Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | REG | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 171,116,018 | |
Entity File Number | 1-12298 | |
Entity Tax Identification Number | 59-3191743 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | FL | |
Partnership Interest [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS, L.P. | |
Entity Central Index Key | 0001066247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 0-24763 | |
Entity Tax Identification Number | 59-3429602 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Investment Property, at Cost [Abstract] | |||
Real estate assets, at cost | $ 11,762,300 | $ 11,495,581 | |
Less: accumulated depreciation | 2,301,183 | 2,174,963 | |
Real estate assets, net | 9,461,117 | 9,320,618 | |
Investments in real estate partnerships | 330,887 | 372,591 | |
Properties held for sale | 2,354 | 25,574 | |
Cash, cash equivalents, and restricted cash, including $3,128 and $1,930 of restricted cash at June 30, 2022 and December 31, 2021, respectively | 121,190 | 95,027 | $ 378,450 |
Tenant and other receivables | 159,643 | 153,091 | |
Deferred leasing costs, less accumulated amortization of $120,650 and $117,878 at June 30, 2022 and December 31, 2021, respectively | 65,607 | 65,741 | |
Acquired lease intangible assets, less accumulated amortization of $325,131 and $312,186 at June 30, 2022 and December 31, 2021, respectively | 214,264 | 212,707 | |
Right of use assets, net | 278,153 | 280,783 | |
Other assets | 268,600 | 266,431 | |
Total assets | 10,901,815 | 10,792,563 | |
Liabilities: | |||
Notes payable | 3,737,380 | 3,718,944 | |
Accounts payable and other liabilities | 322,409 | 322,271 | |
Acquired lease intangible liabilities, less accumulated amortization of $180,082 and $172,293 at June 30, 2022 and December 31, 2021, respectively | 357,581 | 363,276 | |
Lease liabilities | 214,800 | 215,788 | |
Tenants' security, escrow deposits and prepaid rent | 63,510 | 62,352 | |
Total liabilities | 4,695,680 | 4,682,631 | |
Commitments and contingencies | |||
Equity : | |||
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 171,173,103 and 171,213,008 shares issued at June 30, 2022 and December 31, 2021, respectively | 1,711 | 1,712 | |
Treasury stock at cost, 456,225 and 427,901 shares held at June 30, 2022 and December 31, 2021, respectively | (23,882) | (22,758) | |
Additional paid-in-capital | 7,874,461 | 7,883,458 | |
Accumulated other comprehensive income (loss) | 2,388 | (10,227) | |
Distributions in excess of net income | (1,729,645) | (1,814,814) | |
Total stockholders’ equity | 6,125,033 | 6,037,371 | |
Exchangeable operating partnership units, aggregate redemption value of $43,974 and $56,844 at June 30, 2022 and December 31, 2021, respectively | 34,611 | 35,447 | |
Limited partners' interests in consolidated partnerships | 46,491 | 37,114 | |
Total noncontrolling interests | 81,102 | 72,561 | |
Total equity | 6,206,135 | 6,109,932 | 6,058,147 |
Total liabilities and equity | 10,901,815 | 10,792,563 | |
Partnership Interest [Member] | |||
Real Estate Investment Property, at Cost [Abstract] | |||
Real estate assets, at cost | 11,762,300 | 11,495,581 | |
Less: accumulated depreciation | 2,301,183 | 2,174,963 | |
Real estate assets, net | 9,461,117 | 9,320,618 | |
Investments in real estate partnerships | 330,887 | 372,591 | |
Properties held for sale | 2,354 | 25,574 | |
Cash, cash equivalents, and restricted cash, including $3,128 and $1,930 of restricted cash at June 30, 2022 and December 31, 2021, respectively | 121,190 | 95,027 | 378,450 |
Tenant and other receivables | 159,643 | 153,091 | |
Deferred leasing costs, less accumulated amortization of $120,650 and $117,878 at June 30, 2022 and December 31, 2021, respectively | 65,607 | 65,741 | |
Acquired lease intangible assets, less accumulated amortization of $325,131 and $312,186 at June 30, 2022 and December 31, 2021, respectively | 214,264 | 212,707 | |
Right of use assets, net | 278,153 | 280,783 | |
Other assets | 268,600 | 266,431 | |
Total assets | 10,901,815 | 10,792,563 | |
Liabilities: | |||
Notes payable | 3,737,380 | 3,718,944 | |
Accounts payable and other liabilities | 322,409 | 322,271 | |
Acquired lease intangible liabilities, less accumulated amortization of $180,082 and $172,293 at June 30, 2022 and December 31, 2021, respectively | 357,581 | 363,276 | |
Lease liabilities | 214,800 | 215,788 | |
Tenants' security, escrow deposits and prepaid rent | 63,510 | 62,352 | |
Total liabilities | 4,695,680 | 4,682,631 | |
Commitments and contingencies | |||
Equity : | |||
General partner; 171,173,103 and 171,213,008 units outstanding at June 30, 2022 and December 31, 2021, respectively | 6,122,645 | 6,047,598 | |
Limited partners; 741,433 and 760,046 units outstanding at June 30, 2022 and December 31, 2021, respectively | 34,611 | 35,447 | |
Accumulated other comprehensive income (loss) | 2,388 | (10,227) | |
Total partners' capital | 6,159,644 | 6,072,818 | |
Limited partners' interests in consolidated partnerships | 46,491 | 37,114 | |
Total capital | 6,206,135 | 6,109,932 | $ 6,058,147 |
Total liabilities and equity | $ 10,901,815 | $ 10,792,563 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted cash and cash equivalent | $ 3,128 | $ 1,930 |
Deferred costs accumulated amortization | 120,650 | 117,878 |
Accumulated amortization of acquired lease intangible assets | 325,131 | 312,186 |
Accumulated accretion of acquired lease intangible liabilities | $ 180,082 | $ 172,293 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 171,173,103 | 171,213,008 |
Treasury stock, shares held at cost | 456,225 | 427,901 |
Exchangeable operating partnership units aggregate redemption value | $ 43,974 | $ 56,844 |
Partnership Interest [Member] | ||
Restricted cash and cash equivalent | 3,128 | 1,930 |
Deferred costs accumulated amortization | 120,650 | 117,878 |
Accumulated amortization of acquired lease intangible assets | 325,131 | 312,186 |
Accumulated accretion of acquired lease intangible liabilities | $ 180,082 | $ 172,293 |
General partner units, outstanding | 171,173,103 | 171,213,008 |
Limited partner units, outstanding | 741,433 | 760,046 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Lease income | $ 292,864 | $ 276,730 | $ 586,509 | $ 543,087 |
Other property income | 2,720 | 3,074 | 5,824 | 5,027 |
Management, transaction, and other fees | 6,499 | 7,355 | 13,183 | 13,748 |
Total revenues | 302,083 | 287,159 | 605,516 | 561,862 |
Operating expenses: | ||||
Depreciation and amortization | 79,350 | 74,217 | 157,192 | 151,476 |
Operating and maintenance | 47,750 | 46,566 | 94,211 | 92,148 |
General and administrative | 17,645 | 19,187 | 36,437 | 40,474 |
Real estate taxes | 36,700 | 35,447 | 73,569 | 71,613 |
Other operating expenses | 617 | 1,177 | 2,790 | 1,875 |
Total operating expenses | 182,062 | 176,594 | 364,199 | 357,586 |
Other expense (income): | ||||
Interest expense, net | 36,699 | 35,812 | 73,437 | 72,748 |
Provision for impairment of real estate, net of tax | 135 | 135 | ||
Gain on sale of real estate, net of tax | (4,291) | (19,781) | (106,239) | (31,479) |
Net investment loss (income) | 5,468 | (1,998) | 7,962 | (3,484) |
Total other expense (income) | 37,876 | 14,168 | (24,840) | 37,920 |
Income from operations before equity in income of investments in real estate partnerships | 82,145 | 96,397 | 266,157 | 166,356 |
Equity in income of investments in real estate partnerships | 23,842 | 435 | 36,646 | 12,101 |
Net income | 105,987 | 96,832 | 302,803 | 178,457 |
Noncontrolling interests: | ||||
Exchangeable operating partnership units | (452) | (432) | (1,315) | (796) |
Limited partners' interests in consolidated partnerships | (739) | (910) | (1,464) | (1,515) |
Income attributable to noncontrolling interests | (1,191) | (1,342) | (2,779) | (2,311) |
Net income attributable to common stockholders | $ 104,796 | $ 95,490 | $ 300,024 | $ 176,146 |
Income per common share - basic | $ 0.61 | $ 0.56 | $ 1.75 | $ 1.04 |
Income per common share - diluted | $ 0.61 | $ 0.56 | $ 1.74 | $ 1.04 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Lease income | $ 292,864 | $ 276,730 | $ 586,509 | $ 543,087 |
Other property income | 2,720 | 3,074 | 5,824 | 5,027 |
Management, transaction, and other fees | 6,499 | 7,355 | 13,183 | 13,748 |
Total revenues | 302,083 | 287,159 | 605,516 | 561,862 |
Operating expenses: | ||||
Depreciation and amortization | 79,350 | 74,217 | 157,192 | 151,476 |
Operating and maintenance | 47,750 | 46,566 | 94,211 | 92,148 |
General and administrative | 17,645 | 19,187 | 36,437 | 40,474 |
Real estate taxes | 36,700 | 35,447 | 73,569 | 71,613 |
Other operating expenses | 617 | 1,177 | 2,790 | 1,875 |
Total operating expenses | 182,062 | 176,594 | 364,199 | 357,586 |
Other expense (income): | ||||
Interest expense, net | 36,699 | 35,812 | 73,437 | 72,748 |
Provision for impairment of real estate, net of tax | 135 | 135 | ||
Gain on sale of real estate, net of tax | (4,291) | (19,781) | (106,239) | (31,479) |
Net investment loss (income) | 5,468 | (1,998) | 7,962 | (3,484) |
Total other expense (income) | 37,876 | 14,168 | (24,840) | 37,920 |
Income from operations before equity in income of investments in real estate partnerships | 82,145 | 96,397 | 266,157 | 166,356 |
Equity in income of investments in real estate partnerships | 23,842 | 435 | 36,646 | 12,101 |
Net income | 105,987 | 96,832 | 302,803 | 178,457 |
Noncontrolling interests: | ||||
Limited partners' interests in consolidated partnerships | (739) | (910) | (1,464) | (1,515) |
Income attributable to noncontrolling interests | (739) | (910) | (1,464) | (1,515) |
Net income attributable to common unit holders | $ 105,248 | $ 95,922 | $ 301,339 | $ 176,942 |
Income per common share - basic | $ 0.61 | $ 0.56 | $ 1.75 | $ 1.04 |
Income per common share - diluted | $ 0.61 | $ 0.56 | $ 1.74 | $ 1.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 105,987 | $ 96,832 | $ 302,803 | $ 178,457 |
