Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | REGENCY CENTERS CORP | ||
Entity Central Index Key | 910606 | ||
Entity well-known seasoned filer | Yes | ||
Entity voluntary filer | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock Shares Outstanding | 94,127,031 | ||
Public Float | $5,045,698,716 | ||
Partnership Interest [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | REGENCY CENTERS LP | ||
Entity Central Index Key | 1066247 | ||
Entity Filer Category | Accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Document Fiscal Year Focus | 2014 | |
Real estate investments at cost (notes 2 and 3): | ||
Properties in development | $239,538 | $186,450 |
Investments in real estate partnerships (note 4) | 333,167 | 358,849 |
Accounts receivable, net of allowance for doubtful accounts of $4,523 and $3,922 at December 31, 2014 and 2013, respectively | 30,999 | 26,319 |
Deferred costs, less accumulated amortization of $81,822 and $73,231 at December 31, 2014 and 2013, respectively | 71,502 | 69,963 |
Acquired lease intangible assets, less accumulated amortization of $36,112 and $25,591 at December 31, 2014 and 2013, respectively (note 6) | 52,365 | 44,805 |
Parent Company [Member] | ||
Real estate investments at cost (notes 2 and 3): | ||
Land | 1,380,211 | 1,249,779 |
Buildings and improvements | 2,790,137 | 2,590,302 |
Properties in development | 239,538 | 186,450 |
Gross real estate investments at cost | 4,409,886 | 4,026,531 |
Less: accumulated depreciation | 933,708 | 844,873 |
Total Cost Net of Accumulated Depreciation | 3,476,178 | 3,181,658 |
Investments in real estate partnerships (note 4) | 333,167 | 358,849 |
Net real estate investments | 3,809,345 | 3,540,507 |
Cash and cash equivalents | 113,776 | 80,684 |
Restricted cash | 8,013 | 9,520 |
Accounts receivable, net of allowance for doubtful accounts of $4,523 and $3,922 at December 31, 2014 and 2013, respectively | 30,999 | 26,319 |
Straight-line rent receivable, net of reserve of $652 and $547 at December 31, 2014 and 2013, respectively | 55,768 | 50,612 |
Notes receivable (note 5) | 12,132 | 11,960 |
Deferred costs, less accumulated amortization of $81,822 and $73,231 at December 31, 2014 and 2013, respectively | 71,502 | 69,963 |
Acquired lease intangible assets, less accumulated amortization of $36,112 and $25,591 at December 31, 2014 and 2013, respectively (note 6) | 52,365 | 44,805 |
Trading securities held in trust, at fair value (note 14) | 28,134 | 26,681 |
Other assets | 15,136 | 52,465 |
Total assets | 4,197,170 | 3,913,516 |
Liabilities: | ||
Notes payable (note 9) | 1,946,357 | 1,779,697 |
Unsecured Debt | 75,000 | 75,000 |
Accounts payable and other liabilities | 181,197 | 147,045 |
Acquired lease intangible liabilities, less accumulated accretion of $13,993 and $10,102 at December 31, 2014 and 2013, respectively (note 6) | 32,143 | 26,729 |
Tenants’ security and escrow deposits and prepaid rent | 25,991 | 23,911 |
Total liabilities | 2,260,688 | 2,052,382 |
Commitments and contingencies (notes 16 and 17) | 0 | 0 |
Stockholders’ equity (notes 12 and 13): | ||
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at December 31, 2013 and December 31, 2012, with liquidation preferences of $25 per share | 325,000 | 325,000 |
Common stock $0.01 par value per share,150,000,000 shares authorized; 94,108,061 and 92,333,161 shares issued at December 31, 2014 and 2013, respectively | 941 | 923 |
Treasury stock at cost, 425,246 and 373,042 shares held at December 31, 2014 and 2013, respectively | -19,382 | -16,726 |
Additional paid in capital | 2,540,153 | 2,426,477 |
Accumulated other comprehensive loss | -57,748 | -17,404 |
Distributions in excess of net income | -882,372 | -874,916 |
Total stockholders’ equity | 1,906,592 | 1,843,354 |
Noncontrolling interests (note 12): | ||
