Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 910606 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 94,324,178 | |
Partnership Interest [Member] | ||
Entity Registrant Name | REGENCY CENTERS LP | |
Entity Central Index Key | 1066247 | |
Entity Filer Category | Accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Document Fiscal Year Focus | 2015 | |
Real estate investments at cost: | ||
Notes receivable | $12,169 | $12,132 |
Liabilities: | ||
Notes payable | 1,889,727 | 1,946,357 |
Unsecured credit facilities | 105,000 | 75,000 |
Parent Company [Member] | ||
Real estate investments at cost: | ||
Land | 1,386,126 | 1,380,211 |
Buildings and improvements | 2,793,939 | 2,790,137 |
Properties in development | 247,503 | 239,538 |
Gross real estate investments at cost | 4,427,568 | 4,409,886 |
Less: accumulated depreciation | 961,830 | 933,708 |
Total Cost Net of Accumulated Depreciation | 3,465,738 | 3,476,178 |
Operating properties held for sale | 18,219 | 0 |
Investments in real estate partnerships | 325,243 | 333,167 |
Net real estate investments | 3,809,200 | 3,809,345 |
Cash and cash equivalents | 36,489 | 113,776 |
Restricted cash | 6,590 | 8,013 |
Accounts receivable, net of allowance for doubtful accounts of $5,016 and $4,523 at March 31, 2015 and December 31, 2014, respectively | 27,293 | 30,999 |
Straight-line rent receivable, net of reserve of $685 and $652 at March 31, 2015 and December 31, 2014, respectively | 57,554 | 55,768 |
Notes receivable | 12,169 | 12,132 |
Deferred costs, less accumulated amortization of $84,728 and $81,822 at March 31, 2015 and December 31, 2014, respectively | 70,018 | 71,502 |
Acquired lease intangible assets, less accumulated amortization of $38,670 and $36,112 at March 31, 2015 and December 31, 2014, respectively | 49,363 | 52,365 |
Trading securities held in trust, at fair value | 29,595 | 28,134 |
Other assets | 20,126 | 15,136 |
Total assets | 4,118,397 | 4,197,170 |
Liabilities: | ||
Notes payable | 1,889,727 | 1,946,357 |
Unsecured credit facilities | 105,000 | 75,000 |
Accounts payable and other liabilities | 166,659 | 181,197 |
Acquired lease intangible liabilities, less accumulated accretion of $14,930 and $13,993 at March 31, 2015 and December 31, 2014, respectively | 31,087 | 32,143 |
Tenants’ security and escrow deposits and prepaid rent | 27,045 | 25,991 |
Total liabilities | 2,219,518 | 2,260,688 |
Commitments and contingencies (note 11) | ||
Stockholders’ equity/Partners' capital: | ||
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at March 31, 2015 and December 31, 2014, with liquidation preferences of $25 per share | 325,000 | 325,000 |
Common stock, $0.01 par value per share,150,000,000 shares authorized; 94,323,823 and 94,108,061 shares issued at March 31, 2015 and December 31, 2014, respectively | 943 | 941 |
Treasury stock at cost, 443,514 and 425,246 shares held at March 31, 2015 and December 31, 2014, respectively | -20,638 | -19,382 |
Additional paid in capital | 2,536,471 | 2,540,153 |
Accumulated other comprehensive loss | -69,277 | -57,748 |
Distributions in excess of net income | -902,845 | -882,372 |
Total stockholders’ equity | 1,869,654 | 1,906,592 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $10,490 and $9,833 at March 31, 2015 and December 31, 2014, respectively | -1,959 | -1,914 |
Limited partners’ interests in consolidated partnerships | 31,184 | 31,804 |
Total noncontrolling interests | 29,225 | 29,890 |
Total equity | 1,898,879 | 1,936,482 |
Total liabilities and equity | 4,118,397 | 4,197,170 |
Partnership Interest [Member] | ||
Real estate investments at cost: | ||
Land | 1,386,126 | 1,380,211 |
Buildings and improvements | 2,793,939 | 2,790,137 |
Properties in development | 247,503 | 239,538 |
Gross real estate investments at cost | 4,427,568 | 4,409,886 |
Less: accumulated depreciation | 961,830 | 933,708 |
Total Cost Net of Accumulated Depreciation | 3,465,738 | 3,476,178 |
Operating properties held for sale | 18,219 | 0 |
Investments in real estate partnerships | 325,243 | 333,167 |
Net real estate investments | 3,809,200 | 3,809,345 |
Cash and cash equivalents | 36,489 | 113,776 |
Restricted cash | 6,590 | 8,013 |
Accounts receivable, net of allowance for doubtful accounts of $5,016 and $4,523 at March 31, 2015 and December 31, 2014, respectively | 27,293 | 30,999 |
Straight-line rent receivable, net of reserve of $685 and $652 at March 31, 2015 and December 31, 2014, respectively | 57,554 | 55,768 |
Notes receivable | 12,169 | 12,132 |
Deferred costs, less accumulated amortization of $84,728 and $81,822 at March 31, 2015 and December 31, 2014, respectively | 70,018 | 71,502 |
Acquired lease intangible assets, less accumulated amortization of $38,670 and $36,112 at March 31, 2015 and December 31, 2014, respectively | 49,363 | 52,365 |
Trading securities held in trust, at fair value | 29,595 | 28,134 |
Other assets | 20,126 | 15,136 |
Total assets | 4,118,397 | 4,197,170 |
Liabilities: | ||
Notes payable | 1,889,727 | 1,946,357 |
Unsecured credit facilities | 105,000 | 75,000 |
Accounts payable and other liabilities | 166,659 | 181,197 |
Acquired lease intangible liabilities, less accumulated accretion of $14,930 and $13,993 at March 31, 2015 and December 31, 2014, respectively | 31,087 | 32,143 |
Tenants’ security and escrow deposits and prepaid rent | 27,045 | 25,991 |
Total liabilities | 2,219,518 | 2,260,688 |
Commitments and contingencies (note 11) | ||
Stockholders’ equity/Partners' capital: | ||
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at March 31, 2015 and December 31, 2014, liquidation preference of $25 per unit | 325,000 | 325,000 |
General partner; 94,323,823 and 94,108,061 units outstanding at March 31, 2015 and December 31, 2014, respectively | 1,613,931 | 1,639,340 |
Limited partners; 154,170 units outstanding at March 31, 2015 and December 31, 2014 | -1,959 | -1,914 |
Accumulated other comprehensive loss | -69,277 | -57,748 |
Total partners’ capital | 1,867,695 | 1,904,678 |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | 31,184 | 31,804 |
Total noncontrolling interests | 31,184 | 31,804 |
Total equity | 1,898,879 | 1,936,482 |
Total liabilities and equity | $4,118,397 | $4,197,170 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Parent Company [Member] | ||
Allowance for doubtful accounts receivable | $5,016 | $4,523 |
Straight-line rent receivable allowance | 685 | 652 |
Deferred costs accumulated amortization | 84,728 | 81,822 |
Accumulated amortization of acquired lease intangible assets | 38,670 | 36,112 |
Accumulated accretion of acquired lease intangible liabilities | 14,930 | 13,993 |
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 | 94,323,823 | 94,108,061 |
Exchangeable operating partnership units aggregate redemption value | 10,490 | 9,833 |
Treasury stock, shares held at cost | 443,514 | 425,246 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | 5,016 | 4,523 |
Straight-line rent receivable allowance | 685 | 652 |
Deferred costs accumulated amortization | 84,728 | 81,882 |
Accumulated amortization of acquired lease intangible assets | 38,670 | 36,112 |
Accumulated accretion of acquired lease intangible liabilities | $14,930 | $13,993 |
Preferred units of general partner par value per unit | $0.01 | $0.01 |
Preferred units of Series 6-7, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $25 | $25 |
General partner units, outstanding | 94,323,823 | 94,108,061 |
Limited partner units, outstanding | 154,170 | 154,170 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Document Fiscal Year Focus | 2015 | |
Other expense (income): | ||
Gain on sale of real estate | ($803) | ($715) |
Parent Company [Member] | ||
Revenues: | ||
Minimum rent | 101,305 | 94,536 |
Percentage rent | 1,808 | 1,384 |
Recoveries from tenants and other income | 31,048 | 31,041 |
Management, transaction, and other fees | 6,238 | 6,319 |
Total revenues | 140,399 | 133,280 |
Operating expenses: | ||
Depreciation and amortization | 35,992 | 37,905 |
Operating and maintenance | 21,172 | 20,505 |
General and administrative | 16,378 | 14,198 |
Real estate taxes | 15,131 | 14,799 |
Other operating expenses | 1,166 | 2,173 |
Total operating expenses | 89,839 | 89,580 |
Other expense (income): | ||
Interest expense, net of interest income of $266 and $216 for the three months ended March 31, 2015 and 2014, respectively | 26,633 | 27,134 |
Provision for impairment | 0 | 225 |
Early extinguishment of debt | 61 | 0 |
Net investment income, including unrealized (gains) losses of ($417) and $107 for the three months ended March 31, 2015 and 2014, respectively | -634 | -192 |
Total other expense | 25,938 | 27,167 |
Income from operations before equity in income of investments in real estate partnerships | 24,622 | 16,533 |
Equity in income of investments in real estate partnerships | 5,567 | 7,808 |
Income from operations | 30,189 | 24,341 |
Gain on sale of real estate | -803 | -715 |
Net income | 30,992 | 25,056 |
Noncontrolling interests: | ||
Exchangeable operating partnership units | -49 | -42 |
Limited partnersb interests in consolidated partnerships | -503 | -359 |
Income attributable to noncontrolling interests | -552 | -401 |
Net income attributable to the Company | 30,440 | 24,655 |
Preferred stock dividends | -5,266 | -5,266 |