Other comprehensive income (loss) | ||||
Effective portion of change in fair value of derivative instruments | 4,436 | (2,302) | 13,404 | 3,508 |
Reclassification adjustment of derivative instruments included in net income | 481 | 1,034 | 1,491 | 2,069 |
Unrealized (loss) gain on available-for-sale debt securities | (223) | 71 | (977) | (214) |
Other comprehensive income (loss) | 4,694 | (1,197) | 13,918 | 5,363 |
Comprehensive income | 110,681 | 95,635 | 316,721 | 183,820 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 1,191 | 1,342 | 2,779 | 2,311 |
Other comprehensive income (loss) attributable to noncontrolling interests | 542 | (51) | 1,303 | 396 |
Comprehensive income attributable to noncontrolling interests | 1,733 | 1,291 | 4,082 | 2,707 |
Comprehensive income attributable to the Company | 108,948 | 94,344 | 312,639 | 181,113 |
Partnership Interest [Member] | ||||
Net income | 105,987 | 96,832 | 302,803 | 178,457 |
Other comprehensive income (loss) | ||||
Effective portion of change in fair value of derivative instruments | 4,436 | (2,302) | 13,404 | 3,508 |
Reclassification adjustment of derivative instruments included in net income | 481 | 1,034 | 1,491 | 2,069 |
Unrealized (loss) gain on available-for-sale debt securities | (223) | 71 | (977) | (214) |
Other comprehensive income (loss) | 4,694 | (1,197) | 13,918 | 5,363 |
Comprehensive income | 110,681 | 95,635 | 316,721 | 183,820 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 739 | 910 | 1,464 | 1,515 |
Other comprehensive income (loss) attributable to noncontrolling interests | 522 | (45) | 1,242 | 373 |
Comprehensive income attributable to noncontrolling interests | 1,261 | 865 | 2,706 | 1,888 |
Comprehensive income attributable to the Company | $ 109,420 | $ 94,770 | $ 314,015 | $ 181,932 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders Equity [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | Total Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2020 | $ 6,058,147 | $ 1,697 | $ (24,436) | $ 7,792,082 | $ (18,625) | $ (1,765,806) | $ 5,984,912 | $ 35,727 | $ 37,508 | $ 73,235 |
Net income | 178,457 | 176,146 | 176,146 | 796 | 1,515 | 2,311 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | 3,294 | 3,069 | 3,069 | 15 | 210 | 225 | ||||
Amounts reclassified from accumulated other comprehensive income | 2,069 | 1,898 | 1,898 | 8 | 163 | 171 | ||||
Deferred compensation plan, net | (1,451) | 1,451 | ||||||||
Restricted stock issued, net of amortization | 6,043 | 2 | 6,041 | 6,043 | ||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | (3,742) | (3,742) | (3,742) | |||||||
Common stock issued under dividend reinvestment plan | 768 | 768 | 768 | |||||||
Common stock issued for partnership units exchanged | 99 | 99 | (99) | (99) | ||||||
Distributions to partners | (1,989) | (1,989) | (1,989) | |||||||
Cash dividends declared - common stock/unit | (203,016) | (202,113) | (202,113) | (903) | (903) | |||||
Ending Balance at Jun. 30, 2021 | 6,040,031 | 1,699 | (25,887) | 7,796,699 | (13,658) | (1,791,773) | 5,967,080 | 35,544 | 37,407 | 72,951 |
Beginning Balance at Mar. 31, 2021 | 6,043,044 | 1,698 | (24,775) | 7,791,416 | (12,512) | (1,786,196) | 5,969,631 | 35,667 | 37,746 | 73,413 |
Net income | 96,832 | 95,490 | 95,490 | 432 | 910 | 1,342 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | (2,231) | (2,093) | (2,093) | (10) | (128) | (138) | ||||
Amounts reclassified from accumulated other comprehensive income | 1,034 | 947 | 947 | 4 | 83 | 87 | ||||
Deferred compensation plan, net | (1,112) | 1,112 | ||||||||
Restricted stock issued, net of amortization | 3,564 | 1 | 3,563 | 3,564 | ||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | 117 | 117 | 117 | |||||||
Common stock issued under dividend reinvestment plan | 392 | 392 | 392 | |||||||
Issuance of exchangeable operating partnership units | 99 | 99 | (99) | (99) | ||||||
Distributions to partners | (1,204) | (1,204) | (1,204) | |||||||
Cash dividends declared - common stock/unit | (101,517) | (101,067) | (101,067) | (450) | (450) | |||||
Ending Balance at Jun. 30, 2021 | 6,040,031 | 1,699 | (25,887) | 7,796,699 | (13,658) | (1,791,773) | 5,967,080 | 35,544 | 37,407 | 72,951 |
Beginning Balance at Dec. 31, 2021 | 6,109,932 | 1,712 | (22,758) | 7,883,458 | (10,227) | (1,814,814) | 6,037,371 | 35,447 | 37,114 | 72,561 |
Ending Balance at Mar. 31, 2022 | 6,205,692 | 1,714 | (23,831) | 7,882,764 | (1,764) | (1,726,556) | 6,132,327 | 35,876 | 37,489 | 73,365 |
Beginning Balance at Dec. 31, 2021 | 6,109,932 | 1,712 | (22,758) | 7,883,458 | (10,227) | (1,814,814) | 6,037,371 | 35,447 | 37,114 | 72,561 |
Net income | 302,803 | 300,024 | 300,024 | 1,315 | 1,464 | 2,779 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | 12,427 | 11,280 | 11,280 | 54 | 1,093 | 1,147 | ||||
Amounts reclassified from accumulated other comprehensive income | 1,491 | 1,335 | 1,335 | 7 | 149 | 156 | ||||
Deferred compensation plan, net | (1,124) | 1,124 | ||||||||
Restricted stock issued, net of amortization | 8,574 | 2 | 8,572 | 8,574 | ||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | (6,088) | (6,088) | (6,088) | |||||||
Common stock repurchased and retired | (75,419) | (13) | (75,406) | (75,419) | ||||||
Common stock issued under dividend reinvestment plan | 252 | 252 | 252 | |||||||
Common stock issued for partnership units exchanged | 1,275 | 1,275 | (1,275) | (1,275) | ||||||
Common stock issued, net of issuance costs | 61,284 | 10 | 61,274 | 61,284 | ||||||
Contributions from partners | 10,446 | 10,446 | 10,446 | |||||||
Distributions to partners | (3,775) | (3,775) | (3,775) | |||||||
Cash dividends declared - common stock/unit | (215,792) | (214,855) | (214,855) | (937) | (937) | |||||
Ending Balance at Jun. 30, 2022 | 6,206,135 | 1,711 | (23,882) | 7,874,461 | 2,388 | (1,729,645) | 6,125,033 | 34,611 | 46,491 | 81,102 |
Beginning Balance at Mar. 31, 2022 | 6,205,692 | 1,714 | (23,831) | 7,882,764 | (1,764) | (1,726,556) | 6,132,327 | 35,876 | 37,489 | 73,365 |
Net income | 105,987 | 104,796 | 104,796 | 452 | 739 | 1,191 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | 4,213 | 3,743 | 3,743 | 17 | 453 | 470 | ||||
Amounts reclassified from accumulated other comprehensive income | 481 | 409 | 409 | 3 | 69 | 72 | ||||
Deferred compensation plan, net | (51) | 51 | ||||||||
Restricted stock issued, net of amortization | 4,366 | 4,366 | 4,366 | |||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | 3 | 3 | 3 | |||||||
Common stock repurchased and retired | (75,419) | (13) | (75,406) | (75,419) | ||||||
Common stock issued under dividend reinvestment plan | 134 | 134 | 134 | |||||||
Common stock issued for partnership units exchanged | 1,275 | 1,275 | (1,275) | (1,275) | ||||||
Common stock issued, net of issuance costs | 61,284 | 10 | 61,274 | 61,284 | ||||||
Contributions from partners | 10,446 | 10,446 | 10,446 | |||||||
Distributions to partners | (2,705) | (2,705) | (2,705) | |||||||
Cash dividends declared - common stock/unit | (108,347) | (107,885) | (107,885) | (462) | (462) | |||||
Ending Balance at Jun. 30, 2022 | $ 6,206,135 | $ 1,711 | $ (23,882) | $ 7,874,461 | $ 2,388 | $ (1,729,645) | $ 6,125,033 | $ 34,611 | $ 46,491 | $ 81,102 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock/unit per share | $ 0.625 | $ 0.595 | $ 1.250 | $ 1.190 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||||
Net income | $ 105,987 | $ 96,832 | $ 302,803 | $ 178,457 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 157,192 | 151,476 | |||
Amortization of deferred loan costs and debt premiums | 2,821 | 3,479 | |||
(Accretion) and amortization of above and below market lease intangibles, net | (10,528) | (11,174) | |||
Stock-based compensation, net of capitalization | 8,501 | 5,894 | |||
Equity in income of investments in real estate partnerships | (23,842) | (435) | (36,646) | (12,101) | |
Gain on sale of real estate, net of tax | (106,239) | (31,479) | |||
Provision for impairment of real estate, net of tax | 135 | 135 | |||
Distribution of earnings from investments in real estate partnerships | 29,207 | 36,545 | |||
Settlement of derivative instruments | (2,472) | ||||
Deferred compensation expense | (7,007) | 2,856 | |||
Realized and unrealized (gain) loss on investments | 8,033 | (3,606) | |||
Changes in assets and liabilities: | |||||
Tenant and other receivables | (8,252) | 12,711 | |||
Deferred leasing costs | (4,263) | (4,884) | |||
Other assets | (8,353) | (8,490) | |||
Accounts payable and other liabilities | (172) | 7,168 | |||
Tenants' security, escrow deposits and prepaid rent | 660 | 772 | |||
Net cash provided by operating activities | 327,757 | 325,287 | |||
Cash flows from investing activities: | |||||
Acquisition of operating real estate, net of cash acquired of $2,256 in 2022 | (139,775) | 500 | |||
Real estate development and capital improvements | (99,470) | (72,735) | |||
Proceeds from sale of real estate | 136,421 | 107,577 | |||
Issuance of notes receivable | (20) | ||||
Investments in real estate partnerships | (11,549) | (21,382) | |||
Return of capital from investments in real estate partnerships | 48,473 | 58,699 | |||
Dividends on investment securities | 214 | 67 | |||
Acquisition of investment securities | (8,313) | (14,065) | |||
Proceeds from sale of investment securities | 8,737 | 14,393 | |||
Net cash (used in) provided by investing activities | (65,262) | 73,034 | |||
Cash flows from financing activities: | |||||
Net proceeds from common stock issuance | 61,284 | ||||
Repurchase of common shares in conjunction with equity award plans | (6,388) | (4,017) | |||
Common units repurchased through share repurchase program | (71,898) | ||||
Proceeds from sale of treasury stock | 64 | 96 | |||
Contributions from (distributions to) limited partners in consolidated partnerships, net | 1,234 | (1,989) | |||
