and $73,231 at September 30, 2014 and December 31, 2013, respectively | 72,559 | 69,963 | 72,559 | 69,963 |
Acquired lease intangible assets, less accumulated amortization of $35,505 and $25,591 at September 30, 2014 and December 31, 2013, respectively | 52,240 | 44,805 | 52,240 | 44,805 |
Trading securities held in trust, at fair value | 27,365 | 26,681 | 27,365 | 26,681 |
Other assets (note 5) | 41,779 | 52,465 | 41,779 | 52,465 |
Total assets | 4,128,088 | 3,913,516 | 4,128,088 | 3,913,516 |
Liabilities: | ' | ' | ' | ' |
Notes payable | 1,948,243 | 1,779,697 | 1,948,243 | 1,779,697 |
Unsecured credit facilities | 75,000 | 75,000 | 75,000 | 75,000 |
Accounts payable and other liabilities | 173,997 | 147,045 | 173,997 | 147,045 |
Acquired lease intangible liabilities, less accumulated accretion of $13,013 and $10,102 at September 30, 2014 and December 31, 2013, respectively | 31,831 | 26,729 | 31,831 | 26,729 |
Tenants’ security and escrow deposits and prepaid rent | 24,888 | 23,911 | 24,888 | 23,911 |
Total liabilities | 2,253,959 | 2,052,382 | 2,253,959 | 2,052,382 |
Commitments and contingencies (note 13) | ' | ' | ' | ' |
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, 2014 and December 31, 2013, with liquidation preferences of $25 per share | 325,000 | 325,000 | ' | ' |
Common stock, $0.01 par value per share,150,000,000 shares authorized; 93,243,593 and 92,333,161 shares issued at September 30, 2014 and December 31, 2013, respectively | 932 | 923 | ' | ' |
Treasury stock at cost, 421,758 and 373,042 shares held at September 30, 2014 and December 31, 2013, respectively | -19,167 | -16,726 | ' | ' |
Additional paid in capital | 2,484,460 | 2,426,477 | ' | ' |
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at September 30, 2014 and December 31, 2013, liquidation preference of $25 per unit | ' | ' | 325,000 | 325,000 |
General partner; 93,243,593 and 92,333,161 units outstanding at September 30, 2014 and December 31, 2013, respectively | ' | ' | 1,554,184 | 1,535,758 |
Limited partners; 154,170 and 165,796 units outstanding at September 30, 2014 and December 31, 2013 | ' | ' | -1,935 | -1,426 |
Accumulated other comprehensive loss | -33,963 | -17,404 | -33,963 | -17,404 |
Distributions in excess of net income | -912,041 | -874,916 | ' | ' |
Total stockholders’ equity | 1,845,221 | 1,843,354 | ' | ' |
Total partners’ capital | ' | ' | 1,843,286 | 1,841,928 |
Noncontrolling interests: | ' | ' | ' | ' |
Exchangeable operating partnership units, aggregate redemption value of $8,299 and $7,676 at September 30, 2014 and December 31, 2013, respectively | -1,935 | -1,426 | ' | ' |
Limited partners’ interests in consolidated partnerships | 30,843 | 19,206 | 30,843 | 19,206 |
Total noncontrolling interests | 28,908 | 17,780 | 30,843 | 19,206 |
Total equity/capital | 1,874,129 | 1,861,134 | 1,874,129 | 1,861,134 |
Total liabilities and equity/capital | $4,128,088 | $3,913,516 | $4,128,088 | $3,913,516 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Parent Company [Member] | ' | ' |
Allowance for doubtful accounts receivable | $4,543 | $3,922 |
Straight-line rent receivable allowance | 509 | 547 |
Deferred costs accumulated amortization | 79,504 | 73,231 |
Accumulated amortization of acquired lease intangible assets | 35,505 | 25,591 |
Accumulated accretion of acquired lease intangible liabilities | 13,013 | 10,102 |
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 | 93,243,593 | 92,333,161 |
Exchangeable operating partnership units aggregate redemption value | 8,299 | 7,676 |
Treasury stock, shares held at cost | 421,758 | 373,042 |
Partnership Interest [Member] | ' | ' |
Allowance for doubtful accounts receivable | 4,543 | 3,922 |
Straight-line rent receivable allowance | 509 | 547 |
Deferred costs accumulated amortization | 79,504 | 73,231 |
Accumulated amortization of acquired lease intangible assets | 35,505 | 25,591 |
Accumulated accretion of acquired lease intangible liabilities | $13,013 | $10,102 |
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 | 93,243,593 | 92,333,161 |
Limited partner units, outstanding | 154,170 | 165,796 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Other expense (income): | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $1,180 | $0 | $1,546 | $0 |
Discontinued operations, net: | ' | ' | ' | ' |
Gain on sale of real estate, net of tax | -27,558 | -16,108 | -29,598 | -29,235 |
Parent Company [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rent | 98,620 | 88,784 | 290,935 | 261,935 |
Percentage rent | 371 | 415 | 2,301 | 2,257 |
Recoveries from tenants and other income | 28,787 | 25,425 | 90,144 | 79,615 |
Management, transaction, and other fees | 5,781 | 5,694 | 18,353 | 19,195 |
Total revenues | 133,559 | 120,318 | 401,733 | 363,002 |
Operating expenses: | ' | ' | ' | ' |
Depreciation and amortization | 36,417 | 32,740 | 110,345 | 94,938 |
Operating and maintenance | 18,149 | 16,778 | 58,152 | 51,400 |
General and administrative | 14,463 | 15,001 | 43,883 | 47,942 |
Real estate taxes | 14,832 | 13,351 | 44,529 | 40,332 |
Other operating expenses | 2,062 | 907 | 5,665 | 4,005 |
Total operating expenses | 85,923 | 78,777 | 262,574 | 238,617 |
Other expense (income): | ' | ' | ' | ' |
Interest expense, net of interest income of $221 and $350, and $901 and $1,101 for the three and nine months ended September 30, 2014 and 2013, respectively | 27,561 | 26,750 | 82,141 | 82,363 |
Provision for impairment | 0 | 6,000 | 225 | 6,000 |
Net investment (income) loss, including unrealized losses (gains) of $472 and ($875), and $289 and ($1,724) for the three and nine months ended September 30, 2014 and 2013, respectively | -94 | -963 | -915 | -1,998 |
Total other expense | 27,467 | 31,787 | 81,451 | 86,365 |
Income from continuing operations before equity in income of investments in real estate partnerships and income taxes | 20,169 | 9,754 | 57,708 | 38,020 |
Equity in income of investments in real estate partnerships | 5,713 | 13,262 | 22,353 | 25,150 |
Income from continuing operations | 25,882 | 23,016 | 80,061 | 63,170 |
Discontinued operations, net: | ' | ' | ' | ' |
Operating income | 0 | 1,540 | 0 | 6,863 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 16,052 | 0 | 27,462 |
Income from discontinued operations | 0 | 17,592 | 0 | 34,325 |
Gain on sale of real estate, net of tax | -27,558 | -56 | -29,598 | -1,773 |
Net income | 53,440 | 40,664 | 109,659 | 99,268 |
Noncontrolling interests: | ' | ' | ' | ' |
Exchangeable operating partnership units | -90 | -73 | -185 | -183 |
Limited partners’ interests in consolidated partnerships | -142 | -327 | -863 | -872 |
Income attributable to noncontrolling interests | -232 | -400 | -1,048 | -1,055 |
Net income attributable to the Company | 53,208 | 40,264 | 108,611 | 98,213 |
Preferred stock dividends | -5,266 | -5,266 | -15,797 | -15,797 |
Net income attributable to common stockholders | 47,942 | 34,998 | 92,814 | 82,416 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common stockholders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common stockholders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Partnership Interest [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rent | 98,620 | 88,784 | 290,935 | 261,935 |
Percentage rent | 371 | 415 | 2,301 | 2,257 |
Recoveries from tenants and other income | 28,787 | 25,425 | 90,144 | 79,615 |
Management, transaction, and other fees | 5,781 | 5,694 | 18,353 | 19,195 |
Total revenues | 133,559 | 120,318 | 401,733 | 363,002 |
Operating expenses: | ' | ' | ' | ' |
Depreciation and amortization | 36,417 | 32,740 | 110,345 | 94,938 |
Operating and maintenance | 18,149 | 16,778 | 58,152 | 51,400 |
General and administrative | 14,463 | 15,001 | 43,883 | 47,942 |
Real estate taxes | 14,832 | 13,351 | 44,529 | 40,332 |
Other operating expenses | 2,062 | 907 | 5,665 | 4,005 |
Total operating expenses | 85,923 | 78,777 | 262,574 | 238,617 |
Other expense (income): | ' | ' | ' | ' |
Interest expense, net of interest income of $221 and $350, and $901 and $1,101 for the three and nine months ended September 30, 2014 and 2013, respectively | 27,561 | 26,750 | 82,141 | 82,363 |
Provision for impairment | 0 | 6,000 | 225 | 6,000 |
Net investment (income) loss, including unrealized losses (gains) of $472 and ($875), and $289 and ($1,724) for the three and nine months ended September 30, 2014 and 2013, respectively | -94 | -963 | -915 | -1,998 |
Total other expense | 27,467 | 31,787 | 81,451 | 86,365 |
Income from continuing operations before equity in income of investments in real estate partnerships and income taxes | 20,169 | 9,754 | 57,708 | 38,020 |
Equity in income of investments in real estate partnerships | 5,713 | 13,262 | 22,353 | 25,150 |
Income from continuing operations | 25,882 | 23,016 | 80,061 | 63,170 |
Discontinued operations, net: | ' | ' | ' | ' |
Operating income | 0 | 1,540 | 0 | 6,863 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 16,052 | 0 | 27,462 |
Income from discontinued operations | 0 | 17,592 | 0 | 34,325 |
Gain on sale of real estate, net of tax | -27,558 | -56 | -29,598 | -1,773 |
Net income | 53,440 | 40,664 | 109,659 | 99,268 |
Noncontrolling interests: | ' | ' | ' | ' |
Limited partners’ interests in consolidated partnerships | -142 | -327 | -863 | -872 |
Income attributable to noncontrolling interests | -142 | -327 | -863 | -872 |
Net income attributable to the Company | 53,298 | 40,337 | 108,796 | 98,396 |
Preferred unit distributions | -5,266 | -5,266 | -15,797 | -15,797 |
Net income attributable to common unit holders | $48,032 | $35,071 | $92,999 | $82,599 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common unit holders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common unit holders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Parent Company [Member] | ' | ' | ' | ' |
Interest income | $221 | $350 | $901 | $1,101 |
Unrealized Gain on Securities | 472 | -875 | 289 | -1,724 |
Partnership Interest [Member] | ' | ' | ' | ' |
Interest income | 221 | 350 | 901 | 1,101 |
Unrealized Gain on Securities | $472 | ($875) | $289 | ($1,724) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' |
Effective portion of change in fair value of derivative instruments | ($3,651) | $521 | ($28,603) | $22,225 |
Parent Company [Member] | ' | ' | ' | ' |
Net income | -53,440 | -40,664 | -109,659 | -99,268 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of net loss on settled derivative instruments recognized in net income | 2,107 | 2,367 | 6,639 | 7,099 |
Effective portion of change in fair value of derivative instruments | -3,651 | 521 | -28,603 | 22,225 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 153 | 8 | 459 | 24 |
Available-for-sale Securities, Gross Unrealized Gain | 3,895 | 0 | 4,809 | 0 |
Other comprehensive (loss) income | 2,504 | 2,896 | -16,696 | 29,348 |
Comprehensive income | 55,944 | 43,560 | 92,963 | 128,616 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | -232 | -400 | -1,048 | -1,055 |
Other comprehensive income (loss) attributable to noncontrolling interests | 56 | 6 | -137 | 63 |
Comprehensive income attributable to noncontrolling interests | 288 | 406 | 911 | 1,118 |
Comprehensive income attributable to the Company | 55,656 | 43,154 | 92,052 | 127,498 |
Partnership Interest [Member] | ' | ' | ' | ' |
Net income | -53,440 | -40,664 | -109,659 | -99,268 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of net loss on settled derivative instruments recognized in net income | 2,107 | 2,367 | 6,639 | 7,099 |
Effective portion of change in fair value of derivative instruments | -3,651 | 521 | -28,603 | 22,225 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 153 | 8 | 459 | 24 |
Available-for-sale Securities, Gross Unrealized Gain | 3,895 | 0 | 4,809 | 0 |
Other comprehensive (loss) income | 2,504 | 2,896 | -16,696 | 29,348 |
Comprehensive income | 55,944 | 43,560 | 92,963 | 128,616 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | -142 | -327 | -863 | -872 |
Other comprehensive income (loss) attributable to noncontrolling interests | 52 | 1 | -108 | 8 |
Comprehensive income attributable to noncontrolling interests | 194 | 328 | 755 | 880 |
Comprehensive income attributable to the Company | $55,750 | $43,232 | $92,208 | $127,736 |
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 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] | 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] | 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] |
