Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | 170,978,967 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Net real estate investments: | ||
Real estate assets, at cost | $ 11,886,697 | $ 11,858,064 |
Less: accumulated depreciation | 2,484,960 | 2,415,860 |
Real estate assets, net | 9,401,737 | 9,442,204 |
Investments in real estate partnerships | 346,390 | 350,377 |
Net real estate investments | 9,748,127 | 9,792,581 |
Cash, cash equivalents, and restricted cash, including $2,955 and $2,310 of restricted cash at March 31, 2023 and December 31, 2022, respectively | 68,143 | 68,776 |
Tenant and other receivables | 181,579 | 188,863 |
Deferred leasing costs, less accumulated amortization of $118,766 and $117,137 at March 31, 2023 and December 31,2022, respectively | 68,567 | 68,945 |
Acquired lease intangible assets, less accumulated amortization of $344,460 and $338,053 at March 31, 2023 and December 31, 2022 respectively | 188,636 | 197,745 |
Right of use assets, net | 273,702 | 275,513 |
Other assets | 276,926 | 267,797 |
Total assets | 10,805,680 | 10,860,220 |
Liabilities: | ||
Notes payable | 3,711,784 | 3,726,754 |
Unsecured credit facility | 30,000 | |
Accounts payable and other liabilities | 289,297 | 317,259 |
Acquired lease intangible liabilities, less accumulated amortization of $199,840 and $193,315 at March 31, 2023 and December 31, 2022, respectively | 346,939 | 354,204 |
Lease liabilities | 212,582 | 213,722 |
Tenants' security, escrow deposits and prepaid rent | 75,643 | 70,242 |
Total liabilities | 4,666,245 | 4,682,181 |
Commitments and contingencies | ||
Shareholders' equity/Partners' capital: | ||
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 170,958,422 and 171,124,593 shares issued at March 31, 2023 and December 31, 2022, respectively | 1,710 | 1,711 |
Treasury stock at cost, 483,782 and 465,415 shares held at March 31, 2023 and December 31, 2022, respectively | (25,699) | (24,461) |
Additional paid-in-capital | 7,856,426 | 7,877,152 |
Accumulated other comprehensive income | 3,927 | 7,560 |
Distributions in excess of net income | (1,779,043) | (1,764,977) |
Total shareholders' equity | 6,057,321 | 6,096,985 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $45,361 and $46,340 at March 31, 2023 and December 31, 2022, respectively | 34,411 | 34,489 |
Limited partners' interests in consolidated partnerships | 47,703 | 46,565 |
Total noncontrolling interests | 82,114 | 81,054 |
Total equity | 6,139,435 | 6,178,039 |
Total liabilities and equity | 10,805,680 | 10,860,220 |
Partnership Interest [Member] | ||
Net real estate investments: | ||
Real estate assets, at cost | 11,886,697 | 11,858,064 |
Less: accumulated depreciation | 2,484,960 | 2,415,860 |
Real estate assets, net | 9,401,737 | 9,442,204 |
Investments in real estate partnerships | 346,390 | 350,377 |
Net real estate investments | 9,748,127 | 9,792,581 |
Cash, cash equivalents, and restricted cash, including $2,955 and $2,310 of restricted cash at March 31, 2023 and December 31, 2022, respectively | 68,143 | 68,776 |
Tenant and other receivables | 181,579 | 188,863 |
Deferred leasing costs, less accumulated amortization of $118,766 and $117,137 at March 31, 2023 and December 31,2022, respectively | 68,567 | 68,945 |
Acquired lease intangible assets, less accumulated amortization of $344,460 and $338,053 at March 31, 2023 and December 31, 2022 respectively | 188,636 | 197,745 |
Right of use assets, net | 273,702 | 275,513 |
Other assets | 276,926 | 267,797 |
Total assets | 10,805,680 | 10,860,220 |
Liabilities: | ||
Notes payable | 3,711,784 | 3,726,754 |
Unsecured credit facility | 30,000 | |
Accounts payable and other liabilities | 289,297 | 317,259 |
Acquired lease intangible liabilities, less accumulated amortization of $199,840 and $193,315 at March 31, 2023 and December 31, 2022, respectively | 346,939 | 354,204 |
Lease liabilities | 212,582 | 213,722 |
Tenants' security, escrow deposits and prepaid rent | 75,643 | 70,242 |
Total liabilities | 4,666,245 | 4,682,181 |
Commitments and contingencies | ||
Shareholders' equity/Partners' capital: | ||
General partner; 170,958,422 and 171,124,593 units outstanding at March 31, 2023 and December 31, 2022, respectively | 6,053,394 | 6,089,425 |
Limited partners; 741,433 units outstanding at March 31, 2023 and December 31, 2022 | 34,411 | 34,489 |
Accumulated other comprehensive income | 3,927 | 7,560 |
Total partners' capital | 6,091,732 | 6,131,474 |
Noncontrolling interests: | ||
Limited partners' interests in consolidated partnerships | 47,703 | 46,565 |
Total capital | 6,139,435 | 6,178,039 |
Total liabilities and equity | $ 10,805,680 | $ 10,860,220 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Restricted cash and cash equivalent | $ 2,955 | $ 2,310 |
Deferred costs accumulated amortization | 118,766 | 117,137 |
Accumulated amortization of acquired lease intangible assets | 344,460 | 338,053 |
Accumulated accretion of acquired lease intangible liabilities | $ 199,840 | $ 193,315 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 170,958,422 | 171,124,593 |
Treasury stock, shares held at cost | 483,782 | 465,415 |
Exchangeable operating partnership units aggregate redemption value | $ 45,361 | $ 46,340 |
Partnership Interest [Member] | ||
Restricted cash and cash equivalent | 2,955 | 2,310 |
Deferred costs accumulated amortization | 118,766 | 117,137 |
Accumulated amortization of acquired lease intangible assets | 344,460 | 338,053 |
Accumulated accretion of acquired lease intangible liabilities | $ 199,840 | $ 193,315 |
General partner units, outstanding | 170,958,422 | 171,124,593 |
Limited partner units, outstanding | 741,433 | 741,433 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Lease income | $ 308,801 | $ 293,645 |
Other property income | 3,138 | 3,104 |
Management, transaction, and other fees | 6,038 | 6,684 |
Total revenues | 317,977 | 303,433 |
Operating expenses: | ||
Depreciation and amortization | 82,707 | 77,842 |
Property operating expense | 51,022 | 46,461 |
Real estate taxes | 38,477 | 36,869 |
General and administrative | 25,280 | 18,792 |
Other operating (income) expenses | (497) | 2,173 |
Total operating expenses | 196,989 | 182,137 |
Other expense (income): | ||
Interest expense, net | 36,393 | 36,738 |
Gain on sale of real estate, net of tax | (250) | (101,948) |
Net investment (income) loss | (1,727) | 2,494 |
Total other expense (income) | 34,416 | (62,716) |
Income from operations before equity in income of investments in real estate partnerships | 86,572 | 184,012 |
Equity in income of investments in real estate partnerships | 11,916 | 12,804 |
Net income | 98,488 | 196,816 |
Noncontrolling interests: | ||
Exchangeable operating partnership units | (420) | (863) |
Limited partners' interests in consolidated partnerships | (787) | (725) |
Income attributable to noncontrolling interests | (1,207) | (1,588) |
Net income attributable to common shareholders | $ 97,281 | $ 195,228 |
Income per common share - basic | $ 0.57 | $ 1.14 |