Distributions to exchangeable operating partnership unit holders | (950) | (907) | |||
Dividends paid to common stockholders | (213,868) | (201,233) | |||
Proceeds from unsecured credit facilities | 75,000 | ||||
Repayment of unsecured credit facilities | (75,000) | (265,000) | |||
Repayment of notes payable | (3,962) | ||||
Scheduled principal payments | (5,728) | (5,678) | |||
Payment of loan costs | (82) | (7,468) | |||
Net cash used in financing activities | (236,332) | (490,158) | |||
Net increase (decrease) in cash and cash equivalents and restricted cash | 26,163 | (91,837) | |||
Cash and cash equivalents and restricted cash at beginning of the period | 95,027 | 378,450 | $ 378,450 | ||
Cash and cash equivalents and restricted cash at end of the period | 121,190 | 286,613 | 121,190 | 286,613 | 95,027 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest (net of capitalized interest of $796 and $849 in 2022 and 2021, respectively) | 70,876 | 70,112 | |||
Cash paid for income taxes, net of refunds | 370 | 314 | |||
Supplemental disclosure of non-cash transactions: | |||||
Common stock and exchangeable operating partnership dividends declared but not paid | 108,215 | 101,520 | |||
Acquisition of real estate previously held within investments in real estate partnerships | 17,179 | ||||
Mortgage loans assumed by Company with the acquisition of real estate | 22,779 | ||||
Common stock issued for partnership units exchanged | 1,275 | 99 | |||
Accrued common stock repurchase in Accounts payable and other liabilities | 3,521 | ||||
Change in accrued capital expenditures | 5,050 | 6,947 | |||
Common stock issued under dividend reinvestment plan | 134 | 392 | 252 | 768 | |
Stock-based compensation capitalized | 373 | 424 | |||
Contributions from limited partners in consolidated partnerships | 5,436 | ||||
Common stock issued for dividend reinvestment in trust | 555 | 552 | |||
Contribution of stock awards into trust | 2,022 | 1,416 | |||
Distribution of stock held in trust | 566 | 415 | |||
Change in fair value of securities | 1,236 | 272 | |||
Partnership Interest [Member] | |||||
Cash flows from operating activities: | |||||
Net income | 105,987 | 96,832 | 302,803 | 178,457 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 157,192 | 151,476 | |||
Amortization of deferred loan costs and debt premiums | 2,821 | 3,479 | |||
(Accretion) and amortization of above and below market lease intangibles, net | (10,528) | (11,174) | |||
Stock-based compensation, net of capitalization | 8,501 | 5,894 | |||
Equity in income of investments in real estate partnerships | (23,842) | (435) | (36,646) | (12,101) | |
Gain on sale of real estate, net of tax | (106,239) | (31,479) | |||
Provision for impairment of real estate, net of tax | 135 | 135 | |||
Distribution of earnings from investments in real estate partnerships | 29,207 | 36,545 | |||
Settlement of derivative instruments | (2,472) | ||||
Deferred compensation expense | (7,007) | 2,856 | |||
Realized and unrealized (gain) loss on investments | 8,033 | (3,606) | |||
Changes in assets and liabilities: | |||||
Tenant and other receivables | (8,252) | 12,711 | |||
Deferred leasing costs | (4,263) | (4,884) | |||
Other assets | (8,353) | (8,490) | |||
Accounts payable and other liabilities | (172) | 7,168 | |||
Tenants' security, escrow deposits and prepaid rent | 660 | 772 | |||
Net cash provided by operating activities | 327,757 | 325,287 | |||
Cash flows from investing activities: | |||||
Acquisition of operating real estate, net of cash acquired of $2,256 in 2022 | (139,775) | 500 | |||
Real estate development and capital improvements | (99,470) | (72,735) | |||
Proceeds from sale of real estate | 136,421 | 107,577 | |||
Issuance of notes receivable | (20) | ||||
Investments in real estate partnerships | (11,549) | (21,382) | |||
Return of capital from investments in real estate partnerships | 48,473 | 58,699 | |||
Dividends on investment securities | 214 | 67 | |||
Acquisition of investment securities | (8,313) | (14,065) | |||
Proceeds from sale of investment securities | 8,737 | 14,393 | |||
Net cash (used in) provided by investing activities | (65,262) | 73,034 | |||
Cash flows from financing activities: | |||||
Net proceeds from common stock issuance | 61,284 | ||||
Repurchase of common shares in conjunction with equity award plans | (6,388) | (4,017) | |||
Common units repurchased through share repurchase program | (71,898) | ||||
Proceeds from sale of treasury stock | 64 | 96 | |||
Contributions from (distributions to) limited partners in consolidated partnerships, net | 1,234 | (1,989) | |||
Dividends paid to common stockholders | (214,818) | (202,140) | |||
Proceeds from unsecured credit facilities | 75,000 | ||||
Repayment of unsecured credit facilities | (75,000) | (265,000) | |||
Repayment of notes payable | (3,962) | ||||
Scheduled principal payments | (5,728) | (5,678) | |||
Payment of loan costs | (82) | (7,468) | |||
Net cash used in financing activities | (236,332) | (490,158) | |||
Net increase (decrease) in cash and cash equivalents and restricted cash | 26,163 | (91,837) | |||
Cash and cash equivalents and restricted cash at beginning of the period | 95,027 | 378,450 | 378,450 | ||
Cash and cash equivalents and restricted cash at end of the period | $ 121,190 | $ 286,613 | 121,190 | 286,613 | $ 95,027 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest (net of capitalized interest of $796 and $849 in 2022 and 2021, respectively) | 70,876 | 70,112 | |||
Cash paid for income taxes, net of refunds | 370 | 314 | |||
Supplemental disclosure of non-cash transactions: | |||||
Common stock and exchangeable operating partnership dividends declared but not paid | 108,215 | 101,520 | |||
Acquisition of real estate previously held within investments in real estate partnerships | 17,179 | ||||
Mortgage loans assumed by Company with the acquisition of real estate | 22,779 | ||||
Common stock issued by Parent Company for partnership units exchanged | 1,275 | 99 | |||
Accrued common stock repurchase in Accounts payable and other liabilities | 3,521 | ||||
Change in accrued capital expenditures | 5,050 | 6,947 | |||
Common stock issued under dividend reinvestment plan | 252 | 768 | |||
Stock-based compensation capitalized | 373 | 424 | |||
Contributions from limited partners in consolidated partnerships | 5,436 | ||||
Common stock issued for dividend reinvestment in trust | 555 | 552 | |||
Contribution of stock awards into trust | 2,022 | 1,416 | |||
Distribution of stock held in trust | 566 | 415 | |||
Change in fair value of securities | $ 1,236 | $ 272 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Capitalized interest | $ 1,815 | $ 1,865 |
Cash Acquired from Acquisition | 3,061 | |
Partnership Interest [Member] | ||
Capitalized interest | $ 1,865 | $ 1,815 |
Consolidated Statement of Capit
Consolidated Statement of Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 105,987 | $ 96,832 | $ 302,803 | $ 178,457 |
Other comprehensive income (loss) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 481 | 1,034 | 1,491 | 2,069 |
Contributions from partners | 10,446 | 10,446 | ||
Distributions to partners | (2,705) | (1,204) | (3,775) | (1,989) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,366 | 3,564 | 8,574 | 6,043 |
Total Partners' Capital [Member] | ||||
Net income | 104,796 | 95,490 | 300,024 | 176,146 |
Other comprehensive income (loss) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 409 | 947 | 1,335 | 1,898 |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,366 | 3,564 | 8,574 | 6,043 |
Partnership Interest [Member] | ||||
Beginning Balance | 6,205,692 | 6,043,044 | 6,109,932 | 6,058,147 |
Net income | 105,987 | 96,832 | 302,803 | 178,457 |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss) before reclassification | 4,213 | (2,231) | 12,427 | 3,294 |
Amounts reclassified from accumulated other comprehensive income (loss) | 481 | 1,034 | 1,491 | 2,069 |
Contributions from partners | 10,446 | 10,446 | ||
Distributions to partners | (111,052) | (102,721) | (219,567) | (205,005) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,366 | 3,564 | 8,574 | 6,043 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (75,419) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions | 61,284 | 509 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 137 | (5,836) | (2,974) | |
Ending Balance | 6,206,135 | 6,040,031 | 6,206,135 | 6,040,031 |
Partnership Interest [Member] | Total Partners' Capital [Member] | ||||
Beginning Balance | 6,168,203 | 6,005,298 | 6,072,818 | 6,020,639 |
Net income | 105,248 | 95,922 | 301,339 | 176,942 |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss) before reclassification | 3,760 | (2,103) | 11,334 | 3,084 |
Amounts reclassified from accumulated other comprehensive income (loss) | 412 | 951 | 1,342 | 1,906 |
Distributions to partners | (108,347) | (101,517) | (215,792) | (203,016) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,366 | 3,564 | 8,574 | 6,043 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (75,419) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions | 61,284 | 509 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 137 | (5,836) | (2,974) | |
Ending Balance | 6,159,644 | 6,002,624 | 6,159,644 | 6,002,624 |
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | (1,764) | (12,512) | (10,227) | (18,625) |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss) before reclassification | 3,743 | (2,093) | 11,280 | 3,069 |
Amounts reclassified from accumulated other comprehensive income (loss) | 409 | 947 | 1,335 | 1,898 |
Ending Balance | 2,388 | (13,658) | 2,388 | (13,658) |
Partnership Interest [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | ||||
Beginning Balance | 37,489 | 37,746 | 37,114 | 37,508 |
Net income | 739 | 910 | 1,464 | 1,515 |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss) before reclassification | 453 | (128) | 1,093 | 210 |
