Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | 169,680,132 | |
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, $.01 par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | FL | |
Partnership Interest [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS, L.P. | |
Entity Central Index Key | 0001066247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity File Number | 0-24763 | |
Entity Tax Identification Number | 59-3429602 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost | $ 11,154,800 | $ 11,095,294 |
Less: accumulated depreciation | 1,954,181 | 1,766,162 |
Real estate assets, net | 9,200,619 | 9,329,132 |
Investments in real estate partnerships | 474,308 | 469,522 |
Properties held for sale | 51,332 | 45,565 |
Cash, cash equivalents, and restricted cash, including $4,325 and $2,542 of restricted cash at September 30, 2020 and December 31, 2019, respectively | 280,876 | 115,562 |
Tenant and other receivables | 159,137 | 169,337 |
Deferred leasing costs, less accumulated amortization of $113,650 and $108,381 at September 30, 2020 and December 31, 2019, respectively | 70,499 | 76,798 |
Acquired lease intangible assets, less accumulated amortization of $279,139 and $259,310 at September 30, 2020 and December 31, 2019, respectively | 201,472 | 242,822 |
Right of use assets, net | 288,138 | 292,786 |
Other assets | 260,258 | 390,729 |
Total assets | 10,986,639 | 11,132,253 |
Less: accumulated depreciation | 1,954,181 | 1,766,162 |
Real estate assets, net | 9,200,619 | 9,329,132 |
Investments in real estate partnerships | 474,308 | 469,522 |
Properties held for sale | 51,332 | 45,565 |
Liabilities: | ||
Notes payable | 3,723,923 | 3,435,161 |
Unsecured credit facilities | 264,605 | 484,383 |
Accounts payable and other liabilities | 222,375 | 213,705 |
Acquired lease intangible liabilities, less accumulated amortization of $145,513 and $131,676 at September 30, 2020 and December 31, 2019, respectively | 390,399 | 427,260 |
Lease liabilities | 220,082 | 222,918 |
Tenants’ security, escrow deposits and prepaid rent | 52,132 | 58,865 |
Total liabilities | 4,873,516 | 4,842,292 |
Commitments and contingencies | 0 | |
Equity/Capital: | ||
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 169,677,302 and 167,571,218 shares issued at September 30, 2020 and December 31, 2019, respectively | 1,697 | 1,676 |
Treasury stock at cost, 466,469 and 440,574 shares held at September 30, 2020 and December 31, 2019, respectively | (24,687) | (23,199) |
Additional paid-in-capital | 7,789,142 | 7,654,930 |
Accumulated other comprehensive loss | (23,220) | (11,997) |
Distributions in excess of net income | (1,703,338) | (1,408,062) |
Total stockholders’ equity | 6,039,594 | 6,213,348 |
Exchangeable operating partnership units, aggregate redemption value of 29,087 and 47,092 at September 30, 2020 and December 31, 2019, respectively | 35,987 | 36,100 |
Limited partners’ interests in consolidated partnerships | 37,542 | 40,513 |
Total noncontrolling interests | 73,529 | 76,613 |
Total equity | 6,113,123 | 6,289,961 |
Total equity | 6,113,123 | 6,289,961 |
Total liabilities and equity | 10,986,639 | 11,132,253 |
Partnership Interest [Member] | ||
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost | 11,154,800 | 11,095,294 |
Less: accumulated depreciation | 1,954,181 | 1,766,162 |
Real estate assets, net | 9,200,619 | 9,329,132 |
Investments in real estate partnerships | 474,308 | 469,522 |
Properties held for sale | 51,332 | 45,565 |
Cash, cash equivalents, and restricted cash, including $4,325 and $2,542 of restricted cash at September 30, 2020 and December 31, 2019, respectively | 280,876 | 115,562 |
Tenant and other receivables | 159,137 | 169,337 |
Deferred leasing costs, less accumulated amortization of $113,650 and $108,381 at September 30, 2020 and December 31, 2019, respectively | 70,499 | 76,798 |
Acquired lease intangible assets, less accumulated amortization of $279,139 and $259,310 at September 30, 2020 and December 31, 2019, respectively | 201,472 | 242,822 |
Right of use assets, net | 288,138 | 292,786 |
Other assets | 260,258 | 390,729 |
Total assets | 10,986,639 | 11,132,253 |
Less: accumulated depreciation | 1,954,181 | 1,766,162 |
Real estate assets, net | 9,200,619 | 9,329,132 |
Investments in real estate partnerships | 474,308 | 469,522 |
Properties held for sale | 51,332 | 45,565 |
Liabilities: | ||
Notes payable | 3,723,923 | 3,435,161 |
Unsecured credit facilities | 264,605 | 484,383 |
Accounts payable and other liabilities | 222,375 | 213,705 |
Acquired lease intangible liabilities, less accumulated amortization of $145,513 and $131,676 at September 30, 2020 and December 31, 2019, respectively | 390,399 | 427,260 |
Lease liabilities | 220,082 | 222,918 |
Tenants’ security, escrow deposits and prepaid rent | 52,132 | 58,865 |
Total liabilities | 4,873,516 | 4,842,292 |
Commitments and contingencies | ||
Equity/Capital: | ||
General partner; 169,677,302 and 167,571,218 units outstanding at September 30, 2020 and December 31, 2019, respectively | 6,062,814 | 6,225,345 |
Limited partners; 765,046 and 746,433 units outstanding at September 30, 2020 and December 31, 2019, respectively | 35,987 | 36,100 |
Accumulated other comprehensive loss | (23,220) | (11,997) |
Total partners’ capital | 6,075,581 | 6,249,448 |
Limited partners’ interests in consolidated partnerships | 37,542 | 40,513 |
Total capital | 6,113,123 | 6,289,961 |
Total capital | 6,113,123 | 6,289,961 |
Total liabilities and equity | $ 10,986,639 | $ 11,132,253 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalent | $ 4,325 | $ 2,542 |
Deferred costs accumulated amortization | 113,650 | 108,381 |
Accumulated amortization of acquired lease intangible assets | 279,139 | 259,310 |
Accumulated accretion of acquired lease intangible liabilities | $ 145,513 | $ 131,676 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 169,677,302 | 167,571,218 |
Treasury stock, shares held at cost | 469,860 | 440,574 |
Exchangeable operating partnership units aggregate redemption value | $ 29,087 | $ 47,092 |
Partnership Interest [Member] | ||
Restricted Cash and Cash Equivalent | 4,325 | 2,542 |
Deferred costs accumulated amortization | 113,650 | 108,381 |
Accumulated amortization of acquired lease intangible assets | 279,139 | 259,310 |
Accumulated accretion of acquired lease intangible liabilities | $ 145,513 | $ 131,676 |
General partner units, outstanding | 169,677,302 | 167,571,218 |
Limited partner units, outstanding | 765,046 | 746,433 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Lease income | $ 234,541 | $ 272,143 | $ 731,630 | $ 815,682 |
Other property income | 2,261 | 2,780 | 7,001 | 6,956 |
Management, transaction, and other fees | 6,142 | 7,353 | 19,084 | 21,768 |
Total revenues | 242,944 | 282,276 | 757,715 | 844,406 |
Operating expenses: | ||||
Depreciation and amortization | 84,808 | 91,856 | 259,161 | 282,639 |
Operating and maintenance | 41,345 | 41,695 | 123,746 | 125,092 |
General and administrative | 19,582 | 16,705 | 54,489 | 56,722 |
Real estate taxes | 35,938 | 33,601 | 108,618 | 101,263 |
Other operating expenses | 1,208 | 1,819 | 5,025 | 4,486 |
Total operating expenses | 182,881 | 185,676 | 551,039 | 570,202 |
Other expense (income): | ||||
Interest expense, net | 40,794 | 38,253 | 118,605 | 113,178 |
Goodwill impairment | 132,128 | |||
Provision for impairment of real estate, net of tax | (14) | 1,014 | 12,099 | |
Gain on sale of real estate, net of tax | (3,237) | (887) | (48,690) | (17,819) |
Early extinguishment of debt | 19,358 | 1,391 | 19,358 | 11,982 |
Net investment (income) loss | (2,046) | (370) | (1,482) | (3,690) |
Total other expense (income) | 54,869 | 38,373 | 220,933 | 115,750 |
Income (loss) from operations before equity in income of investments in real estate partnerships | 5,194 | 58,227 | (14,257) | 158,454 |
Equity in income (loss) of investments in real estate partnerships | 8,116 | (283) | 22,358 | 43,673 |
Net income | 13,310 | 57,944 | 8,101 | 202,127 |
Noncontrolling interests: | ||||
Exchangeable operating partnership units | (57) | (157) | (29) | (456) |
Limited partners’ interests in consolidated partnerships | (565) | (822) | (1,670) | (2,532) |
Income attributable to noncontrolling interests | (622) | (979) | (1,699) | (2,988) |
Net income attributable to common stockholders | $ 12,688 | $ 56,965 | $ 6,402 | $ 199,139 |
Income per common share - basic | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Income per common share - diluted | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Lease income | $ 234,541 | $ 272,143 | $ 731,630 | $ 815,682 |
Other property income | 2,261 | 2,780 | 7,001 | 6,956 |
Management, transaction, and other fees | 6,142 | 7,353 | 19,084 | 21,768 |
Total revenues | 242,944 | 282,276 | 757,715 | 844,406 |
Operating expenses: | ||||
Depreciation and amortization | 84,808 | 91,856 | 259,161 | 282,639 |
Operating and maintenance | 41,345 | 41,695 | 123,746 | 125,092 |
General and administrative | 19,582 | 16,705 | 54,489 | 56,722 |
Real estate taxes | 35,938 | 33,601 | 108,618 | 101,263 |
Other operating expenses | 1,208 | 1,819 | 5,025 | 4,486 |
Total operating expenses | 182,881 | 185,676 | 551,039 | 570,202 |
Other expense (income): | ||||
Interest expense, net | 40,794 | 38,253 | 118,605 | 113,178 |
Goodwill impairment | 132,128 | |||
Provision for impairment of real estate, net of tax | (14) | 1,014 | 12,099 | |
Gain on sale of real estate, net of tax | (3,237) | (887) | (48,690) | (17,819) |
Early extinguishment of debt | 19,358 | 1,391 | 19,358 | 11,982 |
Net investment (income) loss | (2,046) | (370) | (1,482) | (3,690) |
Total other expense (income) | 54,869 | 38,373 | 220,933 | 115,750 |
Income (loss) from operations before equity in income of investments in real estate partnerships | 5,194 | 58,227 | (14,257) | 158,454 |
Equity in income (loss) of investments in real estate partnerships | 8,116 | (283) | 22,358 | 43,673 |
Net income | 13,310 | 57,944 | 8,101 | 202,127 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (565) | (822) | (1,670) | (2,532) |
Income attributable to noncontrolling interests | (565) | (822) | (1,670) | (2,532) |
Net income attributable to common unit holders | $ 12,745 | $ 57,122 | $ 6,431 | $ 199,595 |
Income per common unit - basic | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Income per common unit - diluted | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 13,310 | $ 57,944 | $ 8,101 | $ 202,127 |
Other comprehensive income (loss): | ||||
Effective portion of change in fair value of derivative instruments | (666) | (3,851) | (19,187) | (18,567) |
Reclassification adjustment of derivative instruments included in net income | 2,570 | 1,677 | 6,479 | 2,085 |
Unrealized gain on available-for-sale debt securities | 53 | 169 | 379 | 429 |
Other comprehensive income (loss) | 1,957 | (2,005) | (12,329) | (16,053) |
Comprehensive income (loss) | 15,267 | 55,939 | (4,228) | 186,074 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 622 | 979 | 1,699 | 2,988 |
Other comprehensive income (loss) attributable to noncontrolling interests | 42 | (287) | (1,106) | (1,176) |
Comprehensive income attributable to noncontrolling interests | 664 | 692 | 593 | 1,812 |
Comprehensive income (loss) attributable to the Company | 14,603 | 55,247 | (4,821) | 184,262 |
Partnership Interest [Member] | ||||
Net income | 13,310 | 57,944 | 8,101 | 202,127 |
Other comprehensive income (loss): | ||||
Effective portion of change in fair value of derivative instruments | (666) | (3,851) | (19,187) | (18,567) |
Reclassification adjustment of derivative instruments included in net income | 2,570 | 1,677 | 6,479 | 2,085 |
Unrealized gain on available-for-sale debt securities | 53 | 169 | 379 | 429 |
Other comprehensive income (loss) | 1,957 | (2,005) | (12,329) | (16,053) |
Comprehensive income (loss) | 15,267 | 55,939 | (4,228) | 186,074 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 565 | 822 | 1,670 | 2,532 |
Other comprehensive income (loss) attributable to noncontrolling interests | 33 | (279) | (1,055) | (1,140) |
Comprehensive income attributable to noncontrolling interests | 598 | 543 | 615 | 1,392 |
Comprehensive income (loss) attributable to the Company | $ 14,669 | $ 55,396 | $ (4,843) | $ 184,682 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2018 | $ 6,450,168 | $ 1,679 | $ (19,834) | $ 7,672,517 | $ (927) | $ (1,255,465) | $ 6,397,970 | $ 10,666 | $ 41,532 | $ 52,198 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 202,127 | 199,139 | 199,139 | 456 | 2,532 | 2,988 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive loss before reclassification | (18,138) | (17,020) | (17,020) | (42) | (1,076) | (1,118) | ||||