Income per common share - diluted | $ 0.57 | $ 1.14 |
Partnership Interest [Member] | ||
Revenues: | ||
Lease income | $ 308,801 | $ 293,645 |
Other property income | 3,138 | 3,104 |
Management, transaction, and other fees | 6,038 | 6,684 |
Total revenues | 317,977 | 303,433 |
Operating expenses: | ||
Depreciation and amortization | 82,707 | 77,842 |
Property operating expense | 51,022 | 46,461 |
Real estate taxes | 38,477 | 36,869 |
General and administrative | 25,280 | 18,792 |
Other operating (income) expenses | (497) | 2,173 |
Total operating expenses | 196,989 | 182,137 |
Other expense (income): | ||
Interest expense, net | 36,393 | 36,738 |
Gain on sale of real estate, net of tax | (250) | (101,948) |
Net investment (income) loss | (1,727) | 2,494 |
Total other expense (income) | 34,416 | (62,716) |
Income from operations before equity in income of investments in real estate partnerships | 86,572 | 184,012 |
Equity in income of investments in real estate partnerships | 11,916 | 12,804 |
Net income | 98,488 | 196,816 |
Noncontrolling interests: | ||
Limited partners' interests in consolidated partnerships | (787) | (725) |
Income attributable to noncontrolling interests | (787) | (725) |
Net income attributable to common unit holders | $ 97,701 | $ 196,091 |
Income per common share - basic | $ 0.57 | $ 1.14 |
Income per common share - diluted | $ 0.57 | $ 1.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 98,488 | $ 196,816 |
Other comprehensive income: | ||
Effective portion of change in fair value of derivative instruments | (2,736) | 8,968 |
Reclassification adjustment of derivative instruments included in net income | (1,492) | 1,010 |
Unrealized gain (loss) on available-for-sale debt securities | 192 | (754) |
Other comprehensive (loss) income | (4,036) | 9,224 |
Comprehensive income | 94,452 | 206,040 |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 1,207 | 1,588 |
Other comprehensive (loss) income attributable to noncontrolling interests | (403) | 761 |
Comprehensive income attributable to noncontrolling interests | 804 | 2,349 |
Comprehensive income attributable to the Company | 93,648 | 203,691 |
Partnership Interest [Member] | ||
Net income | 98,488 | 196,816 |
Other comprehensive income: | ||
Effective portion of change in fair value of derivative instruments | (2,736) | 8,968 |
Reclassification adjustment of derivative instruments included in net income | (1,492) | 1,010 |
Unrealized gain (loss) on available-for-sale debt securities | 192 | (754) |
Other comprehensive (loss) income | (4,036) | 9,224 |
Comprehensive income | 94,452 | 206,040 |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 787 | 725 |
Other comprehensive (loss) income attributable to noncontrolling interests | (387) | 720 |
Comprehensive income attributable to noncontrolling interests | 400 | 1,445 |
Comprehensive income attributable to the Company | $ 94,052 | $ 204,595 |
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 Shareholder's 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, 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 | 196,816 | 195,228 | 195,228 | 863 | 725 | 1,588 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | 8,214 | 7,537 | 7,537 | 37 | 640 | 677 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,010 | 926 | 926 | 4 | 80 | 84 | ||||
Deferred compensation plan, net | (1,073) | 1,073 | ||||||||
Restricted stock issued, net of amortization | 4,208 | 2 | 4,206 | 4,208 | ||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | (6,091) | (6,091) | (6,091) | |||||||
Common stock issued under dividend reinvestment plan | 118 | 118 | 118 | |||||||
Distributions to partners | (1,070) | (1,070) | (1,070) | |||||||
Cash dividends declared - common stock/unit | (107,445) | (106,970) | (106,970) | (475) | (475) | |||||
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, 2022 | 6,178,039 | 1,711 | (24,461) | 7,877,152 | 7,560 | (1,764,977) | 6,096,985 | 34,489 | 46,565 | 81,054 |
Net income | 98,488 | 97,281 | 97,281 | 420 | 787 | 1,207 | ||||
Other comprehensive income (loss) | ||||||||||
Other comprehensive income (loss) before reclassification | (2,544) | (2,316) | (2,316) | (11) | (217) | (228) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,492) | (1,317) | (1,317) | (5) | (170) | (175) | ||||
Deferred compensation plan, net | (1,238) | 1,238 | ||||||||
Restricted stock issued, net of amortization | 4,819 | 2 | 4,817 | 4,819 | ||||||
Common stock issued repurchased for taxes withheld for stock based compensation, net | (6,920) | (6,920) | (6,920) | |||||||
Common stock repurchased and retired | (20,006) | (3) | (20,003) | (20,006) | ||||||
Common stock issued under dividend reinvestment plan | 142 | 142 | 142 | |||||||
Contributions from partners | 1,777 | 1,777 | 1,777 | |||||||
Distributions to partners | (1,039) | (1,039) | (1,039) | |||||||
Cash dividends declared - common stock/unit | (111,829) | (111,347) | (111,347) | (482) | (482) | |||||
Ending Balance at Mar. 31, 2023 | $ 6,139,435 | $ 1,710 | $ (25,699) | $ 7,856,426 | $ 3,927 | $ (1,779,043) | $ 6,057,321 | $ 34,411 | $ 47,703 | $ 82,114 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock/unit per share | $ 0.650 | $ 0.625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 98,488 | $ 196,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,707 | 77,842 |
Amortization of deferred loan costs and debt premiums | 1,490 | 1,379 |
(Accretion) and amortization of above and below market lease intangibles, net | (5,478) | (5,302) |
Stock-based compensation, net of capitalization | 4,810 | 4,164 |
Equity in income of investments in real estate partnerships | (11,916) | (12,804) |
Gain on sale of real estate, net of tax | (250) | (101,948) |
Distribution of earnings from investments in real estate partnerships | 14,524 | 16,736 |
Deferred compensation expense (income) | 1,448 | (2,256) |
Realized and unrealized (gain) loss on investments | (1,674) | 2,533 |
Changes in assets and liabilities: | ||
Tenant and other receivables | 6,710 | 3,396 |
Deferred leasing costs | (672) | (2,014) |
Other assets | (12,631) | (4,724) |
Accounts payable and other liabilities | (20,858) | (29,387) |
Tenants' security, escrow deposits and prepaid rent | 5,401 | (1,539) |
Net cash provided by operating activities | 162,099 | 142,892 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (30,166) | |
Real estate development and capital improvements | (44,569) | (53,605) |
Proceeds from sale of real estate and FF&E | 3,603 | 124,924 |
Investments in real estate partnerships | (604) | (7,173) |
Return of capital from investments in real estate partnerships | 23,892 | |
Dividends on investment securities | 187 | 109 |
Acquisition of investment securities | (2,171) | (5,554) |
Proceeds from sale of investment securities | 4,504 | 5,927 |
Net cash (used in) provided by investing activities | (39,050) | 58,354 |
Cash flows from financing activities: | ||
Repurchase of common shares in conjunction with equity award plans | (7,066) | (6,246) |