Amounts reclassified from accumulated other comprehensive income (loss) | 69 | 83 | 149 | 163 |
Contributions from partners | 10,446 | 10,446 | ||
Distributions to partners | (2,705) | (1,204) | (3,775) | (1,989) |
Ending Balance | 46,491 | 37,407 | 46,491 | 37,407 |
Partnership Interest [Member] | General Partner Preferred and Common Units [Member] | ||||
Beginning Balance | 6,134,091 | 5,982,143 | 6,047,598 | 6,003,537 |
Net income | 104,796 | 95,490 | 300,024 | 176,146 |
Other comprehensive income (loss) | ||||
Distributions to partners | (107,885) | (101,067) | (214,855) | (202,113) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,366 | 3,564 | 8,574 | 6,043 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (75,419) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs / redemptions | 61,284 | 509 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 137 | (5,836) | (2,974) | |
Common units exchanged for common stock of Parent Company | 1,275 | 99 | 1,275 | 99 |
Ending Balance | 6,122,645 | 5,980,738 | 6,122,645 | 5,980,738 |
Partnership Interest [Member] | Limited Partner [Member] | ||||
Beginning Balance | 35,876 | 35,667 | 35,447 | 35,727 |
Net income | 452 | 432 | 1,315 | 796 |
Other comprehensive income (loss) | ||||
Other comprehensive income (loss) before reclassification | 17 | (10) | 54 | 15 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3 | 4 | 7 | 8 |
Distributions to partners | (462) | (450) | (937) | (903) |
Common units exchanged for common stock of Parent Company | (1,275) | (99) | (1,275) | (99) |
Ending Balance | $ 34,611 | $ 35,544 | $ 34,611 | $ 35,544 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. O rganization and Significant Accounting Policies General Regency Centers Corporation (the "Parent Company") began its operations as a Real Estate Investment Trust ("REIT") in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, and development and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of June 30, 2022, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 308 properties and held partial interests in an additional 96 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. Risks and Uncertainties The success of the Company's tenants in operating their businesses and their ability to pay rent continue to be significantly influenced by many challenges including the impact of inflation, labor shortages, and supply chain constraints on their cost of doing business. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States. The policies utilized to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting tenants' businesses and/or decreasing future demand for space in shopping centers. The potential impact of current economic challenges on the Company’s financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership's capital includes general and limited common Partnership Units. As of June 30, 2022, the Parent Company owned approximately 99.6 % of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships As of June 30, 2022, Regency had a partial ownership interest in 108 properties through partnerships, of which 12 are consolidated into the Company's financial statements. Regency's partners include institutional investors and other real estate developers and/or operators (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners’ interests as Noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) June 30, 2022 December 31, 2021 Assets Net real estate investments $ 112,260 379,075 Cash, cash equivalents and restricted cash 2,486 5,202 Liabilities Notes payable 4,924 5,000 Equity Limited partners' interests in consolidated partnerships 27,534 27,950 Revenues and Other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended June 30, Six months ended June 30, (in thousands) Timing of satisfaction of performance obligations 2022 2021 2022 2021 Management, transaction and other fees: Property management services Over time 3,310 3,753 $ 6,928 7,524 Asset management services Over time 1,669 1,719 3,425 3,434 Leasing services Point in time 1,171 1,336 2,167 2,187 Other transaction fees Point in time 349 547 663 603 Total management, transaction, and other fees $ 6,499 7,355 $ 13,183 13,748 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 15.3 million and $ 13.2 million , as of June 30, 2022 and December 31, 2021 , respectively. Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840. January 2022 The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may. |
Real Estate Investments
Real Estate Investments | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments The following table details the shopping centers acquired or land acquired for development during the six months ended June 30, 2022. There were no such purchases during the six months ended June 30, 2021. (in thousands) Six months ended June 30, 2022 Date Purchased Property Name City/State Property Type Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 3/1/2022 Glenwood Green Old Bridge, NJ Development 70 % 11,000 — — — 3/31/2022 Island Village Bainbridge Island, WA Operating 100 % 30,650 — 2,900 6,839 4/1/2022 Apple Valley (2) Apple Valley, MN Operating 100 % 34,070 — 4,773 490 4/1/2022 Cedar Commons (2) Minneapolis, MN Operating 100 % 29,330 — 4,369 58 4/1/2022 Corral Hollow (2) Tracy, CA Operating 100 % 40,600 — 3,410 74 4/1/2022 Shops at the Columbia (2) Washington, DC Operating 100 % 14,000 — 889 181 5/6/2022 Baederwood Shoppes Jenkintown, PA Operating 80 % 51,603 22,779 5,796 1,062 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 6/24/2022 Baybrook East 1B Houston, TX Development 50 % 5,540 — — — Total property acquisitions $ 269,173 44,853 26,473 9,518 (1) Amounts reflected for purchase price and allocation are reflected at 100 %. (2) These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest. The basis allocated to Real estate assets was $ 93.2 million on a combined basis, including the Company's carry over basis related to its 25 % previously owned equity investment in the partnership. |
Property Dispositions
Property Dispositions | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | 3. Property Dispositions The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended June 30, Six months ended June 30, (in thousands, except number sold data) 2022 2021 2022 2021 Net proceeds from sale of real estate investments $ 11,497 53,718 $ 136,421 107,577 Gain on sale of real estate, net of tax 4,291 19,781 106,239 31,479 Provision for impairment of real estate sold — 135 — 135 Number of operating properties sold — 2 1 6 Number of land parcels and development project interests sold 2 — 3 1 Percent interest sold 100 % 100 % 100 % 100 % At June 30, 2022, the Company al so had one land parcel classified within Properties held for sale on the Co nsolidated Balance Sheets. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Other Assets | 4. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) June 30, 2022 December 31, 2021 Goodwill, net $ 167,095 167,095 Investments 55,185 65,112 Prepaid and other 29,967 21,332 Deferred financing costs, net 6,302 7,448 Furniture, fixtures, and equipment, net 6,101 5,444 Derivative assets 3,950 — Total other assets $ 268,600 266,431 |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | 5. Notes Payable and Unsecured Credit Facilities The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Weighted Weighted June 30, 2022 December 31, 2021 Notes payable: Fixed rate mortgage loans 4.0 % 3.5 % $ 353,635 359,414 Variable rate mortgage loans (1) 3.3 % 3.6 % 137,563 115,539 Fixed rate unsecured debt 3.8 % 4.0 % 3,246,182 3,243,991 Total notes payable 3,737,380 3,718,944 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.0 % 2.3 % — — Total debt outstanding $ 3,737,380 3,718,944 (1) Five of these six variable rate loans, representing $ 132.6 million of debt, have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 4.1 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) June 30, 2022 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2022 (2) $ 5,660 5,848 — 11,508 2023 9,695 59,376 — 69,071 2024 4,849 90,742 250,000 345,591 2025 3,732 45,000 250,000 298,732 2026 3,922 112,365 200,000 316,287 Beyond 5 Years 6,661 138,234 2,575,000 2,719,895 Unamortized debt premium/(discount) and issuance costs — 5,114 ( 28,818 ) ( 23,704 ) Total $ 34,519 456,679 3,246,182 3,737,380 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. The Company was in compliance as of June 30, 2022 , with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 6. Derivative Financial Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with quality credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to mitigate its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Receive Pay June 30, 2022 December 31, 2021 4/7/16 4/1/23 $ 18,835 1 Month LIBOR 1.303 % $ 236 ( 175 ) 12/1/16 11/1/23 31,450 1 Month LIBOR 1.490 % 686 ( 412 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542 % 910 ( 364 ) 6/2/17 6/2/27 35,733 1 Month LIBOR with Floor 2.366 % 956 ( 1,907 ) 12/20/19 (2) 12/19/26 24,365 1 Month LIBOR 1.750 % 1,162 — $ 3,950 ( 2,858 ) (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . (2) The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022. These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of June 30, 2022, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Income (Loss) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended June 30, Three months ended June 30, Three months ended June 30, (in thousands) 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 4,436 ( 2,302 ) Interest expense $ 481 1,034 Interest expense, net $ 36,699 35,812 Six months ended June 30, Six months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 13,404 3,508 Interest expense $ 1,491 2,069 Interest expense, net $ 73,437 72,748 As of June 30, 2022, the Company expects approximately $ 2.1 million of accumulated comprehensive income on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 7. Leases All of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance ("Recoverable Costs"). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property. (ii) Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease income Fixed and in-substance fixed lease income $ 211,838 197,234 $ 419,340 393,288 Variable lease income 67,890 68,661 139,916 132,728 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,613 6,007 11,302 12,003 Uncollectible straight-line rent 2,623 ( 1,792 ) 4,905 ( 3,827 ) Uncollectible amounts billable in lease income 4,900 6,620 11,046 8,895 Total lease income $ 292,864 276,730 $ 586,509 543,087 Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases in which collectibility is considered probable. At lease commencement, the Company generally expects that collectibility of substantially all payments due under the lease is probable due to the Company's credit checks on tenants and other credit analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined no longer to be probable of collection. Should collectibility of Lease income become probable again, through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes and all commencement-to-date straight-line rent is recognized in that period. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company's historical collection experience. The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) June 30, 2022 December 31, 2021 Tenant receivables $ 21,135 $ 27,354 Straight-line rent receivables 115,427 103,942 Other receivables (1) 23,081 21,795 Total tenant and other receivables $ 159,643 $ 153,091 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: June 30, 2022 December 31, 2021 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,737,380 3,525,203 3,718,944 4,103,533 The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of June 30, 2022, and December 31, 2021, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment loss (income) in the accompanying Consolidated Statements of Operations, and include unrealized losses of $ 5.5 million and unrealized gains of $ 1.4 million during the three months ended June 30, 2022 and 2021, respectively, and unrealized losses of $ 8.5 million and unrealized gains of $ 1.8 million during the six months ended June 30, 2022 and 2021, respectively, on equity securities. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 40,746 40,746 — — Available-for-sale debt securities 14,439 — 14,439 — Interest rate derivatives 3,950 — 3,950 — Total $ 59,135 40,746 18,389 — Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 49,513 49,513 — — Available-for-sale debt securities 15,599 — 15,599 — Interest rate derivatives — — — — Total $ 65,112 49,513 15,599 — Liabilities: Interest rate derivatives $ ( 2,858 ) — ( 2,858 ) — The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis: Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 140,500 — — 140,500 ( 84,277 ) During the year ended December 31, 2021 , the Company revalued two shopping centers to estimated fair value due to a change in expected hold period using a discounted cash flow model with a discount rate of 7.2 % and a terminal capitalization rate of 5.25 %. |
Equity and Capital
Equity and Capital | 6 Months Ended |
Jun. 30, 2022 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital Common Stock of the Parent Company Dividends Declared On August 2, 2022 , our Board of Directors declared a common stock dividend of $ 0.625 per share, payable on October 4, 2022 , to shareholders of record as of September 15, 2022 . At the Market ("ATM") Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $ 500 million of common stock at prices determined by the market at the time of sale. During 2021, the Company entered into forward sale agreements under its ATM program to issue shares of its common stock at a weighted average offering price of $ 64.59 before any underwriting discount and offering expenses. In April 2022, the Company settled 984,618 shares subject to forward sales agreements and received proceeds of approximately $ 61.3 million, after approxim ately $ 3.3 million in underwriting discounts and offering expenses. The proceeds were used to fund acquisitions. All shares are now settled under the forward sales agreements. As of June 30, 2022, $ 350.4 million of common stock remained available for issuance under this ATM equity program. Share Repurchase Program On February 3, 2021, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases or in privately negotiated transactions (referred to as the "Authorized Repurchase Program"). Any shares purchased, if not retired, will be treated as treasury shares. Under the current authorization, the Authorized Repurchase Program is set to expire on February 3, 2023 , but may be modified or terminated at any time at the discretion of the Board. The timing and actual number of shares purchased under the Authorized Repurchase Program depend upon marketplace conditions, liquidity needs, and other factors. No shares had been repurchased under the Authorized Repurchase Program prior to or during the three months ended March 31, 2022. During the three months ended June 30, 2022, the Company executed multiple trades to repurchase 1,294,201 common shares under the Authorized Repurchase Program for a total of $ 75.4 million at a weighted average price of $ 58.25 per share. Due to the trade plus two business day settlement requirements, the June 30, 2022 trades representing 59,784 of these common shares repurchased for $ 3.5 million, did not settle until July 5, 2022 and remained in the Company's outstanding shares as of June 30, 2022. All repurchased shares were retired on the respective settlement dates. Common Units of the Operating Partnership Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above. During the six months ended June 30, 2022 , 18,613 Partnership Units were converted to Parent Company common stock. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the six months ended June 30, 2022 , the Company granted 272,003 shares of restricted stock with a weighted-average grant-date fair value of $ 72.88 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and records forfeitures as they occur. |
Earnings per Share and Unit
Earnings per Share and Unit | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 11. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Income attributable to common stockholders - basic $ 104,796 95,490 $ 300,024 176,146 Income attributable to common stockholders - diluted $ 104,796 95,490 $ 300,024 176,146 Denominator: Weighted average common shares outstanding for basic EPS 172,064 169,854 171,692 169,812 Weighted average common shares outstanding for diluted EPS 172,424 170,172 172,036 170,065 Income per common share – basic $ 0.61 0.56 $ 1.75 1.04 Income per common share – diluted $ 0.61 0.56 $ 1.74 1.04 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding were 741,433 and 762,793 for the three months ended June 30, 2022 and 2021, respectively, and were 755,393 and 763,907 for the six months ended June 30, 2022 and 2021, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Income attributable to common unit holders - basic $ 105,248 95,922 $ 301,339 176,942 Income attributable to common unit holders - diluted $ 105,248 95,922 $ 301,339 176,942 Denominator: Weighted average common units outstanding for basic EPU 172,805 170,617 172,448 170,576 Weighted average common units outstanding for diluted EPU 173,165 170,935 172,791 170,828 Income per common unit – basic $ 0.61 0.56 $ 1.75 1.04 Income per common unit – diluted $ 0.61 0.56 $ 1.74 1.04 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters, and is subject to other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. Environmental The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land use. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; 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; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. As of June 30, 2022 and December 31, 2021, the Company had $ 9.4 million in let ters of credit outstanding. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership's capital includes general and limited common Partnership Units. As of June 30, 2022, the Parent Company owned approximately 99.6 % of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. |
Risks and Uncertainties | Risks and Uncertainties The success of the Company's tenants in operating their businesses and their ability to pay rent continue to be significantly influenced by many challenges including the impact of inflation, labor shortages, and supply chain constraints on their cost of doing business. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States. The policies utilized to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting tenants' businesses and/or decreasing future demand for space in shopping centers. The potential impact of current economic challenges on the Company’s financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. |
Real Estate Partnerships | Real Estate Partnerships As of June 30, 2022, Regency had a partial ownership interest in 108 properties through partnerships, of which 12 are consolidated into the Company's financial statements. Regency's partners include institutional investors and other real estate developers and/or operators (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners’ interests as Noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) June 30, 2022 December 31, 2021 Assets Net real estate investments $ 112,260 379,075 Cash, cash equivalents and restricted cash 2,486 5,202 Liabilities Notes payable 4,924 5,000 Equity Limited partners' interests in consolidated partnerships 27,534 27,950 |