In Thousands, unless otherwise specified | 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] | Partnership Interest [Member] | Parent Company [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] | General Partner Preferred and Common Units [Member] | Limited Partners [Member] | Total Partners' Capital [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 Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [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] | ||||||||||||||||||||||
Beginning balance at Dec. 31, 2012 | $1,745,911 | $1,745,911 | $325,000 | $904 | ($14,924) | $2,312,310 | ' | ($57,715) | ($57,715) | ($834,810) | $1,730,765 | ($1,153) | $16,299 | $16,299 | $15,146 | $1,788,480 | ($1,153) | $1,729,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 99,268 | 99,268 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | 98,213 | 183 | 872 | 872 | 1,055 | 98,213 | 183 | 98,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 98,213 | 98,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income, net | 29,348 | 29,348 | 0 | 0 | 0 | 0 | 29,285 | 29,285 | 29,285 | 0 | 29,285 | 55 | 8 | ' | ' | 0 | 55 | 29,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | 63 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | ' | 0 | 0 | -1,616 | 1,616 | ' | 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 | 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 |
Common stock issued for dividend reinvestment plan | 831 | 831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 831 | 0 | 0 | 831 | 0 | 0 | 0 |
Stock Issued During Period, Value, Conversion of Units | 302 | 302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 302 | 0 | 0 | 302 | -302 | 0 | -302 |
Common stock issued for stock offerings, net of issuance costs | ' | ' | 0 | 19 | 0 | 99,734 | ' | 0 | ' | 0 | 99,753 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred unit distributions | ' | -15,797 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | -15,797 | 0 | -15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from partners | 347 | 347 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 347 | 347 | 347 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to partners | -3,635 | -130,239 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | -3,635 | -3,635 | -3,635 | -126,359 | -245 | -126,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Redemption Premium | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued as a result of common stock issued by Parent Company, net of repurchases | ' | 97,657 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 97,657 | 0 | 97,657 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared: preferred stock/unit | 15,797 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 15,797 | 15,797 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Income Statement Impact | 15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared - common stock/unit | 126,604 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 126,359 | 126,359 | 245 | 0 | ' | 245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units exchanged for common stock of the parent company | ' | 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 | -1,462 | 13,891 | 13,891 | 12,429 | 1,853,096 | -1,462 | 1,823,204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 40,664 | 40,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 40,264 | 40,337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income, net | 2,896 | 2,896 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | 6 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Income Statement Impact | 5,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | 1,837,095 | 1,837,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 1,861,134 | 1,861,134 | 325,000 | 923 | -16,726 | 2,426,477 | ' | -17,404 | -17,404 | -874,916 | 1,843,354 | -1,426 | 19,206 | 19,206 | 17,780 | 1,860,758 | -1,426 | 1,841,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 109,659 | 109,659 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | 108,611 | 185 | 863 | 863 | 1,048 | 108,611 | 185 | 108,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 108,611 | 108,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income, net | -16,696 | -16,696 | 0 | 0 | 0 | 0 | -16,559 | -16,559 | -16,559 | 0 | -16,559 | -29 | -108 | ' | ' | 0 | -29 | -16,588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | -137 | -108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | ' | 0 | 0 | -2,441 | 2,441 | ' | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of restricted stock issued | 8,747 | 8,747 | 0 | 0 | 0 | 8,747 | ' | 0 | 0 | 0 | 8,747 | 0 | 0 | 0 | 0 | 8,747 | 0 | 8,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redeemed for taxes withheld for stock based compensation, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,528 | 0 | 0 | 0 | 3,528 | 0 | 0 | 3,528 | 0 | 0 | 0 |
Common stock issued for dividend reinvestment plan | 895 | 895 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 895 | 0 | 0 | 895 | 0 | 0 | 0 |
Stock Issued During Period, Value, Conversion of Units | 137 | 137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 137 | 0 | 0 | 137 | -137 | 0 | -137 |
Common stock issued for stock offerings, net of issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49,300 | 0 | 9 | 0 | 49,291 | 0 | 0 | 49,300 | 0 | 0 | 0 |
Preferred unit distributions | ' | -15,797 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | -15,797 | 0 | -15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from partners | 15,933 | 15,933 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 15,933 | 15,933 | 15,933 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to partners | -5,051 | -135,218 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | -5,051 | -5,051 | -5,051 | -129,939 | -228 | -130,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Redemption Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -300 | 0 | 0 | 0 | -300 | -300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued as a result of common stock issued by Parent Company, net of repurchases | ' | 46,667 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 46,667 | 0 | 46,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of partnership units | 300 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 0 | 0 | 300 | 0 | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared: preferred stock/unit | 15,797 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | 15,797 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Income Statement Impact | 15,797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared - common stock/unit | 130,167 | ' | 0 | 0 | 0 | 0 | ' | 0 | ' | 129,939 | 129,939 | 228 | 0 | ' | 228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units exchanged for common stock of the parent company | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 137 | -137 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2014 | 1,874,129 | 1,874,129 | 325,000 | 932 | -19,167 | 2,484,460 | ' | -33,963 | -33,963 | -912,041 | 1,845,221 | -1,935 | 30,843 | 30,843 | 28,908 | 1,879,184 | -1,935 | 1,843,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 53,440 | 53,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 53,208 | 53,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income, net | 2,504 | 2,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) attributable to noncontrolling interests | 56 | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividends, Income Statement Impact | 5,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2014 | $1,874,129 | $1,874,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Common stock/unit per share | $1.41 | $1.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Document Fiscal Year Focus | '2014 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation, net of capitalization | $6,885,000 | $9,227,000 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common stock issuance | 49,995,000 | 101,342,000 |
Parent Company [Member] | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 0 | 0 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 0 | 7,646,000 |
Proceeds from Issuance of Unsecured Debt | 248,705,000 | 0 |
Cash flows from operating activities: | ' | ' |
Net income | 109,659,000 | 99,268,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 110,355,000 | 98,620,000 |
Amortization of deferred loan cost and debt premium | 8,095,000 | 9,265,000 |
Accretion of above and below market lease intangibles, net | -2,315,000 | -1,646,000 |
Stock-based compensation, net of capitalization | 6,885,000 | 9,227,000 |
Equity in income of investments in real estate partnerships | -22,353,000 | -25,150,000 |
Net gain on sale of properties | -29,598,000 | -29,235,000 |
Provision for impairment | -225,000 | -6,000,000 |
Distribution of earnings from operations of investments in real estate partnerships | -30,008,000 | -34,772,000 |
Loss on settlement of derivative instruments | -4,648,000 | 0 |
Hedge ineffectiveness | -13,000 | -14,000 |
Deferred compensation expense | 610,000 | 2,023,000 |
Realized and unrealized gains on trading securities held in trust | -612,000 | -2,024,000 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 497,000 | 1,185,000 |
Accounts receivable | -2,801,000 | -2,200,000 |
Straight-line rent receivables, net | -4,724,000 | -3,850,000 |
Deferred leasing costs | -6,416,000 | -6,599,000 |
Other assets | 131,000 | -1,767,000 |
Accounts payable and other liabilities | 15,018,000 | 8,137,000 |
Tenants’ security and escrow deposits and prepaid rent | 511,000 | 4,550,000 |
Net cash provided by operating activities | 217,810,000 | 200,562,000 |
Cash flows from investing activities: | ' | ' |
Acquisition of operating real estate | -98,018,000 | -26,676,000 |
Development of real estate, including acquisition of land | -160,552,000 | -162,419,000 |
Proceeds from sale of real estate investments | 62,788,000 | 136,997,000 |
Collection of notes receivable | 0 | 6,015,000 |
Investments in real estate partnerships | -6,012,000 | -10,844,000 |
Distributions received from investments in real estate partnerships | 29,916,000 | 31,457,000 |
Dividends on trading securities held in trust | 100,000 | 95,000 |
Acquisition of securities | -19,866,000 | -17,795,000 |
Proceeds from sale of securities | 5,344,000 | 12,732,000 |
Net cash used in investing activities | -186,300,000 | -30,438,000 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common stock issuance | 49,300,000 | 99,753,000 |
Proceeds from sale of treasury stock | 0 | 34,000 |
Redemption of preferred stock and partnership units | -300,000 | 0 |
Distributions to limited partners in consolidated partnerships, net | -4,619,000 | -3,288,000 |
Distributions to exchangeable operating partnership unit holders | -228,000 | -245,000 |
Dividends paid to common stockholders | -129,044,000 | -125,528,000 |
Dividends paid to preferred stockholders | -15,797,000 | -15,797,000 |
Proceeds from unsecured credit facilities | 255,000,000 | 82,000,000 |
Repayment of unsecured credit facilities | -255,000,000 | -152,000,000 |
Proceeds from notes payable | 12,025,000 | 8,250,000 |
Repayments of Notes Payable | 13,487,000 | 16,439,000 |
Scheduled principal payments | -5,068,000 | -6,352,000 |
Payment of loan costs | -2,973,000 | -159,000 |
Net cash used in financing activities | -11,486,000 | -129,771,000 |
Repayments of Unsecured Debt | 150,000,000 | 0 |
Net increase in cash and cash equivalents | 20,024,000 | 40,353,000 |
Cash and cash equivalents at beginning of the period | 80,684,000 | 22,349,000 |
Cash and cash equivalents at end of the period | 100,708,000 | 62,702,000 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest (net of capitalized interest of $ 5,158 and $4,174 in 2014 and 2013, respectively) | 72,573,000 | 72,607,000 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Real estate received through distribution in kind | 0 | 7,576,000 |
Mortgage loans assumed through distribution in kind | 0 | 7,500,000 |
Mortgage loans assumed for the acquisition of real estate, net of premiums | 78,049,000 | 0 |
Change in fair value of derivative instruments | -28,144,000 | 22,249,000 |
Common stock issued for dividend reinvestment plan | 895,000 | 831,000 |
Stock-based compensation capitalized | 2,026,000 | 1,567,000 |
Contributions from limited partners in consolidated partnerships, net | 116,000 | 0 |
Common stock issued for dividend reinvestment in trust | 581,000 | 489,000 |
Contribution of stock awards into trust | 1,865,000 | 1,522,000 |
Distribution of stock held in trust | 4,000 | 201,000 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 4,809,000 | 0 |
Partnership Interest [Member] | ' | ' |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 0 | 7,646,000 |
Proceeds from Issuance of Unsecured Debt | 248,705,000 | 0 |
Cash flows from operating activities: | ' | ' |