Net income attributable to common stockholders | 25,174 | 19,389 |
Income per common share/unit - basic: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Income per common share/unit - diluted: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Partnership Interest [Member] | ||
Revenues: | ||
Minimum rent | 101,305 | 94,536 |
Percentage rent | 1,808 | 1,384 |
Recoveries from tenants and other income | 31,048 | 31,041 |
Management, transaction, and other fees | 6,238 | 6,319 |
Total revenues | 140,399 | 133,280 |
Operating expenses: | ||
Depreciation and amortization | 35,992 | 37,905 |
Operating and maintenance | 21,172 | 20,505 |
General and administrative | 16,378 | 14,198 |
Real estate taxes | 15,131 | 14,799 |
Other operating expenses | 1,166 | 2,173 |
Total operating expenses | 89,839 | 89,580 |
Other expense (income): | ||
Interest expense, net of interest income of $266 and $216 for the three months ended March 31, 2015 and 2014, respectively | 26,633 | 27,134 |
Provision for impairment | 0 | 225 |
Early extinguishment of debt | 61 | 0 |
Net investment income, including unrealized (gains) losses of ($417) and $107 for the three months ended March 31, 2015 and 2014, respectively | -634 | -192 |
Total other expense | 25,938 | 27,167 |
Income from operations before equity in income of investments in real estate partnerships | 24,622 | 16,533 |
Equity in income of investments in real estate partnerships | 5,567 | 7,808 |
Income from operations | 30,189 | 24,341 |
Gain on sale of real estate | -803 | -715 |
Net income | 30,992 | 25,056 |
Noncontrolling interests: | ||
Limited partnersb interests in consolidated partnerships | -503 | -359 |
Income attributable to noncontrolling interests | -503 | -359 |
Net income attributable to the Company | 30,489 | 24,697 |
Preferred unit distributions | -5,266 | -5,266 |
Net income attributable to common unit holders | $25,223 | $19,431 |
Income per common share/unit - basic: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Income per common share/unit - diluted: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Parent Company [Member] | ||
Interest income | $266 | $216 |
Unrealized Gain on Securities | -417 | 107 |
Partnership Interest [Member] | ||
Interest income | 266 | 216 |
Unrealized Gain on Securities | ($417) | $107 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Document Fiscal Year Focus | 2015 | |
Other comprehensive loss: | ||
Effective portion of change in fair value of derivative instruments | ($13,882) | ($13,800) |
Parent Company [Member] | ||
Net income | -30,992 | -25,056 |
Other comprehensive loss: | ||
Amortization of loss on settled derivative instruments recognized in net income | 2,107 | 2,367 |
Effective portion of change in fair value of derivative instruments | -13,882 | -13,800 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 142 | 152 |
Other comprehensive loss | -11,633 | -11,281 |
Comprehensive income | 19,359 | 13,775 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | -552 | -401 |
Other comprehensive loss attributable to noncontrolling interests | -104 | -86 |
Comprehensive income attributable to noncontrolling interests | 448 | 315 |
Comprehensive income attributable to the Company | 18,911 | 13,460 |
Partnership Interest [Member] | ||
Net income | -30,992 | -25,056 |
Other comprehensive loss: | ||
Amortization of loss on settled derivative instruments recognized in net income | 2,107 | 2,367 |
Effective portion of change in fair value of derivative instruments | -13,882 | -13,800 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 142 | 152 |
Other comprehensive loss | -11,633 | -11,281 |
Comprehensive income | 19,359 | 13,775 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | -503 | -359 |
Other comprehensive loss attributable to noncontrolling interests | -86 | -66 |
Comprehensive income attributable to noncontrolling interests | 417 | 293 |
Comprehensive income attributable to the Company | $18,942 | $13,482 |
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] | Preferred Units [Member] | General Partner Preferred and Common Units [Member] | Limited Partners [Member] | Total Partners' Capital [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] | 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] | |||
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, 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 | 25,056 | 25,056 | 0 | 0 | 0 | 0 | 0 | 0 | 24,655 | 42 | 359 | 359 | 401 | 24,655 | 42 | 24,697 | ||||||||||||||
Net Income (Loss) Attributable to Parent | 24,655 | 24,697 | ||||||||||||||||||||||||||||
Current period other comprehensive income, net | -11,281 | -11,281 | 0 | 0 | 0 | 0 | -11,281 | -11,195 | -11,195 | 0 | -11,195 | -20 | -66 | 0 | -20 | -11,215 | ||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | -86 | -66 | ||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | -1,625 | 1,625 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Restricted stock issued, net of amortization | 2,915 | 2,915 | 0 | 0 | 0 | 2,915 | 0 | 0 | 0 | 2,915 | 0 | 0 | 0 | 0 | 2,915 | 0 | 2,915 | |||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 3,164 | 0 | 0 | 0 | 3,164 | 0 | 0 | 3,164 | 0 | 0 | 0 | |||||||||||||||||||
Common stock issued for dividend reinvestment plan | 313 | 313 | 0 | 0 | 0 | 313 | 0 | 0 | 313 | 0 | 0 | 0 | ||||||||||||||||||
Preferred unit distributions | -5,266 | 0 | 0 | -5,266 | 0 | -5,266 | ||||||||||||||||||||||||
Contributions from partners | 15,443 | 15,443 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15,443 | 15,443 | 15,443 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | -426 | -43,764 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -426 | -426 | -426 | -43,260 | -78 | -43,338 | |||||||||||||
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 | -2,851 | 0 | 0 | -2,851 | 0 | -2,851 | ||||||||||||||||||||||||
Redemption of partnership units | 300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300 | 0 | 300 | |||||||||||||||||||
Cash dividends declared: preferred stock/unit | 5,266 | 0 | 0 | 0 | 0 | 0 | 5,266 | 5,266 | 0 | 0 | 0 | |||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 5,266 | |||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 43,338 | 0 | 0 | 0 | 0 | 0 | 43,260 | 43,260 | 78 | 0 | 78 | |||||||||||||||||||
Ending Balance at Mar. 31, 2014 | 1,841,086 | 1,841,086 | 325,000 | 923 | -18,351 | 2,428,166 | -28,599 | -28,599 | -898,787 | 1,808,352 | -1,782 | 34,516 | 34,516 | 32,734 | 1,836,951 | -1,782 | 1,806,570 | |||||||||||||
Beginning balance at Dec. 31, 2014 | 1,936,482 | 1,936,482 | 325,000 | 941 | -19,382 | 2,540,153 | -57,748 | -57,748 | -882,372 | 1,906,592 | -1,914 | 31,804 | 31,804 | 29,890 | 1,964,340 | -1,914 | 1,904,678 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||
Net income | 30,992 | 30,992 | 0 | 0 | 0 | 0 | 0 | 0 | 30,440 | 49 | 503 | 503 | 552 | 30,440 | 49 | 30,489 | ||||||||||||||
Net Income (Loss) Attributable to Parent | 30,440 | 30,489 | ||||||||||||||||||||||||||||
Current period other comprehensive income, net | -11,633 | -11,633 | 0 | 0 | 0 | 0 | -11,633 | -11,529 | -11,529 | 0 | -11,529 | -18 | -86 | 0 | -18 | -11,547 | ||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | -104 | -86 | ||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | -1,256 | 1,256 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Restricted stock issued, net of amortization | 3,548 | 3,548 | 0 | 2 | 0 | 3,546 | 0 | 0 | 0 | 3,548 | 0 | 0 | 0 | 0 | 3,548 | 0 | 3,548 | |||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 9,850 | 0 | 0 | 0 | 9,850 | 0 | 0 | 9,850 | 0 | 0 | 0 | |||||||||||||||||||
Common stock issued for dividend reinvestment plan | 374 | 374 | 0 | 0 | 0 | 374 | 0 | 0 | 374 | 0 | 0 | 0 | ||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | -992 | 0 | 0 | 0 | 992 | 0 | 0 | 992 | 0 | 0 | 0 | |||||||||||||||||||
Preferred unit distributions | -5,266 | 0 | 0 | -5,266 | 0 | -5,266 | ||||||||||||||||||||||||
Contributions from partners | 13 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 13 | 13 | 0 | 0 | 0 | |||||||||||||
Distributions to partners | -1,050 | -46,773 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,050 | -1,050 | -1,050 | -45,647 | -76 | -45,723 | |||||||||||||
Common units issued as a result of common stock issued by Parent Company, net of repurchases | -8,484 | 0 | 0 | -8,484 | 0 | -8,484 | ||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | 5,266 | 0 | 0 | 0 | 0 | 0 | 5,266 | 0 | 0 | 0 | ||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 5,266 | |||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 45,723 | 0 | 0 | 0 | 0 | 0 | 45,647 | 45,647 | 76 | 0 | 76 | |||||||||||||||||||
Ending Balance at Mar. 31, 2015 | $1,898,879 | $1,898,879 | $325,000 | $943 | ($20,638) | $2,536,471 | ($69,277) | ($69,277) | ($902,845) | $1,869,654 | ($1,959) | $31,184 | $31,184 | $29,225 | $1,938,931 | ($1,959) | $1,867,695 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Common stock/unit per share | $0.49 | $0.47 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Document Fiscal Year Focus | 2015 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation, net of capitalization | $2,900 | $2,272 |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 1,173 | |
Parent Company [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7 | 0 |