Revenues and Other Receivables | Revenues and Other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended June 30, Six months ended June 30, (in thousands) Timing of satisfaction of performance obligations 2022 2021 2022 2021 Management, transaction and other fees: Property management services Over time 3,310 3,753 $ 6,928 7,524 Asset management services Over time 1,669 1,719 3,425 3,434 Leasing services Point in time 1,171 1,336 2,167 2,187 Other transaction fees Point in time 349 547 663 603 Total management, transaction, and other fees $ 6,499 7,355 $ 13,183 13,748 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 15.3 million and $ 13.2 million , as of June 30, 2022 and December 31, 2021 , respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840. January 2022 The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) June 30, 2022 December 31, 2021 Assets Net real estate investments $ 112,260 379,075 Cash, cash equivalents and restricted cash 2,486 5,202 Liabilities Notes payable 4,924 5,000 Equity Limited partners' interests in consolidated partnerships 27,534 27,950 |
Revenues and Other Receivables | Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended June 30, Six months ended June 30, (in thousands) Timing of satisfaction of performance obligations 2022 2021 2022 2021 Management, transaction and other fees: Property management services Over time 3,310 3,753 $ 6,928 7,524 Asset management services Over time 1,669 1,719 3,425 3,434 Leasing services Point in time 1,171 1,336 2,167 2,187 Other transaction fees Point in time 349 547 663 603 Total management, transaction, and other fees $ 6,499 7,355 $ 13,183 13,748 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments The amendments in this update affect lessor lease classification. Lessors should classify and account for a lease as an operating lease if both of the following criteria are met: (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. This update results in similar treatment under the current Topic 842 as under the previous Topic 840. January 2022 The adoption of this standard did not have a material impact to the Company's financial condition, results of operations, cash flows or related footnote disclosures as the Company's customary lease terms do not result in sales-type or direct financing classification, although future leases may. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions | The following table details the shopping centers acquired or land acquired for development during the six months ended June 30, 2022. There were no such purchases during the six months ended June 30, 2021. (in thousands) Six months ended June 30, 2022 Date Purchased Property Name City/State Property Type Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 3/1/2022 Glenwood Green Old Bridge, NJ Development 70 % 11,000 — — — 3/31/2022 Island Village Bainbridge Island, WA Operating 100 % 30,650 — 2,900 6,839 4/1/2022 Apple Valley (2) Apple Valley, MN Operating 100 % 34,070 — 4,773 490 4/1/2022 Cedar Commons (2) Minneapolis, MN Operating 100 % 29,330 — 4,369 58 4/1/2022 Corral Hollow (2) Tracy, CA Operating 100 % 40,600 — 3,410 74 4/1/2022 Shops at the Columbia (2) Washington, DC Operating 100 % 14,000 — 889 181 5/6/2022 Baederwood Shoppes Jenkintown, PA Operating 80 % 51,603 22,779 5,796 1,062 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 6/24/2022 Baybrook East 1B Houston, TX Development 50 % 5,540 — — — Total property acquisitions $ 269,173 44,853 26,473 9,518 (1) Amounts reflected for purchase price and allocation are reflected at 100 %. (2) These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest. The basis allocated to Real estate assets was $ 93.2 million on a combined basis, including the Company's carry over basis related to its 25 % previously owned equity investment in the partnership. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended June 30, Six months ended June 30, (in thousands, except number sold data) 2022 2021 2022 2021 Net proceeds from sale of real estate investments $ 11,497 53,718 $ 136,421 107,577 Gain on sale of real estate, net of tax 4,291 19,781 106,239 31,479 Provision for impairment of real estate sold — 135 — 135 Number of operating properties sold — 2 1 6 Number of land parcels and development project interests sold 2 — 3 1 Percent interest sold 100 % 100 % 100 % 100 % |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) June 30, 2022 December 31, 2021 Goodwill, net $ 167,095 167,095 Investments 55,185 65,112 Prepaid and other 29,967 21,332 Deferred financing costs, net 6,302 7,448 Furniture, fixtures, and equipment, net 6,101 5,444 Derivative assets 3,950 — Total other assets $ 268,600 266,431 |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs | The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Weighted Weighted June 30, 2022 December 31, 2021 Notes payable: Fixed rate mortgage loans 4.0 % 3.5 % $ 353,635 359,414 Variable rate mortgage loans (1) 3.3 % 3.6 % 137,563 115,539 Fixed rate unsecured debt 3.8 % 4.0 % 3,246,182 3,243,991 Total notes payable 3,737,380 3,718,944 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.0 % 2.3 % — — Total debt outstanding $ 3,737,380 3,718,944 (1) Five of these six variable rate loans, representing $ 132.6 million of debt, have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 4.1 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. |
Schedule of maturities of long-term debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) June 30, 2022 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2022 (2) $ 5,660 5,848 — 11,508 2023 9,695 59,376 — 69,071 2024 4,849 90,742 250,000 345,591 2025 3,732 45,000 250,000 298,732 2026 3,922 112,365 200,000 316,287 Beyond 5 Years 6,661 138,234 2,575,000 2,719,895 Unamortized debt premium/(discount) and issuance costs — 5,114 ( 28,818 ) ( 23,704 ) Total $ 34,519 456,679 3,246,182 3,737,380 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Receive Pay June 30, 2022 December 31, 2021 4/7/16 4/1/23 $ 18,835 1 Month LIBOR 1.303 % $ 236 ( 175 ) 12/1/16 11/1/23 31,450 1 Month LIBOR 1.490 % 686 ( 412 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542 % 910 ( 364 ) 6/2/17 6/2/27 35,733 1 Month LIBOR with Floor 2.366 % 956 ( 1,907 ) 12/20/19 (2) 12/19/26 24,365 1 Month LIBOR 1.750 % 1,162 — $ 3,950 ( 2,858 ) (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . (2) The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022. |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended June 30, Three months ended June 30, Three months ended June 30, (in thousands) 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 4,436 ( 2,302 ) Interest expense $ 481 1,034 Interest expense, net $ 36,699 35,812 Six months ended June 30, Six months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 2022 2021 Interest rate swaps $ 13,404 3,508 Interest expense $ 1,491 2,069 Interest expense, net $ 73,437 72,748 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease income Fixed and in-substance fixed lease income $ 211,838 197,234 $ 419,340 393,288 Variable lease income 67,890 68,661 139,916 132,728 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,613 6,007 11,302 12,003 Uncollectible straight-line rent 2,623 ( 1,792 ) 4,905 ( 3,827 ) Uncollectible amounts billable in lease income 4,900 6,620 11,046 8,895 Total lease income $ 292,864 276,730 $ 586,509 543,087 |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) June 30, 2022 December 31, 2021 Tenant receivables $ 21,135 $ 27,354 Straight-line rent receivables 115,427 103,942 Other receivables (1) 23,081 21,795 Total tenant and other receivables $ 159,643 $ 153,091 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of balance sheet fair values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: June 30, 2022 December 31, 2021 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,737,380 3,525,203 3,718,944 4,103,533 |
Summary of assets measured on recurring basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 40,746 40,746 — — Available-for-sale debt securities 14,439 — 14,439 — Interest rate derivatives 3,950 — 3,950 — Total $ 59,135 40,746 18,389 — Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 49,513 49,513 — — Available-for-sale debt securities 15,599 — 15,599 — Interest rate derivatives — — — — Total $ 65,112 49,513 15,599 — Liabilities: Interest rate derivatives $ ( 2,858 ) — ( 2,858 ) — |
Summary of assets measured on non-recurring basis | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis: Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 140,500 — — 140,500 ( 84,277 ) |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Income attributable to common stockholders - basic $ 104,796 95,490 $ 300,024 176,146 Income attributable to common stockholders - diluted $ 104,796 95,490 $ 300,024 176,146 Denominator: Weighted average common shares outstanding for basic EPS 172,064 169,854 171,692 169,812 Weighted average common shares outstanding for diluted EPS 172,424 170,172 172,036 170,065 Income per common share – basic $ 0.61 0.56 $ 1.75 1.04 Income per common share – diluted $ 0.61 0.56 $ 1.74 1.04 |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Income attributable to common unit holders - basic $ 105,248 95,922 $ 301,339 176,942 Income attributable to common unit holders - diluted $ 105,248 95,922 $ 301,339 176,942 Denominator: Weighted average common units outstanding for basic EPU 172,805 170,617 172,448 170,576 Weighted average common units outstanding for diluted EPU 173,165 170,935 172,791 170,828 Income per common unit – basic $ 0.61 0.56 $ 1.75 1.04 Income per common unit – diluted $ 0.61 0.56 $ 1.74 1.04 |
Organization and Significant _4
Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) RetailShoppingCenter | Dec. 31, 2021 USD ($) | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Unsecured public and private notes | $ | $ 200,000 | |
Tenant and other receivables | $ | 159,643 | $ 153,091 |