Common shares repurchased through share repurchase program | (20,006) | |
Proceeds from sale of treasury stock | 2 | 63 |
Contributions from (distributions to) limited partners in consolidated partnerships, net | 738 | (1,070) |
Distributions to exchangeable operating partnership unit holders | (482) | (475) |
Dividends paid to common stockholders | (111,085) | (106,887) |
Proceeds from unsecured credit facilities | 115,000 | 40,000 |
Repayment of unsecured credit facilities | (85,000) | (40,000) |
Proceeds from notes payable | 15,500 | |
Repayment of notes payable | (28,306) | |
Scheduled principal payments | (2,836) | (2,846) |
Payment of loan costs | (141) | (82) |
Net cash used in financing activities | (123,682) | (117,543) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (633) | 83,703 |
Cash and cash equivalents and restricted cash at beginning of the period | 68,776 | 95,027 |
Cash and cash equivalents and restricted cash at end of the period | 68,143 | 178,730 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $1,250 and $796 in 2023 and 2022, respectively) | 44,107 | 44,317 |
Cash paid for income taxes, net of refunds | 112 | 165 |
Supplemental disclosure of non-cash transactions: | ||
Common stock and exchangeable operating partnership dividends declared but not paid | 111,829 | 107,445 |
Change in accrued capital expenditures | 10,596 | 11,603 |
Common stock issued under dividend reinvestment plan | 142 | 118 |
Stock-based compensation capitalized | 155 | 199 |
Common stock issued for dividend reinvestment in trust | 303 | 267 |
Contribution of stock awards into trust | 1,201 | 1,177 |
Distribution of stock held in trust | 265 | 329 |
Change in fair value of securities | 243 | 754 |
Partnership Interest [Member] | ||
Cash flows from operating activities: | ||
Net income | 98,488 | 196,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,707 | 77,842 |
Amortization of deferred loan costs and debt premiums | 1,490 | 1,379 |
(Accretion) and amortization of above and below market lease intangibles, net | (5,478) | (5,302) |
Stock-based compensation, net of capitalization | 4,810 | 4,164 |
Equity in income of investments in real estate partnerships | (11,916) | (12,804) |
Gain on sale of real estate, net of tax | (250) | (101,948) |
Distribution of earnings from investments in real estate partnerships | 14,524 | 16,736 |
Deferred compensation expense (income) | 1,448 | (2,256) |
Realized and unrealized (gain) loss on investments | (1,674) | 2,533 |
Changes in assets and liabilities: | ||
Tenant and other receivables | 6,710 | 3,396 |
Deferred leasing costs | (672) | (2,014) |
Other assets | (12,631) | (4,724) |
Accounts payable and other liabilities | (20,858) | (29,387) |
Tenants' security, escrow deposits and prepaid rent | 5,401 | (1,539) |
Net cash provided by operating activities | 162,099 | 142,892 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (30,166) | |
Real estate development and capital improvements | (44,569) | (53,605) |
Proceeds from sale of real estate and FF&E | 3,603 | 124,924 |
Investments in real estate partnerships | (604) | (7,173) |
Return of capital from investments in real estate partnerships | 23,892 | |
Dividends on investment securities | 187 | 109 |
Acquisition of investment securities | (2,171) | (5,554) |
Proceeds from sale of investment securities | 4,504 | 5,927 |
Net cash (used in) provided by investing activities | (39,050) | 58,354 |
Cash flows from financing activities: | ||
Repurchase of common shares in conjunction with equity award plans | (7,066) | (6,246) |
Common shares repurchased through share repurchase program | (20,006) | |
Proceeds from sale of treasury stock | 2 | 63 |
Contributions from (distributions to) limited partners in consolidated partnerships, net | 738 | (1,070) |
Dividends paid to common stockholders | (111,567) | (107,362) |
Proceeds from unsecured credit facilities | 115,000 | 40,000 |
Repayment of unsecured credit facilities | (85,000) | (40,000) |
Proceeds from notes payable | 15,500 | |
Repayment of notes payable | (28,306) | |
Scheduled principal payments | (2,836) | (2,846) |
Payment of loan costs | (141) | (82) |
Net cash used in financing activities | (123,682) | (117,543) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (633) | 83,703 |
Cash and cash equivalents and restricted cash at beginning of the period | 68,776 | 95,027 |
Cash and cash equivalents and restricted cash at end of the period | 68,143 | 178,730 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $1,250 and $796 in 2023 and 2022, respectively) | 44,107 | 44,317 |
Cash paid for income taxes, net of refunds | 112 | 165 |
Supplemental disclosure of non-cash transactions: | ||
Common stock and exchangeable operating partnership dividends declared but not paid | 111,829 | 107,445 |
Change in accrued capital expenditures | 10,596 | 11,603 |
Common stock issued under dividend reinvestment plan | 142 | 118 |
Stock-based compensation capitalized | 155 | 199 |
Common stock issued for dividend reinvestment in trust | 303 | 267 |
Contribution of stock awards into trust | 1,201 | 1,177 |
Distribution of stock held in trust | 265 | 329 |
Change in fair value of securities | $ 243 | $ 754 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Capitalized interest | $ 1,250 | $ 796 |
Partnership Interest [Member] | ||
Capitalized interest | $ 1,250 | $ 796 |
Consolidated Statement of Capit
Consolidated Statement of Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 98,488 | $ 196,816 |
Other comprehensive income (loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,492) | 1,010 |
Contributions from partners | 1,777 | |
Distributions to partners | (1,039) | (1,070) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,819 | 4,208 |
Total Partners' Capital [Member] | ||
Net income | 97,281 | 195,228 |
Other comprehensive income (loss) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,317) | 926 |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,819 | 4,208 |
Partnership Interest [Member] | ||
Beginning Balance | 6,178,039 | 6,109,932 |
Net income | 98,488 | 196,816 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | (2,544) | 8,214 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,492) | 1,010 |
Contributions from partners | 1,777 | |
Distributions to partners | (112,868) | (108,515) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,819 | 4,208 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (6,778) | (5,973) |
Ending Balance | 6,139,435 | 6,205,692 |
Partnership Interest [Member] | Total Partners' Capital [Member] | ||
Beginning Balance | 6,131,474 | 6,072,818 |
Net income | 97,701 | 196,091 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | (2,327) | 7,574 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,322) | 930 |
Distributions to partners | (111,829) | (107,445) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,819 | 4,208 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (6,778) | (5,973) |
Ending Balance | 6,091,732 | 6,168,203 |