Net income | 109,659,000 | 99,268,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 110,355,000 | 98,620,000 |
Amortization of deferred loan cost and debt premium | 8,095,000 | 9,265,000 |
Accretion of above and below market lease intangibles, net | -2,315,000 | -1,646,000 |
Stock-based compensation, net of capitalization | 6,885,000 | 9,227,000 |
Equity in income of investments in real estate partnerships | -22,353,000 | -25,150,000 |
Net gain on sale of properties | -29,598,000 | -29,235,000 |
Provision for impairment | -225,000 | -6,000,000 |
Distribution of earnings from operations of investments in real estate partnerships | -30,008,000 | -34,772,000 |
Loss on settlement of derivative instruments | -4,648,000 | 0 |
Hedge ineffectiveness | -13,000 | -14,000 |
Deferred compensation expense | 610,000 | 2,023,000 |
Realized and unrealized gains on trading securities held in trust | -612,000 | -2,024,000 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | 497,000 | 1,185,000 |
Accounts receivable | -2,801,000 | -2,200,000 |
Straight-line rent receivables, net | -4,724,000 | -3,850,000 |
Deferred leasing costs | -6,416,000 | -6,599,000 |
Other assets | 131,000 | -1,767,000 |
Accounts payable and other liabilities | 15,018,000 | 8,137,000 |
Tenants’ security and escrow deposits and prepaid rent | 511,000 | 4,550,000 |
Net cash provided by operating activities | 217,810,000 | 200,562,000 |
Cash flows from investing activities: | ' | ' |
Acquisition of operating real estate | -98,018,000 | -26,676,000 |
Development of real estate, including acquisition of land | -160,552,000 | -162,419,000 |
Proceeds from sale of real estate investments | 62,788,000 | 136,997,000 |
Collection of notes receivable | 0 | 6,015,000 |
Investments in real estate partnerships | -6,012,000 | -10,844,000 |
Distributions received from investments in real estate partnerships | 29,916,000 | 31,457,000 |
Dividends on trading securities held in trust | 100,000 | 95,000 |
Acquisition of securities | -19,866,000 | -17,795,000 |
Proceeds from sale of securities | 5,344,000 | 12,732,000 |
Net cash used in investing activities | -186,300,000 | -30,438,000 |
Cash flows from financing activities: | ' | ' |
Net proceeds from common units issued as a result of common stock issued by Parent Company | 49,300,000 | 99,753,000 |
Proceeds from sale of treasury stock | 0 | 34,000 |
Redemption of preferred stock and partnership units | -300,000 | 0 |
Distributions to limited partners in consolidated partnerships, net | -4,619,000 | -3,288,000 |
Dividends paid to common stockholders | -129,272,000 | -125,773,000 |
Dividends paid to preferred stockholders | -15,797,000 | -15,797,000 |
Proceeds from unsecured credit facilities | 255,000,000 | 82,000,000 |
Repayment of unsecured credit facilities | -255,000,000 | -152,000,000 |
Proceeds from notes payable | 12,025,000 | 8,250,000 |
Repayments of Notes Payable | 13,487,000 | 16,439,000 |
Scheduled principal payments | -5,068,000 | -6,352,000 |
Payment of loan costs | -2,973,000 | -159,000 |
Net cash used in financing activities | -11,486,000 | -129,771,000 |
Repayments of Unsecured Debt | 150,000,000 | 0 |
Net increase in cash and cash equivalents | 20,024,000 | 40,353,000 |
Cash and cash equivalents at beginning of the period | 80,684,000 | 22,349,000 |
Cash and cash equivalents at end of the period | 100,708,000 | 62,702,000 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest (net of capitalized interest of $ 5,158 and $4,174 in 2014 and 2013, respectively) | 72,573,000 | 72,607,000 |
Supplemental disclosure of non-cash transactions: | ' | ' |
Real estate received through distribution in kind | 0 | 7,576,000 |
Mortgage loans assumed through distribution in kind | 0 | 7,500,000 |
Mortgage loans assumed for the acquisition of real estate, net of premiums | 78,049,000 | 0 |
Change in fair value of derivative instruments | -28,144,000 | 22,249,000 |
Common stock issued for dividend reinvestment plan | 895,000 | 831,000 |
Stock-based compensation capitalized | 2,026,000 | 1,567,000 |
Contributions from limited partners in consolidated partnerships, net | 116,000 | 0 |
Non-controlling interest recorded, fair value | ' | 0 |
Common stock issued for dividend reinvestment in trust | 581,000 | 489,000 |
Contribution of stock awards into trust | 1,865,000 | 1,522,000 |
Distribution of stock held in trust | 4,000 | 201,000 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $4,809,000 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Parent Company [Member] | ' | ' |
Capitalized interest | $5,158 | $4,174 |
Partnership Interest [Member] | ' | ' |
Capitalized interest | $5,158 | $4,174 |
Organization_and_Principles_of
Organization and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) directly owned 205 retail shopping centers and held partial interests in an additional 121 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. | |
Accounting Policies | |
Securities | |
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Equity and Capital. The fair value of securities is determined using quoted market prices. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued updated guidance that resolves the diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This new accounting guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward that would apply in settlement of an uncertain tax position. The guidance was effective as of the first quarter of 2014 and its adoption did not have a material effect on the Company’s consolidated financial positions. | |
On January 1, 2014, the Company prospectively adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and all sales will be recorded in accordance with the ASU. The amendments in the ASU change the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Real_Estate_Investments
Real Estate Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||
Real Estate Investments | |||||||||||||||||
The following tables detail the shopping centers acquired or land acquired for development (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | 100% | $14,200 | — | — | — | |||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 100% | 22,500 | 319 | 2,329 | 291 | |||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 80% | 149,344 | 77,730 | 12,733 | 5,647 | |||||||||
6/2/14 | Willow Oaks Crossing | Concord, NC | Development | 100% | 3,342 | — | — | — | |||||||||
7/15/14 | Clybourn Commons | Chicago, IL | Operating | 100% | 19,000 | — | 1,686 | 3,298 | |||||||||
9/10/14 | Belmont Chase | Ashburn, VA | Development | 100% | 4,300 | — | — | — | |||||||||
9/19/14 | CityLine Market | Dallas, TX | Development | 100% | 4,913 | — | — | — | |||||||||
Total property acquisitions | $217,599 | 78,049 | 16,748 | 9,236 | |||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
5/30/13 | Preston Oaks | Dallas, TX | Operating | 100% | $27,000 | — | 3,396 | 7,597 | |||||||||
7/23/13 | Shoppes of Burnt Mills | Silver Springs, MD | Operating | 20% | 13,600 | 7,496 | 8,438 | 332 | |||||||||
Total property acquisitions | $40,600 | $7,496 | $11,834 | $7,929 | |||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio and paid $56.6 million for its pro-rata share of the acquisition, net of debt and other liabilities assumed. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. | |||||||||||||||||
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 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. | |||||||||||||||||
The real estate operations acquired are not considered material to Company, individually or in the aggregate. |
Property_Dispositions
Property Dispositions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Property Dispositions | ' | ||||||||
As a result of adopting ASU No. 2014-08, there were no discontinued operations for the three and nine months ended September 30, 2014 as none of the current year sales represented a strategic shift that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations during 2013 (in thousands): | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2013 | ||||||||
Revenues | $ | 3,120 | $ | 13,970 | |||||
Operating expenses | 1,580 | 7,107 | |||||||
Operating income from discontinued operations | $ | 1,540 | $ | 6,863 | |||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
4. Income Taxes | |||||||||||||
Income tax expense (benefit) is presented net of gains on sale of real estate in the accompanying Consolidated Statement of 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, 2014 and 2013 (in thousands): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
Income tax expense (benefit) from: | 2014 | 2013 | 2014 | 2013 | |||||||||
Continuing operations | $ | 1,180 | — | $ | 1,546 | — | |||||||
Total income tax expense | $ | 1,180 | — | $ | 1,546 | — | |||||||
Notes_Payable_and_Unsecured_Cr
Notes Payable and Unsecured Credit Facilities | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Notes Payable and Unsecured Credit Facilities | ' | ||||||||||||
Notes Payable and Unsecured Credit Facilities | |||||||||||||
The Company’s debt outstanding as of September 30, 2014 and December 31, 2013 consists of the following (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 521,719 | 444,245 | ||||||||||
Variable rate mortgage loans | 29,125 | 37,100 | |||||||||||
Fixed rate unsecured loans | 1,397,399 | 1,298,352 | |||||||||||
Total notes payable | 1,948,243 | 1,779,697 | |||||||||||
Unsecured credit facilities: | |||||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||
Total unsecured credit facilities | 75,000 | 75,000 | |||||||||||
Total debt outstanding | $ | 2,023,243 | 1,854,697 | ||||||||||
Significant financing activity since December 31, 2013, excluding scheduled principal payments, includes: | |||||||||||||
• | On February 14, 2014, the Company assumed debt of $319,000, net of premiums, related to the Shops at Mira Vista acquisition. | ||||||||||||
• | On March 7, 2014, the Company assumed debt of $77.7 million, net of premiums, related to the Fairfield Portfolio acquisition. | ||||||||||||
• | On April 15, 2014, the Company repaid $150.0 million of 4.95% ten-year unsecured public debt. | ||||||||||||
• | On May 1, 2014, the Company repaid $6.6 million on a mortgage loan maturing in 2014. | ||||||||||||
• | On May 26, 2014, the Company issued $250.0 million of 3.75% ten-year unsecured public debt, which matures on June 15, 2024. | ||||||||||||
• | On June 27, 2014, the Company amended its existing senior unsecured term loan facility (the "Term Loan"). The amendment established a new Term Loan size of $165.0 million, extended the maturity date to June 27, 2019 and reduced the applicable interest rate. The Term Loan bears interest at LIBOR plus a ratings based margin of 1.15% per annum, subject to adjustment from time to time based on changes to the Company's corporate credit rating, and is subject to a fee of 0.2% per annum on the undrawn balance. Remaining deferred loan costs were expensed upon amending the Term Loan and new loan costs incurred were capitalized. The Company has $75.0 million outstanding and may elect to borrow up to an additional $90.0 million through August 31, 2015. | ||||||||||||
• | During 2014, the Company drew approximately $1.0 million on a construction loan for the planned redevelopment of a center acquired in 2013. | ||||||||||||
• | On July 1, 2014, the Company repaid $6.9 million on a mortgage loan maturing in 2015. | ||||||||||||
• | On August 27, 2014, the Company encumbered a recently completed development property, owned in a consolidated joint venture, with a $10 million interest only mortgage loan at a fixed rate of 3.78%, maturing in September 2024. | ||||||||||||
• | On September 30, 2014, the Company, through a consolidated joint venture, refinanced a maturing variable rate mortgage. The new mortgage of $10 million has a fixed rate of 3.41% and matures in October 2024, with principal and interest due monthly. | ||||||||||||
As of September 30, 2014, 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 | |||||||||||||
2014 | $ | 1,970 | — | — | 1,970 | ||||||||
2015 | 6,618 | 75,937 | 350,000 | 432,555 | |||||||||
2016 | 6,135 | 41,442 | — | 47,577 | |||||||||
2017 | 5,399 | 116,098 | 400,000 | 521,497 | |||||||||
2018 | 4,453 | 57,358 | — | 61,811 | |||||||||
Beyond 5 Years | 26,091 | 201,324 | 725,000 | 952,415 | |||||||||
Unamortized debt premiums (discounts), net | — | 8,019 | (2,601 | ) | 5,418 | ||||||||
Total | $ | 50,666 | 500,178 | 1,472,399 | 2,023,243 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. | |||||||||||||
The Company was in compliance as of September 30, 2014 with the financial and other covenants under its unsecured public debt and unsecured credit facilities. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets (3) | Liabilities (3) | ||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