Amounts reclassified from accumulated other comprehensive loss | 2,085 | 2,143 | 2,143 | 6 | (64) | (58) | ||||
Deferred compensation plan, net | (3,024) | 3,024 | ||||||||
Restricted stock issued, net of amortization | 12,127 | 2 | 12,125 | 12,127 | ||||||
Common stock issued for stock based compensation, net | (5,857) | (5,857) | (5,857) | |||||||
Common stock repurchased and retired | (32,777) | (5) | (32,772) | (32,777) | ||||||
Common stock issued under dividend reinvestment plan | 1,085 | 1,085 | 1,085 | |||||||
Contributions from partners | 1,999 | 1,999 | 1,999 | |||||||
Issuance of exchangeable operating partnership units | 25,869 | 25,869 | 25,869 | |||||||
Distributions to partners | (4,222) | (4,222) | (4,222) | |||||||
Cash dividends declared - common stock/unit | (294,619) | (294,005) | (294,005) | (614) | (614) | |||||
Reallocation of limited partner's interest | (66) | (66) | 66 | 66 | ||||||
Ending Balance at Sep. 30, 2019 | 6,339,847 | 1,676 | (22,858) | 7,650,056 | (15,804) | (1,350,331) | 6,262,739 | 36,341 | 40,767 | 77,108 |
Beginning balance at Jun. 30, 2019 | 6,352,848 | 1,676 | (22,536) | 7,645,065 | (14,086) | (1,309,278) | 6,300,841 | 10,528 | 41,479 | 52,007 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 57,944 | 56,965 | 56,965 | 157 | 822 | 979 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive loss before reclassification | (3,682) | (3,406) | (3,406) | (13) | (263) | (276) | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,677 | 1,688 | 1,688 | 5 | (16) | (11) | ||||
Deferred compensation plan, net | (322) | 322 | ||||||||
Restricted stock issued, net of amortization | 4,224 | 4,224 | 4,224 | |||||||
Common stock issued for stock based compensation, net | 100 | 100 | 100 | |||||||
Common stock issued under dividend reinvestment plan | 345 | 345 | 345 | |||||||
Contributions from partners | 103 | 103 | 103 | |||||||
Issuance of exchangeable operating partnership units | 25,869 | 25,869 | 25,869 | |||||||
Distributions to partners | (1,358) | (1,358) | (1,358) | |||||||
Cash dividends declared - common stock/unit | (98,223) | (98,018) | (98,018) | (205) | (205) | |||||
Ending Balance at Sep. 30, 2019 | 6,339,847 | 1,676 | (22,858) | 7,650,056 | (15,804) | (1,350,331) | 6,262,739 | 36,341 | 40,767 | 77,108 |
Beginning balance at Dec. 31, 2019 | 6,289,961 | 1,676 | (23,199) | 7,654,930 | (11,997) | (1,408,062) | 6,213,348 | 36,100 | 40,513 | 76,613 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 8,101 | 6,402 | 6,402 | 29 | 1,670 | 1,699 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive loss before reclassification | (18,808) | (17,505) | (17,505) | (79) | (1,224) | (1,303) | ||||
Amounts reclassified from accumulated other comprehensive loss | 6,479 | 6,282 | 6,282 | 28 | 169 | 197 | ||||
Deferred compensation plan, net | 207 | (1,488) | 1,695 | 207 | ||||||
Restricted stock issued, net of amortization | 10,964 | 2 | 10,962 | 10,964 | ||||||
Common stock issued for stock based compensation, net | (5,172) | (5,172) | (5,172) | |||||||
Common stock issued under dividend reinvestment plan | 1,138 | 1,138 | 1,138 | |||||||
Common stock issued, net of issuance costs | 125,608 | 19 | 125,589 | 125,608 | ||||||
Contributions from partners | 443 | 443 | 443 | |||||||
Issuance of exchangeable operating partnership units | 1,275 | 1,275 | 1,275 | |||||||
Distributions to partners | (4,029) | (4,029) | (4,029) | |||||||
Cash dividends declared - common stock/unit | (303,044) | (301,678) | (301,678) | (1,366) | (1,366) | |||||
Ending Balance at Sep. 30, 2020 | 6,113,123 | 1,697 | (24,687) | 7,789,142 | (23,220) | (1,703,338) | 6,039,594 | 35,987 | 37,542 | 73,529 |
Beginning balance at Jun. 30, 2020 | 6,197,202 | 1,697 | (24,597) | 7,785,095 | (25,135) | (1,615,077) | 6,121,983 | 36,376 | 38,843 | 75,219 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 13,310 | 12,688 | 12,688 | 57 | 565 | 622 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive loss before reclassification | (613) | (551) | (551) | (2) | (60) | (62) | ||||
Amounts reclassified from accumulated other comprehensive loss | 2,570 | 2,466 | 2,466 | 11 | 93 | 104 | ||||
Deferred compensation plan, net | 207 | (90) | 297 | 207 | ||||||
Restricted stock issued, net of amortization | 3,372 | 3,372 | 3,372 | |||||||
Common stock issued for stock based compensation, net of common stock redeemed for taxes withheld | 3 | 3 | 3 | |||||||
Common stock issued under dividend reinvestment plan | 382 | 382 | 382 | |||||||
Common stock issued, net of issuance costs | (7) | (7) | (7) | |||||||
Contributions from partners | 312 | 312 | 312 | |||||||
Distributions to partners | (2,211) | (2,211) | (2,211) | |||||||
Cash dividends declared - common stock/unit | (101,404) | (100,949) | (100,949) | (455) | (455) | |||||
Ending Balance at Sep. 30, 2020 | $ 6,113,123 | $ 1,697 | $ (24,687) | $ 7,789,142 | $ (23,220) | $ (1,703,338) | $ 6,039,594 | $ 35,987 | $ 37,542 | $ 73,529 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common stock/unit per share | $ 0.595 | $ 0.585 | $ 1.785 | $ 1.755 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||
Net income | $ 13,310 | $ 57,944 | $ 8,101 | $ 202,127 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 259,161 | 282,639 | |||
Amortization of deferred loan costs and debt premiums | 7,566 | 8,533 | |||
(Accretion) and amortization of above and below market lease intangibles, net | (29,847) | (30,196) | |||
Stock-based compensation, net of capitalization | 10,654 | 10,716 | |||
Equity in income of investments in real estate partnerships | (8,116) | 283 | (22,358) | (43,673) | |
Gain on sale of real estate, net of tax | (48,690) | (17,819) | |||
Provision for impairment of real estate, net of tax | (14) | 1,014 | 12,099 | ||
Goodwill impairment | 132,128 | ||||
Early extinguishment of debt | 19,358 | 1,391 | 19,358 | 11,982 | |
Distribution of earnings from investments in real estate partnerships | 32,659 | 41,427 | |||
Settlement of derivative instruments | (6,870) | ||||
Deferred compensation expense | 1,381 | 3,551 | |||
Realized and unrealized gain on investments | (1,427) | (3,634) | |||
Changes in assets and liabilities: | |||||
Tenant and other receivables | 4,072 | 520 | |||
Deferred leasing costs | (4,999) | (4,695) | |||
Other assets | (7,670) | (7,182) | |||
Accounts payable and other liabilities | 20,223 | 14,886 | |||
Tenants’ security, escrow deposits and prepaid rent | (6,737) | (5,055) | |||
Net cash provided by operating activities | 374,589 | 469,356 | |||
Cash flows from investing activities: | |||||
Acquisition of operating real estate | (16,867) | (222,230) | |||
Advance deposits refunded (paid) on acquisition of operating real estate | 100 | (600) | |||
Real estate development and capital improvements | (149,293) | (128,085) | |||
Proceeds from sale of real estate investments | 125,539 | 98,006 | |||
Issuance of notes receivable | (551) | ||||
Investments in real estate partnerships | (47,957) | (57,333) | |||
Return of capital from investments in real estate partnerships | 23,235 | 46,740 | |||
Dividends on investment securities | 193 | 400 | |||
Acquisition of investment securities | (10,580) | (17,955) | |||
Proceeds from sale of investment securities | 10,659 | 14,748 | |||
Net cash used in investing activities | (65,522) | (266,309) | |||
Cash flows from financing activities: | |||||
Net proceeds from common stock issuance | 125,608 | ||||
Repurchase of common shares in conjunction with equity award plans | (5,512) | (6,165) | |||
Common shares repurchased through share repurchase program | (32,777) | ||||
Proceeds from sale of treasury stock | 269 | 9 | |||
Distributions to limited partners in consolidated partnerships, net | (2,193) | (2,223) | |||
Distributions to exchangeable operating partnership unit holders | (1,366) | (614) | |||
Dividends paid to common stockholders | (300,538) | (292,921) | |||
Repayment of fixed rate unsecured notes | (300,000) | (250,000) | |||
Proceeds from issuance of fixed rate unsecured notes, net | 598,830 | 723,571 | |||
Proceeds from unsecured credit facilities | 610,000 | 450,000 | |||
Repayment of unsecured credit facilities | (830,000) | (710,000) | |||
Repayment of notes payable | (3,891) | (55,030) | |||
Scheduled principal payments | (8,149) | (6,960) | |||
Payment of loan costs | (5,063) | (7,019) | |||
Early redemption costs | (21,748) | (10,647) | |||
Net cash used in financing activities | (143,753) | (200,776) | |||
Net increase in cash and cash equivalents and restricted cash | 165,314 | 2,271 | |||
Cash and cash equivalents and restricted cash at beginning of the period | 115,562 | 45,190 | $ 45,190 | ||
Cash and cash equivalents and restricted cash at end of the period | 280,876 | 47,461 | 280,876 | 47,461 | 115,562 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest (net of capitalized interest of $3,590 and $3,089 in 2020 and 2019, respectively) | 121,307 | 112,055 | |||
Cash paid for income taxes, net of refunds | 898 | 778 | |||
Supplemental disclosure of non-cash transactions: | |||||
Acquisition of real estate previously held within investments in real estate partnerships | 5,986 | ||||
Mortgage loan assumed with the acquisition of real estate | 16,359 | 26,152 | |||
Mortgage loan assumed by purchaser with the sale of real estate | 8,250 | ||||
Exchangeable operating partnership units issued for acquisition of real estate | 25,869 | 1,275 | 25,869 | ||
Change in accrued capital expenditures | 16,276 | 3,185 | |||
Common stock issued under dividend reinvestment plan | 382 | 345 | 1,138 | 1,085 | |
Stock-based compensation capitalized | 650 | 1,719 | |||
(Distributions to) contributions from limited partners in consolidated partnerships, net | (1,420) | 66 | |||
Common stock issued for dividend reinvestment in trust | 819 | 732 | |||
Contribution of stock awards into trust | 1,439 | 2,496 | |||
Distribution of stock held in trust | 442 | 197 | |||
Change in fair value of securities | 288 | 509 | |||
Partnership Interest [Member] | |||||
Cash flows from operating activities: | |||||
Net income | 13,310 | 57,944 | 8,101 | 202,127 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 259,161 | 282,639 | |||
Amortization of deferred loan costs and debt premiums | 7,566 | 8,533 | |||
(Accretion) and amortization of above and below market lease intangibles, net | (29,847) | (30,196) | |||
Stock-based compensation, net of capitalization | 10,654 | 10,716 | |||
Equity in income of investments in real estate partnerships | (8,116) | 283 | (22,358) | (43,673) | |
Gain on sale of real estate, net of tax | (48,690) | (17,819) | |||
Provision for impairment of real estate, net of tax | (14) | 1,014 | 12,099 | ||
Goodwill impairment | 132,128 | ||||
Early extinguishment of debt | 19,358 | 1,391 | 19,358 | 11,982 | |
Distribution of earnings from investments in real estate partnerships | 32,659 | 41,427 | |||
Settlement of derivative instruments | (6,870) | ||||
Deferred compensation expense | 1,381 | 3,551 | |||
Realized and unrealized gain on investments | (1,427) | (3,634) | |||
Changes in assets and liabilities: | |||||
Tenant and other receivables | 4,072 | 520 | |||
Deferred leasing costs | (4,999) | (4,695) | |||
Other assets | (7,670) | (7,182) | |||
Accounts payable and other liabilities | 20,223 | 14,886 | |||
Tenants’ security, escrow deposits and prepaid rent | (6,737) | (5,055) | |||
Net cash provided by operating activities | 374,589 | 469,356 | |||
Cash flows from investing activities: | |||||
Acquisition of operating real estate | (16,867) | (222,230) | |||
Advance deposits refunded (paid) on acquisition of operating real estate | 100 | (600) | |||
Real estate development and capital improvements | (149,293) | (128,085) | |||
Proceeds from sale of real estate investments | 125,539 | 98,006 | |||
Issuance of notes receivable | (551) | ||||
Investments in real estate partnerships | (47,957) | (57,333) | |||
Return of capital from investments in real estate partnerships | 23,235 | 46,740 | |||
Dividends on investment securities | 193 | 400 | |||
Acquisition of investment securities | (10,580) | (17,955) | |||
Proceeds from sale of investment securities | 10,659 | 14,748 | |||
Net cash used in investing activities | (65,522) | (266,309) | |||
Cash flows from financing activities: | |||||
Net proceeds from common stock issuance | 125,608 | ||||
Repurchase of common shares in conjunction with equity award plans | (5,512) | (6,165) | |||