Cash flows from operating activities: | ||
Net income | 30,992 | 25,056 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 35,992 | 37,905 |
Amortization of deferred loan cost and debt premium | 2,447 | 2,889 |
Amortization and (accretion) of above and below market lease intangibles, net | -521 | -861 |
Stock-based compensation, net of capitalization | 2,900 | 2,272 |
Equity in income of investments in real estate partnerships | -5,567 | -7,808 |
Gain on sale of real estate | -803 | -715 |
Provision for impairment | 0 | -225 |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | -12,301 | -8,681 |
Gain on derivative instruments | 0 | -5 |
Deferred compensation expense | 631 | 200 |
Realized and unrealized gain on investments | -634 | -201 |
Changes in assets and liabilities: | ||
Restricted cash | 1,415 | 328 |
Accounts receivable | -7,827 | -6,740 |
Straight-line rent receivables, net | -1,877 | -1,594 |
Deferred leasing costs | -1,816 | -1,961 |
Other assets | -1,137 | -1,952 |
Accounts payable and other liabilities | -13,101 | -4,858 |
Tenantsb security and escrow deposits and prepaid rent | 1,124 | 1,403 |
Net cash provided by operating activities | 54,458 | 52,264 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | 0 | -78,943 |
Proceeds from Deposits on Real Estate Sales | -4,000 | 0 |
Real estate development and capital improvements | -55,047 | -46,648 |
Proceeds from sale of real estate investments | 3,414 | 4,472 |
Investments in real estate partnerships | -1,344 | -1,771 |
Distributions received from investments in real estate partnerships | 2,717 | 5,931 |
Dividends on investments | 31 | 27 |
Acquisition of securities | -3,726 | -1,797 |
Proceeds from sale of securities | 2,868 | 1,676 |
Net cash used in investing activities | -55,087 | -117,053 |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 992 | 0 |
Redemption of preferred stock and partnership units | 0 | -300 |
Distributions to limited partners in consolidated partnerships, net | -1,050 | -426 |
Distributions to exchangeable operating partnership unit holders | -76 | -78 |
Dividends paid to common stockholders | -45,273 | -42,947 |
Dividends paid to preferred stockholders | -5,266 | -5,266 |
Proceeds from unsecured credit facilities | 40,000 | 70,000 |
Repayment of unsecured credit facilities | -10,000 | 0 |
Proceeds from notes payable | 1,351 | 0 |
Repayments of Notes Payable | 55,777 | 0 |
Scheduled principal payments | -1,481 | -1,719 |
Payment of loan costs | -78 | 0 |
Net cash (used in) provided by financing activities | -76,658 | 19,264 |
Net decrease in cash and cash equivalents | -77,287 | -45,525 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 36,489 | 35,159 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $2,059 and $1,641 in 2015 and 2014, respectively) | 17,964 | 18,338 |
Income Taxes Paid | 697 | 0 |
Supplemental disclosure of non-cash transactions: | ||
Mortgage loans assumed for the acquisition of real estate | 0 | 78,049 |
Change in fair value of derivative instruments | -13,882 | -13,800 |
Common stock issued for dividend reinvestment plan | 374 | 313 |
Stock-based compensation capitalized | 701 | 696 |
Contributions from limited partners in consolidated partnerships, net | 13 | 58 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 214 | 189 |
Contribution of stock awards into trust | 1,042 | 1,440 |
Distribution of stock held in trust | 0 | 4 |
Partnership Interest [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7 | 0 |
Cash flows from operating activities: | ||
Net income | 30,992 | 25,056 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 35,992 | 37,905 |
Amortization of deferred loan cost and debt premium | 2,447 | 2,889 |
Amortization and (accretion) of above and below market lease intangibles, net | -521 | -861 |
Stock-based compensation, net of capitalization | 2,900 | 2,272 |
Equity in income of investments in real estate partnerships | -5,567 | -7,808 |
Gain on sale of real estate | -803 | -715 |
Provision for impairment | 0 | -225 |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | -12,301 | -8,681 |
Gain on derivative instruments | 0 | -5 |
Deferred compensation expense | 631 | 200 |
Realized and unrealized gain on investments | -634 | -201 |
Changes in assets and liabilities: | ||
Restricted cash | 1,415 | 328 |
Accounts receivable | -7,827 | -6,740 |
Straight-line rent receivables, net | -1,877 | -1,594 |
Deferred leasing costs | -1,816 | -1,961 |
Other assets | -1,137 | -1,952 |
Accounts payable and other liabilities | -13,101 | -4,858 |
Tenantsb security and escrow deposits and prepaid rent | 1,124 | 1,403 |
Net cash provided by operating activities | 54,458 | 52,264 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | 0 | -78,943 |
Proceeds from Deposits on Real Estate Sales | -4,000 | 0 |
Real estate development and capital improvements | -55,047 | -46,648 |
Proceeds from sale of real estate investments | 3,414 | 4,472 |
Investments in real estate partnerships | -1,344 | -1,771 |
Distributions received from investments in real estate partnerships | 2,717 | 5,931 |
Dividends on investments | 31 | 27 |
Acquisition of securities | -3,726 | -1,797 |
Proceeds from sale of securities | 2,868 | 1,676 |
Net cash used in investing activities | -55,087 | -117,053 |
Cash flows from financing activities: | ||
Net proceeds from common units issued as a result of common stock issued by Parent Company | 992 | 0 |
Redemption of preferred stock and partnership units | 0 | -300 |
Distributions to limited partners in consolidated partnerships, net | -1,050 | -426 |
Dividends paid to common stockholders | -45,349 | -43,025 |
Dividends paid to preferred stockholders | -5,266 | -5,266 |
Proceeds from unsecured credit facilities | 40,000 | 70,000 |
Repayment of unsecured credit facilities | -10,000 | 0 |
Proceeds from notes payable | 1,351 | 0 |
Repayments of Notes Payable | 55,777 | 0 |
Scheduled principal payments | -1,481 | -1,719 |
Payment of loan costs | -78 | 0 |
Net cash (used in) provided by financing activities | -76,658 | 19,264 |
Net decrease in cash and cash equivalents | -77,287 | -45,525 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 36,489 | 35,159 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $2,059 and $1,641 in 2015 and 2014, respectively) | 17,964 | 18,338 |
Income Taxes Paid | 697 | 0 |
Supplemental disclosure of non-cash transactions: | ||
Mortgage loans assumed for the acquisition of real estate | 0 | 78,049 |
Change in fair value of derivative instruments | -13,882 | -13,800 |
Common stock issued for dividend reinvestment plan | 374 | 313 |
Stock-based compensation capitalized | 701 | 696 |
Contributions from limited partners in consolidated partnerships, net | 13 | 58 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 214 | 189 |
Contribution of stock awards into trust | 1,042 | 1,440 |
Distribution of stock held in trust | $0 | $4 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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 | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation |
General | |
Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company currently owns approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. As of March 31, 2015, the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) directly owned 201 retail shopping centers and held partial interests in an additional 120 retail shopping centers through investments in real estate partnerships (also referred to as "joint ventures" or "co-investment partnerships"). | |
The financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. | |
Recent Accounting Pronouncements | |
In May 2014, the 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, with a potential one year deferral to be decided at the conclusion of a comment period. Early adoption is currently 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. | |
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (Topic 810), which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years with early adoption permitted. The Company will adopt this ASU in the first quarter of 2016, which will result in a decrease to total assets and liabilities of the net unamortized balance of debt issuance costs, which are $9.7 million at March 31, 2015. |
Real_Estate_Investments
Real Estate Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Real Estate Investments | Real Estate Investments | ||||||||||||||||
The following table details the shopping centers acquired or land acquired for development (in thousands). There were no shopping centers acquired during the three months ended March 31, 2015, however the Company did make a deposit to acquire an operating property. | |||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | 100% | $14,200 | — | — | — | |||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 100% | 22,500 | 319 | 2,329 | 291 | |||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 80% | 149,344 | 77,730 | 12,650 | 5,601 | |||||||||
Total property acquisitions | $186,044 | $78,049 | $14,979 | $5,892 | |||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio. 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. | |||||||||||||||||