10/1/11 | 9/1/14 | N/A | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | — | — | $ | — | (34 | ) | ||||||||||||
10/16/13 | 10/16/20 | N/A | 28,100 | 1 Month LIBOR | 2.20% | — | 82 | (395 | ) | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 35,000 | 3 Month LIBOR | 2.87% | — | 1,036 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 60,000 | 3 Month LIBOR | 2.86% | — | 1,821 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 75,000 | 3 Month LIBOR | 2.09% | — | 7,476 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 50,000 | 3 Month LIBOR | 2.09% | — | 4,978 | — | — | |||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | 2,959 | 8,516 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | 1,973 | 5,670 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | 1,973 | 5,658 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | — | — | (1,929 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | — | — | (204 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (973 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (982 | ) | — | |||||||||||||||
Total derivative financial instruments | $ | 6,905 | 35,237 | (4,483 | ) | (34 | ) | ||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
(2) The Company issued $250 million of 3.75%, fixed rate ten year unsecured bonds in May 2014. Prior to issuing the bonds, the Company locked in the ten year treasury rate using forward starting interest rate swaps to mitigate the risk of interest rates rising. In connection with the issuance of the new bonds, the Company terminated and settled these swaps, resulting in net cash proceeds of $4.6 million. These proceeds will offset bond interest expense over the life of the bonds, resulting in a lower effective interest rate of 3.59%. | |||||||||||||||||||||||||
(3) Derivatives in an asset position are included within Other Assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts Payable and Other Liabilities. | |||||||||||||||||||||||||
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The Company has master netting agreements; however, the Company does not have multiple derivatives subject to a single master netting agreement with the same counterparties. Therefore, none are offset in the accompanying Consolidated Balance Sheet. | |||||||||||||||||||||||||
The Company expects to issue new debt in 2015 and 2017. In order to mitigate the risk of interest rates rising before new borrowings are obtained, the Company has $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 2015 and another $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 2017. These interest rate swaps lock in the 10-year treasury rate and swap spread at a weighted average fixed rate of 2.67% and 3.48%, respectively. A current market based credit spread applicable to Regency will be added to the locked in fixed rate at time of issuance that will determine the final bond yield. | |||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within interest expense. | |||||||||||||||||||||||||
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate swaps | $ | (3,651 | ) | 521 | Interest | $ | (2,217 | ) | (2,366 | ) | Other expenses | $ | — | — | |||||||||||
expense | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate swaps | $ | (28,603 | ) | 22,225 | Interest | $ | (6,966 | ) | (7,098 | ) | Other expenses | $ | — | (3 | ) | ||||||||||
expense | |||||||||||||||||||||||||
As of September 30, 2014, the Company expects $8.7 million of net deferred losses on derivative instruments accumulated in other comprehensive income to be reclassified into earnings during the next 12 months, of which $8.2 million is related to previously settled swaps. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Notes receivable | $ | 12,132 | 11,953 | $ | 11,960 | 11,600 | ||||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 1,948,243 | 2,116,000 | $ | 1,779,697 | 1,936,400 | ||||||||||
Unsecured credit facilities | $ | 75,000 | 75,000 | $ | 75,000 | 75,400 | ||||||||||
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, 2014 and December 31, 2013. 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, 2014 and December 31, 2013, the following interest rate ranges were used by the Company to estimate the fair value of its financial instruments: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Notes receivable | 7.40% | 7.40% | 7.80% | 7.80% | ||||||||||||
Notes payable | 0.90% | 3.80% | 3.00% | 3.50% | ||||||||||||
Unsecured credit facilities | 1.30% | 1.30% | 1.40% | 1.40% | ||||||||||||
(b) Fair Value Measurements | ||||||||||||||||
The following financial instruments are measured at fair value on a recurring basis: | ||||||||||||||||
Trading Securities Held in Trust | ||||||||||||||||
The Company has investments in marketable securities, which are assets of the non-qualified deferred compensation plan ("NQDCP"), that are classified as trading securities held in trust on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of trading securities are recorded within net investment (income) loss from deferred compensation plan in the accompanying Consolidated Statements of Operations. | ||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||
Available-for-sale securities consist of investments in shares of marketable equity securities, and are recorded at fair value using quoted prices in an active market, which are considered Level 1 inputs of the fair value hierarchy. Unrealized gains or losses on these securities are recognized through other comprehensive income. | ||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. | ||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2014 | ||||||||||||||||
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 | $ | 27,365 | 27,365 | — | — | |||||||||||
Available-for-sale securities | 19,159 | 19,159 | — | — | ||||||||||||
Interest rate derivatives | 6,905 | — | 6,905 | — | ||||||||||||
Total | $ | 53,429 | 46,524 | 6,905 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (4,483 | ) | — | (4,483 | ) | — | |||||||||
Fair Value Measurements as of December 31, 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 | $ | 26,681 | 26,681 | — | — | |||||||||||
Interest rate derivatives | 35,237 | — | 35,237 | — | ||||||||||||
Total | $ | 61,918 | 26,681 | 35,237 | — | |||||||||||
Liabilities | ||||||||||||||||
Interest rate derivatives | $ | (34 | ) | — | (34 | ) | — | |||||||||
The following tables present assets that were measured at fair value on a nonrecurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements during the | ||||||||||||||||
nine months ended September 30, 2014 | ||||||||||||||||
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 | ||||||||||||||||
Land | $ | 1,597 | — | — | 1,597 | (225 | ) | |||||||||
Fair Value Measurements during the | ||||||||||||||||
year ended December 31, 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 | ) | |||||||||
Long-lived assets held and used are comprised primarily of real estate. 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. | ||||||||||||||||
During the nine months ended September 30, 2014, the Company recognized a $225,000 impairment on three parcels of land. The fair value of real estate measured during the nine months ended September 30, 2014, is based on the anticipated sales price of the land. | ||||||||||||||||
During the year ended December 31, 2013, the Company recognized a $6 million impairment on a single operating property as a result of an unoccupied anchor declaring bankruptcy, and the inability of the Company, at that time, to re-lease the anchor space. The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs during the year ended December 31, 2013: | ||||||||||||||||
2013 | ||||||||||||||||
Direct cap rates | 8.00% | |||||||||||||||
Rental growth rates | 0.00% | |||||||||||||||
Discount rates | 9.00% | |||||||||||||||
Terminal cap rates | 8.50% | |||||||||||||||
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, 2014 | |||||||||||||||||
Equity and Capital [Abstract] | ' | ||||||||||||||||
Equity and Capital | ' | ||||||||||||||||
Equity and Capital | |||||||||||||||||
Common Stock of the Parent Company | |||||||||||||||||
Issuances: | |||||||||||||||||
In March 2014, the Parent Company filed a prospectus supplement with the Securities and Exchange Commission with respect to a new ATM equity offering program, ending the prior program established in August 2013. The March 2014 program has similar terms and conditions as the August 2013 program and authorizes the Parent Company to sell up to $200 million of common stock at prices determined by the market at the time of sale. As of September 30, 2014, $150 million in common stock remained available for issuance under this ATM equity program. | |||||||||||||||||
The following shares were issued under the ATM equity programs (in thousands, except price per share data): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Shares issued | 872 | 30 | 872 | 1,899 | |||||||||||||
Weighted average price per share | $ | 57.35 | 52.28 | $ | 57.35 | 53.35 | |||||||||||
Total proceeds | $ | 49,995 | 1,568 | $ | 49,995 | 101,342 | |||||||||||
Commissions | $ | 695 | 24 | $ | 695 | 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 tables present changes in the balances of each component of accumulated other comprehensive loss (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Unrealized Gain on Available-for-Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Beginning balance at December 31, 2013 | $ | (52,542 | ) | 35,138 | — | (17,404 | ) | ||||||||||
Net loss on cash flow derivative instruments | — | (28,326 | ) | — | (28,326 | ) | |||||||||||
Amounts reclassified from other comprehensive income | 6,628 | 338 | — | 6,966 | |||||||||||||
Unrealized gain on available-for-sale securities | — | — | 4,801 | 4,801 | |||||||||||||
Current period other comprehensive income, net | 6,628 | (27,988 | ) | 4,801 | (16,559 | ) | |||||||||||
Ending balance at September 30, 2014 | $ | (45,914 | ) | 7,150 | 4,801 | (33,963 | ) | ||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Unrealized Gain on Available-for-Sale Securities | 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 | |||||||||||||
Unrealized gain on available-for-sale securities | — | — | — | — | |||||||||||||
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 (in thousands): | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Loss on cash flow hedges | |||||||||||||||||
Interest rate derivative contracts | $ | (2,217 | ) | (2,366 | ) | $ | (6,966 | ) | (7,098 | ) | Interest expense |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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 (in thousands): | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Restricted stock (1) | $ | 2,915 | 3,622 | $ | 8,747 | 10,600 | ||||||||
Directors' fees paid in common stock (1) | 50 | 65 | 164 | 194 | ||||||||||
Capitalized stock-based compensation (2) | (615 | ) | (620 | ) | (2,026 | ) | (1,567 | ) | ||||||
Stock-based compensation, net of capitalization | $ | 2,350 | 3,067 | $ | 6,885 | 9,227 | ||||||||
(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 2014, the Company granted 256,941 shares of restricted stock with a weighted-average grant-date fair value of $48.14 per share. |
NonQualified_Deferred_Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2014 | |
Non Qualified Deferred Compensation Plan [Abstract] | ' |
Non-Qualified Deferred Compensation Plan | ' |
Non-Qualified Deferred Compensation Plan | |
The Company maintains a 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 $26.8 million and $26.1 million at September 30, 2014 and December 31, 2013, respectively. |
Earnings_per_Share_and_Unit
Earnings per Share and Unit | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 (in thousands except per share data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 25,882 | 23,016 | $ | 80,061 | 63,170 | |||||||
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 | |||||||||
Less: income (loss) attributable to noncontrolling interests | 232 | 367 | 1,048 | 990 | |||||||||
Income from continuing operations attributable to the Company | 53,208 | 22,705 | 108,611 | 63,953 | |||||||||
Less: preferred stock dividends | 5,266 | 5,266 | 15,797 | 15,797 | |||||||||
Less: dividends paid on unvested restricted stock | 149 | 148 | 448 | 445 | |||||||||
Income from continuing operations attributable to common stockholders - basic | 47,793 | 17,291 | 92,366 | 47,711 | |||||||||
Add: dividends paid on Treasury Method restricted stock | 24 | 15 | 50 | 55 | |||||||||