Exchangeable operating partnership units, aggregate redemption value of $7,676 and $8,348 at December 31, 2013 and 2012, respectively | -1,914 | -1,426 |
Limited partners’ interests in consolidated partnerships | 31,804 | 19,206 |
Total noncontrolling interests | 29,890 | 17,780 |
Total equity | 1,936,482 | 1,861,134 |
Total liabilities and equity | 4,197,170 | 3,913,516 |
Partnership Interest [Member] | ||
Real estate investments at cost (notes 2 and 3): | ||
Land | 1,380,211 | 1,249,779 |
Buildings and improvements | 2,790,137 | 2,590,302 |
Properties in development | 239,538 | 186,450 |
Gross real estate investments at cost | 4,409,886 | 4,026,531 |
Less: accumulated depreciation | 933,708 | 844,873 |
Total Cost Net of Accumulated Depreciation | 3,476,178 | 3,181,658 |
Investments in real estate partnerships (note 4) | 333,167 | 358,849 |
Net real estate investments | 3,809,345 | 3,540,507 |
Cash and cash equivalents | 113,776 | 80,684 |
Restricted cash | 8,013 | 9,520 |
Accounts receivable, net of allowance for doubtful accounts of $4,523 and $3,922 at December 31, 2014 and 2013, respectively | 30,999 | 26,319 |
Straight-line rent receivable, net of reserve of $652 and $547 at December 31, 2014 and 2013, respectively | 55,768 | 50,612 |
Notes receivable (note 5) | 12,132 | 11,960 |
Deferred costs, less accumulated amortization of $81,822 and $73,231 at December 31, 2014 and 2013, respectively | 71,502 | 69,963 |
Acquired lease intangible assets, less accumulated amortization of $36,112 and $25,591 at December 31, 2014 and 2013, respectively (note 6) | 52,365 | 44,805 |
Trading securities held in trust, at fair value (note 14) | 28,134 | 26,681 |
Other assets | 15,136 | 52,465 |
Total assets | 4,197,170 | 3,913,516 |
Liabilities: | ||
Notes payable (note 9) | 1,946,357 | 1,779,697 |
Unsecured Debt | 75,000 | 75,000 |
Accounts payable and other liabilities | 181,197 | 147,045 |
Acquired lease intangible liabilities, less accumulated accretion of $13,993 and $10,102 at December 31, 2014 and 2013, respectively (note 6) | 32,143 | 26,729 |
Tenants’ security and escrow deposits and prepaid rent | 25,991 | 23,911 |
Total liabilities | 2,260,688 | 2,052,382 |
Commitments and contingencies (notes 16 and 17) | 0 | 0 |
Stockholders’ equity (notes 12 and 13): | ||
Preferred Units General Partner | 325,000 | 325,000 |
General partner; 94,108,061 and 92,333,161 units outstanding at December 31, 2014 and 2013, respectively | 1,639,340 | 1,535,758 |
Limited partners; 154,170 and 165,796 units outstanding at December 31, 2014 and 2013, respectively | -1,914 | -1,426 |
Accumulated other comprehensive loss | -57,748 | -17,404 |
Total partners' capital | 1,904,678 | 1,841,928 |
Noncontrolling interests (note 12): | ||
Limited partners’ interests in consolidated partnerships | 31,804 | 19,206 |
Total noncontrolling interests | 31,804 | 19,206 |
Total equity | 1,936,482 | 1,861,134 |
Total liabilities and equity | $4,197,170 | $3,913,516 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $4,523 | $3,922 |
General partner units, outstanding | 94,108,061 | 92,333,000 |
Limited Partners' Capital Account, Units Outstanding | 154,170 | 165,796 |
Parent Company [Member] | ||
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred units of Series 3-5, units issued | 13,000,000 | |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Exchangeable operating partnership units aggregate redemption value | 9,833 | 7,676 |
Treasury stock, shares held at cost | 425,246 | 373,042 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | 4,523 | 3,922 |
Straight-line rent receivable allowance | 652 | 547 |
Deferred costs accumulated amortization | 81,822 | 73,231 |
Accumulated amortization of acquired lease intangible assets | 36,112 | 25,591 |