The real estate operations acquired were not considered material to the Company, individually or in the aggregate, therefore pro-forma financial information is not necessary. |
Notes_Payable_and_Unsecured_Cr
Notes Payable and Unsecured Credit Facilities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities | ||||||||||||
The Company’s debt outstanding as of March 31, 2015 and December 31, 2014 consists of the following (in thousands): | |||||||||||||
2015 | 2014 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 460,885 | 518,993 | ||||||||||
Variable rate mortgage loans (1) | 31,190 | 29,839 | |||||||||||
Fixed rate unsecured loans | 1,397,652 | 1,397,525 | |||||||||||
Total notes payable | 1,889,727 | 1,946,357 | |||||||||||
Unsecured credit facilities: | |||||||||||||
Line of Credit | 30,000 | — | |||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||
Total unsecured credit facilities | 105,000 | 75,000 | |||||||||||
Total debt outstanding | $ | 1,994,727 | 2,021,357 | ||||||||||
(1) An interest rate swap is in place to fix the interest rate on this variable rate mortgage loan. See note 5. | |||||||||||||
The weighted average contractual interest rates were 5.2% and 1.3% on the fixed rate and variable rate debt, respectively, at March 31, 2015. Significant financing activity since December 31, 2014, excluding scheduled principal payments, includes: | |||||||||||||
• | The Company repaid two mortgages totaling $55.8 million that were scheduled to mature during 2015; | ||||||||||||
• | The Company drew $1.4 million on a construction loan for the ongoing redevelopment of a shopping center; and | ||||||||||||
• | The Company borrowed $30.0 million, net of repayments, on its $800.0 million Line of Credit (the "Line"). | ||||||||||||
As of March 31, 2015, 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 | |||||||||||||
2015 | $ | 4,724 | 20,391 | 350,000 | 375,115 | ||||||||
2016 | 6,135 | 41,442 | 30,000 | 77,577 | |||||||||
2017 | 5,399 | 116,316 | 400,000 | 521,715 | |||||||||
2018 | 4,452 | 57,358 | — | 61,810 | |||||||||
2019 | 3,443 | 106,000 | 75,000 | 184,443 | |||||||||
Beyond 5 Years | 22,648 | 97,390 | 650,000 | 770,038 | |||||||||
Unamortized debt premiums (discounts), net | — | 6,377 | (2,348 | ) | 4,029 | ||||||||
Total | $ | 46,801 | 445,274 | 1,502,652 | 1,994,727 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. | |||||||||||||
The Company was in compliance as of March 31, 2015 with the financial and other covenants under its unsecured public debt and unsecured credit facilities. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets, as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Liabilities (2) | |||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2015 | 2014 | ||||||||||||||||||
10/16/13 | 10/16/20 | N/A | $ | 28,100 | 1 Month LIBOR | 2.20% | $ | (1,109 | ) | (764 | ) | ||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | (2,543 | ) | (289 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | (1,696 | ) | (193 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | (1,696 | ) | (193 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | (5,387 | ) | (3,964 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | (1,840 | ) | (1,227 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | (9,132 | ) | (6,080 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | (9,132 | ) | (6,084 | ) | ||||||||||||||||
Total derivative financial instruments | $ | (32,535 | ) | (18,794 | ) | ||||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
(2) Derivatives in a liability position are included within Accounts Payable and Other Liabilities in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||
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 rate volatility, the Company previously entered into $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 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) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within interest expense. | |||||||||||||||||||||||||
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (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 March 31, | Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Interest rate swaps | $ | (13,882 | ) | (13,800 | ) | Interest | $ | (2,249 | ) | (2,519 | ) | Other expenses | $ | — | — | ||||||||||
expense | |||||||||||||||||||||||||
As of March 31, 2015, the Company expects $9.1 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 $7.8 million is related to previously settled swaps. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||
(a) Disclosure of Fair Value of Financial Instruments | ||||||||||||||
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||
2015 | 2014 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Financial assets: | ||||||||||||||
Notes receivable | $ | 12,169 | 12,049 | $ | 12,132 | 11,980 | ||||||||
Financial liabilities: | ||||||||||||||
Notes payable | $ | 1,889,727 | 2,041,000 | $ | 1,946,357 | 2,116,000 | ||||||||
Unsecured credit facilities | $ | 105,000 | 105,000 | $ | 75,000 | 75,000 | ||||||||
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 March 31, 2015 and December 31, 2014. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. | ||||||||||||||
The following methods and assumptions were used to estimate the fair value of these financial instruments: | ||||||||||||||
Notes Receivable | ||||||||||||||
The fair value of the Company's notes receivable is estimated by calculating the present value of future contractual cash flows discounted at interest rates available for notes of the same terms and maturities, adjusted for counter-party specific credit risk. The fair value of notes receivable was determined primarily using Level 3 inputs of the fair value hierarchy, which considered counter-party credit risk and loan to value ratio on the underlying property securing the note receivable. | ||||||||||||||
Notes Payable | ||||||||||||||
The fair value of the Company's 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 March 31, 2015 and December 31, 2014, the following interest rate ranges were used by the Company to estimate the fair value of its financial instruments: | ||||||||||||||
2015 | 2014 | |||||||||||||
Low | High | Low | High | |||||||||||
Notes receivable | 7.30% | 7.30% | 7.40% | 7.40% | ||||||||||
Notes payable | 1.50% | 3.80% | 0.90% | 3.40% | ||||||||||
Unsecured credit facilities | 1.30% | 1.50% | 1.30% | 1.30% | ||||||||||
(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. | ||||||||||||||
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 March 31, 2015 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Trading securities held in trust | $ | 29,595 | 29,595 | — | — | |||||||||
Liabilities | ||||||||||||||
Interest rate derivatives | $ | (32,535 | ) | — | (32,535 | ) | — | |||||||
Fair Value Measurements as of December 31, 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 | $ | 28,134 | 28,134 | — | — | |||||||||
Liabilities | ||||||||||||||
Interest rate derivatives | $ | (18,794 | ) | — | (18,794 | ) | — | |||||||
There were no assets measured at fair value on a nonrecurring basis as of March 31, 2015. |
Equity_and_Capital
Equity and Capital | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Equity and Capital [Abstract] | ||||||||||
Equity and Capital | Equity and Capital | |||||||||
Common Stock of the Parent Company | ||||||||||
Issuances: | ||||||||||
The current ATM equity offering program authorizes the Parent Company to sell up to $200 million of common stock at prices determined by the market at the time of sale. As of March 31, 2015, $95.0 million of common stock remained available for issuance under this ATM equity program. | ||||||||||
There were no shares issued under the ATM equity programs for the three months ended March 31, 2014. The following shares were issued under the ATM equity programs during the three months ended March 31, 2015 (dollar amounts are in thousands, except price per share data): | ||||||||||
Three months ended March 31, | ||||||||||
2015 | ||||||||||
Shares issued | 18,125 | |||||||||
Weighted average price per share | $ | 64.72 | ||||||||
Total proceeds | $ | 1,173 | ||||||||
Commissions | $ | 15 | ||||||||
Issuance costs | $ | — | ||||||||
In January 2015, the Parent Company entered into a forward sale and an underwritten public offering of 2.875 million shares of its common stock at a price of $67.40 per share which will result in gross proceeds of approximately $193.8 million, before any underwriting discount and offering expenses. The forward sale will settle on one or more dates occurring no later than approximately 12 months after the date of the offering. The Company intends to use any net proceeds that it receives upon settlement of the forward sale agreement to fund development and redevelopment activities, fund potential acquisition opportunities, repay maturing debts, and/or for general corporate purposes. | ||||||||||
Common Units of the Operating Partnership | ||||||||||
Issuances: | ||||||||||
Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above. | ||||||||||
Accumulated Other Comprehensive Loss | ||||||||||
The following tables present changes in the balances of each component of AOCI (in thousands): | ||||||||||
Controlling Interest | Noncontrolling Interest | Total | ||||||||
Cash Flow Hedges | Cash Flow Hedges | AOCI | ||||||||