Income from continuing operations attributable to common stockholders - diluted | 47,817 | 17,306 | 92,416 | 47,766 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | — | 17,592 | — | 34,325 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 33 | — | 65 | |||||||||
Income from discontinued operations attributable to the Company | — | 17,559 | — | 34,260 | |||||||||
Net Income | |||||||||||||
Net income attributable to common stockholders - basic | 47,793 | 34,850 | 92,366 | 81,971 | |||||||||
Net income attributable to common stockholders - diluted | $ | 47,817 | 34,865 | $ | 92,416 | 82,026 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic EPS | 92,345 | 91,985 | 92,071 | 91,147 | |||||||||
Incremental shares to be issued under unvested restricted stock | 51 | 33 | 36 | 40 | |||||||||
Incremental shares to be issued for common stock options | — | — | — | — | |||||||||
Weighted average common shares outstanding for diluted EPS | 92,396 | 92,018 | 92,107 | 91,187 | |||||||||
Income per common share – basic | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common stockholders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Income per common share – diluted | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common stockholders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
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, 2014 were 158,920 and 159,229, respectively, and for the three and nine months ended September 30, 2013 were 167,649 and 173,946, respectively. | |||||||||||||
Operating Partnership Earnings per Unit | |||||||||||||
The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 25,882 | 23,016 | $ | 80,061 | 63,170 | |||||||
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 | |||||||||
Less: income attributable to noncontrolling interests | 142 | 294 | 863 | 807 | |||||||||
Income from continuing operations attributable to the Partnership | 53,298 | 22,778 | 108,796 | 64,136 | |||||||||
Less: preferred unit distributions | 5,266 | 5,266 | 15,797 | 15,797 | |||||||||
Less: dividends paid on unvested restricted units | 149 | 148 | 448 | 445 | |||||||||
Income from continuing operations attributable to common unit holders - basic | 47,883 | 17,364 | 92,551 | 47,894 | |||||||||
Add: dividends paid on Treasury Method restricted units | 24 | 15 | 50 | 55 | |||||||||
Income from continuing operations attributable to common unit holders - diluted | 47,907 | 17,379 | 92,601 | 47,949 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | — | 17,592 | — | 34,325 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 65 | |||||||||||
Income from discontinued operations attributable to the Partnership | — | 17,559 | — | 34,260 | |||||||||
Net Income | |||||||||||||
Net income attributable to common unit holders - basic | 47,883 | 34,923 | 92,551 | 82,154 | |||||||||
Net income attributable to common unit holders - diluted | $ | 47,907 | 34,938 | $ | 92,601 | 82,209 | |||||||
Denominator: | |||||||||||||
Weighted average common units outstanding for basic EPU | 92,505 | 92,153 | 92,231 | 91,321 | |||||||||
Incremental units to be issued under unvested restricted stock | 51 | 33 | 36 | 40 | |||||||||
Weighted average common units outstanding for diluted EPU | 92,556 | 92,186 | 92,267 | 91,361 | |||||||||
Income per common unit – basic | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common unit holders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Income per common unit – diluted | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common unit holders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014 and December 31, 2013, the Company had $5.9 million and $19.3 million letters of credit outstanding, respectively. |
Availableforsale_Securities_No
Available-for-sale Securities (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | |||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | |||||||||||||||
Available-for-Sale Securities | ||||||||||||||||
Available-for-sale securities are included in other assets in the accompanying Consolidated Balance Sheets, and consists of the following (in thousands): | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Loss | Losses in Accumulated Other Comprehensive Loss | Estimated Fair Value | |||||||||||||
Common stock | $ | 14,350 | $ | 4,809 | $ | — | $ | 19,159 | ||||||||
The Company did not have any available-for-sale securities at December 31, 2013. | ||||||||||||||||
During the nine months ended September 30, 2014, the Company acquired common stock of AmREIT, Inc. ("AmREIT"). During the nine months ended September 30, 2014, no available-for-sale securities were sold. Net unrealized holding gains on available-for-sale securities, of approximately $4.8 million for the nine months ended September 30, 2014, have been included in accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets. |
Real_Estate_Investments_Real_E
Real Estate Investments Real Estate Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of business acquisitions | ' | ||||||||||||||||
The following tables detail the shopping centers acquired or land acquired for development (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | 100% | $14,200 | — | — | — | |||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 100% | 22,500 | 319 | 2,329 | 291 | |||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 80% | 149,344 | 77,730 | 12,733 | 5,647 | |||||||||
6/2/14 | Willow Oaks Crossing | Concord, NC | Development | 100% | 3,342 | — | — | — | |||||||||
7/15/14 | Clybourn Commons | Chicago, IL | Operating | 100% | 19,000 | — | 1,686 | 3,298 | |||||||||
9/10/14 | Belmont Chase | Ashburn, VA | Development | 100% | 4,300 | — | — | — | |||||||||
9/19/14 | CityLine Market | Dallas, TX | Development | 100% | 4,913 | — | — | — | |||||||||
Total property acquisitions | $217,599 | 78,049 | 16,748 | 9,236 | |||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
5/30/13 | Preston Oaks | Dallas, TX | Operating | 100% | $27,000 | — | 3,396 | 7,597 | |||||||||
7/23/13 | Shoppes of Burnt Mills | Silver Springs, MD | Operating | 20% | 13,600 | 7,496 | 8,438 | 332 | |||||||||
Total property acquisitions | $40,600 | $7,496 | $11,834 | $7,929 | |||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio and paid $56.6 million for its pro-rata share of the acquisition, net of debt and other liabilities assumed. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. |
Property_Dispositions_Tables
Property Dispositions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of properties disposed of | ' | ||||||||
The following table provides a summary of shopping centers and land out-parcels disposed of (dollars in thousands): | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Net proceeds from sale of real estate investments | $ | 55,569 | 48,999 | $ | 62,788 | 131,363 | |||
Gain on sale of real estate, net of tax | $ | 27,558 | 16,108 | $ | 29,598 | 29,235 | |||
Number of operating properties sold | 4 | 4 | 6 | 8 | |||||
Number of land out-parcels sold | 2 | — | 5 | — | |||||
Percent interest sold | 100% | 100% | 100% | 100% | |||||
As a result of adopting ASU No. 2014-08, there were no discontinued operations for the three and nine months ended September 30, 2014 as none of the current year sales represented a strategic shift that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations during 2013 (in thousands): | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2013 | ||||||||
Revenues | $ | 3,120 | $ | 13,970 | |||||
Operating expenses | 1,580 | 7,107 | |||||||
Operating income from discontinued operations | $ | 1,540 | $ | 6,863 | |||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation [Table Text Block] | ' | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
Income tax expense (benefit) from: | 2014 | 2013 | 2014 | 2013 | |||||||||
Continuing operations | $ | 1,180 | — | $ | 1,546 | — | |||||||
Total income tax expense | $ | 1,180 | — | $ | 1,546 | — | |||||||
Notes_Payable_and_Unsecured_Cr1
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of long-term debt | ' | ||||||||||||
The Company’s debt outstanding as of September 30, 2014 and December 31, 2013 consists of the following (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 521,719 | 444,245 | ||||||||||
Variable rate mortgage loans | 29,125 | 37,100 | |||||||||||
Fixed rate unsecured loans | 1,397,399 | 1,298,352 | |||||||||||
Total notes payable | 1,948,243 | 1,779,697 | |||||||||||
Unsecured credit facilities: | |||||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||
Total unsecured credit facilities | 75,000 | 75,000 | |||||||||||
Total debt outstanding | $ | 2,023,243 | 1,854,697 | ||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||
As of September 30, 2014, 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 | |||||||||||||
2014 | $ | 1,970 | — | — | 1,970 | ||||||||
2015 | 6,618 | 75,937 | 350,000 | 432,555 | |||||||||
2016 | 6,135 | 41,442 | — | 47,577 | |||||||||
2017 | 5,399 | 116,098 | 400,000 | 521,497 | |||||||||
2018 | 4,453 | 57,358 | — | 61,811 | |||||||||
Beyond 5 Years | 26,091 | 201,324 | 725,000 | 952,415 | |||||||||
Unamortized debt premiums (discounts), net | — | 8,019 | (2,601 | ) | 5,418 | ||||||||
Total | $ | 50,666 | 500,178 | 1,472,399 | 2,023,243 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of derivative instruments | ' | ||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets, as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Assets (3) | Liabilities (3) | ||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
10/1/11 | 9/1/14 | N/A | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | — | — | $ | — | (34 | ) | ||||||||||||
10/16/13 | 10/16/20 | N/A | 28,100 | 1 Month LIBOR | 2.20% | — | 82 | (395 | ) | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 35,000 | 3 Month LIBOR | 2.87% | — | 1,036 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 60,000 | 3 Month LIBOR | 2.86% | — | 1,821 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 75,000 | 3 Month LIBOR | 2.09% | — | 7,476 | — | — | |||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 50,000 | 3 Month LIBOR | 2.09% | — | 4,978 | — | — | |||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | 2,959 | 8,516 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | 1,973 | 5,670 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | 1,973 | 5,658 | — | — | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | — | — | (1,929 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | — | — | (204 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (973 | ) | — | |||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (982 | ) | — | |||||||||||||||
Total derivative financial instruments | $ | 6,905 | 35,237 | (4,483 | ) | (34 | ) | ||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
Summary of effect of derivative instruments on the financial statements | ' | ||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate swaps | $ | (3,651 | ) | 521 | Interest | $ | (2,217 | ) | (2,366 | ) | Other expenses | $ | — | — | |||||||||||
expense | |||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate swaps | $ | (28,603 | ) | 22,225 | Interest | $ | (6,966 | ) | (7,098 | ) | Other expenses | $ | — | (3 | ) | ||||||||||
expense |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | |||||||||||||||||
Summary of balance sheet fair values | ' | ' | |||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||
Financial assets: | |||||||||||||||||||
Notes receivable | $ | 12,132 | 11,953 | $ | 11,960 | 11,600 | |||||||||||||
Financial liabilities: | |||||||||||||||||||
Notes payable | $ | 1,948,243 | 2,116,000 | $ | 1,779,697 | 1,936,400 | |||||||||||||
Unsecured credit facilities | $ | 75,000 | 75,000 | $ | 75,000 | 75,400 | |||||||||||||
Summary of assets measured on recurring basis | ' | ' | |||||||||||||||||
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||
Fair Value Measurements as of September 30, 2014 | |||||||||||||||||||
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 | $ | 27,365 | 27,365 | — | — | ||||||||||||||
Available-for-sale securities | 19,159 | 19,159 | — | — | |||||||||||||||
Interest rate derivatives | 6,905 | — | 6,905 | — | |||||||||||||||
Total | $ | 53,429 | 46,524 | 6,905 | — | ||||||||||||||
Liabilities | |||||||||||||||||||
Interest rate derivatives | $ | (4,483 | ) | — | (4,483 | ) | — | ||||||||||||
Fair Value Measurements as of December 31, 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 | $ | 26,681 | 26,681 | — | — | ||||||||||||||
Interest rate derivatives | 35,237 | — | 35,237 | — | |||||||||||||||
Total | $ | 61,918 | 26,681 | 35,237 | — | ||||||||||||||
Liabilities | |||||||||||||||||||
Interest rate derivatives | $ | (34 | ) | — | (34 | ) | — | ||||||||||||