Accumulated accretion of acquired lease intangible liabilities | $13,993 | $10,102 |
Preferred stock, par value per share | $0.01 | $0.01 |
Preferred units of Series 3-5, units issued | 13,000,000 | 13,000,000 |
Preferred units of Series 3-5, units outstanding | 13,000,000 | 13,000,000 |
Preferred stock, liquidation preferences per share | $25 | $25 |
Common stock, shares issued | 94,108,061 | 92,333,161 |
Limited Partners' Capital Account, Units Outstanding | 154,170 | 165,796 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Document Fiscal Year Focus | 2014 | ||
Other expense (income) [Abstract] | |||
Provision for impairment | $1,257 | $6,000 | $74,816 |
Equity in income of investments in real estate partnerships (note 4) | 31,270 | 31,718 | 23,807 |
Federal Income Tax Expense (Benefit), Continuing Operations | 1,152 | 0 | 13,224 |
Discontinued operations, net (note 3): | |||
Gain on sale of real estate, net of tax | -55,077 | -59,656 | -24,013 |
Parent Company [Member] | |||
Revenues: | |||
Minimum rent | 390,697 | 353,833 | 340,940 |
Percentage rent | 3,488 | 3,583 | 3,323 |
Recoveries from tenants and other income | 119,618 | 106,494 | 103,155 |
Total revenues | 537,898 | 489,007 | 473,929 |
Management Transaction And Other Fees | 24,095 | 25,097 | 26,511 |
Operating expenses: | |||
Depreciation and amortization | 147,791 | 130,630 | 119,008 |
Operating and maintenance | 77,788 | 71,018 | 66,687 |
General and administrative | 60,242 | 61,234 | 61,700 |
Real estate taxes | 59,031 | 53,726 | 52,911 |
Other operating expenses | 8,496 | 8,079 | 7,187 |
Total operating expenses | 353,348 | 324,687 | 307,493 |
Other expense (income) [Abstract] | |||
Interest Expense | 109,491 | 108,966 | 112,129 |
Provision for impairment | 1,257 | 6,000 | 20,316 |
Early extinguishment of debt | 18 | 32 | 852 |
Net investment income, including unrealized losses (gains) of $1,058, $(2,231), and $(888) in 2014, 2013, and 2012, respectively (notes 8 and 14) | 9,449 | 3,257 | 2,057 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | -18,271 | 0 | 0 |
Total other expense (income) | 83,046 | 111,741 | 131,240 |
Income before equity in income of investments in real estate partnerships and income taxes | 101,504 | 52,579 | 35,196 |
Equity in income of investments in real estate partnerships (note 4) | 31,270 | 31,718 | 23,807 |
Federal Income Tax Expense (Benefit), Continuing Operations | -996 | 0 | 13,224 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 133,770 | 84,297 | 45,779 |
Discontinued operations, net (note 3): | |||
Operating income (loss) | 0 | 7,332 | -43,583 |
Gain on sale of operating properties, net of tax | 0 | 57,953 | 21,855 |
Income (loss) from discontinued operations | 0 | 65,285 | -21,728 |
Gain on sale of real estate, net of tax | -55,077 | -1,703 | -2,158 |
Net income | 188,847 | 151,285 | 26,209 |
Noncontrolling interests: | |||
Net Income (Loss) Attributable to Noncontrolling Interest, Preferred Unit Holders (Deprecated 2013-01-31) | 0 | 0 | 629 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable | -319 | -276 | -106 |
Noncontrolling Interest in Net Income (Loss) Limited Partnerships, Nonredeemable | -1,138 | -1,205 | -865 |
Income attributable to noncontrolling interests | -1,457 | -1,481 | -342 |
Net income attributable to the Company | 187,390 | 149,804 | 25,867 |
Preferred stock dividends | -21,062 | -21,062 | -32,531 |
Net Income (Loss) attributable to Common Stockholders | 166,328 | 128,742 | -6,664 |
Income (loss) per common share - basic (note 15): | |||
Continuing operations (in dollars per share) | $1.80 | $0.69 | $0.16 |
Discontinued operations (in dollars per share) | $0 | $0.71 | ($0.24) |
Net income attributable to common stockholders (in dollars per share) | $1.80 | $1.40 | ($0.08) |
Income (loss) per common share - diluted (note 15): | |||