Balance as of December 31, 2013 | $ | (17,404 | ) | (479 | ) | (17,883 | ) | |||
Other comprehensive income before reclassifications | (13,670 | ) | (130 | ) | (13,800 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | 2,475 | 44 | 2,519 | |||||||
Current period other comprehensive income, net | (11,195 | ) | (86 | ) | (11,281 | ) | ||||
Balance as of March 31, 2014 | $ | (28,599 | ) | (565 | ) | (29,164 | ) | |||
Balance as of December 31, 2014 | $ | (57,748 | ) | (750 | ) | (58,498 | ) | |||
Other comprehensive income before reclassifications | (13,739 | ) | (143 | ) | (13,882 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | 2,210 | 39 | 2,249 | |||||||
Current period other comprehensive income, net | (11,529 | ) | (104 | ) | (11,633 | ) | ||||
Balance as of March 31, 2015 | $ | (69,277 | ) | (854 | ) | (70,131 | ) | |||
The following represents amounts reclassified out of AOCI into income (in thousands): | ||||||||||
AOCI Component | Amount Reclassified from AOCI into income | Affected Line Item Where Net Income is Presented | ||||||||
Three months ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Interest rate swaps | $ | 2,249 | 2,519 | Interest expense | ||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||
The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below (in thousands): | |||||||
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Restricted stock (1) | $ | 3,549 | 2,916 | ||||
Directors' fees paid in common stock (1) | 52 | 52 | |||||
Capitalized stock-based compensation (2) | (701 | ) | (696 | ) | |||
Stock-based compensation, net of capitalization | $ | 2,900 | 2,272 | ||||
(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 2015, the Company granted 191,069 shares of restricted stock with a weighted-average grant-date fair value of $70.35 per share. |
NonQualified_Deferred_Compensa
Non-Qualified Deferred Compensation Plan | 3 Months Ended |
Mar. 31, 2015 | |
Non Qualified Deferred Compensation Plan [Abstract] | |
Non-Qualified Deferred Compensation Plan | Non-Qualified Deferred Compensation Plan ("NQDCP") |
The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited into a Rabbi trust. The assets of the Rabbi trust, exclusive of the shares of the Company's common stock, are classified as trading securities in the accompanying Consolidated Balance Sheets, and were $29.6 million and $28.1 million at March 31, 2015 and December 31, 2014, respectively. The participants' deferred compensation liability, also exclusive of the shares of the Company's common stock, is included within accounts payable and other liabilities in the accompanying Consolidated Balance Sheets and was $29.1 million and $27.6 million at March 31, 2015 and December 31, 2014, respectively. |
Earnings_per_Share_and_Unit
Earnings per Share and Unit | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Income from operations | $ | 30,189 | 24,341 | |||||
Gain on sale of real estate | 803 | 715 | ||||||
Less: income attributable to noncontrolling interests | 552 | 401 | ||||||
Income from operations attributable to the Company | 30,440 | 24,655 | ||||||
Less: preferred stock dividends | 5,266 | 5,266 | ||||||
Less: dividends paid on unvested restricted stock | 176 | 197 | ||||||
Income from operations attributable to common stockholders - basic | $ | 24,998 | 19,192 | |||||
Add: dividends paid on Treasury Method restricted stock | 28 | 11 | ||||||
Income from operations attributable to common stockholders - diluted | $ | 25,026 | 19,203 | |||||
Denominator: | ||||||||
Weighted average common shares outstanding for basic EPS | 93,842 | 92,167 | ||||||
Incremental shares to be issued under unvested restricted stock | 58 | 24 | ||||||
Incremental shares to be issued under Forward Equity Offering | 7 | — | ||||||
Weighted average common shares outstanding for diluted EPS | 93,907 | 92,191 | ||||||
Income per common share – basic | $ | 0.27 | 0.21 | |||||
Income per common share – diluted | $ | 0.27 | 0.21 | |||||
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 months ended March 31, 2015 and 2014 were 154,170 and 160,281, 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 March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Income from operations | $ | 30,189 | 24,341 | |||||
Gain on sale of real estate | 803 | 715 | ||||||
Less: income attributable to noncontrolling interests | 503 | 359 | ||||||
Income from operations attributable to the Partnership | 30,489 | 24,697 | ||||||
Less: preferred unit distributions | 5,266 | 5,266 | ||||||
Less: dividends paid on unvested restricted units | 176 | 197 | ||||||
Income from operations attributable to common unit holders - basic | 25,047 | 19,234 | ||||||
Add: dividends paid on Treasury Method restricted units | 28 | 11 | ||||||
Income from operations attributable to common unit holders - diluted | 25,075 | 19,245 | ||||||
Denominator: | ||||||||
Weighted average common units outstanding for basic EPU | 93,996 | 92,167 | ||||||
Incremental units to be issued under unvested restricted stock | 58 | 24 | ||||||
Incremental shares to be issued under Forward Equity Offering | 7 | — | ||||||
Weighted average common units outstanding for diluted EPU | 94,061 | 92,191 | ||||||
Income per common unit – basic | $ | 0.27 | 0.21 | |||||
Income per common unit – diluted | $ | 0.27 | 0.21 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. | |
The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. | |
The Company has the right to issue letters of credit under the Line up to an amount not to exceed $80.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of March 31, 2015 and December 31, 2014, the Company had $5.9 million in letters of credit outstanding. |
Real_Estate_Investments_Real_E
Real Estate Investments Real Estate Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Schedule of business acquisitions | The following table details the shopping centers acquired or land acquired for development (in thousands). There were no shopping centers acquired during the three months ended March 31, 2015, however the Company did make a deposit to acquire an operating property. | ||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Ownership | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | 100% | $14,200 | — | — | — | |||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 100% | 22,500 | 319 | 2,329 | 291 | |||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 80% | 149,344 | 77,730 | 12,650 | 5,601 | |||||||||
Total property acquisitions | $186,044 | $78,049 | $14,979 | $5,892 | |||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio. 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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
Net proceeds from sale of real estate investments | $ | 3,414 | $ | 4,472 | |||||
Gain on sale of real estate | $ | 803 | $ | 715 | |||||
Number of operating properties sold | 1 | 1 | |||||||
Number of land out-parcels sold | — | 2 | |||||||
Percent interest sold | 100% | 100% | |||||||
At March 31, 2015, the Company was under contract to sell an operating property, which was sold in April of 2015. The assets of this property have been classified as Operating properties held for sale in the accompanying Consolidated Balance Sheets. |
Notes_Payable_and_Unsecured_Cr1
Notes Payable and Unsecured Credit Facilities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of long-term debt | The Company’s debt outstanding as of March 31, 2015 and December 31, 2014 consists of the following (in thousands): | ||||||||||||
2015 | 2014 | ||||||||||||
Notes payable: | |||||||||||||
Fixed rate mortgage loans | $ | 460,885 | 518,993 | ||||||||||
Variable rate mortgage loans (1) | 31,190 | 29,839 | |||||||||||
Fixed rate unsecured loans | 1,397,652 | 1,397,525 | |||||||||||
Total notes payable | 1,889,727 | 1,946,357 | |||||||||||
Unsecured credit facilities: | |||||||||||||
Line of Credit | 30,000 | — | |||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||
Total unsecured credit facilities | 105,000 | 75,000 | |||||||||||
Total debt outstanding | $ | 1,994,727 | 2,021,357 | ||||||||||
Schedule of maturities of long-term debt | As of March 31, 2015, 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 | |||||||||||||
2015 | $ | 4,724 | 20,391 | 350,000 | 375,115 | ||||||||
2016 | 6,135 | 41,442 | 30,000 | 77,577 | |||||||||
2017 | 5,399 | 116,316 | 400,000 | 521,715 | |||||||||
2018 | 4,452 | 57,358 | — | 61,810 | |||||||||
2019 | 3,443 | 106,000 | 75,000 | 184,443 | |||||||||
Beyond 5 Years | 22,648 | 97,390 | 650,000 | 770,038 | |||||||||
Unamortized debt premiums (discounts), net | — | 6,377 | (2,348 | ) | 4,029 | ||||||||
Total | $ | 46,801 | 445,274 | 1,502,652 | 1,994,727 | ||||||||
(1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Liabilities (2) | |||||||||||||||||||||||||
Effective Date | Maturity Date | Early Termination Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2015 | 2014 | ||||||||||||||||||
10/16/13 | 10/16/20 | N/A | $ | 28,100 | 1 Month LIBOR | 2.20% | $ | (1,109 | ) | (764 | ) | ||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | (2,543 | ) | (289 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | (1,696 | ) | (193 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | (1,696 | ) | (193 | ) | ||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | (5,387 | ) | (3,964 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | (1,840 | ) | (1,227 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | (9,132 | ) | (6,080 | ) | ||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | (9,132 | ) | (6,084 | ) | ||||||||||||||||