Summary of assets measured on nonrecurring basis | ' | ' | |||||||||||||||||
The following tables present assets that were measured at fair value on a nonrecurring basis (in thousands): | |||||||||||||||||||
Fair Value Measurements during the | |||||||||||||||||||
nine months ended September 30, 2014 | |||||||||||||||||||
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 | |||||||||||||||||||
Land | $ | 1,597 | — | — | 1,597 | (225 | ) | ||||||||||||
Fair Value Measurements during the | |||||||||||||||||||
year ended December 31, 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 | ) | ||||||||||||
Summary of assumptions used | ' | ' | |||||||||||||||||
The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs during the year ended December 31, 2013: | |||||||||||||||||||
2013 | |||||||||||||||||||
Direct cap rates | 8.00% | ||||||||||||||||||
Rental growth rates | 0.00% | ||||||||||||||||||
Discount rates | 9.00% | ||||||||||||||||||
Terminal cap rates | 8.50% |
Equity_and_Capital_Tables
Equity and Capital (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity and Capital [Abstract] | ' | ||||||||||||||||
Summary of shares issued under ATM equity programs | ' | ||||||||||||||||
The following shares were issued under the ATM equity programs (in thousands, except price per share data): | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Shares issued | 872 | 30 | 872 | 1,899 | |||||||||||||
Weighted average price per share | $ | 57.35 | 52.28 | $ | 57.35 | 53.35 | |||||||||||
Total proceeds | $ | 49,995 | 1,568 | $ | 49,995 | 101,342 | |||||||||||
Commissions | $ | 695 | 24 | $ | 695 | 1,520 | |||||||||||
Issuance costs | $ | — | 69 | $ | — | 69 | |||||||||||
Summary of accumulated other comprehensive loss | ' | ||||||||||||||||
The following tables present changes in the balances of each component of accumulated other comprehensive loss (in thousands): | |||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Unrealized Gain on Available-for-Sale Securities | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Beginning balance at December 31, 2013 | $ | (52,542 | ) | 35,138 | — | (17,404 | ) | ||||||||||
Net loss on cash flow derivative instruments | — | (28,326 | ) | — | (28,326 | ) | |||||||||||
Amounts reclassified from other comprehensive income | 6,628 | 338 | — | 6,966 | |||||||||||||
Unrealized gain on available-for-sale securities | — | — | 4,801 | 4,801 | |||||||||||||
Current period other comprehensive income, net | 6,628 | (27,988 | ) | 4,801 | (16,559 | ) | |||||||||||
Ending balance at September 30, 2014 | $ | (45,914 | ) | 7,150 | 4,801 | (33,963 | ) | ||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
Loss on Settlement of Derivative Instruments | Fair Value of Derivative Instruments | Unrealized Gain on Available-for-Sale Securities | 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 | |||||||||||||
Unrealized gain on available-for-sale securities | — | — | — | — | |||||||||||||
Current period other comprehensive income, net | 7,086 | 22,199 | — | 29,285 | |||||||||||||
Ending balance at September 30, 2013 | $ | (54,905 | ) | 26,475 | — | (28,430 | ) | ||||||||||
Schedule of amounts reclassified out of accumulated other comprehensive loss | ' | ||||||||||||||||
The following represents amounts reclassified out of accumulated other comprehensive loss into earnings (in thousands): | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Loss on cash flow hedges | |||||||||||||||||
Interest rate derivative contracts | $ | (2,217 | ) | (2,366 | ) | $ | (6,966 | ) | (7,098 | ) | Interest expense |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of stock compensation expenses | ' | |||||||||||||
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 (in thousands): | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Restricted stock (1) | $ | 2,915 | 3,622 | $ | 8,747 | 10,600 | ||||||||
Directors' fees paid in common stock (1) | 50 | 65 | 164 | 194 | ||||||||||
Capitalized stock-based compensation (2) | (615 | ) | (620 | ) | (2,026 | ) | (1,567 | ) | ||||||
Stock-based compensation, net of capitalization | $ | 2,350 | 3,067 | $ | 6,885 | 9,227 | ||||||||
(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. |
Earnings_per_Share_and_Unit_Ta
Earnings per Share and Unit (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Parent Company [Member] | ' | ||||||||||||
Schedule of earnings per share | ' | ||||||||||||
The following summarizes the calculation of basic and diluted earnings per share (in thousands except per share data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 25,882 | 23,016 | $ | 80,061 | 63,170 | |||||||
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 | |||||||||
Less: income (loss) attributable to noncontrolling interests | 232 | 367 | 1,048 | 990 | |||||||||
Income from continuing operations attributable to the Company | 53,208 | 22,705 | 108,611 | 63,953 | |||||||||
Less: preferred stock dividends | 5,266 | 5,266 | 15,797 | 15,797 | |||||||||
Less: dividends paid on unvested restricted stock | 149 | 148 | 448 | 445 | |||||||||
Income from continuing operations attributable to common stockholders - basic | 47,793 | 17,291 | 92,366 | 47,711 | |||||||||
Add: dividends paid on Treasury Method restricted stock | 24 | 15 | 50 | 55 | |||||||||
Income from continuing operations attributable to common stockholders - diluted | 47,817 | 17,306 | 92,416 | 47,766 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | — | 17,592 | — | 34,325 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 33 | — | 65 | |||||||||
Income from discontinued operations attributable to the Company | — | 17,559 | — | 34,260 | |||||||||
Net Income | |||||||||||||
Net income attributable to common stockholders - basic | 47,793 | 34,850 | 92,366 | 81,971 | |||||||||
Net income attributable to common stockholders - diluted | $ | 47,817 | 34,865 | $ | 92,416 | 82,026 | |||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding for basic EPS | 92,345 | 91,985 | 92,071 | 91,147 | |||||||||
Incremental shares to be issued under unvested restricted stock | 51 | 33 | 36 | 40 | |||||||||
Incremental shares to be issued for common stock options | — | — | — | — | |||||||||
Weighted average common shares outstanding for diluted EPS | 92,396 | 92,018 | 92,107 | 91,187 | |||||||||
Income per common share – basic | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common stockholders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Income per common share – diluted | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common stockholders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Partnership Interest [Member] | ' | ||||||||||||
Schedule of earnings per share | ' | ||||||||||||
The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data): | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Continuing Operations | |||||||||||||
Income from continuing operations | $ | 25,882 | 23,016 | $ | 80,061 | 63,170 | |||||||
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 | |||||||||
Less: income attributable to noncontrolling interests | 142 | 294 | 863 | 807 | |||||||||
Income from continuing operations attributable to the Partnership | 53,298 | 22,778 | 108,796 | 64,136 | |||||||||
Less: preferred unit distributions | 5,266 | 5,266 | 15,797 | 15,797 | |||||||||
Less: dividends paid on unvested restricted units | 149 | 148 | 448 | 445 | |||||||||
Income from continuing operations attributable to common unit holders - basic | 47,883 | 17,364 | 92,551 | 47,894 | |||||||||
Add: dividends paid on Treasury Method restricted units | 24 | 15 | 50 | 55 | |||||||||
Income from continuing operations attributable to common unit holders - diluted | 47,907 | 17,379 | 92,601 | 47,949 | |||||||||
Discontinued Operations | |||||||||||||
Income from discontinued operations | — | 17,592 | — | 34,325 | |||||||||
Less: income from discontinued operations attributable to noncontrolling interests | 33 | 65 | |||||||||||
Income from discontinued operations attributable to the Partnership | — | 17,559 | — | 34,260 | |||||||||
Net Income | |||||||||||||
Net income attributable to common unit holders - basic | 47,883 | 34,923 | 92,551 | 82,154 | |||||||||
Net income attributable to common unit holders - diluted | $ | 47,907 | 34,938 | $ | 92,601 | 82,209 | |||||||
Denominator: | |||||||||||||
Weighted average common units outstanding for basic EPU | 92,505 | 92,153 | 92,231 | 91,321 | |||||||||
Incremental units to be issued under unvested restricted stock | 51 | 33 | 36 | 40 | |||||||||
Weighted average common units outstanding for diluted EPU | 92,556 | 92,186 | 92,267 | 91,361 | |||||||||
Income per common unit – basic | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common unit holders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Income per common unit – diluted | |||||||||||||
Continuing operations | $ | 0.52 | 0.19 | $ | 1 | 0.52 | |||||||
Discontinued operations | — | 0.19 | — | 0.38 | |||||||||
Net income attributable to common unit holders | $ | 0.52 | 0.38 | $ | 1 | 0.9 | |||||||
Organization_and_Principles_of1
Organization and Principles of Consolidation (Details) | 9 Months Ended |
Sep. 30, 2014 | |
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 | 205 |
Unconsolidated Properties [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Number of real estate properties | 121 |
Parent Company [Member] | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' |
Ownership percentage of outstanding common partnership units | 99.80% |
Real_Estate_Investments_Busine
Real Estate Investments Business Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Feb. 14, 2014 | Mar. 07, 2014 | 30-May-13 | 30-May-13 | Jun. 02, 2014 | Jun. 02, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | Sep. 10, 2014 | Sep. 10, 2014 | Sep. 19, 2014 | Sep. 19, 2014 | Jul. 23, 2013 | Jul. 23, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 07, 2014 | Mar. 20, 2013 | Mar. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||
Persimmon Place [Member] | Shops at Mira Vista [Member] | Fairfield Portfolio [Member] | Willow Oaks Crossing [Member] | Willow Oaks Crossing [Member] | Willow Oaks Crossing [Member] | Willow Oaks Crossing [Member] | Clybourn Commons [Member] | Clybourn Commons [Member] | Belmont Chase [Member] | Belmont Chase [Member] | City Line Market [Member] | City Line Market [Member] | Shoppes of Burnt Mills [Member] | Shoppes of Burnt Mills [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Macquarie Country Wide - Regency Iii, Llc [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Fixed Rate Mortgage Loans [Member] | |||||||||||||||||||
property | Hilltop Village [Member] | Hilltop Village [Member] | Consolidated Entities [Member] | |||||||||||||||||||||||||||||||||||||
Hilltop Village [Member] | ||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Document Period End Date | ' | ' | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Date Purchased | ' | ' | ' | ' | ' | 31-Jan-14 | 14-Feb-14 | 7-Mar-14 | [1] | 30-May-13 | [1] | ' | 2-Jun-14 | [1] | ' | 15-Jul-14 | [1] | ' | 10-Sep-14 | [1] | ' | 19-Sep-14 | [1] | ' | 23-Jul-13 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property Name | ' | ' | ' | ' | ' | 'Persimmon Place | 'Shops at Mira Vista | 'Fairfield Portfolio (1) | [1] | 'Preston Oaks | [1] | ' | 'Willow Oaks Crossing | [1] | ' | 'Clybourn Commons | [1] | ' | 'Belmont Chase | [1] | ' | 'CityLine Market | [1] | ' | 'Shoppes of Burnt Mills | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
City/State | ' | ' | ' | ' | ' | 'Dublin, CA | 'Austin, TX | 'Fairfield, CT | [1] | 'Dallas, TX | [1] | ' | 'Concord, NC | [1] | ' | 'Chicago, IL | [1] | ' | 'Ashburn, VA | [1] | ' | 'Dallas, TX | [1] | ' | 'Silver Springs, MD | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Property Type | ' | ' | ' | ' | ' | 'Development | 'Operating | 'Operating | [1] | 'Operating | [1] | ' | 'Development | [1] | ' | 'Operating | [1] | ' | 'Development | [1] | ' | 'Development | [1] | ' | 'Operating | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Ownership | ' | ' | ' | ' | ' | 100.00% | 100.00% | 80.00% | [1] | ' | 100.00% | [1] | ' | 100.00% | [1] | ' | 100.00% | [1] | ' | 100.00% | [1] | ' | 100.00% | [1] | ' | 20.00% | [1] | ' | ' | ' | 24.95% | ' | ' | ' | ||||||
Purchase price, pro rated portion | ' | ' | ' | ' | ' | ' | ' | $56,600,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Purchase Price | ' | ' | 217,599,000 | 40,600,000 | ' | 14,200,000 | 22,500,000 | 149,344,000 | [1] | 27,000,000 | [1] | ' | 3,342,000 | [1] | ' | 19,000,000 | [1] | ' | 4,300,000 | [1] | ' | 4,913,000 | [1] | ' | 13,600,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Non-controlling interest recorded, fair value | ' | ' | ' | ' | ' | ' | ' | 15,400,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,385,000 | ' | ' | ' | ' | ||||||||||||