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance | 7,560 | (10,227) |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | (2,316) | 7,537 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,317) | 926 |
Ending Balance | 3,927 | (1,764) |
Partnership Interest [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | ||
Beginning Balance | 46,565 | 37,114 |
Net income | 787 | 725 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | (217) | 640 |
Amounts reclassified from accumulated other comprehensive income (loss) | (170) | 80 |
Contributions from partners | 1,777 | |
Distributions to partners | (1,039) | (1,070) |
Ending Balance | 47,703 | 37,489 |
Partnership Interest [Member] | General Partner Preferred and Common Units [Member] | ||
Beginning Balance | 6,089,425 | 6,047,598 |
Net income | 97,281 | 195,228 |
Other comprehensive income (loss) | ||
Distributions to partners | (111,347) | (106,970) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 4,819 | 4,208 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (6,778) | (5,973) |
Ending Balance | 6,053,394 | 6,134,091 |
Partnership Interest [Member] | Limited Partner [Member] | ||
Beginning Balance | 34,489 | 35,447 |
Net income | 420 | 863 |
Other comprehensive income (loss) | ||
Other comprehensive income (loss) before reclassification | (11) | 37 |
Amounts reclassified from accumulated other comprehensive income (loss) | (5) | 4 |
Distributions to partners | (482) | (475) |
Ending Balance | $ 34,411 | $ 35,876 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 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, 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 March 31, 2023, 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 corresponding ability to pay rent continue to be significantly influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, supply chain constraints, increasing energy prices and interest rates, and access to credit. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States of America ("U.S.", "USA" or "United States"). The policies implemented by the U.S. government 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 consumer spending, 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 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 March 31, 2023, 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 (i.e. registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company 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 March 31, 2023, Regency had a partial ownership interest in 107 properties through partnerships, of which 11 are consolidated. 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) March 31, 2023 December 31, 2022 Assets Net real estate investments $ 106,916 107,725 Cash, cash equivalents and restricted cash 2,487 2,420 Liabilities Notes payable 3,695 4,188 Equity Limited partners' interests in consolidated partnerships 24,337 24,364 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. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,458 3,618 Asset management services Over time 1,629 1,755 Leasing services Point in time 718 996 Other transaction fees Point in time 233 315 Total management, transaction, and other fees $ 6,038 6,684 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 16.8 million and $ 16.4 million , as of March 31, 2023 and December 31, 2022 , 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 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments The Company had no acquisitions of shopping centers or land for development during the three months ended March 31, 2023, as compared to those detailed in the table below for the three months ended March 31, 2022: (in thousands) Three months ended March 31, 2022 Date Purchased Property Name City/State Property Regency 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 Total consolidated $ 41,650 — 2,900 6,839 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 Total unconsolidated $ 52,380 22,074 4,336 814 Total property acquisitions $ 94,030 22,074 7,236 7,653 (1) Amounts reflected for purchase price and allocation are reflected at 100 %. |
Property Dispositions
Property Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (in thousands, except number sold data) 2023 2022 Net proceeds from sale of real estate investments $ 2,923 124,924 Gain on sale of real estate, net of tax 250 101,948 Number of operating properties sold — 1 Number of land parcels sold 1 1 Percent interest sold 100 % 100 % |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 December 31, 2022 Goodwill $ 167,062 167,062 Investments 53,967 54,581 Prepaid and other 41,363 28,615 Furniture, fixtures, and equipment, net ("FF&E") 5,044 5,808 Derivative assets 4,907 6,575 Deferred financing costs, net 4,583 5,156 Total other assets $ 276,926 267,797 |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 Notes payable: Fixed rate mortgage loans 3.9 % 3.4 % $ 330,047 342,135 Variable rate mortgage loans (1) 3.8 % 3.9 % 132,269 136,246 Fixed rate unsecured debt 3.8 % 4.0 % 3,249,468 3,248,373 Total notes payable 3,711,784 3,726,754 Unsecured credit facilities: $ 1.25 Billion Line of Credit (the "Line") (2) 5.8 % 6.2 % 30,000 — Total debt outstanding $ 3,741,784 3,726,754 (1) Five of these six variable rate loans, representing $ 130.1 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 6.0 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2023 (2) $ 6,765 31,843 — 38,608 2024 5,044 90,742 250,000 345,786 2025 3,942 43,750 280,000 327,692 2026 4,127 127,096 200,000 331,223 2027 3,788 137,915 525,000 666,703 Beyond 5 Years 2,873 322 2,050,000 2,053,195 Unamortized debt premium/(discount) and issuance costs — 4,109 ( 25,532 ) ( 21,423 ) Total $ 26,539 435,777 3,279,468 3,741,784 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. The Company was in compliance as of March 31, 2023 , 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Bank Pays Regency Pays March 31, 2023 December 31, 2022 12/1/16 11/1/23 30,969 SOFR 1.490 % 621 883 9/17/19 3/17/25 24,000 SOFR 1.443 % 1,177 1,443 12/20/19 12/19/26 24,365 SOFR 1.684 % 1,523 1,939 2/24/23 12/31/26 15,479 SOFR 4.229 % ( 370 ) 152 6/2/17 6/2/27 35,303 SOFR 2.261 % 1,586 2,158 $ 4,537 6,575 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of March 31, 2023, 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 are recorded in Accumulated other comprehensive income ("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 March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ ( 2,736 ) 8,968 I nterest expense $ ( 1,492 ) 1,010 Interest expense, net $ 36,393 36,738 As of March 31, 2023, the Company expects approximately $ 4.7 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Operating lease income Fixed and in-substance fixed lease income $ 219,641 207,502 Variable lease income 80,780 72,026 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,865 5,689 Uncollectible straight-line rent 578 2,282 Uncollectible amounts billable in lease income 1,937 6,146 Total lease income $ 308,801 293,645 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 worthiness 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 not 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 ASC 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, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2023 December 31, 2022 Tenant receivables $ 21,546 31,486 Straight-line rent receivables 130,811 128,214 Other receivables (1) 29,222 29,163 Total tenant and other receivables $ 181,579 188,863 (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 | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,711,784 3,409,128 3,726,754 3,333,378 Unsecured credit facilities $ 30,000 30,000 — — The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of March 31, 2023, and December 31, 2022, 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 (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $ 1.6 million and unrealized losses of $ 3.0 million during the three months ended March 31, 2023 and 2022, respectively. 