Common shares repurchased through share repurchase program | (32,777) | ||||
Proceeds from sale of treasury stock | 269 | 9 | |||
Distributions to limited partners in consolidated partnerships, net | (2,193) | (2,223) | |||
Dividends paid to common stockholders | (301,904) | (293,535) | |||
Repayment of fixed rate unsecured notes | (300,000) | (250,000) | |||
Proceeds from issuance of fixed rate unsecured notes, net | 598,830 | 723,571 | |||
Proceeds from unsecured credit facilities | 610,000 | 450,000 | |||
Repayment of unsecured credit facilities | (830,000) | (710,000) | |||
Repayment of notes payable | (3,891) | (55,030) | |||
Scheduled principal payments | (8,149) | (6,960) | |||
Payment of loan costs | (5,063) | (7,019) | |||
Early redemption costs | (21,748) | (10,647) | |||
Net cash used in financing activities | (143,753) | (200,776) | |||
Net increase in cash and cash equivalents and restricted cash | 165,314 | 2,271 | |||
Cash and cash equivalents and restricted cash at beginning of the period | 115,562 | 45,190 | 45,190 | ||
Cash and cash equivalents and restricted cash at end of the period | $ 280,876 | 47,461 | 280,876 | 47,461 | $ 115,562 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest (net of capitalized interest of $3,590 and $3,089 in 2020 and 2019, respectively) | 121,307 | 112,055 | |||
Cash paid for income taxes, net of refunds | 898 | 778 | |||
Supplemental disclosure of non-cash transactions: | |||||
Acquisition of real estate previously held within investments in real estate partnerships | 5,986 | ||||
Mortgage loan assumed with the acquisition of real estate | 16,359 | 26,152 | |||
Mortgage loan assumed by purchaser with the sale of real estate | 8,250 | ||||
Exchangeable operating partnership units issued for acquisition of real estate | $ 25,869 | 1,275 | 25,869 | ||
Change in accrued capital expenditures | 16,276 | 3,185 | |||
Common stock issued under dividend reinvestment plan | 1,138 | 1,085 | |||
Stock-based compensation capitalized | 650 | 1,719 | |||
(Distributions to) contributions from limited partners in consolidated partnerships, net | (1,420) | 66 | |||
Common stock issued for dividend reinvestment in trust | 819 | 732 | |||
Contribution of stock awards into trust | 1,439 | 2,496 | |||
Distribution of stock held in trust | 442 | 197 | |||
Change in fair value of securities | $ 288 | $ 509 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Capitalized interest | $ 3,590 | $ 3,089 |
Partnership Interest [Member] | ||
Capitalized interest | $ 3,590 | $ 3,089 |
Consolidated Statement of Cha_3
Consolidated Statement of Changes in Partner Capital Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 13,310 | $ 57,944 | $ 8,101 | $ 202,127 |
Other comprehensive loss | ||||
Amounts reclassified from accumulated other comprehensive loss | 2,570 | 1,677 | 6,479 | 2,085 |
Contributions from partners | 312 | 103 | 443 | 1,999 |
Issuance of exchangeable operating partnership units | 25,869 | 1,275 | 25,869 | |
Exchangeable operating partnership units issued for acquisition of real estate | 25,869 | 1,275 | 25,869 | |
Distributions to partners | (2,211) | (1,358) | (4,029) | (4,222) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 3,372 | 4,224 | 10,964 | 12,127 |
Deferred compensation plan, net | 207 | 207 | ||
Partners Capital Total [Member] | ||||
Net income | 12,688 | 56,965 | 6,402 | 199,139 |
Other comprehensive loss | ||||
Amounts reclassified from accumulated other comprehensive loss | 2,466 | 1,688 | 6,282 | 2,143 |
Reallocation of limited partner's interest | 66 | |||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 3,372 | 4,224 | 10,964 | 12,127 |
Deferred compensation plan, net | 207 | 207 | ||
Partnership Interest [Member] | ||||
Beginning Balance | 6,197,202 | 6,352,848 | 6,289,961 | 6,450,168 |
Net income | 13,310 | 57,944 | 8,101 | 202,127 |
Other comprehensive loss | ||||
Other comprehensive loss before reclassification | (613) | (3,682) | (18,808) | (18,138) |
Amounts reclassified from accumulated other comprehensive loss | 2,570 | 1,677 | 6,479 | 2,085 |
Contributions from partners | 312 | 103 | 443 | 1,999 |
Issuance of exchangeable operating partnership units | 25,869 | 1,275 | 25,869 | |
Exchangeable operating partnership units issued for acquisition of real estate | 25,869 | 1,275 | 25,869 | |
Distributions to partners | (103,615) | (99,581) | (307,073) | (298,841) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 3,372 | 4,224 | 10,964 | 12,128 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | |||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 445 | 125,608 | ||
Ending Balance | 6,113,123 | 6,339,847 | 6,113,123 | 6,339,847 |
Deferred compensation plan, net | 207 | 207 | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,034) | (4,772) | ||
Partnership Interest [Member] | Partners Capital Total [Member] | ||||
Beginning Balance | 6,158,359 | 6,311,369 | 6,249,448 | 6,408,636 |
Net income | 12,745 | 57,122 | 6,431 | 199,595 |
Other comprehensive loss | ||||
Other comprehensive loss before reclassification | (553) | (3,419) | (17,584) | (17,062) |
Amounts reclassified from accumulated other comprehensive loss | 2,477 | 1,693 | 6,310 | 2,149 |
Issuance of exchangeable operating partnership units | 25,869 | 1,275 | 25,869 | |
Exchangeable operating partnership units issued for acquisition of real estate | 25,869 | 1,275 | 25,869 | |
Distributions to partners | (101,404) | (98,223) | (303,044) | (294,619) |
Reallocation of limited partner's interest | (66) | |||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 3,372 | 4,224 | 10,964 | 12,128 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | |||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 445 | 125,608 | ||
Ending Balance | 6,075,581 | 6,299,080 | 6,075,581 | 6,299,080 |
Deferred compensation plan, net | 207 | 207 | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,034) | (4,772) | ||
Partnership Interest [Member] | AOCI Attributable to Parent [Member] | ||||
Beginning Balance | (25,135) | (14,086) | (11,997) | (927) |
Other comprehensive loss | ||||
Other comprehensive loss before reclassification | (551) | (3,406) | (17,505) | (17,020) |
Amounts reclassified from accumulated other comprehensive loss | 2,466 | 1,688 | 6,282 | 2,143 |
Ending Balance | (23,220) | (15,804) | (23,220) | (15,804) |
Partnership Interest [Member] | Noncontrolling Interest [Member] | ||||
Beginning Balance | 38,843 | 41,479 | 40,513 | 41,532 |
Net income | 565 | 822 | 1,670 | 2,532 |
Other comprehensive loss | ||||
Other comprehensive loss before reclassification | (60) | (263) | (1,224) | (1,076) |
Amounts reclassified from accumulated other comprehensive loss | 93 | (16) | 169 | (64) |
Contributions from partners | 312 | 103 | 443 | 1,999 |
Distributions to partners | (2,211) | (1,358) | (4,029) | (4,222) |
Reallocation of limited partner's interest | 66 | |||
Ending Balance | 37,542 | 40,767 | 37,542 | 40,767 |
Partnership Interest [Member] | General Partner [Member] | ||||
Beginning Balance | 6,147,118 | 6,314,927 | 6,225,345 | 6,398,897 |
Net income | 12,688 | 56,965 | 6,402 | 199,139 |
Other comprehensive loss | ||||
Distributions to partners | (100,949) | (98,018) | (301,678) | (294,005) |
Reallocation of limited partner's interest | (66) | |||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 3,372 | 4,224 | 10,964 | 12,128 |
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (32,778) | |||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 445 | 125,608 | ||
Ending Balance | 6,062,814 | 6,278,543 | 6,062,814 | 6,278,543 |
Deferred compensation plan, net | 207 | 207 | ||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,034) | (4,772) | ||
Partnership Interest [Member] | Limited Partner [Member] | ||||
Beginning Balance | 36,376 | 10,528 | 36,100 | 10,666 |
Net income | 57 | 157 | 29 | 456 |
Other comprehensive loss | ||||
Other comprehensive loss before reclassification | (2) | (13) | (79) | (42) |
Amounts reclassified from accumulated other comprehensive loss | 11 | 5 | 28 | 6 |
Issuance of exchangeable operating partnership units | 25,869 | 1,275 | 25,869 | |
Exchangeable operating partnership units issued for acquisition of real estate | 25,869 | 1,275 | 25,869 | |
Distributions to partners | (455) | (205) | (1,366) | (614) |
Ending Balance | $ 35,987 | $ 36,341 | $ 35,987 | $ 36,341 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies General Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, and development and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of September 30, 2020, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 299 properties and held partial interests in an additional 115 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, except for the goodwill impairment, discussed in Note 4, resulting from the market and economic impacts of the COVID-19 pandemic. COVID-19 Pandemic On March 11, 2020, the novel coronavirus disease (“COVID-19”) was declared a pandemic (“COVID-19 pandemic”) by the World Health Organization as the disease spread throughout the world. During the ongoing COVID-19 pandemic, U.S. federal, state, and local governments have continued to mandate various actions to reduce or prevent the spread of COVID-19, which continues to directly impact many of the Company’s tenants whose businesses may be considered non-essential. While essential businesses, such as grocery stores that anchor over 80% of the Company’s operating centers, have thus far been able to continue to operate and serve their customers, non-essential businesses continue to experience significant declines in customer traffic, when compared to previous years, or have temporarily closed their stores in reaction to legally enforceable governmental orders or overall efforts to support social distancing. As a result, many retailers have had to evaluate alternative means of providing their goods and services to their customers or, in the case of many non-essential tenants, to close. The COVID-19 pandemic continues to evolve, making the broader implications on the Company’s future results of operations and overall financial performance uncertain at this time. While much of the Company’s lease income is derived from contractual rent payments, the tenants’ ability to meet their lease obligations have been negatively impacted by the disruptions and uncertainties of the COVID-19 pandemic. The tenants’ ability to respond to these disruptions, including changes in their customers’ shopping habits and behaviors, will influence the tenants’ ability to survive and ultimately fulfill their lease obligations. Although many of the Company’s tenants have reported initially improved sales results upon reopening, the risk of diminished sales and future closures exists as the virus remains active and continues to spread which could result in a resurgence in COVID-19 cases and reinstituted government mandated closures. Due to the COVID-19 pandemic, certain tenants have requested rent concessions or have sought to renegotiate future rents based on changes to the economic environment. Other tenants have chosen not to reopen or honor the terms of their existing lease agreements. The Company is closely monitoring its cash collections from tenants which, for many businesses classified as non-essential, have significantly declined since the start of the COVID-19 pandemic and resulting restrictions. Approximately 86% of pro-rata base rent billed for the three months ended September 30, 2020, has been collected through October 31, 2020. Since the COVID-19 pandemic began, the Company has executed approximately 1,300 rent deferral agreements within its consolidated real estate portfolio and its unconsolidated real estate investment partnerships. This deferred rent represents, on a weighted average basis, deferral periods of approximately 3 months, with repayment periods of approximately 9.2 months beginning in December 2020. The Company expects to continue to work with other tenants, which may result in further rent deferrals, concessions or abatements. As a result, there can be no assurance that cash flows from operations will be sufficient to fund the Company’s dividend payments without the benefit of other sources of capital or changes to its current dividend policy. New leasing activity has declined and is expected to remain at lower levels into 2021 as businesses delay executing leases amidst the immediate and uncertain future economic impacts of the COVID-19 pandemic. This, coupled with tenant failures, may result in decreased demand for space in our centers, which could result in pricing pressure on