Continuing operations (in dollars per share) | $1.80 | $0.69 | $0.16 |
Discontinued operations (in dollars per share) | $0 | $0.71 | ($0.24) |
Net income (loss) attributable to common stockholders (in dollars per share) | $1.80 | $1.40 | ($0.08) |
Partnership Interest [Member] | |||
Revenues: | |||
Minimum rent | 390,697 | 353,833 | 340,940 |
Percentage rent | 3,488 | 3,583 | 3,323 |
Recoveries from tenants and other income | 119,618 | 106,494 | 103,155 |
Total revenues | 537,898 | 489,007 | 473,929 |
Management Transaction And Other Fees | 24,095 | 25,097 | 26,511 |
Operating expenses: | |||
Depreciation and amortization | 147,791 | 130,630 | 119,008 |
Operating and maintenance | 77,788 | 71,018 | 66,687 |
General and administrative | 60,242 | 61,234 | 61,700 |
Real estate taxes | 59,031 | 53,726 | 52,911 |
Other operating expenses | 8,496 | 8,079 | 7,187 |
Total operating expenses | 353,348 | 324,687 | 307,493 |
Other expense (income) [Abstract] | |||
Interest Expense | 109,491 | 108,966 | 112,129 |
Provision for impairment | 1,257 | 6,000 | 20,316 |
Early extinguishment of debt | 18 | 32 | 852 |
Net investment income, including unrealized losses (gains) of $1,058, $(2,231), and $(888) in 2014, 2013, and 2012, respectively (notes 8 and 14) | 9,449 | 3,257 | 2,057 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | -18,271 | 0 | 0 |
Total other expense (income) | 83,046 | 111,741 | 131,240 |
Income before equity in income of investments in real estate partnerships and income taxes | 101,504 | 52,579 | 35,196 |
Equity in income of investments in real estate partnerships (note 4) | 31,270 | 31,718 | 23,807 |
Federal Income Tax Expense (Benefit), Continuing Operations | -996 | 0 | 13,224 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 133,770 | 84,297 | 45,779 |
Discontinued operations, net (note 3): | |||
Operating income (loss) | 0 | 7,332 | -43,583 |
Gain on sale of operating properties, net of tax | 0 | 57,953 | 21,855 |
Income (loss) from discontinued operations | 0 | 65,285 | -21,728 |
Gain on sale of real estate, net of tax | -55,077 | -1,703 | -2,158 |
Net income | 188,847 | 151,285 | 26,209 |
Noncontrolling interests: | |||
Noncontrolling Interest in Net Income (Loss) Limited Partnerships, Nonredeemable | -1,138 | -1,205 | -865 |
Income attributable to noncontrolling interests | -1,138 | -1,205 | -865 |
Net income attributable to the Company | 187,709 | 150,080 | 25,344 |
Preferred unit distributions | -21,062 | -21,062 | -31,902 |
Net (loss) income attributable to common unit holders | $166,647 | $129,018 | ($6,558) |
Income (loss) per common share - basic (note 15): | |||
Continuing operations (in dollars per share) | $1.80 | $0.69 | $0.16 |
Discontinued operations (in dollars per share) | $0 | $0.71 | ($0.24) |
Net income attributable to common unit holders (in dollars per share) | $1.80 | $1.40 | ($0.08) |
Income (loss) per common share - diluted (note 15): | |||
Continuing operations (in dollars per share) | $1.80 | $0.69 | $0.16 |
Discontinued operations (in dollars per share) | $0 | $0.71 | ($0.24) |
Net Income (Loss), Per Outstanding Limited Partnership Unit, Diluted | $1.80 | $1.40 | ($0.08) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (Partnership Interest [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Partnership Interest [Member] | |||
Interest Income | $1,210 | $1,643 | $1,675 |
Unrealized Gain on Securities | $1,058 | ($2,231) | ($888) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other comprehensive income: | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($49,968) | $30,985 | $4,220 |
Parent Company [Member] | |||
Net income | 188,847 | 151,285 | 26,209 |
Other comprehensive income: | |||