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 March 31, 2023 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 $ 38,788 38,788 — — Available-for-sale debt securities 15,179 — 15,179 — Interest rate derivatives 4,907 — 4,907 — Total $ 58,874 38,788 20,086 — Liabilities: Interest rate derivatives $ ( 370 ) — ( 370 ) — Fair Value Measurements as of December 31, 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 $ 40,089 40,089 — — Available-for-sale debt securities 14,492 — 14,492 — Interest rate derivatives 6,575 — 6,575 — Total $ 61,156 40,089 21,067 — |
Equity and Capital
Equity and Capital | 3 Months Ended |
Mar. 31, 2023 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital Common Stock of the Parent Company Dividends Declared On May 2, 2023 , our Board of Directors declared a common stock dividend of $ 0.65 per share, payable on July 6, 2023 , to shareholders of record as of June 14, 2023 . At the Market ("ATM") Program Under the Parent Company's ATM equity offering program, the Parent Company could have sold up to $ 350.4 million of common stock available for issuance. No sales occurred during the three months ended March 31, 2023, and the program expired on March 12, 2023. Share Repurchase Program The Company has a common share repurchase program under which it may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of share repurchases, if any will be dependent upon market conditions and other factors. The shares repurchased, if not retired, would be treated as treasury shares. The authorization for this repurchase program will expire on February 7, 2025 , unless modified or earlier terminated by the Board. During the three months ended March 31, 2023 , the Company executed multiple trades to repurchase 349,519 common shares under the Repurchase Program for a total of $ 20.0 million at a weighted average price of $ 57.22 per share. All repurchased shares were retired on the respective settlement dates. At March 31, 2023 , $ 230.0 million remained available under the Repurchase Program. 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 shares issued or repurchased, as described above. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the three months ended March 31, 2023, the Company g ranted 282,100 sh ares of restricted stock with a weighted-average grant-date fair value o f $ 68.87 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur. |
Earnings per Share and Unit
Earnings per Share and Unit | 3 Months Ended |
Mar. 31, 2023 | |
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 shar e: Three months ended March 31, (in thousands, except per share data) 2023 2022 Numerator: Income attributable to common shareholders - basic $ 97,281 195,228 Income attributable to common shareholders - diluted $ 97,281 195,228 Denominator: Weighted average common shares outstanding for basic EPS 171,212 171,312 Weighted average common shares outstanding for diluted EPS (1) 171,494 171,671 Income per common share – basic $ 0.57 1.14 Income per common share – diluted $ 0.57 1.14 (1) Includes the dilutive impact of unvested restricted stock. Income attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and EOP 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 EOP units outstanding were 741,433 and 760,046 for the three months ended March 31, 2023 and 2022, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended March 31, (in thousands, except per share data) 2023 2022 Numerator: Income attributable to common unit holders - basic $ 97,701 196,091 Income attributable to common unit holders - diluted $ 97,701 196,091 Denominator: Weighted average common units outstanding for basic EPU 171,953 172,072 Weighted average common units outstanding for diluted EPU (1) 172,235 172,431 Income per common unit – basic $ 0.57 1.14 Income per common unit – diluted $ 0.57 1.14 (1) Includes the dilutive impact of unvested restricted stock. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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, in each case 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. With respect to impact on the Company, these pertain 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 uses. 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 aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. As of March 31, 2023 and December 31, 2022, the Company had $ 9.4 million in let ters of credit outstanding. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be significantly influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, supply chain constraints, increasing energy prices and interest rates, and access to credit. Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States of America ("U.S.", "USA" or "United States"). The policies implemented by the U.S. government 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 consumer spending, 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 | Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but 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 March 31, 2023, 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 (i.e. registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company 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 | Real Estate Partnerships As of March 31, 2023, Regency had a partial ownership interest in 107 properties through partnerships, of which 11 are consolidated. 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) March 31, 2023 December 31, 2022 Assets Net real estate investments $ 106,916 107,725 Cash, cash equivalents and restricted cash 2,487 2,420 Liabilities Notes payable 3,695 4,188 Equity Limited partners' interests in consolidated partnerships 24,337 24,364 |