Management, transaction, and other fee [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Tenant and other receivables | $ | $ 15,300 | $ 13,200 |
Operating Partnership [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ownership percentage of outstanding common partnership units | 99.60% | |
Wholly Owned Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of real estate properties | 308 | |
Partially Owned Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of real estate properties | 108 | |
Consolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of real estate properties | 12 | |
Unconsolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of real estate properties | 96 |
Organization and Significant _5
Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 10,901,815 | $ 10,792,563 |
Variable interest entity, consolidated, carrying amount, liabilities | 4,695,680 | 4,682,631 |
Noncontrolling interest in variable interest entity | 27,534 | 27,950 |
Variable Interest Entity, Primary Beneficiary [Member] | Notes Payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 4,924 | 5,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Net Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 112,260 | 379,075 |
Variable Interest Entity, Primary Beneficiary [Member] | Cash, Cash Equivalents, and Restricted Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 2,486 | $ 5,202 |
Organization and Significant _6
Organization and Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | $ 6,499 | $ 7,355 | $ 13,183 | $ 13,748 |
Property management services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 3,310 | 3,753 | $ 6,928 | 7,524 |
Timing of satisfaction of performance obligations | Over time | |||
Asset management services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 1,669 | 1,719 | $ 3,425 | 3,434 |
Timing of satisfaction of performance obligations | Over time | |||
Leasing services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 1,171 | 1,336 | $ 2,167 | 2,187 |
Timing of satisfaction of performance obligations | Point in time | |||
Other transaction fees [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | $ 349 | $ 547 | $ 663 | $ 603 |
Timing of satisfaction of performance obligations | Point in time |
Organization and Significant _7
Organization and Significant Accounting Policies - Schedule of Recently Adopted Accounting Pronouncements (Details) - ASU 2021-05 [Member] | Jun. 30, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Business Acquisitions (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 269,173 | [1] |
Debt Assumed, Net of Discounts | 44,853 | [1] |
Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 26,473 | [1] |
Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 9,518 | [1] |
Glenwood Green [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 01, 2022 | |
Property Name | Glenwood Green | |
City/State | Old Bridge, NJ | |
Ownership | 70% | |
Purchase Price | $ 11,000 | [1] |
Island Village [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 31, 2022 | |
Property Name | Island Village | |
City/State | Bainbridge Island, WA | |
Ownership | 100% | |
Purchase Price | $ 30,650 | [1] |
Island Village [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 2,900 | [1] |
Island Village [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 6,839 | [1] |
Apple Valley [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | [2] |
Property Name | Apple Valley | [2] |
City/State | Apple Valley, MN | [2] |
Ownership | 100% | [2] |
Purchase Price | $ 34,070 | [1],[2] |
Apple Valley [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,773 | [1],[2] |
Apple Valley [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 490 | [1],[2] |
Cedar Commons [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | [2] |
Property Name | Cedar Commons | [2] |
City/State | Minneapolis, MN | [2] |
Ownership | 100% | [2] |
Purchase Price | $ 29,330 | [1],[2] |
Cedar Commons [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,369 | [1],[2] |
Cedar Commons [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 58 | [1],[2] |
Corral Hollow [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | [2] |
Property Name | Corral Hollow | [2] |
City/State | Tracy, CA | [2] |
Ownership | 100% | [2] |
Purchase Price | $ 40,600 | [1],[2] |
Corral Hollow [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,410 | [1],[2] |
Corral Hollow [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 74 | [1],[2] |
Shops at The Columbia [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | [2] |
Property Name | Shops at the Columbia | [2] |
City/State | Washington, DC | [2] |
Ownership | 100% | [2] |
Purchase Price | $ 14,000 | [1],[2] |
Shops at The Columbia [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 889 | [1],[2] |
Shops at The Columbia [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 181 | [1],[2] |
Baederwood Shoppes [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | May 06, 2022 | |
Property Name | Baederwood Shoppes | |
City/State | Jenkintown, PA | |
Ownership | 80% | |
Purchase Price | $ 51,603 | [1] |
Debt Assumed, Net of Discounts | 22,779 | [1] |
Baederwood Shoppes [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 5,796 | [1] |
Baederwood Shoppes [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,062 | [1] |
Naperville Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 25, 2022 | |
Property Name | Naperville Plaza | |
City/State | Naperville, IL | |
Ownership | 20% | |
Purchase Price | $ 52,380 | [1] |
Debt Assumed, Net of Discounts | 22,074 | [1] |
Naperville Plaza [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,336 | [1] |
Naperville Plaza [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 814 | [1] |
Baybrook East 1B [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jun. 24, 2022 | |
Property Name | Baybrook East 1B | |
City/State | Houston, TX | |
Ownership | 50% | |
Purchase Price | $ 5,540 | [1] |
[1] Amounts reflected for purchase price and allocation are reflected at 100 %. These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest. The basis allocated to Real estate assets was $ 93.2 million on a combined basis, including the Company's carry over basis related to its 25 % previously owned equity investment in the partnership. |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Business Acquisitions (Parenthetical) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Percentage of purchase price and allocation | 100% |
Percentage of purchase price of property | 25% |
RegCal, LLC [Member] | |
Business Acquisition [Line Items] | |
Business acquisition gross purchase price | $ 93.2 |
Percentage of equity interest acquired | 25% |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Property | Jun. 30, 2021 USD ($) Property | Jun. 30, 2022 USD ($) Property | Jun. 30, 2021 USD ($) Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net proceeds from sale of real estate investments | $ | $ 11,497 | $ 53,718 | $ 136,421 | $ 107,577 |
Gain on sale of real estate, net of tax | $ | $ 4,291 | 19,781 | $ 106,239 | 31,479 |
Provision for impairment of real estate sold | $ | $ 135 | $ 135 | ||
Land Parcel [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold classified as held for sale | Property | 1 | 1 | ||
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 100% | 100% | 100% | 100% |
Operating Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties sold | Property | 2 | 1 | 6 | |
Land Parcels and Development Project Interests [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties sold | Property | 2 | 3 | 1 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Goodwill, net | $ 167,095 | $ 167,095 |
Investments | 55,185 | 65,112 |
Prepaid and other | 29,967 | 21,332 |
Deferred financing costs, net | 6,302 | 7,448 |
Furniture, fixtures, and equipment, net | 6,101 | 5,444 |
Derivative assets | 3,950 | |
Total other assets | $ 268,600 | $ 266,431 |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 167,095 |
Goodwill, Ending balance | $ 167,095 |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,737,380 | $ 3,718,944 | |
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | 4% | ||
Debt, Weighted Average Effective Interest Rate | 3.50% | ||
Long-term Debt | $ 353,635 | 359,414 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | 3.80% | ||
Debt, Weighted Average Effective Interest Rate | 4% | ||
Long-term Debt | $ 3,246,182 | 3,243,991 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,737,380 | 3,718,944 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [1] | 2% | |
Debt, Weighted Average Effective Interest Rate | [1] | 2.30% | |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [2] | 3.30% | |
Debt, Weighted Average Effective Interest Rate | [2] | 3.60% | |
Long-term Debt | [2] | $ 137,563 | $ 115,539 |
[1] Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. Five of these six variable rate loans, representing $ 132.6 million of debt, have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 4.1 %. |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,737,380 | $ 3,718,944 | |
Variable Rate Mortgage Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | 137,563 | $ 115,539 |
Variable Rate Mortgage Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 132,600 | ||
Variable Rate Mortgage Loans [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective fixed interest rate | 2.50% | ||
Variable Rate Mortgage Loans [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective fixed interest rate | 4.10% | ||
[1] Five of these six variable rate loans, representing $ 132.6 million of debt, have interest rate swaps in place to mitigate the interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 4.1 %. |
Notes Payable and Unsecured C_5
Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
2022 | [1] | $ 11,508 | |
2023 | 69,071 | ||
2024 | 345,591 | ||
2025 | 298,732 | ||