Number of real estate properties acquired | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Debt Assumed, Net of Premiums | 78,049,000 | ' | 78,049,000 | ' | 7,496,000 | 0 | 319,000 | 77,730,000 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 7,496,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||||
Intangible Assets | 16,748,000 | 11,834,000 | ' | ' | ' | 0 | 2,329,000 | 12,733,000 | [1] | 3,396,000 | [1] | ' | 0 | [1] | ' | 1,686,000 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 8,438,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Intangible Liabilities | 9,236,000 | ' | 9,236,000 | ' | 7,929,000 | 0 | 291,000 | 5,647,000 | [1] | ' | 7,597,000 | [1] | ' | 0 | [1] | ' | 3,298,000 | [1] | ' | 0 | [1] | ' | 0 | [1] | ' | 332,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |||||||||||||
Equity Method Investment, Amount Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | |||||||||||||
Mortgage loans assumed for the acquisition of real estate, net of premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,049,000 | $0 | ' | ' | ' | ' | $7,500,000 | |||||||||||||
[1] | On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio and paid $56.6 million for its pro-rata share of the acquisition, net of debt and other liabilities assumed. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. |
Property_Dispositions_Details
Property Dispositions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | $55,569 | $48,999 | $62,788 | $131,363 |
Gain (Loss) on Sale of Properties | 27,558 | 16,108 | 29,598 | 29,235 |
Wholly Owned Properties [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Percent interest sold | 100.00% | 100.00% | 100.00% | 100.00% |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | ' | 3,120 | ' | 13,970 |
Operating expenses | ' | 1,580 | ' | 7,107 |
Parent Company [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Sale of Properties | 27,558 | 56 | 29,598 | 1,773 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 16,052 | 0 | 27,462 |
Revenues | 133,559 | 120,318 | 401,733 | 363,002 |
Operating expenses | 85,923 | 78,777 | 262,574 | 238,617 |
Operating income from discontinued operations | 0 | 1,540 | 0 | 6,863 |
Provision for impairment | $0 | $6,000 | $225 | $6,000 |
Operating Segments [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of operating properties sold | 4 | 4 | 6 | 8 |
Land [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of operating properties sold | 2 | 0 | 5 | 0 |
Income_Taxes_Income_Tax_Detail
Income Taxes Income Tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Income Tax Expense (Benefit) | $1,180 | $0 | $1,546 | $0 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $1,180 | $0 | $1,546 | $0 |
Notes_Payable_and_Unsecured_Cr2
Notes Payable and Unsecured Credit Facilities (Details) (USD $) | 9 Months Ended | 9 Months Ended | 133 Months Ended | 60 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 25, 2025 | 26-May-14 | Jun. 27, 2019 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 27, 2014 | Sep. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||||||
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 Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Term Loan [Member] | Parent Company [Member] | Parent Company [Member] | Debt Offering 4/1/04 [Member] | 6.2% maturing 7/1/14 [Member] | 3.75% unsecured maturing 6/15/24 [Member] | 3.75% unsecured maturing 6/15/24 [Member] | $165 mill Term Loan LIBOR plus 1.15, .20% unused fee [Member] | $165 mill Term Loan LIBOR plus 1.15, .20% unused fee [Member] | 5.2% maturing 1/1/15 [Member] | 3.78% maturing 9/1/24 [Member] | 3.41% maturing 10/5/24 [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] | Scheduled Principal Payments [Member] | Mortgage Loan Maturities [Member] | Unsecured Maturities [Member] | Long-term Debt [Member] | |||||||||
Unsecured Debt [Member] | Unsecured Debt [Member] | Fixed rate debt offering [Member] | Fixed Rate Mortgage Loans [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Term Loan [Member] | Term Loan [Member] | Fixed Rate Mortgage Loans [Member] | Fixed rate debt offering [Member] | Fixed rate debt offering [Member] | 2.196 Fixed rate with interest rate swap LIBOR 1.5% Maturing 10/16/20 [Member] | 3.78% maturing 9/1/24 [Member] | 3.41% maturing 10/5/24 [Member] | Fairfield Portfolio [Member] | Shops at Mira Vista [Member] | |||||||||||||||||||||||||
Unsecured Debt [Member] | Unsecured Debt [Member] | Variable Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | Various rates 5%-6%, maturing 6/1/15-9/1/17 [Member] | eight percent maturing March 1, 2032 [Member] | ||||||||||||||||||||||||||||||||||
Fixed Rate Mortgage Loans [Member] | Fixed Rate Mortgage Loans [Member] | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Document Period End Date | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Mortgage loans assumed for the acquisition of real estate, net of premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,049,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $77,700,000 | $319,000 | ' | ' | ' | ' | ||||||
Total notes payable | ' | ' | 1,948,243,000 | 1,779,697,000 | 521,719,000 | 444,245,000 | 29,125,000 | 37,100,000 | 1,397,399,000 | 1,298,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,666,000 | 500,178,000 | 1,472,399,000 | [1] | 2,023,243,000 | |||||
Total credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long Term Line of Credit LIBOR spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long Term Line of Credit Undrawn fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Proceeds from Construction Loans Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total debt outstanding | 2,023,243,000 | 1,854,697,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 0 | 150,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.95% | [1] | ' | ' | 3.75% | ' | ' | ' | 3.78% | [1] | 3.41% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | [1] | ' | ' | ' | ' | 6,900,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,970,000 | 0 | 0 | [1] | 1,970,000 | |||||
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,618,000 | 75,937,000 | 350,000,000 | [1] | 432,555,000 | |||||
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,135,000 | 41,442,000 | 0 | [1] | 47,577,000 | |||||
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,399,000 | 116,098,000 | 400,000,000 | [1] | 521,497,000 | |||||
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,453,000 | 57,358,000 | 0 | [1] | 61,811,000 | |||||
Beyond 5 Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,091,000 | 201,324,000 | 725,000,000 | [1] | 952,415,000 | |||||
Unamortized debt (discounts) premiums, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,019,000 | -2,601,000 | [1] | 5,418,000 | |||||
Long-term Debt, Amount Outstanding | ' | ' | 1,948,243,000 | 1,779,697,000 | 521,719,000 | 444,245,000 | 29,125,000 | 37,100,000 | 1,397,399,000 | 1,298,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,666,000 | 500,178,000 | 1,472,399,000 | [1] | 2,023,243,000 | |||||
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ||||||
[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 | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | 26-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets [Member] | .76% Derivative [Member] | .76% Derivative [Member] | Derivative @ 2.196% 28.1K [Member] | Derivative @ 2.196% 28.1K [Member] | Derivative B @ 2.479% 50K [Member] [Member] | Derivative B @ 2.479% 50K [Member] [Member] | Derivative @ 2.873% 35K [Member] | Derivative @ 2.873% 35K [Member] | Derivative @ 2.864% 60K [Member] | Derivative @ 2.864% 60K [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 @ 3.41% 45K [Member] [Member] | Derivative @ 3.41% 45K [Member] [Member] | Derivative @ 3.488% 20K [Member] | Derivative @ 3.488% 20K [Member] | Derivative @ 3.48% 100K [Member] | Derivative @ 3.48% 100K [Member] | Swap [Member] | Derivative @ 3.48% 100K 2 [Member] | Derivative @ 3.48% 100K 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | 3.75% unsecured maturing 6/15/24 [Member] | 2015 Debt Issuance [Member] | 2017 Debt issuance [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Unsecured Debt [Member] | Derivative [Member] | Derivative [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
.76% Derivative [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (3,651 | ) | 521 | Interest | $ | (2,217 | ) | (2,366 | ) | Other expenses | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location and Amount of Gain | Location and Amount of Gain or | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in OCI on | (Loss) Reclassified | (Loss) Recognized in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from Accumulated | Income on Derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationships: | Portion) | OCI into Income | (Ineffective Portion and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Amount Excluded from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (28,603 | ) | 22,225 | Interest | $ | (6,966 | ) | (7,098 | ) | Other expenses | $ | — | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | ' | ' | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash proceeds from settlement of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Fiscal Year Focus | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Inception Date | ' | ' | ' | ' | ' | 1-Oct-11 | ' | 16-Oct-13 | ' | 1-Aug-15 | ' | 15-Apr-14 | ' | 15-Apr-14 | ' | 15-Apr-14 | ' | 15-Apr-14 | ' | 1-Aug-15 | ' | 1-Aug-15 | ' | 1-Aug-15 | ' | 15-Jun-17 | ' | 15-Jun-17 | ' | ' | 15-Jun-17 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Maturity Date | ' | ' | ' | ' | ' | 1-Sep-14 | ' | 16-Oct-20 | ' | 1-Aug-25 | ' | 15-Apr-24 | ' | 15-Apr-24 | ' | 15-Apr-24 | ' | 15-Apr-24 | ' | 1-Aug-25 | ' | 1-Aug-25 | ' | 1-Aug-25 | ' | 15-Jun-27 | ' | 15-Jun-27 | ' | ' | 15-Jun-27 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Early Termination Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-16 | [1] | ' | 15-Oct-14 | [1] | ' | 15-Oct-14 | [1] | ' | 15-Oct-14 | [1] | ' | 15-Oct-14 | [1] | ' | 1-Feb-16 | [1] | ' | 1-Feb-16 | [1] | ' | 1-Feb-16 | [1] | ' | 15-Dec-17 | [1] | ' | 15-Dec-17 | [1] | ' | ' | 15-Dec-17 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | ' | ' | ' | ' | 220,000,000 | 9,000,000 | ' | 28,100,000 | ' | 50,000,000 | ' | 35,000,000 | ' | 60,000,000 | ' | 75,000,000 | ' | 50,000,000 | ' | 75,000,000 | ' | 50,000,000 | ' | 45,000,000 | ' | 20,000,000 | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | ' | ' | ' | ' | ' | '1 Month LIBOR | ' | '1 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | '3 Month LIBOR | ' | ' | '3 Month LIBOR | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | 0.76% | ' | 2.20% | ' | 2.48% | ' | 2.87% | ' | 2.86% | ' | 2.09% | ' | 2.09% | ' | 2.48% | ' | 2.48% | ' | 3.41% | ' | 3.49% | ' | 3.48% | ' | ' | 3.48% | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.67% | 3.48% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | -82,000 | [2] | -1,973,000 | [2] | -5,658,000 | [2] | 0 | [2] | -1,036,000 | [2] | 0 | [2] | -1,821,000 | [2] | 0 | [2] | -7,476,000 | [2] | 0 | [2] | -4,978,000 | [2] | -2,959,000 | [2] | -8,516,000 | [2] | -1,973,000 | [2] | -5,670,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | 0 | [2] | 0 | [2] | -6,905,000 | [2] | -35,237,000 | [2] | ' | ' | ' | ' | |||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | 0 | [2] | ' | -395,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | -1,929,000 | [2] | 0 | [2] | -204,000 | [2] | 0 | [2] | -973,000 | [2] | 0 | [2] | ' | -982,000 | [2] | 0 | [2] | 4,483,000 | [2] | 34,000 | [2] | 34,000 | [2] | ' | ' | ' | |||||||||||||||||||||||||
Effective portion of change in fair value of derivative instruments | -3,651,000 | 521,000 | -28,603,000 | 22,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | -2,217,000 | -2,366,000 | -6,966,000 | -7,098,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | -3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | $8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company issued $250 million of 3.75%, fixed rate ten year unsecured bonds in May 2014. Prior to issuing the bonds, the Company locked in the ten year treasury rate using forward starting interest rate swaps to mitigate the risk of interest rates rising. In connection with the issuance of the new bonds, the Company terminated and settled these swaps, resulting in net cash proceeds of $4.6 million. These proceeds will offset bond interest expense over the life of the bonds, resulting in a lower effective interest rate of 3.59%. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes receivable | 12,132 | 11,960 |