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. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,458 3,618 Asset management services Over time 1,629 1,755 Leasing services Point in time 718 996 Other transaction fees Point in time 233 315 Total management, transaction, and other fees $ 6,038 6,684 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 16.8 million and $ 16.4 million , as of March 31, 2023 and December 31, 2022 , 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 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2023 December 31, 2022 Assets Net real estate investments $ 106,916 107,725 Cash, cash equivalents and restricted cash 2,487 2,420 Liabilities Notes payable 3,695 4,188 Equity Limited partners' interests in consolidated partnerships 24,337 24,364 |
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. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,458 3,618 Asset management services Over time 1,629 1,755 Leasing services Point in time 718 996 Other transaction fees Point in time 233 315 Total management, transaction, and other fees $ 6,038 6,684 |
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 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions | The Company had no acquisitions of shopping centers or land for development during the three months ended March 31, 2023, as compared to those detailed in the table below for the three months ended March 31, 2022: (in thousands) Three months ended March 31, 2022 Date Purchased Property Name City/State Property Regency 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 Total consolidated $ 41,650 — 2,900 6,839 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 Total unconsolidated $ 52,380 22,074 4,336 814 Total property acquisitions $ 94,030 22,074 7,236 7,653 (1) Amounts reflected for purchase price and allocation are reflected at 100 %. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (in thousands, except number sold data) 2023 2022 Net proceeds from sale of real estate investments $ 2,923 124,924 Gain on sale of real estate, net of tax 250 101,948 Number of operating properties sold — 1 Number of land parcels sold 1 1 Percent interest sold 100 % 100 % |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 December 31, 2022 Goodwill $ 167,062 167,062 Investments 53,967 54,581 Prepaid and other 41,363 28,615 Furniture, fixtures, and equipment, net ("FF&E") 5,044 5,808 Derivative assets 4,907 6,575 Deferred financing costs, net 4,583 5,156 Total other assets $ 276,926 267,797 |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | 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 March 31, 2023 December 31, 2022 Notes payable: Fixed rate mortgage loans 3.9 % 3.4 % $ 330,047 342,135 Variable rate mortgage loans (1) 3.8 % 3.9 % 132,269 136,246 Fixed rate unsecured debt 3.8 % 4.0 % 3,249,468 3,248,373 Total notes payable 3,711,784 3,726,754 Unsecured credit facilities: $ 1.25 Billion Line of Credit (the "Line") (2) 5.8 % 6.2 % 30,000 — Total debt outstanding $ 3,741,784 3,726,754 (1) Five of these six variable rate loans, representing $ 130.1 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 6.0 %. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. |
Schedule of Maturities of Long-term Debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2023 (2) $ 6,765 31,843 — 38,608 2024 5,044 90,742 250,000 345,786 2025 3,942 43,750 280,000 327,692 2026 4,127 127,096 200,000 331,223 2027 3,788 137,915 525,000 666,703 Beyond 5 Years 2,873 322 2,050,000 2,053,195 Unamortized debt premium/(discount) and issuance costs — 4,109 ( 25,532 ) ( 21,423 ) Total $ 26,539 435,777 3,279,468 3,741,784 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Bank Pays Regency Pays March 31, 2023 December 31, 2022 12/1/16 11/1/23 30,969 SOFR 1.490 % 621 883 9/17/19 3/17/25 24,000 SOFR 1.443 % 1,177 1,443 12/20/19 12/19/26 24,365 SOFR 1.684 % 1,523 1,939 2/24/23 12/31/26 15,479 SOFR 4.229 % ( 370 ) 152 6/2/17 6/2/27 35,303 SOFR 2.261 % 1,586 2,158 $ 4,537 6,575 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ ( 2,736 ) 8,968 I nterest expense $ ( 1,492 ) 1,010 Interest expense, net $ 36,393 36,738 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Operating lease income Fixed and in-substance fixed lease income $ 219,641 207,502 Variable lease income 80,780 72,026 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,865 5,689 Uncollectible straight-line rent 578 2,282 Uncollectible amounts billable in lease income 1,937 6,146 Total lease income $ 308,801 293,645 |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2023 December 31, 2022 Tenant receivables $ 21,546 31,486 Straight-line rent receivables 130,811 128,214 Other receivables (1) 29,222 29,163 Total tenant and other receivables $ 181,579 188,863 (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) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable $ 3,711,784 3,409,128 3,726,754 3,333,378 Unsecured credit facilities $ 30,000 30,000 — — |
Summary of Assets Measured on Recurring Basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2023 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 $ 38,788 38,788 — — Available-for-sale debt securities 15,179 — 15,179 — Interest rate derivatives 4,907 — 4,907 — Total $ 58,874 38,788 20,086 — Liabilities: Interest rate derivatives $ ( 370 ) — ( 370 ) — Fair Value Measurements as of December 31, 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 $ 40,089 40,089 — — Available-for-sale debt securities 14,492 — 14,492 — Interest rate derivatives 6,575 — 6,575 — Total $ 61,156 40,089 21,067 — |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per shar e: Three months ended March 31, (in thousands, except per share data) 2023 2022 Numerator: Income attributable to common shareholders - basic $ 97,281 195,228 Income attributable to common shareholders - diluted $ 97,281 195,228 Denominator: Weighted average common shares outstanding for basic EPS 171,212 171,312 Weighted average common shares outstanding for diluted EPS (1) 171,494 171,671 Income per common share – basic $ 0.57 1.14 Income per common share – diluted $ 0.57 1.14 (1) Includes the dilutive impact of unvested restricted stock. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended March 31, (in thousands, except per share data) 2023 2022 Numerator: Income attributable to common unit holders - basic $ 97,701 196,091 Income attributable to common unit holders - diluted $ 97,701 196,091 Denominator: Weighted average common units outstanding for basic EPU 171,953 172,072 Weighted average common units outstanding for diluted EPU (1) 172,235 172,431 Income per common unit – basic $ 0.57 1.14 Income per common unit – diluted $ 0.57 1.14 (1) Includes the dilutive impact of unvested restricted stock. |
Organization and Significant _4
Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) RetailShoppingCenter | Dec. 31, 2022 USD ($) | |
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 | $ | 181,579 | $ 188,863 |
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 | $ | $ 16,800 | $ 16,400 |
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 | 107 | |
Consolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of real estate properties | 11 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 10,805,680 | $ 10,860,220 |
Variable interest entity, consolidated, carrying amount, liabilities | 4,666,245 | 4,682,181 |