rents. Additionally, with delays in construction for tenant improvements due to the impacts of the pandemic, it may take longer before new tenants are able to open and commence rent payments. T he Company’s ability to successfully start or complete tenant buildouts, new ground up development , or redevelopment of existing properties w as adversely impacted by governmental orders shutting down construction activities . The Company also experienced i mpacts on its ability to source materials for construction and labor shortages impacting its ability to complete construction projects on anticipated schedules. In the event a surge in new cases resulting in additional lockdowns occurs, s imilar impact s to the Company’s supply chain may arise which could have a material adverse effect on the Company’s business, financial condition and results of operation . The Company continue s to closely monitor and assess the capital requirements of all in process and planned developments, redevelopme nts, and capital expenditures. The Company is carefully proceeding in a targeted manner on a project-by-project basis which has resulted in delaying, phasing or curtailing certain in-process and planned development, redevelopment and capital expenditure projects . O n March 30, 2020, the Company withdrew its fiscal 2020 guidance previously provided. The duration and severity of the health crisis in the United States and the speed at which the country, states and localities are able to safely reopen and remain open, will continue to materially impact the overall economy, retail tenants, and therefore the Company’s results of operations As such, the impact from the COVID-19 pandemic may not be fully reflected in the Company’s results of operations and overall financial position until future periods and could result in a further materially adverse impact to the Company’s financial condition and results of operations The Company has long had a business continuity and disaster recovery plan which has been successfully implemented in the past. This experience enabled the Company to continue operating productively during the COVID-19 pandemic while its employees work safely from home, as roles permit, during the early stages of the COVID-19 pandemic. The Company has maintained, and expects to continue to maintain, its financial reporting systems as well as its internal controls over financial reporting and disclosure controls and procedures. The Company has since developed and executed its office reopening plan allowing employees, in the current stage, the option to work from home or the office. The Company has implemented CDC recommended protocols and developed detailed plans to prioritize the well-being of its employees, and encourages its tenants to similarly follow all rules and guidelines. All Company employees are required to complete training before returning to the office. Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2020, the Parent Company owned approximately 99.6% of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Real Estate Partnerships As of September 30, 2020, Regency had a partial ownership interest in 125 properties through partnerships, of which 10 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 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. And 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) September 30, 2020 December 31, 2019 Assets Net real estate investments (1) $ 129,881 325,464 Cash, cash equivalents and restricted cash (1) 5,456 57,269 Liabilities Notes payable 7,329 17,740 Equity Limited partners’ interests in consolidated partnerships 28,827 30,655 (1) Included in the December 31, 2019, balances were real estate assets and cash held in Section 1031 like-kind exchanges, of which none remained at September 30, 2020. Revenues and Other Receivables Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2020 2019 2020 2019 Other property income Point in time $ 2,261 2,780 $ 7,001 6,956 Management, transaction and other fees: Property management services Over time 3,598 3,648 10,830 11,076 Asset management services Over time 1,657 1,803 5,250 5,341 Leasing services Point in time 708 1,239 1,948 2,702 Other transaction fees Point in time 179 663 1,056 2,649 Total management, transaction, and other fees $ 6,142 7,353 $ 19,084 21,768 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $9.8 million and $11.6 million, as of September 30, 2020 and December 31, 2019, respectively. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: Accounting Standards Update (“ASU”) 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU applies to how the Company evaluates impairments of any available-for-sale debt securities and any non-operating lease receivables, including lease receivables arising from leases classified as sales-type or direct finance leases. January 2020 The Company has completed its evaluation and adoption of this standard, which resulted in changes in evaluating impairment of its available-for-sale debt securities. Declines in fair value below amortized cost resulting from credit related factors will be reflected in earnings, within Net investment income in the accompanying Consolidated Statements of Operations. Changes in value from market related factors continue to be recognized in Other comprehensive income (“OCI”). The Company’s investments in available-for-sale debt securities are invested in investment grade quality holdings or U.S. government backed securities, and are well diversified. During the nine months ended September 30, 2020, the Company did not recognize any allowance for credit loss. Additionally, the Company’s non-operating lease receivables experienced no credit losses during the nine months ended September 30, 2020, and the Company has no other financial instruments, such as lease receivables arising from sales-type or direct finance leases, subject to this ASU. ASU 2018-19, November 2018, Codification Improvements to Topic 326, Financial Instruments - Credit Losses This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases January 2020 The Company has completed its evaluation and adoption of this standard with no additional changes in its accounting for operating leases and related receivables. ASU 2018-13, August 2018, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurements January 2020 The Company has completed its evaluation and adoption of this new standard. The Company does not have any assets or liabilities measured to fair value requiring modified disclosures at September 30, 2020. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2018-15, August 2018, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The ASU provides further clarification of the appropriate presentation of capitalized costs, the period over which to recognize the expense, the presentation within the Statements of Operations and Statements of Cash Flows, and disclosure requirements. January 2020 The Company has completed its evaluation and adoption of this standard. Qualifying implementation costs incurred in a cloud computing arrangement that is a service contract are no longer expensed as incurred but rather are deferred within Other assets and amortized to earnings, within General and administrative expense in the accompanying Consolidated Statements of Operations, over the term of the arrangement. Cash flows attributable to the service arrangements, including implementation thereof, are reflected as Operating cash flows within the Consolidated Statements of Cash Flows. 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 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. March 2020 through December 31, 2022 The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable. Not yet adopted: ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes Notable changes of potential impact include income-based franchise taxes and interim period recognition of enacted changes in tax laws or rates. January 2021 The Company is evaluating this update and does not expect it to have a material impact to its financial condition, results of operations, cash flows or related footnote disclosures. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below: (in thousands) Nine months ended September 30, 2020 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/1/20 Country Walk Plaza (1) Miami, FL Operating 100% $ 39,625 16,359 3,294 2,452 ( 1 ) (in thousands) Nine months ended September 30, 2019 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/8/19 Pablo Plaza (1) Jacksonville, FL Operating 100% $ 600 — — — 2/8/19 Melrose Market Seattle, WA Operating 100% 15,515 — 941 358 6/18/19 The Field at Commonwealth Ph II (2) Chantilly, VA Development 100% 4,083 — — — 6/21/19 Culver Public Market Culver City, CA Development 100% 1,279 — — — 6/28/19 6401 Roosevelt Seattle, WA Operating 100% 3,550 — — — 7/1/19 The Pruneyard Shopping Center Campbell, CA Operating 100% 212,500 — 16,991 5,833 9/17/19 Circle Marina Center Long Beach, CA Operating 100% 50,000 — 3,717 962 Total property acquisitions $ 287,527 — 21,649 7,153 (1 ) (2) The Company purchased The Field at Commonwealth Ph II, which is land adjacent to an existing operating property, for future development. |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine months ended September 30, (in thousands, except number sold data) 2020 2019 2020 2019 Net proceeds from sale of real estate investments $ 9,925 14,546 $ 125,539 (1) 98,006 Gain on sale of real estate, net of tax 3,237 887 48,690 17,819 Provision for impairment of real estate sold — 194 571 1,860 Number of operating properties sold — 1 3 5 Number of land parcels sold 4 2 8 5 Percent interest sold 70% - 100% 100% 50% - 100% 100% (1) Includes proceeds from repayment of a short-term note on the sale of one of the properties, issued at closing and repaid during the same three months ended March 31, 2020. At September 30, 2020, the Company also had three operating properties and one land parcel classified within Properties held for sale on the Consolidated Balance Sheets. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
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) September 30, 2020 December 31, 2019 Goodwill, net $ 174,794 307,434 Investments 51,995 50,354 Prepaid and other 24,019 18,169 Derivative assets — 2,987 Furniture, fixtures, and equipment, net 6,385 7,098 Deferred financing costs, net 3,065 4,687 Total other assets $ 260,258 390,729 The following table presents the goodwill balances and activity during the year to date periods ended: September 30, 2020 December 31, 2019 (in thousands) Goodwill Accumulated Impairment Losses Total Goodwill Accumulated Impairment Losses Total Beginning of year balance $ 310,388 (2,954 ) 307,434 316,858 (2,715 ) 314,143 Goodwill allocated to Provision for impairment — (132,179 ) (132,179 ) — (2,954 ) (2,954 ) Goodwill allocated to Properties held for sale (963 ) 963 — (2,472 ) — (2,472 ) Goodwill associated with disposed reporting units: Goodwill allocated to Provision for impairment — — — (1,779 ) 1,779 — Goodwill allocated to Gain on sale of real estate (461 ) — (461 ) (2,219 ) 936 (1,283 ) End of period balance $ 308,964 (134,170 ) 174,794 310,388 (2,954 ) 307,434 As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant. During the three months ended March 31, 2020, the Company recognized $132.2 million of Goodwill impairment. The market disruptions related to the significant economic impacts of the COVID-19 pandemic triggered evaluation of reporting unit fair values for goodwill impairment. The Company’s reporting units are at the individual property level. The carrying value of long-lived assets of the reporting units were first tested for recoverability with no resulting impairments. Next, the fair value of each reporting unit was compared to its carrying value, including goodwill. Of the 269 reporting units with goodwill, 87 of those were determined to have fair values lower than carrying value. As such, goodwill impairment losses totaling $132.2 million were recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeded its fair value, limited to the total amount of goodwill allocated to that reporting unit. Fair values of the reporting units were determined using a discounted cash flow approach, including current market cash flow assumptions for impacts to existing tenant contractual rent as well as prospective future rent and occupancy changes and related capital and operating expenditures. The cap rates and discount rates used in the analysis reflect management’s best estimate of market rates adjusted for the current environment. No additional Goodwill impairments were recognized after March 31, 2020. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 9 Months Ended |