Amortization of loss on derivative instruments | 8,747 | 9,466 | 9,466 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -49,968 | 30,985 | 4,220 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 606 | -33 | 25 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 7,765 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -7,765 | 0 | 0 |
Other comprehensive income | -40,615 | 40,418 | 13,711 |
Comprehensive income | 148,232 | 191,703 | 39,920 |
Less: comprehensive (loss) income attributable to noncontrolling interests: | |||
Net income attributable to noncontrolling interests | 1,457 | 1,481 | 342 |
Comprehensive income attributable to noncontrolling interests | 1,186 | 1,588 | 339 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | -271 | 107 | -3 |
Comprehensive income attributable to the Company | 147,046 | 190,115 | 39,581 |
Partnership Interest [Member] | |||
Net income | 188,847 | 151,285 | 26,209 |
Other comprehensive income: | |||
Unrealized loss on derivative instruments | 0 | 0 | 0 |
Amortization of loss on derivative instruments | 8,747 | 9,466 | 9,466 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -49,968 | 30,985 | 4,220 |
Less: reclassification adjustment for change in fair value of derivative instruments included in net income | 606 | -33 | 25 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 7,765 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -7,765 | 0 | 0 |
Other comprehensive income | -40,615 | 40,418 | 13,711 |
Comprehensive income | 148,232 | 191,703 | 39,920 |
Less: comprehensive (loss) income attributable to noncontrolling interests: | |||
Net income attributable to noncontrolling interests | 1,138 | 1,205 | 865 |
Comprehensive income attributable to noncontrolling interests | 937 | 1,237 | 834 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | -201 | 32 | -31 |
Comprehensive income attributable to the Company | 147,295 | 190,466 | 39,086 |
Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Parent Company [Member] | |||
Net income | 1,138 | 1,205 | 865 |
Other comprehensive income: | |||
Other comprehensive income | ($201) | $32 | ($31) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Parent Company [Member] | Partnership Interest [Member] | Preferred Stock | Common Stock | Treasury Stock | Additional Paid In Capital | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | Partners Capital Total [Member] | Distributions in Excess of Net Income | Preferred Units | General Partner Preferred and Common Units | Limited Partners [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests Preferred Units [Member] |
In Thousands, except Per Share data, unless otherwise specified | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Parent Company [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Partnership Interest [Member] | Parent Company [Member] | Partnership Interest [Member] | Accumulated Other Comprehensive Loss | Partners Capital Total [Member] | Preferred Units | General Partner Preferred and Common Units | Limited Partners [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Parent Company [Member] | Common Stock | Treasury Stock | Additional Paid In Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Parent Company [Member] | Preferred Stock | Parent Company [Member] | Treasury Stock | Additional Paid In Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Total Stockholders' Equity [Member] | Noncontrolling Interests Preferred Units [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Total Noncontrolling Interests [Member] | Total Noncontrolling Interests [Member] | Parent Company [Member] | ||||
Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2011 | ($1,869,654) | ($1,869,654) | ($275,000) | ($899) | $15,197 | ($2,281,817) | $71,429 | ($1,856,550) | $662,735 | ($1,879,784) | ($1,808,355) | ($49,158) | $963 | ($13,104) | ($61,299) | ||||||||||||||||||||||||||||||||||||||