Total derivative financial instruments | $ | (32,535 | ) | (18,794 | ) | ||||||||||||||||||||
(1) Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. | |||||||||||||||||||||||||
(2) Derivatives in a liability position are included within Accounts Payable and Other Liabilities in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||
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 March 31, | Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Interest rate swaps | $ | (13,882 | ) | (13,800 | ) | Interest | $ | (2,249 | ) | (2,519 | ) | Other expenses | $ | — | — | ||||||||||
expense |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Summary of balance sheet fair values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||
2015 | 2014 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Financial assets: | ||||||||||||||
Notes receivable | $ | 12,169 | 12,049 | $ | 12,132 | 11,980 | ||||||||
Financial liabilities: | ||||||||||||||
Notes payable | $ | 1,889,727 | 2,041,000 | $ | 1,946,357 | 2,116,000 | ||||||||
Unsecured credit facilities | $ | 105,000 | 105,000 | $ | 75,000 | 75,000 | ||||||||
Summary of assets measured on recurring basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands): | |||||||||||||
Fair Value Measurements as of March 31, 2015 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Trading securities held in trust | $ | 29,595 | 29,595 | — | — | |||||||||
Liabilities | ||||||||||||||
Interest rate derivatives | $ | (32,535 | ) | — | (32,535 | ) | — | |||||||
Fair Value Measurements as of December 31, 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 | $ | 28,134 | 28,134 | — | — | |||||||||
Liabilities | ||||||||||||||
Interest rate derivatives | $ | (18,794 | ) | — | (18,794 | ) | — | |||||||
Equity_and_Capital_Tables
Equity and Capital (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Equity and Capital [Abstract] | ||||||||||
Summary of shares issued under ATM equity programs | he following shares were issued under the ATM equity programs during the three months ended March 31, 2015 (dollar amounts are in thousands, except price per share data): | |||||||||
Three months ended March 31, | ||||||||||
2015 | ||||||||||
Shares issued | 18,125 | |||||||||
Weighted average price per share | $ | 64.72 | ||||||||
Total proceeds | $ | 1,173 | ||||||||
Commissions | $ | 15 | ||||||||
Issuance costs | $ | — | ||||||||
Summary of accumulated other comprehensive loss | The following tables present changes in the balances of each component of AOCI (in thousands): | |||||||||
Controlling Interest | Noncontrolling Interest | Total | ||||||||
Cash Flow Hedges | Cash Flow Hedges | AOCI | ||||||||
Balance as of December 31, 2013 | $ | (17,404 | ) | (479 | ) | (17,883 | ) | |||
Other comprehensive income before reclassifications | (13,670 | ) | (130 | ) | (13,800 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | 2,475 | 44 | 2,519 | |||||||
Current period other comprehensive income, net | (11,195 | ) | (86 | ) | (11,281 | ) | ||||
Balance as of March 31, 2014 | $ | (28,599 | ) | (565 | ) | (29,164 | ) | |||
Balance as of December 31, 2014 | $ | (57,748 | ) | (750 | ) | (58,498 | ) | |||
Other comprehensive income before reclassifications | (13,739 | ) | (143 | ) | (13,882 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | 2,210 | 39 | 2,249 | |||||||
Current period other comprehensive income, net | (11,529 | ) | (104 | ) | (11,633 | ) | ||||
Balance as of March 31, 2015 | $ | (69,277 | ) | (854 | ) | (70,131 | ) | |||
Schedule of amounts reclassified out of accumulated other comprehensive loss | The following represents amounts reclassified out of AOCI into income (in thousands): | |||||||||
AOCI Component | Amount Reclassified from AOCI into income | Affected Line Item Where Net Income is Presented | ||||||||
Three months ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Interest rate swaps | $ | 2,249 | 2,519 | Interest expense | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 March 31, | |||||||
2015 | 2014 | ||||||
Restricted stock (1) | $ | 3,549 | 2,916 | ||||
Directors' fees paid in common stock (1) | 52 | 52 | |||||
Capitalized stock-based compensation (2) | (701 | ) | (696 | ) | |||
Stock-based compensation, net of capitalization | $ | 2,900 | 2,272 | ||||
(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) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Income from operations | $ | 30,189 | 24,341 | |||||
Gain on sale of real estate | 803 | 715 | ||||||
Less: income attributable to noncontrolling interests | 552 | 401 | ||||||
Income from operations attributable to the Company | 30,440 | 24,655 | ||||||
Less: preferred stock dividends | 5,266 | 5,266 | ||||||
Less: dividends paid on unvested restricted stock | 176 | 197 | ||||||
Income from operations attributable to common stockholders - basic | $ | 24,998 | 19,192 | |||||
Add: dividends paid on Treasury Method restricted stock | 28 | 11 | ||||||
Income from operations attributable to common stockholders - diluted | $ | 25,026 | 19,203 | |||||
Denominator: | ||||||||
Weighted average common shares outstanding for basic EPS | 93,842 | 92,167 | ||||||
Incremental shares to be issued under unvested restricted stock | 58 | 24 | ||||||
Incremental shares to be issued under Forward Equity Offering | 7 | — | ||||||
Weighted average common shares outstanding for diluted EPS | 93,907 | 92,191 | ||||||
Income per common share – basic | $ | 0.27 | 0.21 | |||||
Income per common share – diluted | $ | 0.27 | 0.21 | |||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Income from operations | $ | 30,189 | 24,341 | |||||
Gain on sale of real estate | 803 | 715 | ||||||
Less: income attributable to noncontrolling interests | 503 | 359 | ||||||
Income from operations attributable to the Partnership | 30,489 | 24,697 | ||||||
Less: preferred unit distributions | 5,266 | 5,266 | ||||||
Less: dividends paid on unvested restricted units | 176 | 197 | ||||||
Income from operations attributable to common unit holders - basic | 25,047 | 19,234 | ||||||
Add: dividends paid on Treasury Method restricted units | 28 | 11 | ||||||
Income from operations attributable to common unit holders - diluted | 25,075 | 19,245 | ||||||
Denominator: | ||||||||
Weighted average common units outstanding for basic EPU | 93,996 | 92,167 | ||||||
Incremental units to be issued under unvested restricted stock | 58 | 24 | ||||||
Incremental shares to be issued under Forward Equity Offering | 7 | — | ||||||
Weighted average common units outstanding for diluted EPU | 94,061 | 92,191 | ||||||
Income per common unit – basic | $ | 0.27 | 0.21 | |||||
Income per common unit – diluted | $ | 0.27 | 0.21 | |||||
Organization_and_Principles_of1
Organization and Principles of Consolidation (Details) | 3 Months Ended |
Mar. 31, 2015 | |
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 | 201 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 120 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage of outstanding common partnership units | 99.80% |
Organization_and_Principles_of2
Organization and Principles of Consolidation Recent accounting pronouncements (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Document Period End Date | 31-Mar-15 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Proceeds from Issuance of Debt | 9.7 |
Real_Estate_Investments_Busine
Real Estate Investments Business Acquisitions (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 | Feb. 14, 2014 | Mar. 07, 2014 | Dec. 31, 2014 | ||
property | |||||||
Business Acquisition [Line Items] | |||||||
Document Period End Date | 31-Mar-15 | ||||||
Purchase Price | $0 | $186,044,000 | |||||
Debt Assumed, Net of Premiums | 78,049,000 | ||||||
Intangible Assets | 14,979,000 | ||||||
Intangible Liabilities | 5,892,000 | ||||||
Persimmon Place [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date Purchased | 31-Jan-14 | ||||||
Property Name | Persimmon Place | ||||||
City/State | Dublin, CA | ||||||
Property Type | Development | ||||||
Ownership | 100.00% | ||||||
Purchase Price | 14,200,000 | ||||||
Debt Assumed, Net of Premiums | 0 | ||||||
Intangible Assets | 0 | ||||||
Intangible Liabilities | 0 | ||||||
Shops at Mira Vista [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date Purchased | 14-Feb-14 | ||||||
Property Name | Shops at Mira Vista | ||||||
City/State | Austin, TX | ||||||
Property Type | Operating | ||||||
Ownership | 100.00% | ||||||
Purchase Price | 22,500,000 | ||||||
Debt Assumed, Net of Premiums | 319,000 | ||||||
Intangible Assets | 2,329,000 | ||||||
Intangible Liabilities | 291,000 | ||||||
Fairfield Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date Purchased | 7-Mar-14 | [1] | |||||
Property Name | Fairfield Portfolio (1) | [1] | |||||
City/State | Fairfield, CT | [1] | |||||
Property Type | Operating | [1] | |||||
Ownership | 80.00% | ||||||
Purchase Price | 149,344,000 | [1] | |||||
Non-controlling interest recorded, fair value | 15,400,000 | ||||||
Number of real estate properties acquired | 3 | ||||||