Sep. 30, 2020 | |
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: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate September 30, 2020 December 31, 2019 Notes payable: Fixed rate mortgage loans 4.4% 3.9% $ 338,024 342,020 Variable rate mortgage loans (1) 2.8% 2.9% 147,385 148,389 Fixed rate unsecured debt 3.8% 4.0% 3,238,514 2,944,752 Total notes payable 3,723,923 3,435,161 Unsecured credit facilities: Line of Credit (the "Line") (2) 1.0% 1.4% — 220,000 Term loans 2.0% 2.1% 264,605 264,383 Total unsecured credit facilities 264,605 484,383 Total debt outstanding $ 3,988,528 3,919,544 (1) Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. Significant financing activity during 2020 includes: • On May 11, 2020, the Company issued $600 million of 3.70% senior unsecured public notes, which priced at 99.805%, and mature on June 15, 2030. Portions of the net proceeds were used to repay the outstanding balance on the Line and to redeem, on September 2, 2020, the entire $300 million outstanding of 3.75% Notes due 2022. The Company paid $325.1 million to redeem the notes, including $25.1 million for accrued interest and a make-whole premium. The remainder of the proceeds are held in cash and are expected to be used for general working capital purposes, potentially including repayment of indebtedness. As of September 30, 2020, the Company has access to a remaining borrowing capacity on the Line of $1.2 billion, which matures in March 2022 and is subject to two additional six-month extensions at the Company’s election. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2020 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2020 (2) $ 3,065 27,000 — 30,065 2021 11,598 74,101 — 85,699 2022 11,797 5,848 265,000 282,645 2023 10,124 59,374 — 69,498 2024 5,301 90,744 250,000 346,045 Beyond 5 Years 21,712 161,303 3,025,000 3,208,015 Unamortized debt premium/(discount) and issuance costs — 3,442 (36,881 ) (33,439 ) Total $ 63,597 421,812 3,503,119 3,988,528 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. The Company was in compliance as of September 30, 2020, with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance for the next twelve months and thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
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 or other purposes other than interest rate risk management. 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 high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. 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 add stability to interest expense 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 Date Maturity Date Notional Amount Receive Variable Rate of Pay Fixed Rate of September 30, 2020 December 31, 2019 8/1/16 1/5/22 $ 265,000 1 Month LIBOR with Floor 1.053% $ (2,999 ) 2,674 4/7/16 4/1/23 19,497 1 Month LIBOR 1.303% (553 ) 148 12/1/16 11/1/23 32,517 1 Month LIBOR 1.490% (1,300 ) 84 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542% (1,411 ) 81 6/2/17 6/2/27 36,736 1 Month LIBOR with Floor 2.366% (4,154 ) (1,515 ) $ (10,417 ) 1,472 (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 September 30, 2020, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Loss (“AOCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2020 2019 2020 2019 2020 2019 Interest rate swaps $ (666 ) (3,851 ) Interest expense $ 2,570 1,677 Interest expense, net $ 40,794 38,253 Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 2020 2019 Interest rate swaps $ (19,187 ) (18,567 ) Interest expense $ 6,479 2,085 Interest expense, net $ 118,605 113,178 As of September 30, 2020, the Company expects approximately $6.1 million of accumulated comprehensive losses 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 | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lessor, Operating 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. 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 amounts tenants are contractually obligated to reimburse the Company for the tenants’ portion of actual 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Operating lease income Fixed and in-substance fixed lease income $ 200,020 204,686 $ 607,429 607,758 Variable lease income 60,535 59,872 186,952 185,317 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 7,811 11,086 31,107 31,334 Uncollectible straight line rent (7,678 ) (1,279 ) (27,867 ) (5,060 ) Uncollectible amounts billable in lease income (26,147 ) (2,222 ) (65,991 ) (3,667 ) Total lease income $ 234,541 272,143 $ 731,630 815,682 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 for which collectibility is considered probable at the commencement date. At lease commencement, the Company generally expects that collectibility is probable due to the Company’s credit checks on tenants and other creditworthiness 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. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company also recognizes 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. During the nine months ended September 30, 2020, the Company experienced a significantly higher rate of uncollectible lease income driven by changes in expectations of collectibility of both past due rents and recoveries and future rent steps given the impact of the COVID-19 pandemic on our tenants. Additionally, certain tenants experiencing economic difficulties during this pandemic have sought rent concessions, which in some cases the Company has granted, to date, primarily in the form of rent deferrals. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concession was part of the existing contract and therefore not treated like a lease modification. Beginning during the second quarter of 2020, the Company has executed approximately 1,300 rent deferral agreements representing $30.6 million of rent or 3.5% of annual base rent, within its consolidated real estate portfolio and our unconsolidated real estate investment partnerships . This deferred rent represent s , on a weighted average basis, deferral period s of approximately 3 months , with repayment periods of approximately 9.2 months beginning in December 2020 . The Company will continue to negotiate with other tenants, which may result in further rent concessions as determined necessary and appropriate . Collectibility of these concessions g enerally includes consideration of the tenants’ business performance, ability to sustain their business in the current environment, as well as an assessment of their credit worthiness and ability to repay such amounts in the future. The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) September 30, 2020 December 31, 2019 Tenant receivables (1) $ 50,290 $ 35,526 Straight-line rent receivables 91,019 107,087 Other receivables (2) 17,828 26,724 Total tenant and other receivables $ 159,137 $ 169,337 (1) Tenant receivables include $15.5 million of lease payments due under rent deferral agreements executed as of September 30, 2020. (2) 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 | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 3,723,923 4,072,114 3,435,161 3,688,604 Unsecured credit facilities $ 264,605 264,075 484,383 489,496 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 September 30, 2020 and December 31, 2019, respectively. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, 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 $1.3 million and unrealized losses of $15,000 during the three months ended September 30, 2020 and 2019, respectively, and unrealized gains of $251,000 and $2.7 million for the nine months ended September 30, 2020 and 2019, 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 matrix pricing methods 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 September 30, 2020 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 $ 40,849 40,849 — — Available-for-sale debt securities 11,146 — 11,146 — Interest rate derivatives — — — — Total $ 51,995 40,849 11,146 — Liabilities: Interest rate derivatives $ (10,417 ) — (10,417 ) — Fair Value Measurements as of December 31, 2019 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 $ 39,599 39,599 — — Available-for-sale debt securities 10,755 — 10,755 — Interest rate derivatives 2,987 — 2,987 — Total $ 53,341 39,599 13,742 — Liabilities: Interest rate derivatives $ (1,515 ) — (1,515 ) — There were no assets measured at fair value on a nonrecurring basis as of September 30, 2020 . The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non recurring basis as of December 31, 2019 : Fair Value Measurements as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 71,131 — 28,131 43,000 (50,553 ) |
Equity and Capital
Equity and Capital | 9 Months Ended |
Sep. 30, 2020 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital Common Stock of the Parent Company At the Market (“ATM”) Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. There were no shares issued under the ATM equity program during the nine months ended September 30, 2020. As of September 30, 2020, all $500 million of common stock authorized under the ATM program remained available for issuance. Under a previous ATM equity program which expired on March 31, 2020, the Company sold shares through forward sale agreements, which the Company settled during March 2020. At settlement, the Company issued 1,894,845 shares of its common stock, receiving $125.8 million of net proceeds which were used for working capital and general corporate purposes. Share Repurchase Program On February 4, 2020, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million shares of its outstanding common stock through open market purchases or in privately negotiated transactions. Any shares purchased, if not retired, will be treated as treasury shares. The program is set to expire on February 5, 2021, but may be modified or terminated at the discretion of the Board. The timing and actual number of shares purchased under the program depend upon marketplace conditions, liquidity needs, and other factors. Through September 30, 2020, no shares have been repurchased under this 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 stock issued or repurchased and retired, as described above. In January 2020, the Operating Partnership issued 18,613 exchangeable operating partnership units, valued at $1.3 million, as partial purchase price consideration for the acquisition of an additional 16.62% interest in an operating shopping center. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the nine months ended September 30, 2020, the Company granted 262,426 shares of restricted stock with a weighted-average grant-date fair value of $64.14 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Non-Qualified Deferred Compensation Plan | 11. Non-Qualified Deferred Compensation Plan (“NQDCP”) The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2020 December 31, 2019 Location in Consolidated Balance Sheets Assets: Securities $ 37,656 36,849 Other assets Liabilities: Deferred compensation obligation $ 37,653 36,755 Accounts payable and other liabilities |
Earnings per Share and Unit
Earnings per Share and Unit | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 12. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Income attributable to common stockholders - basic $ 12,688 56,965 $ 6,402 199,139 Income attributable to common stockholders - diluted $ 12,688 56,965 $ 6,402 199,139 Denominator: Weighted average common shares outstanding for basic EPS 169,671 167,559 169,081 167,512 Weighted average common shares outstanding for diluted EPS 169,970 167,944 169,356 167,834 Income per common share – basic $ 0.07 0.34 $ 0.04 1.19 Income per common share – diluted $ 0.07 0.34 $ 0.04 1.19 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the three months ended September 30, 2020 and 2019, was 765,046 and 405,934, respectively. Weighted average exchangeable Operating Partnership units outstanding for the nine months ended September 30, 2020 and 2019, was 765,046 and 368,854, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Income attributable to common unit holders - basic $ 12,745 57,122 $ 6,431 199,595 Income attributable to common unit holders - diluted $ 12,745 57,122 $ 6,431 199,595 Denominator: Weighted average common units outstanding for basic EPU 170,436 167,965 169,846 167,881 Weighted average common units outstanding for diluted EPU 170,735 168,350 170,121 168,203 Income per common unit – basic $ 0.07 0.34 $ 0.04 1.19 Income per common unit – diluted $ 0.07 0.34 $ 0.04 1.19 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. However, no assurances can be given as to the outcome of any threatened or pending legal proceedings. Legal fees are expensed as incurred. Environmental The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, and older underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of September 30, 2020 and December 31, 2019, the Company had $9.8 million and $12.5 million, respectively, in letters of credit outstanding. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidation | Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2020, the Parent Company owned approximately 99.6% of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity |
Real Estate Partnerships | Real Estate Partnerships As of September 30, 2020, Regency had a partial ownership interest in 125 properties through partnerships, of which 10 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 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. And 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) September 30, 2020 December 31, 2019 Assets Net real estate investments (1) $ 129,881 325,464 Cash, cash equivalents and restricted cash (1) 5,456 57,269 Liabilities Notes payable 7,329 17,740 Equity Limited partners’ interests in consolidated partnerships 28,827 30,655 |
Revenues And Other Receivables | Revenues and Other Receivables Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2020 2019 2020 2019 Other property income Point in time $ 2,261 2,780 $ 7,001 6,956 Management, transaction and other fees: Property management services Over time 3,598 3,648 10,830 11,076 Asset management services Over time 1,657 1,803 5,250 5,341 Leasing services Point in time 708 1,239 1,948 2,702 Other transaction fees Point in time 179 663 1,056 2,649 Total management, transaction, and other fees $ 6,142 7,353 $ 19,084 21,768 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: Accounting Standards Update (“ASU”) 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU applies to how the Company evaluates impairments of any available-for-sale debt securities and any non-operating lease receivables, including lease receivables arising from leases classified as sales-type or direct finance leases. January 2020 The Company has completed its evaluation and adoption of this standard, which resulted in changes in evaluating impairment of its available-for-sale debt securities. Declines in fair value below amortized cost resulting from credit related factors will be reflected in earnings, within Net investment income in the accompanying Consolidated Statements of Operations. Changes in value from market related factors continue to be recognized in Other comprehensive income (“OCI”). The Company’s investments in available-for-sale debt securities are invested in investment grade quality holdings or U.S. government backed securities, and are well diversified. During the nine months ended September 30, 2020, the Company did not recognize any allowance for credit loss. Additionally, the Company’s non-operating lease receivables experienced no credit losses during the nine months ended September 30, 2020, and the Company has no other financial instruments, such as lease receivables arising from sales-type or direct finance leases, subject to this ASU. ASU 2018-19, November 2018, Codification Improvements to Topic 326, Financial Instruments - Credit Losses This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases January 2020 The Company has completed its evaluation and adoption of this standard with no additional changes in its accounting for operating leases and related receivables. ASU 2018-13, August 2018, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurements January 2020 The Company has completed its evaluation and adoption of this new standard. The Company does not have any assets or liabilities measured to fair value requiring modified disclosures at September 30, 2020. |
Organization and Principles of
Organization and Principles of Consolidation Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) September 30, 2020 December 31, 2019 Assets Net real estate investments (1) $ 129,881 325,464 Cash, cash equivalents and restricted cash (1) 5,456 57,269 Liabilities Notes payable 7,329 17,740 Equity Limited partners’ interests in consolidated partnerships 28,827 30,655 |
Revenues and Other Receivables | Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2020 2019 2020 2019 Other property income Point in time $ 2,261 2,780 $ 7,001 6,956 Management, transaction and other fees: Property management services Over time 3,598 3,648 10,830 11,076 Asset management services Over time 1,657 1,803 5,250 5,341 Leasing services Point in time 708 1,239 1,948 2,702 Other transaction fees Point in time 179 663 1,056 2,649 Total management, transaction, and other fees $ 6,142 7,353 $ 19,084 21,768 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: Accounting Standards Update (“ASU”) 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU applies to how the Company evaluates impairments of any available-for-sale debt securities and any non-operating lease receivables, including lease receivables arising from leases classified as sales-type or direct finance leases. January 2020 The Company has completed its evaluation and adoption of this standard, which resulted in changes in evaluating impairment of its available-for-sale debt securities. Declines in fair value below amortized cost resulting from credit related factors will be reflected in earnings, within Net investment income in the accompanying Consolidated Statements of Operations. Changes in value from market related factors continue to be recognized in Other comprehensive income (“OCI”). The Company’s investments in available-for-sale debt securities are invested in investment grade quality holdings or U.S. government backed securities, and are well diversified. During the nine months ended September 30, 2020, the Company did not recognize any allowance for credit loss. Additionally, the Company’s non-operating lease receivables experienced no credit losses during the nine months ended September 30, 2020, and the Company has no other financial instruments, such as lease receivables arising from sales-type or direct finance leases, subject to this ASU. ASU 2018-19, November 2018, Codification Improvements to Topic 326, Financial Instruments - Credit Losses This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases January 2020 The Company has completed its evaluation and adoption of this standard with no additional changes in its accounting for operating leases and related receivables. ASU 2018-13, August 2018, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurements January 2020 The Company has completed its evaluation and adoption of this new standard. The Company does not have any assets or liabilities measured to fair value requiring modified disclosures at September 30, 2020. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Schedule of business acquisitions | The following tables detail consolidated shopping centers acquired or land acquired for development or redevelopment for the periods set forth below: (in thousands) Nine months ended September 30, 2020 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/1/20 Country Walk Plaza (1) Miami, FL Operating 100% $ 39,625 16,359 3,294 2,452 ( 1 ) (in thousands) Nine months ended September 30, 2019 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/8/19 Pablo Plaza (1) Jacksonville, FL Operating 100% $ 600 — — — 2/8/19 Melrose Market Seattle, WA Operating 100% 15,515 — 941 358 6/18/19 The Field at Commonwealth Ph II (2) Chantilly, VA Development 100% 4,083 — — — 6/21/19 Culver Public Market Culver City, CA Development 100% 1,279 — — — 6/28/19 6401 Roosevelt Seattle, WA Operating 100% 3,550 — — — 7/1/19 The Pruneyard Shopping Center Campbell, CA Operating 100% 212,500 — 16,991 5,833 9/17/19 Circle Marina Center Long Beach, CA Operating 100% 50,000 — 3,717 962 Total property acquisitions $ 287,527 — 21,649 7,153 (1 ) (2) The Company purchased The Field at Commonwealth Ph II, which is land adjacent to an existing operating property, for future development. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine months ended September 30, (in thousands, except number sold data) 2020 2019 2020 2019 Net proceeds from sale of real estate investments $ 9,925 14,546 $ 125,539 (1) 98,006 Gain on sale of real estate, net of tax 3,237 887 48,690 17,819 Provision for impairment of real estate sold — 194 571 1,860 Number of operating properties sold — 1 3 5 Number of land parcels sold 4 2 8 5 Percent interest sold 70% - 100% 100% 50% - 100% 100% (1) Includes proceeds from repayment of a short-term note on the sale of one of the properties, issued at closing and repaid during the same three months ended March 31, 2020. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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) September 30, 2020 December 31, 2019 Goodwill, net $ 174,794 307,434 Investments 51,995 50,354 Prepaid and other 24,019 18,169 Derivative assets — 2,987 Furniture, fixtures, and equipment, net 6,385 7,098 Deferred financing costs, net 3,065 4,687 Total other assets $ 260,258 390,729 |
Schedule of Goodwill | The following table presents the goodwill balances and activity during the year to date periods ended: September 30, 2020 December 31, 2019 (in thousands) Goodwill Accumulated Impairment Losses Total Goodwill Accumulated Impairment Losses Total Beginning of year balance $ 310,388 (2,954 ) 307,434 316,858 (2,715 ) 314,143 Goodwill allocated to Provision for impairment — (132,179 ) (132,179 ) — (2,954 ) (2,954 ) Goodwill allocated to Properties held for sale (963 ) 963 — (2,472 ) — (2,472 ) Goodwill associated with disposed reporting units: Goodwill allocated to Provision for impairment — — — (1,779 ) 1,779 — Goodwill allocated to Gain on sale of real estate (461 ) — (461 ) (2,219 ) 936 (1,283 ) End of period balance $ 308,964 (134,170 ) 174,794 310,388 (2,954 ) 307,434 As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant. |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs | The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate September 30, 2020 December 31, 2019 Notes payable: Fixed rate mortgage loans 4.4% 3.9% $ 338,024 342,020 Variable rate mortgage loans (1) 2.8% 2.9% 147,385 148,389 Fixed rate unsecured debt 3.8% 4.0% 3,238,514 2,944,752 Total notes payable 3,723,923 3,435,161 Unsecured credit facilities: Line of Credit (the "Line") (2) 1.0% 1.4% — 220,000 Term loans 2.0% 2.1% 264,605 264,383 Total unsecured credit facilities 264,605 484,383 Total debt outstanding $ 3,988,528 3,919,544 (1) Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. |
Schedule of maturities of long-term debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2020 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2020 (2) $ 3,065 27,000 — 30,065 2021 11,598 74,101 — 85,699 2022 11,797 5,848 265,000 282,645 2023 10,124 59,374 — 69,498 2024 5,301 90,744 250,000 346,045 Beyond 5 Years 21,712 161,303 3,025,000 3,208,015 Unamortized debt premium/(discount) and issuance costs — 3,442 (36,881 ) (33,439 ) Total $ 63,597 421,812 3,503,119 3,988,528 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Date Maturity Date Notional Amount Receive Variable Rate of Pay Fixed Rate of September 30, 2020 December 31, 2019 8/1/16 1/5/22 $ 265,000 1 Month LIBOR with Floor 1.053% $ (2,999 ) 2,674 4/7/16 4/1/23 19,497 1 Month LIBOR 1.303% (553 ) 148 12/1/16 11/1/23 32,517 1 Month LIBOR 1.490% (1,300 ) 84 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542% (1,411 ) 81 6/2/17 6/2/27 36,736 1 Month LIBOR with Floor 2.366% (4,154 ) (1,515 ) $ (10,417 ) 1,472 (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 September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2020 2019 2020 2019 2020 2019 Interest rate swaps $ (666 ) (3,851 ) Interest expense $ 2,570 1,677 Interest expense, net $ 40,794 38,253 Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 2020 2019 Interest rate swaps $ (19,187 ) (18,567 ) Interest expense $ 6,479 2,085 Interest expense, net $ 118,605 113,178 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Operating lease income Fixed and in-substance fixed lease income $ 200,020 204,686 $ 607,429 607,758 Variable lease income 60,535 59,872 186,952 185,317 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 7,811 11,086 31,107 31,334 Uncollectible straight line rent (7,678 ) (1,279 ) (27,867 ) (5,060 ) Uncollectible amounts billable in lease income (26,147 ) (2,222 ) (65,991 ) (3,667 ) Total lease income $ 234,541 272,143 $ 731,630 815,682 |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) September 30, 2020 December 31, 2019 Tenant receivables (1) $ 50,290 $ 35,526 Straight-line rent receivables 91,019 107,087 Other receivables (2) 17,828 26,724 Total tenant and other receivables $ 159,137 $ 169,337 (1) Tenant receivables include $15.5 million of lease payments due under rent deferral agreements executed as of September 30, 2020. (2) 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) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 3,723,923 4,072,114 3,435,161 3,688,604 Unsecured credit facilities $ 264,605 264,075 484,383 489,496 |