Noncontrolling interest in variable interest entity | 24,337 | 24,364 |
Variable Interest Entity, Primary Beneficiary [Member] | Notes Payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 3,695 | 4,188 |
Variable Interest Entity, Primary Beneficiary [Member] | Net Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 106,916 | 107,725 |
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 | $ 2,487 | $ 2,420 |
Organization and Significant _6
Organization and Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 6,038 | $ 6,684 |
Property management services [Member] | ||
Schedule of management, transaction, and other fees [Line Items] | ||
Management, transaction, and other fees | $ 3,458 | 3,618 |
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 | $ 1,629 | 1,755 |
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 | $ 718 | 996 |
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 | $ 233 | $ 315 |
Timing of satisfaction of performance obligations | Point in time |
Organization and Significant _7
Organization and Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Mar. 01, 2020 |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate202004Member |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Business Acquisitions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Purchase Price | $ 94,030 |
Debt Assumed, Net of Discounts | 22,074 |
Consolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Purchase Price | 41,650 |
Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Purchase Price | 52,380 |
Debt Assumed, Net of Discounts | 22,074 |
Off-Market Favorable Lease [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 7,236 |
Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 2,900 |
Off-Market Favorable Lease [Member] | Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 4,336 |
Off-Market Lease, Unfavorable [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 7,653 |
Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 6,839 |
Off-Market Lease, Unfavorable [Member] | Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | $ 814 |
Glenwood Green [Member] | Consolidated Properties [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 |
Island Village [Member] | Consolidated Properties [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 |
Island Village [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 2,900 |
Island Village [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | $ 6,839 |
Naperville Plaza [Member] | Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Date Purchased | Mar. 25, 2022 |
Property Name | Naperville Plaza |
City/State | Naperville, IL |
Ownership | 20% |
Purchase Price | $ 52,380 |
Debt Assumed, Net of Discounts | 22,074 |
Naperville Plaza [Member] | Off-Market Favorable Lease [Member] | Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | 4,336 |
Naperville Plaza [Member] | Off-Market Lease, Unfavorable [Member] | Unconsolidated Properties [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets/Liabilities | $ 814 |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Business Acquisitions (Parenthetical) (Details) | Mar. 31, 2022 |
Business Combinations [Abstract] | |
Percentage of purchase price and allocation | 100% |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Property | Mar. 31, 2022 USD ($) Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of real estate investments | $ | $ 2,923 | $ 124,924 |
Gain on sale of real estate, net of tax | $ | $ 250 | $ 101,948 |
Wholly Owned Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percent interest sold | 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 | 1 | |
Land [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties sold | Property | 1 | 1 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Goodwill | $ 167,062 | $ 167,062 |
Investments | 53,967 | 54,581 |
Prepaid and other | 41,363 | 28,615 |
Furniture, fixtures, and equipment, net ("FF&E") | 5,044 | 5,808 |
Derivative assets | 4,907 | 6,575 |
Deferred financing costs, net | 4,583 | 5,156 |
Total other assets | $ 276,926 | $ 267,797 |
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 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,741,784 | $ 3,726,754 | |
Line of Credit | $ 30,000 | ||
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | 3.90% | ||
Debt, Weighted Average Effective Interest Rate | 3.40% | ||
Long-term Debt | $ 330,047 | 342,135 | |
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 | $ 3,249,468 | 3,248,373 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,711,784 | 3,726,754 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [1] | 5.80% | |
Debt, Weighted Average Effective Interest Rate | [1] | 6.20% | |
Line of Credit | [1] | $ 30,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [2] | 3.80% | |
Debt, Weighted Average Effective Interest Rate | [2] | 3.90% | |
Long-term Debt | [2] | $ 132,269 | $ 136,246 |
[1] Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. Five of these six variable rate loans, representing $ 130.1 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 6.0 %. |
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 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,741,784 | $ 3,726,754 | |
Line of credit maximum amount | 1,250,000 | ||
Variable Rate Mortgage Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | 132,269 | $ 136,246 |
Variable Rate Mortgage Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 130,100 | ||
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 | 6% | ||
[1] Five of these six variable rate loans, representing $ 130.1 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the five loans range from 2.5 % to 6.0 %. |
Notes Payable and Unsecured C_5
Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
2023 | [1] | $ 38,608 | |
2024 | 345,786 | ||
2025 | 327,692 | ||
2026 | 331,223 | ||
2027 | 666,703 | ||
Beyond 5 Years | 2,053,195 | ||
Unamortized debt premium/(discount) and issuance costs | (21,423) | ||
Total | 3,741,784 | $ 3,726,754 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total | 3,249,468 | $ 3,248,373 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2023 | [1] | 6,765 | |
2024 | 5,044 | ||
2025 | 3,942 | ||
2026 | 4,127 | ||
2027 | 3,788 | ||
Beyond 5 Years | 2,873 | ||
Total | 26,539 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2023 | [1] | 31,843 | |
2024 | 90,742 | ||
2025 | 43,750 | ||
2026 | 127,096 | ||
2027 | 137,915 | ||
Beyond 5 Years | 322 | ||
Unamortized debt premium/(discount) and issuance costs | 4,109 | ||
Total | 435,777 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [2] | 250,000 | |
2025 | [2] | 280,000 | |
2026 | [2] | 200,000 | |
2027 | [2] | 525,000 | |
Beyond 5 Years | [2] | 2,050,000 | |
Unamortized debt premium/(discount) and issuance costs | [2] | (25,532) | |
Total | [2] | $ 3,279,468 | |
[1] Reflects scheduled principal payments and maturities 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 | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (2,736) | $ 8,968 | ||