Notes payable | 1,948,243 | 1,779,697 |
Unsecured credit facilities | 75,000 | 75,000 |
Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Inputs, Long-term Revenue Growth Rate | ' | 0.00% |
Fair Value Inputs, Discount Rate | ' | 9.00% |
Minimum [Member] | Overall cap rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | ' | 8.00% |
Minimum [Member] | Terminal cap rate [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | ' | 8.50% |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities held in trust | 27,365 | 26,681 |
Available-for-sale Securities | 19,159 | ' |
Interest rate derivative | 6,905 | 35,237 |
Total | 53,429 | 61,918 |
Derivative instruments, at fair value | -4,483 | -34 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-Lived Assets | 1,597 | 4,686 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities held in trust | 27,365 | 26,681 |
Available-for-sale Securities | 19,159 | ' |
Interest rate derivative | 0 | 0 |
Total | 46,524 | 26,681 |
Derivative instruments, at fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-Lived Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Payable, Fair Value | 2,116,000 | 1,936,400 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities held in trust | 0 | 0 |
Available-for-sale Securities | 0 | ' |
Interest rate derivative | 6,905 | 35,237 |
Total | 6,905 | 35,237 |
Derivative instruments, at fair value | -4,483 | -34 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-Lived Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notes Receivable, Fair Value | 11,953 | 11,600 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities held in trust | 0 | 0 |
Available-for-sale Securities | 0 | ' |
Interest rate derivative | 0 | 0 |
Total | 0 | 0 |
Derivative instruments, at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-Lived Assets | 1,597 | 4,686 |
Unsecured Credit Facilities [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 1.30% | 1.40% |
Unsecured Credit Facilities [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 1.30% | 1.40% |
Unsecured Credit Facilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unsecured credit facilities, Fair Value | 75,000 | 75,400 |
Notes Payable, Other Payables [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 0.90% | 3.00% |
Notes Payable, Other Payables [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 3.80% | 3.50% |
Notes Receivable [Member] | Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 7.40% | 7.80% |
Notes Receivable [Member] | Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Risk Free Interest Rate | 7.40% | 7.80% |
Long Lived Assets Held And Used [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 225 | 6,000 |
Land [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of impaired land parcels | 3 | ' |
Equity_and_Capital_Equity_and_
Equity and Capital Equity and Capital - Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 10, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Maximum [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [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] | 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] | Fair Value of Derivative Instruments [Member] | Fair Value of Derivative Instruments [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive loss | ($2,217,000) | ($2,366,000) | ($6,966,000) | ($7,098,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | 30 | 872 | 1,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | -33,963,000 | -17,404,000 | -28,430,000 | -57,715,000 | -45,914,000 | -52,542,000 | -54,905,000 | -61,991,000 | 7,150,000 | 35,138,000 | 26,475,000 | 4,276,000 |
Equity Issuances, Amount Available for Issuance | 150,000,000 | ' | 150,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Price Per Share | ' | $52.28 | $57.35 | $53.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from common stock issuance | ' | 1,568,000 | 49,995,000 | 101,342,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Commissions | ' | 24,000 | 695,000 | 1,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | $0 | $69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($2,217) | ($2,366) | ($6,966) | ($7,098) |
Loss on Settlement of Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -52,542 | -61,991 |
Net gain (loss) on cash flow derivative instruments | 0 | 0 | 0 | 0 |
Amounts reclassified from other comprehensive income | ' | ' | 6,628 | 7,086 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | 0 | 0 |
Current period other comprehensive income, net | ' | ' | 6,628 | 7,086 |
Ending balance | -45,914 | -54,905 | -45,914 | -54,905 |
Fair Value of Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 35,138 | 4,276 |
Net gain (loss) on cash flow derivative instruments | -28,326 | 22,187 | -28,326 | 22,187 |
Amounts reclassified from other comprehensive income | ' | ' | 338 | 12 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | 0 | 0 |
Current period other comprehensive income, net | ' | ' | -27,988 | 22,199 |
Ending balance | 7,150 | 26,475 | 7,150 | 26,475 |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 0 | 0 |
Net gain (loss) on cash flow derivative instruments | 0 | 0 | 0 | 0 |
Amounts reclassified from other comprehensive income | ' | ' | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | 4,801 | 0 |
Current period other comprehensive income, net | ' | ' | 4,801 | 0 |
Ending balance | 4,801 | 0 | 4,801 | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -17,404 | -57,715 |
Net gain (loss) on cash flow derivative instruments | -28,326 | 22,187 | -28,326 | 22,187 |
Amounts reclassified from other comprehensive income | ' | ' | 6,966 | 7,098 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | ' | 4,801 | 0 |
Current period other comprehensive income, net | ' | ' | -16,559 | 29,285 |
Ending balance | -33,963 | -28,430 | -33,963 | -28,430 |
Partnership Interest [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -17,404 | ' |
Current period other comprehensive income, net | 2,504 | 2,896 | -16,696 | 29,348 |
Ending balance | -33,963 | ' | -33,963 | ' |
Partnership Interest [Member] | General Partner [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Current period other comprehensive income, net | ' | ' | 0 | 0 |
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Current period other comprehensive income, net | ' | ' | ($16,559) | $29,285 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Capitalized stock-based compensation | ($615) | [1] | ($620) | [1] | ($2,026) | ($1,567) |
Stock-based compensation, net of capitalization | 2,350 | 3,067 | 6,885 | 9,227 | ||
Restricted Stock [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Allocated Share-based Compensation Expense | 2,915 | 3,622 | 8,747 | 10,600 | ||
Shares granted | ' | ' | 256,941 | ' | ||
Weighted average grant date fair value (in dollars per share) | ' | ' | $48.14 | ' | ||
Director [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Allocated Share-based Compensation Expense | $50 | [2] | $65 | [2] | $164 | $194 |
[1] | Includes compensation expense specifically identifiable to development and leasing activities. | |||||
[2] | Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods. |
NonQualified_Deferred_Compensa1
Non-Qualified Deferred Compensation Plan (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Non Qualified Deferred Compensation Plan [Abstract] | ' | ' |
Deferred compensation liability included in accounts payable and other liabilities | $26.80 | $26.10 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | '2014 | ' |
Document Period End Date | ' | ' | 30-Sep-14 | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Gain on sale of real estate, net of tax | $27,558 | $16,108 | $29,598 | $29,235 |
Income per common unit - diluted | ' | ' | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 158,920 | 167,649 | 159,229 | 173,946 |
Parent Company [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | 25,882 | 23,016 | 80,061 | 63,170 |
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 |
Less: income (loss) attributable to noncontrolling interests | 232 | 367 | 1,048 | 990 |
Income from continuing operations attributable to the Company | 53,208 | 22,705 | 108,611 | 63,953 |
Preferred stock dividends | -5,266 | -5,266 | -15,797 | -15,797 |
Less: dividends paid on unvested restricted stock | 149 | 148 | 448 | 445 |
Net income attributable to common stockholders | 47,793 | 34,850 | 92,366 | 81,971 |
Add: dividends paid on Treasury Method restricted stock | -24 | -15 | 50 | 55 |
Net income for common stock unit/holders - diluted | 47,817 | 34,865 | 92,416 | 82,026 |
Income from discontinued operations | 0 | 17,592 | 0 | 34,325 |
Less: income from discontinued operations attributable to noncontrolling interests | 0 | 33 | 0 | 65 |
Income from discontinued operations attributable to the Company | 0 | 17,559 | 0 | 34,260 |
Weighted average common units outstanding for basic EPU (in shares) | 92,345,000 | 91,985,000 | 92,071,000 | 91,147,000 |
Incremental units to be issued under unvested restricted stock (in shares) | 51,000 | 33,000 | 36,000 | 40,000 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | ' | ' | 0 | 0 |
Weighted average common units outstanding for diluted EPU (in shares) | 92,396,000 | 92,018,000 | 92,107,000 | 91,187,000 |
Income per common share/unit - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common stockholders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Income per common share/unit - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common stockholders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Partnership Interest [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | 25,882 | 23,016 | 80,061 | 63,170 |
Gain on sale of real estate, net of tax | 27,558 | 56 | 29,598 | 1,773 |
Income from continuing operations attributable to the Company | 53,298 | 22,778 | 108,796 | 64,136 |
Less: dividends paid on unvested restricted stock | 149 | 148 | 448 | 445 |
Net income attributable to common stockholders | 47,883 | 34,923 | 92,551 | 82,154 |
Add: dividends paid on Treasury Method restricted stock | -24 | -15 | -50 | -55 |
Net income for common stock unit/holders - diluted | 47,907 | 34,938 | 92,601 | 82,209 |
Income from discontinued operations | 0 | 17,592 | 0 | 34,325 |
Less: income from discontinued operations attributable to noncontrolling interests | ' | 33 | ' | 65 |
Income from discontinued operations attributable to the Company | 0 | 17,559 | 0 | 34,260 |
Less: preferred unit distributions | 5,266 | 5,266 | 15,797 | 15,797 |
Weighted average common units outstanding for basic EPU (in shares) | 92,505,000 | 92,153,000 | 92,231,000 | 91,321,000 |
Incremental units to be issued under unvested restricted stock (in shares) | 51,000 | 33,000 | 36,000 | 40,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 92,556,000 | 92,186,000 | 92,267,000 | 91,361,000 |
Income per common unit - basic | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common unit holders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Income per common unit - diluted | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.52 | $0.19 | $1 | $0.52 |
Discontinued operations (in dollars per share) | $0 | $0.19 | $0 | $0.38 |
Net income attributable to common unit holders (in dollars per share) | $0.52 | $0.38 | $1 | $0.90 |
Continuing Operations [Member] | Parent Company [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to common stockholders | 47,793 | 17,291 | 92,366 | 47,711 |
Net income for common stock unit/holders - diluted | 47,817 | 17,306 | 92,416 | 47,766 |
Continuing Operations [Member] | Partnership Interest [Member] | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Less: income (loss) attributable to noncontrolling interests | 142 | 294 | 863 | 807 |
Net income attributable to common stockholders | 47,883 | 17,364 | 92,551 | 47,894 |
Net income for common stock unit/holders - diluted | $47,907 | $17,379 | $92,601 | $47,949 |
Commitments_and_Contingencies_
Commitments and Contingencies, Letters of Credit (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $80,000,000 | ' |
Letters of Credit Outstanding, Amount | $5,900,000 | $19,300,000 |
Availableforsale_Securities_De
Available-for-sale Securities (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Document Period End Date | 30-Sep-14 |
Available-for-sale Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale Securities, Amortized Cost Basis | 14,350,000 |
Available-for-sale Securities, Gross Unrealized Gain | 4,809,000 |
Available-for-sale Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities | 19,159,000 |