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 September 30, 2020 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 $ 40,849 40,849 — — Available-for-sale debt securities 11,146 — 11,146 — Interest rate derivatives — — — — Total $ 51,995 40,849 11,146 — Liabilities: Interest rate derivatives $ (10,417 ) — (10,417 ) — Fair Value Measurements as of December 31, 2019 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 $ 39,599 39,599 — — Available-for-sale debt securities 10,755 — 10,755 — Interest rate derivatives 2,987 — 2,987 — Total $ 53,341 39,599 13,742 — Liabilities: Interest rate derivatives $ (1,515 ) — (1,515 ) — |
Summary of assets measured on non-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 non recurring basis as of December 31, 2019 : Fair Value Measurements as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 71,131 — 28,131 43,000 (50,553 ) |
Non-Qualified Deferred Compen_2
Non-Qualified Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations | The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2020 December 31, 2019 Location in Consolidated Balance Sheets Assets: Securities $ 37,656 36,849 Other assets Liabilities: Deferred compensation obligation $ 37,653 36,755 Accounts payable and other liabilities |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Income attributable to common stockholders - basic $ 12,688 56,965 $ 6,402 199,139 Income attributable to common stockholders - diluted $ 12,688 56,965 $ 6,402 199,139 Denominator: Weighted average common shares outstanding for basic EPS 169,671 167,559 169,081 167,512 Weighted average common shares outstanding for diluted EPS 169,970 167,944 169,356 167,834 Income per common share – basic $ 0.07 0.34 $ 0.04 1.19 Income per common share – diluted $ 0.07 0.34 $ 0.04 1.19 |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Income attributable to common unit holders - basic $ 12,745 57,122 $ 6,431 199,595 Income attributable to common unit holders - diluted $ 12,745 57,122 $ 6,431 199,595 Denominator: Weighted average common units outstanding for basic EPU 170,436 167,965 169,846 167,881 Weighted average common units outstanding for diluted EPU 170,735 168,350 170,121 168,203 Income per common unit – basic $ 0.07 0.34 $ 0.04 1.19 Income per common unit – diluted $ 0.07 0.34 $ 0.04 1.19 |
Organization and Significant _3
Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)retail_shopping_center | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Unsecured public and private notes | $ | $ 200 |
Operating Partnership [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage of outstanding common partnership units | 99.60% |
COVID-19 [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Percentage of Operating Centers | 80.00% |
Percentage of Base Rent Collected from Tenants | 86.00% |
Number of Rent Deferrals | 1,300 |
Wholly Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 299 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 115 |
Organization and Significant _4
Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) $ in Thousands | Sep. 30, 2020USD ($)retail_shopping_center | Dec. 31, 2019USD ($) |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 10,986,639 | $ 11,132,253 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 4,873,516 | 4,842,292 |
Noncontrolling Interest in Variable Interest Entity | 28,827 | 30,655 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 7,329 | 17,740 |
Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 129,881 | 325,464 |
Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 5,456 | $ 57,269 |
Partially Owned Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of real estate properties | retail_shopping_center | 125 | |
Consolidated Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of real estate properties | retail_shopping_center | 10 |
Organization and Significant _5
Organization and Significant Accounting Policies - Revenues and Tenant and Other Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of management, transaction, and other fees [Line Items] | |||||
Other property income | $ 2,261 | $ 2,780 | $ 7,001 | $ 6,956 | |
Management, transaction, and other fees | 6,142 | 7,353 | 19,084 | 21,768 | |
Tenant and other receivables | 159,137 | 159,137 | $ 169,337 | ||
Management, transaction, and other fee [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Tenant and other receivables | 9,800 | 9,800 | $ 11,600 | ||
Property management services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Management, transaction, and other fees | 3,598 | 3,648 | 10,830 | 11,076 | |
Asset management services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Management, transaction, and other fees | 1,657 | 1,803 | 5,250 | 5,341 | |
Leasing services [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Management, transaction, and other fees | 708 | 1,239 | 1,948 | 2,702 | |
Other transaction fees [Member] | |||||
Schedule of management, transaction, and other fees [Line Items] | |||||
Management, transaction, and other fees | $ 179 | $ 663 | $ 1,056 | $ 2,649 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 287,527 | |
Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | 21,649 | |
Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | $ 7,153 | |
Country Walk Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jan. 1, 2020 | |
Property Name | Country Walk Plaza (1) | |
City/State | Miami, FL | |
Ownership | 100.00% | |
Purchase Price | $ 39,625 | |
Debt Assumed, Net of Premiums | 16,359 | |
Country Walk Plaza [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | 3,294 | |
Country Walk Plaza [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | $ 2,452 | |
Pablo Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jan. 8, 2019 | |
Property Name | Pablo Plaza (1) | |
City/State | Jacksonville, FL | |
Ownership | 100.00% | |
Purchase Price | $ 600 | |
Melrose Market [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Feb. 8, 2019 | |
Property Name | Melrose Market | |
City/State | Seattle, WA | |
Ownership | 100.00% | |
Purchase Price | $ 15,515 | |
Melrose Market [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | 941 | |
Melrose Market [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | $ 358 | |
The Field At Commonwealth PhII [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jun. 18, 2019 | |
Property Name | The Field at Commonwealth Ph II (2) | |
City/State | Chantilly, VA | |
Ownership | 100.00% | |
Purchase Price | $ 4,083 | |
Culver Public Market [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jun. 21, 2019 | |
Property Name | Culver Public Market | |
City/State | Culver City, CA | |
Ownership | 100.00% | |
Purchase Price | $ 1,279 | |
6401 Roosevelt [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jun. 28, 2019 | |
Property Name | 6401 Roosevelt | |
City/State | Seattle, WA | |
Ownership | 100.00% | |
Purchase Price | $ 3,550 | |
The Pruneyard Shopping Center [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jul. 1, 2019 | |
Property Name | The Pruneyard Shopping Center | |
City/State | Campbell, CA | |
Ownership | 100.00% | |
Purchase Price | $ 212,500 | |
The Pruneyard Shopping Center [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | 16,991 | |
The Pruneyard Shopping Center [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | $ 5,833 | |
Circle Marina Center [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Sep. 17, 2019 | |
Property Name | Circle Marina Center | |
City/State | Long Beach, CA | |
Ownership | 100.00% | |
Purchase Price | $ 50,000 | |
Circle Marina Center [Member] | Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | 3,717 | |
Circle Marina Center [Member] | Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets | $ 962 |
Real Estate Investments Busin_2
Real Estate Investments Business Acquisitions (Parenthetical) (Details) - a | Sep. 30, 2020 | Sep. 30, 2019 |
Country Walk Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of purchase price of property | 100.00% | |
Percentage of equity interest acquired prior | 30.00% | |
Pablo Plaza [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of building for redevelopment | 0.17 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)property | Sep. 30, 2019USD ($)property | Sep. 30, 2020USD ($)property | Sep. 30, 2019USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net proceeds from sale of real estate investments | $ | $ 9,925 | $ 14,546 | $ 125,539 | $ 98,006 |
Gain on sale of real estate, net of tax | $ | $ 3,237 | 887 | 48,690 | 17,819 |
Provision for impairment, net of tax | $ | $ (14) | $ 1,014 | $ 12,099 | |
Operating Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties held for sale | property | 3 | 3 | ||
Land Parcel [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties held for sale | property | 1 | 1 | ||
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 100.00% | 100.00% | ||
Wholly Owned Properties [Member] | Minimum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 50.00% | 50.00% | ||
Wholly Owned Properties [Member] | Maximum [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 100.00% | 100.00% | ||
Real Estate Sold [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impairment, net of tax | $ | $ 194 | $ 571 | $ 1,860 | |
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 | 3 | 5 | |
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties sold | property | 4 | 2 | 8 | 5 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | |||
Goodwill, net | $ 174,794 | $ 307,434 | $ 314,143 |
Investments | 51,995 | 50,354 | |
Prepaid and other | 24,019 | 18,169 | |
Derivative assets | 2,987 | ||
Furniture, fixtures, and equipment, net | 6,385 | 7,098 | |
Deferred financing costs, net | 3,065 | 4,687 | |
Total other assets | $ 260,258 | $ 390,729 |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill Gross, Beginning balance | $ 310,388 | $ 316,858 |
Goodwill Gross, allocated to Provision for impairment | 0 | 0 |
Goodwill Gross, allocated to Properties held for sale | (963) | (2,472) |
Goodwill, ending balance | 308,964 | 310,388 |
Goodwill, Accumulated Impairment Losses, Beginning balance | (2,954) | (2,715) |
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment | (132,179) | (2,954) |
Goodwill Accumulated Impairment Losses, allocated to Properties held for sale | 963 | 0 |
Goodwill, Accumulated Impairment Losses, Ending balance | (134,170) | (2,954) |
Goodwill, Beginning balance | 307,434 | 314,143 |
Goodwill allocated to Provision for impairment | (132,179) | (2,954) |
Goodwill allocated to Properties held for sale | 0 | (2,472) |
Goodwill, Ending balance | 174,794 | 307,434 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Goodwill [Line Items] | ||
Goodwill Gross, allocated to Provision for impairment | 0 | (1,779) |
Goodwill Gross, allocated to Gain on sale of real estate | (461) | (2,219) |
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment | 0 | 1,779 |
Goodwill Accumulated Impairment Losses, allocated to Gain on sale of real estate | 0 | 936 |
Goodwill allocated to Provision for impairment | 0 | 0 |
Goodwill allocated to Gain on sale of real estate | $ (461) | $ (1,283) |
Other Assets (Details)
Other Assets (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)Reportingunit | |
Goodwill [Line Items] | ||
Goodwill, impairment loss | $ 132,128 | |
Goodwill, impairment loss | $ 0 | |
Accumulated Impairment Losses | Natural Disasters and Other Casualty Events [Member] | ||
Goodwill [Line Items] | ||
Goodwill, impairment loss | $ 132,200 | |
Accumulated Impairment Losses | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Natural Disasters and Other Casualty Events [Member] | ||
Goodwill [Line Items] | ||
Number of reporting units | Reportingunit | 269 | |
Fair Value lower than carrying value | Reportingunit | 87 |
Schedule of Debt Net of Unamort
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,988,528 | $ 3,919,544 |
Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 4.40% | |
Debt, Weighted Average Effective Interest Rate | 3.90% | |
Long-term Debt | $ 338,024 | 342,020 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 3.80% | |
Debt, Weighted Average Effective Interest Rate | 4.00% | |
Long-term Debt | $ 3,238,514 | 2,944,752 |
Total credit facilities | 264,605 | 484,383 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,723,923 | 3,435,161 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 1.00% | |
Debt, Weighted Average Effective Interest Rate | 1.40% | |
Line of Credit [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | 220,000 | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 2.00% | |
Debt, Weighted Average Effective Interest Rate | 2.10% | |
Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | $ 264,605 | 264,383 |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 2.80% | |
Debt, Weighted Average Effective Interest Rate | 2.90% | |
Long-term Debt | $ 147,385 | $ 148,389 |
Schedule of Debt Net of Unamo_2
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - Variable Rate Mortgage Loans [Member] - London Interbank Offered Rate (LIBOR) [Member] | Sep. 30, 2020 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 2.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 4.10% |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Sep. 02, 2020 | Sep. 30, 2020 | May 11, 2020 | |
Debt Instrument [Line Items] | |||
Line of credit total borrowing capacity | $ 1,200 | ||
Senior Notes [Member] | Notes Due June 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||
Debt Instrument, Discount Percent | 99.805% | ||
Notes Payable to Banks [Member] | Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Debt instrument redemption amount | $ 300 | ||
Expected Proceeds from redemption of debt | 325.1 | ||
Accrued interest paid | $ 25.1 |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities Schedule of maturities of long-term debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2020 | $ 30,065 | |
2021 | 85,699 | |
2022 | 282,645 | |
2023 | 69,498 | |
2024 | 346,045 | |
Beyond 5 Years | 3,208,015 | |
Unamortized debt premium/(discount) and issuance costs | (33,439) | |
Total | 3,988,528 | $ 3,919,544 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total | 3,238,514 | $ 2,944,752 |
Scheduled Principal Payments [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 3,065 | |
2021 | 11,598 | |
2022 | 11,797 | |
2023 | 10,124 | |
2024 | 5,301 | |
Beyond 5 Years | 21,712 | |
Unamortized debt premium/(discount) and issuance costs | 0 | |
Total | 63,597 | |
Mortgage Loan Maturities [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 27,000 | |
2021 | 74,101 | |
2022 | 5,848 | |
2023 | 59,374 | |
2024 | 90,744 | |
Beyond 5 Years | 161,303 | |
Unamortized debt premium/(discount) and issuance costs | 3,442 | |
Total | 421,812 | |
Unsecured Maturities [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 265,000 | |
2023 | 0 | |
2024 | 250,000 | |
Beyond 5 Years | 3,025,000 | |
Unamortized debt premium/(discount) and issuance costs | (36,881) | |
Total | $ 3,503,119 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (666) | $ (3,851) | $ (19,187) | $ (18,567) | |
Amount reclassified from accumulated other comprehensive loss | 2,570 | 1,677 | 6,479 | 2,085 | |
Interest Expense | 40,794 | $ 38,253 | 118,605 | $ 113,178 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 6,100 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 2,987 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | (10,417) | (10,417) | (1,515) | ||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 2,987 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | (10,417) | (10,417) | (1,515) | ||
Interest Rate Cash Flow Hedge Derivative At Fair Value Net | (10,417) | $ (10,417) | 1,472 | ||
Derivative @ 1.053% 265.000M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Aug. 1, 2016 | ||||
Derivative, Maturity Date | Jan. 5, 2022 | ||||
Derivative, Notional Amount | $ 265,000 | $ 265,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 1.053% | 1.053% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 2,674 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (2,999) | $ (2,999) | |||
Derivative @ 1.303% 19.678M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Apr. 7, 2016 | ||||
Derivative, Maturity Date | Apr. 1, 2023 | ||||
Derivative, Notional Amount | $ 19,497 | $ 19,497 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.303% | 1.303% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 148 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (553) | $ (553) | |||
Derivative @ 1.490% 32.809M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Dec. 1, 2016 | ||||
Derivative, Maturity Date | Nov. 1, 2023 | ||||
Derivative, Notional Amount | $ 32,517 | $ 32,517 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.49% | 1.49% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 84 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (1,300) | $ (1,300) | |||
Derivative @ 1.542% 24.000M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Sep. 17, 2019 | ||||
Derivative, Maturity Date | Mar. 17, 2025 | ||||
Derivative, Notional Amount | $ 24,000 | $ 24,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.542% | 1.542% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | 81 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (1,411) | $ (1,411) | |||
Derivative @ 2.366% 37.022M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Jun. 2, 2017 | ||||
Derivative, Maturity Date | Jun. 2, 2027 | ||||
Derivative, Notional Amount | $ 36,736 | $ 36,736 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 2.366% | 2.366% | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (4,154) | $ (4,154) | $ (1,515) |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Rent_Agreement | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | ||
Operating Leased Assets [Line Items] | ||||||
Fixed and in-substance fixed lease income | $ 200,020 | $ 204,686 | $ 607,429 | $ 607,758 | ||
Variable lease income | 60,535 | 59,872 | 186,952 | 185,317 | ||
Uncollectible straight line rent | (7,678) | (1,279) | (27,867) | (5,060) | ||
Uncollectible amounts billable in lease income | (26,147) | (2,222) | (65,991) | (3,667) | ||
Total lease income | 234,541 | 272,143 | $ 731,630 | 815,682 | ||
Weighted Average Deferral Period | 3 months | |||||
Weighted Average Repayment Periods | 9 months 6 days | |||||
Accounts and Notes Receivable, Net | 159,137 | $ 159,137 | $ 169,337 | |||
Straight-line rent receivables | 91,019 | 107,087 | ||||
Tenant Receivables [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | [1] | 50,290 | 50,290 | 35,526 | ||
Payments Due Under Rent Deferral Agreements | 15,500 | |||||
Other Receivable [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | [2] | 17,828 | $ 17,828 | $ 26,724 | ||
COVID-19 [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Number of mutually accepted agreements | Rent_Agreement | 1,300 | |||||
Pro-rata base rent | $ 30,600 | |||||
Percentage of annual base rent | 3.50% | |||||
Lessor [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Above/below market rent and tenant rent inducement amortization, net | $ 7,811 | $ 11,086 | $ 31,107 | $ 31,334 | ||
[1] | Tenant receivables include $15.5 million of lease payments due under rent deferral agreements executed as of September 30, 2020. | |||||
[2] | Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable | $ 3,723,923,000 | $ 3,723,923,000 | $ 3,435,161,000 | ||
Unsecured credit facilities | 264,605,000 | 264,605,000 | 484,383,000 | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 1,300,000 | $ (15,000) | 251,000 | $ 2,700,000 | |
Impairment of Real Estate | $ 14,000 | (1,014,000) | $ (12,099,000) | ||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 40,849,000 | 40,849,000 | 39,599,000 | ||
Available-for-sale Securities | 11,146,000 | 11,146,000 | 10,755,000 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 2,987,000 | ||||
Total | 51,995,000 | 51,995,000 | 53,341,000 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (10,417,000) | (10,417,000) | (1,515,000) | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Operating properties | 71,131,000 | ||||
Impairment of Real Estate | (50,553,000) | ||||
Fair Value Inputs Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Payable, Fair Value | 4,072,114,000 | 4,072,114,000 | 3,688,604,000 | ||
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 Securities | 11,146,000 | 11,146,000 | 10,755,000 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 2,987,000 | ||||
Total | 11,146,000 | 11,146,000 | 13,742,000 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (10,417,000) | (10,417,000) | (1,515,000) | ||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Operating properties | 28,131,000 | ||||
Fair Value Inputs Level 2 [Member] | Unsecured Credit Facilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unsecured credit facilities, Fair Value | 264,075,000 | 264,075,000 | 489,496,000 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Trading, and Equity Securities, FV-NI | 40,849,000 | 40,849,000 | 39,599,000 | ||
Total | $ 40,849,000 | $ 40,849,000 | 39,599,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Operating properties | $ 43,000,000 |
Equity and Capital - Common Sto
Equity and Capital - Common Stock (Details) - USD ($) | Feb. 04, 2020 | Jan. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||||
Common stock remaining available for Issuance | 500,000,000 | ||||
Common stock, shares issued | 169,677,302 | 167,571,218 | |||
Net proceeds from common stock issuance | $ 125,608,000 | ||||
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | ||||
Stock Repurchase Program Expiration Date | Feb. 5, 2021 | ||||
Stock Repurchased and Retired During Period, Value | $ (32,777,000) | ||||
Common Stock [Member] | Shopping Center [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of exchangeable operating partnership, units | 18,613 | ||||
Issuance of operating partnership, value | $ 1,300,000 | ||||
Acquisition of additional interest | 16.62% | ||||
Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | $ 0 | ||||
Equity Offering Program [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued under program | 0 | ||||
Forward Equity Offering [Member] | Equity Offering Program [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 1,894,845 | ||||
Net proceeds from common stock issuance | $ 125,800,000 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Equity Issuances, Common Shares Authorized for Issuance | 500,000,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 262,426 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 64.14 |
Non-Qualified Deferred Compen_3
Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Compensation And Retirement Disclosure [Abstract] | ||
Securities | $ 37,656 | $ 36,849 |
Deferred compensation obligation | $ 37,653 | $ 36,755 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share Basic [Line Items] | ||||
Weighted average common shares/units outstanding for basic EPS/EPU | 169,671,000 | 167,559,000 | 169,081,000 | 167,512,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 169,970,000 | 167,944,000 | 169,356,000 | 167,834,000 |
Income per common share - basic | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Income per common share - diluted | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Weighted Average Limited Partnership Units Outstanding, Basic | 765,046 | 405,934 | 765,046 | 368,854 |
Partnership Interest [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Weighted average common shares/units outstanding for basic EPS/EPU | 170,436,000 | 167,965,000 | 169,846,000 | 167,881,000 |
Weighted average common shares/units outstanding for diluted EPS/EPU | 170,735,000 | 168,350,000 | 170,121,000 | 168,203,000 |
Income per common unit - basic | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Income per common unit - diluted | $ 0.07 | $ 0.34 | $ 0.04 | $ 1.19 |
Continuing Operations [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders - basic | $ 12,688 | $ 56,965 | $ 6,402 | $ 199,139 |
Income attributable to common stockholders - diluted | 12,688 | 56,965 | 6,402 | 199,139 |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Income attributable to common stockholders - basic | 12,745 | 57,122 | 6,431 | 199,595 |
Income attributable to common stockholders - diluted | $ 12,745 | $ 57,122 | $ 6,431 | $ 199,595 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 9.8 | $ 12.5 |