2026 | 316,287 | ||
Beyond 5 Years | 2,719,895 | ||
Unamortized debt premium/(discount) and issuance costs | (23,704) | ||
Total | 3,737,380 | $ 3,718,944 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total | 3,246,182 | $ 3,243,991 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2022 | [1] | 5,660 | |
2023 | 9,695 | ||
2024 | 4,849 | ||
2025 | 3,732 | ||
2026 | 3,922 | ||
Beyond 5 Years | 6,661 | ||
Total | 34,519 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2022 | [1] | 5,848 | |
2023 | 59,376 | ||
2024 | 90,742 | ||
2025 | 45,000 | ||
2026 | 112,365 | ||
Beyond 5 Years | 138,234 | ||
Unamortized debt premium/(discount) and issuance costs | 5,114 | ||
Total | 456,679 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [2] | 250,000 | |
2025 | [2] | 250,000 | |
2026 | [2] | 200,000 | |
Beyond 5 Years | [2] | 2,575,000 | |
Unamortized debt premium/(discount) and issuance costs | [2] | (28,818) | |
Total | [2] | $ 3,246,182 | |
[1] Reflects scheduled principal payments for the remainder of the year. Includes unsecured public and private debt and unsecured credit facilities. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 4,436 | $ (2,302) | $ 13,404 | $ 3,508 | ||
Amount reclassified from accumulated other comprehensive loss | 481 | 1,034 | 1,491 | 2,069 | ||
Interest Expense | 36,699 | $ 35,812 | 73,437 | $ 72,748 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,100 | |||||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Assets (Liabilities) | [1] | 3,950 | $ 3,950 | $ (2,858) | ||
Derivative @ 1.303% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Apr. 07, 2016 | |||||
Derivative, Maturity Date | Apr. 01, 2023 | |||||
Derivative, Notional Amount | $ 18,835 | $ 18,835 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 1.303% | 1.303% | ||||
Assets (Liabilities) | [1] | $ 236 | $ 236 | (175) | ||
Derivative @ 1.490% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Dec. 01, 2016 | |||||
Derivative, Maturity Date | Nov. 01, 2023 | |||||
Derivative, Notional Amount | $ 31,450 | $ 31,450 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 1.49% | 1.49% | ||||
Assets (Liabilities) | [1] | $ 686 | $ 686 | (412) | ||
Derivative @ 1.542% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Sep. 17, 2019 | |||||
Derivative, Maturity Date | Mar. 17, 2025 | |||||
Derivative, Notional Amount | $ 24,000 | $ 24,000 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 1.542% | 1.542% | ||||
Assets (Liabilities) | [1] | $ 910 | $ 910 | (364) | ||
Derivative @ 2.366% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Jun. 02, 2017 | |||||
Derivative, Maturity Date | Jun. 02, 2027 | |||||
Derivative, Notional Amount | $ 35,733 | $ 35,733 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | |||||
Derivative, Fixed Interest Rate | 2.366% | 2.366% | ||||
Assets (Liabilities) | [1] | $ 956 | $ 956 | $ (1,907) | ||
Derivative @ 1.750% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Dec. 20, 2019 | ||||
Derivative, Maturity Date | Dec. 19, 2026 | |||||
Derivative, Notional Amount | $ 24,365 | $ 24,365 | ||||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | |||||
Derivative, Fixed Interest Rate | 1.75% | 1.75% | ||||
Assets (Liabilities) | [1] | $ 1,162 | $ 1,162 | |||
[1] Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities The Company assumed this interest rate swap which hedges debt also assumed with the purchase of Baederwood Shoppes in May 2022. |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Operating Leased Assets [Line Items] | ||||||
Fixed and in-substance fixed lease income | $ 211,838 | $ 197,234 | $ 419,340 | $ 393,288 | ||
Variable lease income | 67,890 | 68,661 | 139,916 | 132,728 | ||
Uncollectible straight-line rent | 2,623 | (1,792) | 4,905 | (3,827) | ||
Uncollectible amounts billable in lease income | 4,900 | 6,620 | 11,046 | 8,895 | ||
Total lease income | 292,864 | 276,730 | 586,509 | 543,087 | ||
Accounts and Notes Receivable, Net | 159,643 | 159,643 | $ 153,091 | |||
Straight-line rent receivables | 115,427 | 103,942 | ||||
Tenant Receivables [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | 21,135 | 21,135 | 27,354 | |||
Other Receivable [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | [1] | 23,081 | 23,081 | $ 21,795 | ||
Lessor [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Above/below market rent and tenant rent inducement amortization, net | $ 5,613 | $ 6,007 | $ 11,302 | $ 12,003 | ||
[1] Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable | $ 3,737,380 | $ 3,737,380 | $ 3,718,944 | ||
Unrealized (losses) and gains on equity securities | (5,500) | $ 1,400 | (8,500) | $ 1,800 | |
Impairment of Real Estate | $ (135) | $ (135) | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities | 40,746 | 40,746 | 49,513 | ||
Available-for-sale debt securities | 14,439 | 14,439 | 15,599 | ||
Interest rate derivatives | 3,950 | 3,950 | |||
Total | 59,135 | 59,135 | 65,112 | ||
Interest rate derivatives | (2,858) | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Operating properties | 140,500 | ||||
Impairment of Real Estate | (84,277) | ||||
Fair Value Inputs Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable, Fair Value | 3,525,203 | 3,525,203 | 4,103,533 | ||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 14,439 | 14,439 | 15,599 | ||
Interest rate derivatives | 3,950 | 3,950 | |||
Total | 18,389 | 18,389 | 15,599 | ||
Interest rate derivatives | (2,858) | ||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities | 40,746 | 40,746 | 49,513 | ||
Total | $ 40,746 | $ 40,746 | $ 49,513 | ||
Fair Value, Inputs, Level 3 [Member] | Discount Rate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Alternative Investment Rate | 0.072 | ||||
Fair Value, Inputs, Level 3 [Member] | Terminal Capitalization Rate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Alternative Investment Rate | 0.0525 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Operating properties | $ 140,500 |
Equity and Capital - Additional
Equity and Capital - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Aug. 02, 2022 | Jul. 05, 2022 | Feb. 03, 2021 | Apr. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||
Common stock dividend declared, per share | $ 0.625 | $ 0.595 | $ 1.250 | $ 1.190 | ||||||
Net proceeds from common stock issuance | $ 61,284,000 | |||||||||
Common stock remaining available for Issuance | 350,400,000 | 350,400,000 | ||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | |||||||||
Stock repurchase program expiration date | Feb. 03, 2023 | |||||||||
Stock repurchased and retired during period, value | $ (75,419,000) | $ (75,419,000) | ||||||||
Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock dividend declared, per share | $ 0.625 | |||||||||
Common stock, dividends payable date | Oct. 04, 2022 | |||||||||
Common stock, dividends record date | Sep. 15, 2022 | |||||||||
Common stock, dividends declared date | Aug. 02, 2022 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of exchangeable operating partnership, units | 18,613 | |||||||||
Common Stock [Member] | AOCI Attributable to Parent [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchased and retired during period, shares | 1,294,201 | |||||||||
Stock repurchased and retired during period, value | $ 75,400,000 | $ 0 | ||||||||
Shares repurchased weighted average price per share | $ 58.25 | |||||||||
Common Stock [Member] | AOCI Attributable to Parent [Member] | Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchased and retired during period, shares | 59,784 | |||||||||
Stock repurchased and retired during period, value | $ 3,500,000 | |||||||||
ATM Equity Offering Program [Member] | Forward Equity Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares issuable | 984,618 | |||||||||
Sale of stock, average offering price | $ 64.59 | |||||||||
Underwriting discount and offering expense | $ 3,300,000 | |||||||||
Net proceeds from common stock issuance | $ 61,300,000 | |||||||||
Maximum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Equity issuances, common shares authorized for issuance | 500,000,000 | 500,000,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 272,003 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 72.88 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share Basic [Line Items] | ||||
Income per common share - basic | $ 0.61 | $ 0.56 | $ 1.75 | $ 1.04 |
Income per common share - diluted | $ 0.61 | $ 0.56 | $ 1.74 | $ 1.04 |
Weighted Average Limited Partnership Units Outstanding, Basic | 741,433 | 762,793 | 755,393 | 763,907 |
Continuing Operations [Member] | Parent Company [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders/unit holders - basic | $ 104,796 | $ 95,490 | $ 300,024 | $ 176,146 |
Income attributable to common stockholders/unit holders - diluted | $ 104,796 | $ 95,490 | $ 300,024 | $ 176,146 |
Weighted average common shares/units outstanding for basic EPS/EPU | 172,064,000 | 169,854,000 | 171,692,000 | 169,812,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 172,424,000 | 170,172,000 | 172,036,000 | 170,065,000 |
Income per common share - basic | $ 0.61 | $ 0.56 | $ 1.75 | $ 1.04 |
Income per common share - diluted | $ 0.61 | $ 0.56 | $ 1.74 | $ 1.04 |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders/unit holders - basic | $ 105,248 | $ 95,922 | $ 301,339 | $ 176,942 |
Income attributable to common stockholders/unit holders - diluted | $ 105,248 | $ 95,922 | $ 301,339 | $ 176,942 |
Weighted average common shares/units outstanding for basic EPS/EPU | 172,805,000 | 170,617,000 | 172,448,000 | 170,576,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 173,165,000 | 170,935,000 | 172,791,000 | 170,828,000 |
Income per common share - basic | $ 0.61 | $ 0.56 | $ 1.75 | $ 1.04 |
Income per common share - diluted | $ 0.61 | $ 0.56 | $ 1.74 | $ 1.04 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 9.4 | $ 9.4 |