Debt Assumed, Net of Premiums | 77,730,000 | [1] | |||||
Intangible Assets | 12,650,000 | [1] | |||||
Intangible Liabilities | 5,601,000 | [1] | |||||
Partnership Interest [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Non-controlling interest recorded, fair value | 0 | 15,385,000 | |||||
Mortgage loans assumed for the acquisition of real estate | $0 | $78,049,000 | |||||
[1] | On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio. 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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Document Fiscal Year Focus | 2015 | |
Proceeds from Sale of Real Estate | $3,414 | $4,472 |
Gain (Loss) on Sale of Properties | 803 | 715 |
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% |
Parent Company [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Sale of Properties | 803 | 715 |
Revenues | 140,399 | 133,280 |
Operating expenses | 89,839 | 89,580 |
Provision for impairment | $0 | $225 |
Operating Segments [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of operating properties sold | 1 | 1 |
Land [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of operating properties sold | 0 | 2 |
Income_Taxes_Income_Tax_Detail
Income Taxes Income Tax (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Document Fiscal Year Focus | 2015 |
Notes_Payable_and_Unsecured_Cr2
Notes Payable and Unsecured Credit Facilities (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Document Period End Date | 31-Mar-15 | ||
Total debt outstanding | $1,994,727,000 | $2,021,357,000 | |
Document Fiscal Year Focus | 2015 | ||
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.20% | ||
Total notes payable | 460,885,000 | 518,993,000 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Amount Outstanding | 460,885,000 | 518,993,000 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 1,889,727,000 | 1,946,357,000 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Amount Outstanding | 1,889,727,000 | 1,946,357,000 | |
Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 1.30% | ||
Total notes payable | 31,190,000 | 29,839,000 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Amount Outstanding | 31,190,000 | 29,839,000 | |
Fixed Rate Unsecured Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 1,397,652,000 | 1,397,525,000 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Amount Outstanding | 1,397,652,000 | 1,397,525,000 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | 105,000,000 | 75,000,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Lines of Credit | 30,000,000 | ||
Borrowing capacity | 800,000,000 | ||
Line of Credit [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | 30,000,000 | 0 | |
Term Loan [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | 75,000,000 | 75,000,000 | |
5.650% & 5.360% maturing in 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | 55,800,000 | ||
$165 mill Term Loan LIBOR plus 1.15, .20% unused fee [Member] | Term Loan [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | 67.4 | ||
Consolidated Entities [Member] | 2.196 Fixed rate with interest rate swap LIBOR 1.5% Maturing 10/16/20 [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Construction Loans Payable | 1,400,000 | ||
Scheduled Principal Payments [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 46,801,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2015 | 4,724,000 | ||
2016 | 6,135,000 | ||
2017 | 5,399,000 | ||
2018 | 4,452,000 | ||
2019 | 3,443,000 | ||
Beyond 5 Years | 22,648,000 | ||
Unamortized debt (discounts) premiums, net | 0 | ||
Long-term Debt, Amount Outstanding | 46,801,000 | ||
Mortgage Loan Maturities [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 445,274,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2015 | 20,391,000 | ||
2016 | 41,442,000 | ||
2017 | 116,316,000 | ||
2018 | 57,358,000 | ||
2019 | 106,000,000 | ||
Beyond 5 Years | 97,390,000 | ||
Unamortized debt (discounts) premiums, net | 6,377,000 | ||
Long-term Debt, Amount Outstanding | 445,274,000 | ||
Unsecured Maturities [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 1,502,652,000 | [1] | |
Maturities of Long-term Debt [Abstract] | |||
2015 | 350,000,000 | [1] | |
2016 | 30,000,000 | [1] | |
2017 | 400,000,000 | [1] | |
2018 | 0 | [1] | |
2019 | 75,000,000 | [1] | |
Beyond 5 Years | 650,000,000 | [1] | |
Unamortized debt (discounts) premiums, net | -2,348,000 | [1] | |
Long-term Debt, Amount Outstanding | 1,502,652,000 | [1] | |
Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable | 1,994,727,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2015 | 375,115,000 | ||
2016 | 77,577,000 | ||
2017 | 521,715,000 | ||
2018 | 61,810,000 | ||
2019 | 184,443,000 | ||
Beyond 5 Years | 770,038,000 | ||
Unamortized debt (discounts) premiums, net | 4,029,000 | ||
Long-term Debt, Amount Outstanding | $1,994,727,000 | ||
[1] | Includes unsecured public debt and unsecured credit facilities. |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||||||||||||||||||||||||||
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 March 31, | Three months ended March 31, | Three months ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||
Interest rate swaps | $ | (13,882 | ) | (13,800 | ) | Interest | $ | (2,249 | ) | (2,519 | ) | Other expenses | $ | — | — | ||||||||||||||
expense | |||||||||||||||||||||||||||||
Document Period End Date | 31-Mar-15 | ||||||||||||||||||||||||||||
Document Fiscal Year Focus | 2015 | ||||||||||||||||||||||||||||
Effective portion of change in fair value of derivative instruments | ($13,882,000) | ($13,800,000) | |||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss | -2,249,000 | -2,519,000 | |||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | |||||||||||||||||||||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 9,100,000 | ||||||||||||||||||||||||||||
Assets [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Notional Amount | 220,000,000 | ||||||||||||||||||||||||||||
Derivative @ 2.196% 28.1K [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 16-Oct-13 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 16-Oct-20 | ||||||||||||||||||||||||||||
Derivative, Notional Amount | 28,100,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.20% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -1,109,000 | [1] | -764,000 | [1] | |||||||||||||||||||||||||
Derivative B @ 2.479% 50K [Member] [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 1-Aug-15 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 1-Aug-25 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 1-Feb-16 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 50,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.48% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -1,696,000 | [1] | -193,000 | [1] | |||||||||||||||||||||||||
Derivative @ 2.479% 75K [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 1-Aug-15 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 1-Aug-25 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 1-Feb-16 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 75,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.48% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -2,543,000 | [1] | -289,000 | [1] | |||||||||||||||||||||||||
Derivative A @ 2.479% 50K [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 1-Aug-15 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 1-Aug-25 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 1-Feb-16 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 50,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.48% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -1,696,000 | [1] | -193,000 | [1] | |||||||||||||||||||||||||
Derivative @ 3.41% 45K [Member] [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 1-Aug-15 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 1-Aug-25 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 1-Feb-16 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 45,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.41% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -5,387,000 | [1] | -3,964,000 | [1] | |||||||||||||||||||||||||
Derivative @ 3.488% 20K [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 15-Jun-17 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 15-Jun-27 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 15-Dec-17 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 20,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.49% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -1,840,000 | [1] | -1,227,000 | [1] | |||||||||||||||||||||||||
Derivative @ 3.48% 100K [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 15-Jun-17 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 15-Jun-27 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 15-Dec-17 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 100,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.48% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -9,132,000 | [1] | -6,080,000 | [1] | |||||||||||||||||||||||||
Swap [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7,800,000 | ||||||||||||||||||||||||||||
Derivative @ 3.48% 100K 2 [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Inception Date | 15-Jun-17 | ||||||||||||||||||||||||||||