Amount reclassified from accumulated other comprehensive loss | $ (1,492) | $ 1,010 | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | ||
Interest Expense | $ 36,393 | $ 36,738 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 4,700 | |||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Derivative [Line Items] | ||||
Assets (Liabilities) | [1] | $ 4,537 | $ 6,575 | |
Derivative @ 1.490% [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | Dec. 01, 2016 | |||
Derivative, Maturity Date | Nov. 01, 2023 | |||
Derivative, Notional Amount | $ 30,969 | |||
Derivative, Description of Variable Rate Basis | SOFR | |||
Derivative, Fixed Interest Rate | 1.49% | |||
Assets (Liabilities) | [1] | $ 621 | 883 | |
Derivative @ 1.443% [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | Sep. 17, 2019 | |||
Derivative, Maturity Date | Mar. 17, 2025 | |||
Derivative, Notional Amount | $ 24,000 | |||
Derivative, Description of Variable Rate Basis | SOFR | |||
Derivative, Fixed Interest Rate | 1.443% | |||
Assets (Liabilities) | [1] | $ 1,177 | 1,443 | |
Derivative @ 1.684% [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | Dec. 20, 2019 | |||
Derivative, Maturity Date | Dec. 19, 2026 | |||
Derivative, Notional Amount | $ 24,365 | |||
Derivative, Description of Variable Rate Basis | SOFR | |||
Derivative, Fixed Interest Rate | 1.684% | |||
Assets (Liabilities) | [1] | $ 1,523 | 1,939 | |
Derivative @ 4.229% [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | Feb. 24, 2023 | |||
Derivative, Maturity Date | Dec. 31, 2026 | |||
Derivative, Notional Amount | $ 15,479 | |||
Derivative, Description of Variable Rate Basis | SOFR | |||
Derivative, Fixed Interest Rate | 4.229% | |||
Assets (Liabilities) | [1] | $ (370) | 152 | |
Derivative @ 2.261% [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Inception Date | Jun. 02, 2017 | |||
Derivative, Maturity Date | Jun. 02, 2027 | |||
Derivative, Notional Amount | $ 35,303 | |||
Derivative, Description of Variable Rate Basis | SOFR | |||
Derivative, Fixed Interest Rate | 2.261% | |||
Assets (Liabilities) | [1] | $ 1,586 | $ 2,158 | |
[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 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Operating Leased Assets [Line Items] | ||||
Fixed and in-substance fixed lease income | $ 219,641 | $ 207,502 | ||
Variable lease income | 80,780 | 72,026 | ||
Uncollectible straight-line rent | 578 | 2,282 | ||
Uncollectible amounts billable in lease income | 1,937 | 6,146 | ||
Total lease income | 308,801 | 293,645 | ||
Accounts and Notes Receivable, Net | 181,579 | $ 188,863 | ||
Straight-line rent receivables | 130,811 | 128,214 | ||
Tenant Receivables [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | 21,546 | 31,486 | ||
Other Receivable [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | [1] | 29,222 | $ 29,163 | |
Lessor [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Above/below market rent and tenant rent inducement amortization, net | $ 5,865 | $ 5,689 | ||
[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) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 3,711,784 | $ 3,726,754 | |
Unsecured credit facilities | 30,000 | ||
Trading securities, unrealized holding gain (loss) | 1,600 | $ (3,000) | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities | 38,788 | 40,089 | |
Available-for-sale debt securities | 15,179 | 14,492 | |
Interest rate derivatives | 4,907 | 6,575 | |
Total | 58,874 | 61,156 | |
Interest rate derivatives | (370) | ||
Fair Value Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable, Fair Value | 3,409,128 | 3,333,378 | |
Unsecured credit facilities, Fair Value | 30,000 | ||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale debt securities | 15,179 | 14,492 | |
Interest rate derivatives | 4,907 | 6,575 | |
Total | 20,086 | 21,067 | |
Interest rate derivatives | (370) | ||
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 | 38,788 | 40,089 | |
Total | $ 38,788 | $ 40,089 |
Equity and Capital - Additional
Equity and Capital - Additional Information (Details) - USD ($) | 3 Months Ended | ||||
May 02, 2023 | Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 08, 2023 | |
Class of Stock [Line Items] | |||||
Common stock dividend declared, per share | $ 0.650 | $ 0.625 | |||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||
Stock repurchase program expiration date | Feb. 07, 2025 | ||||
Stock repurchased and retired during period, value | $ (20,006,000) | ||||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock dividend declared, per share | $ 0.65 | ||||
Common stock, dividends payable date | Jul. 06, 2023 | ||||
Common stock, dividends record date | Jun. 14, 2023 | ||||
Common stock, dividends declared date | May 02, 2023 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchased and retired during period, value | $ (3,000) | ||||
AOCI Attributable to Parent [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchased and retired during period, shares | 349,519 | ||||
Stock repurchased and retired during period, value | $ 20,000,000 | ||||
Shares repurchased weighted average price per share | $ 57.22 | ||||
Stock repurchased remaining authorized value | $ 230,000,000 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Equity issuances, common shares authorized for issuance | 350,400,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 282,100 |
Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 68.87 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share Basic [Line Items] | |||
Income per common share - basic | $ 0.57 | $ 1.14 | |
Income per common share - diluted | $ 0.57 | $ 1.14 | |
Weighted Average Limited Partnership Units Outstanding, Basic | 741,433 | 760,046 | |
Continuing Operations [Member] | Parent Company [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Income attributable to common shareholders/unit holders - basic | $ 97,281 | $ 195,228 | |
Income attributable to common shareholders/unit holders - diluted | $ 97,281 | $ 195,228 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 171,212,000 | 171,312,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1] | 171,494,000 | 171,671,000 |
Income per common share - basic | $ 0.57 | $ 1.14 | |
Income per common share - diluted | $ 0.57 | $ 1.14 | |
Continuing Operations [Member] | Partnership Interest [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Income attributable to common shareholders/unit holders - basic | $ 97,701 | $ 196,091 | |
Income attributable to common shareholders/unit holders - diluted | $ 97,701 | $ 196,091 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 171,953,000 | 172,072,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [2] | 172,235,000 | 172,431,000 |
Income per common share - basic | $ 0.57 | $ 1.14 | |
Income per common share - diluted | $ 0.57 | $ 1.14 | |
[1] Includes the dilutive impact of unvested restricted stock. Includes the dilutive impact of unvested restricted stock. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 9.4 | $ 9.4 |