Derivative, Maturity Date | 15-Jun-27 | ||||||||||||||||||||||||||||
Derivative, Early Termination Date | 15-Dec-17 | [2] | |||||||||||||||||||||||||||
Derivative, Notional Amount | 100,000,000 | ||||||||||||||||||||||||||||
Derivative, Description of Variable Rate Basis | 3 Month LIBOR | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.48% | ||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | -9,132,000 | [1] | -6,084,000 | [1] | |||||||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | ($32,535,000) | [1] | ($18,794,000) | [1] | |||||||||||||||||||||||||
2015 Debt Issuance [Member] | Derivative [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.67% | ||||||||||||||||||||||||||||
2017 Debt issuance [Member] | Derivative [Member] | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.48% | ||||||||||||||||||||||||||||
[1] | (2) Derivatives in a liability position are included within Accounts Payable and Other Liabilities in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
[2] | Represents the date specified in the agreement for either optional or mandatory early termination which will result in cash settlement. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 12,169 | 12,132 |
Notes payable | 1,889,727 | 1,946,357 |
Unsecured credit facilities | 105,000 | 75,000 |
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 | 29,595 | 28,134 |
Derivative instruments, at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value | 2,041,000 | 2,116,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 0 | 0 |
Derivative instruments, at fair value | -32,535 | -18,794 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Receivable, Fair Value | 12,049 | 11,980 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities held in trust | 0 | 0 |
Derivative instruments, at fair value | 0 | 0 |
Unsecured Credit Facilities [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 1.30% | 1.30% |
Unsecured Credit Facilities [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 1.50% | 1.30% |
Unsecured Credit Facilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured credit facilities, Fair Value | 105,000 | 75,000 |
Notes Payable, Other Payables [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 1.50% | 0.90% |
Notes Payable, Other Payables [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 3.80% | 3.40% |
Notes Receivable [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 7.30% | 7.40% |
Notes Receivable [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Free Interest Rate | 7.30% | 7.40% |
Equity_and_Capital_Equity_and_
Equity and Capital Equity and Capital - Common Stock (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||
Document Fiscal Year Focus | 2015 | ||||
Amount reclassified from accumulated other comprehensive loss | ($2,249,000) | ($2,519,000) | |||
Shares issued | 18,125 | 0 | |||
Equity Issuances, Amount Available for Issuance | 95,000,000 | ||||
Document Period End Date | 31-Mar-15 | ||||
Equity Offering, Common Shares available for issue | 2,875,000 | ||||
Weighted Average Price Per Share | $64.72 | ||||
Net proceeds from common stock issuance | 1,173,000 | ||||
Payments for Commissions | 15,000 | ||||
Payments of Stock Issuance Costs | 0 | ||||
Equity Offering, Net Proceeds | 193,800,000 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Equity Issuances, Amount Available for Issuance | 200,000,000 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Class of Stock [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,249,000 | 2,519,000 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Class of Stock [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,249,000 | 2,519,000 | |||
Accumulated other comprehensive loss | ($70,131,000) | ($29,164,000) | ($58,498,000) | ($17,883,000) |
Equity_and_Capital_Accumulated
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Document Fiscal Year Focus | 2015 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($2,249) | ($2,519) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,249 | 2,519 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -13,882 | -13,800 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Beginning balance | -58,498 | -17,883 |
Current period other comprehensive income, net | -11,633 | -11,281 |
Ending balance | -70,131 | -29,164 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,249 | 2,519 |
Partnership Interest [Member] | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Beginning balance | -57,748 | |
Current period other comprehensive income, net | -11,633 | -11,281 |
Ending balance | -69,277 | |
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 | -11,529 | -11,195 |
Controlling [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -13,739 | -13,670 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Beginning balance | -57,748 | -17,404 |
Current period other comprehensive income, net | -11,529 | -11,195 |
Ending balance | -69,277 | -28,599 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,210 | 2,475 |
Noncontrolling Interest [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -143 | -130 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Beginning balance | -750 | -479 |
Current period other comprehensive income, net | -104 | -86 |
Ending balance | -854 | -565 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $39 | $44 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Capitalized stock-based compensation | ($701) | [1] | ($696) | [1] |
Stock-based compensation, net of capitalization | 2,900 | 2,272 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 3,549 | 2,916 | ||
Shares granted | 191,069 | |||
Weighted average grant date fair value (in dollars per share) | $70.35 | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $52 | [2] | $52 | [2] |
[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 $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Non Qualified Deferred Compensation Plan [Abstract] | ||
Document Period End Date | 31-Mar-15 | |
Deferred compensation liability included in accounts payable and other liabilities | $29.10 | $27.60 |
Earnings_per_Share_and_Unit_De
Earnings per Share and Unit (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Document Fiscal Year Focus | 2015 | |
Document Period End Date | 31-Mar-15 | |
Earnings Per Share [Abstract] | ||
Gain on sale of real estate | $803 | $715 |
Income per common unit - diluted | ||
Weighted Average Limited Partnership Units Outstanding, Basic | 154,170 | 160,281 |
Parent Company [Member] | ||
Earnings Per Share [Abstract] | ||
Income from operations | 30,189 | 24,341 |
Gain on sale of real estate | 803 | 715 |
Less: income attributable to noncontrolling interests | 552 | 401 |
Income from operations attributable to the Company | 30,440 | 24,655 |
Preferred stock dividends | -5,266 | -5,266 |
Less: dividends paid on unvested restricted stock | 176 | 197 |
Add: dividends paid on Treasury Method restricted stock | -28 | -11 |
Weighted average common units outstanding for basic EPU (in shares) | 93,842,000 | 92,167,000 |
Incremental units to be issued under unvested restricted stock (in shares) | 58,000 | 24,000 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7,000 | 0 |
Weighted average common units outstanding for diluted EPU (in shares) | 93,907,000 | 92,191,000 |
Income per common share/unit - basic: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Income per common share/unit - diluted: | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Partnership Interest [Member] | ||
Earnings Per Share [Abstract] | ||
Income from operations | 30,189 | 24,341 |
Gain on sale of real estate | 803 | 715 |
Income from operations attributable to the Company | 30,489 | 24,697 |
Less: dividends paid on unvested restricted stock | 176 | 197 |
Add: dividends paid on Treasury Method restricted stock | -28 | -11 |
Less: preferred unit distributions | 5,266 | 5,266 |
Weighted average common units outstanding for basic EPU (in shares) | 93,996,000 | 92,167,000 |
Incremental units to be issued under unvested restricted stock (in shares) | 58,000 | 24,000 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7,000 | 0 |
Weighted average common units outstanding for diluted EPU (in shares) | 94,061,000 | 92,191,000 |
Income per common unit - basic | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Income per common unit - diluted | ||
Continuing operations (in dollars per share) | $0.27 | $0.21 |
Continuing Operations [Member] | Parent Company [Member] | ||
Earnings Per Share [Abstract] | ||
Net income attributable to common stockholders | 24,998 | 19,192 |
Net income for common stock unit/holders - diluted | 25,026 | 19,203 |
Continuing Operations [Member] | Partnership Interest [Member] | ||
Earnings Per Share [Abstract] | ||
Less: income attributable to noncontrolling interests | 503 | 359 |
Net income attributable to common stockholders | 25,047 | 19,234 |
Net income for common stock unit/holders - diluted | $25,075 | $19,245 |
Commitments_and_Contingencies_
Commitments and Contingencies, Letters of Credit (Details) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $80,000,000 |
Letters of Credit Outstanding, Amount | $5,900,000 |
Availableforsale_Securities_De
Available-for-sale Securities (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Document Period End Date | 31-Mar-15 |