Common stock/unit per share | $1.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from common stock issuance | 21,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 26,209 | 26,209 | 0 | 0 | 0 | 0 | 0 | 25,344 | 25,867 | 25,867 | -629 | 106 | 865 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 25,867 | 25,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -25 | -25 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 13,711 | 13,711 | 0 | 0 | 0 | 0 | 13,711 | 13,714 | 13,742 | 0 | 0 | 13,714 | 0 | 28 | -31 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | -3 | -31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan | 12 | 12 | 0 | 0 | 273 | -261 | 0 | 12 | 0 | 12 | 12 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 11,526 | 0 | 0 | 0 | 11,526 | 0 | 0 | 0 | 0 | 0 | 11,526 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 0 | 0 | 0 | 0 | 0 | -1,474 | -1,474 | 0 | 0 | -1,474 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | -275,000 | 275,000 | -275,000 | 0 | 0 | -9,277 | 0 | 0 | 275,000 | -9,277 | 0 | 275,000 | 0 | -275,000 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 0 | 0 | 0 | 0 | 0 | 988 | 988 | 0 | 0 | 988 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 21,542 | -313,900 | 0 | -5 | 0 | 0 | -313,900 | 0 | -313,900 | 0 | 0 | 0 | 0 | -325,000 | 0 | 0 | -11,100 | 0 | 0 | -313,900 | 0 | 0 | 0 | 0 | -21,537 | 0 | 0 | -21,542 | 0 | 0 | |||||||||||||||||||||||
Common stock issued for partnership units exchanged | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of preferred stock | 313,900 | 313,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Redemptions | -48,125 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48,125 | 0 | 0 | -48,125 | -48,125 | 0 | -48,125 | -48,125 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Contributions from partners | 3,362 | 3,362 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,362 | 3,362 | ||||||||||||||||||||||||||||||||||||||
Distributions To Partners | -1,001 | 166,736 | 0 | 0 | 0 | 0 | 0 | 0 | 165,735 | 0 | 0 | 165,411 | 324 | 0 | 0 | 0 | -1,001 | 1,001 | -1,001 | ||||||||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock/unit | -23,658 | 23,658 | 0 | 0 | 0 | 0 | 0 | 0 | 23,658 | -404 | 23,254 | 0 | -23,254 | -404 | 0 | 0 | 0 | -404 | |||||||||||||||||||||||||||||||||||
Preferred stock dividends | -32,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock/unit | -165,735 | 0 | 0 | 0 | 0 | 0 | -165,411 | -165,411 | 0 | -324 | 0 | -324 | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Issued By Parent Company Net Of Amortization | 11,526 | 11,526 | 11,526 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | -21,056 | 0 | -21,056 | 0 | -21,056 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Common units exchanged for common stock of the parent company | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2012 | -1,745,911 | -1,745,911 | -325,000 | -904 | 14,924 | -2,312,310 | 57,715 | 57,715 | -1,729,612 | 834,810 | 0 | -1,788,480 | 1,153 | -1,730,765 | 0 | 1,153 | -16,299 | -16,299 | -15,146 | ||||||||||||||||||||||||||||||||||
Common stock/unit per share | $1.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from common stock issuance | 101,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 151,285 | 151,285 | 0 | 0 | 0 | 0 | 0 | 150,080 | 149,804 | 149,804 | 0 | 276 | 1,205 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 149,804 | 150,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 33 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 40,418 | 40,418 | 0 | 0 | 0 | 0 | 40,418 | 40,311 | 40,386 | 0 | 0 | 40,311 | 0 | 75 | 32 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 107 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan | 0 | 0 | 0 | -1,802 | 1,802 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 14,141 | 0 | 0 | 0 | 14,141 | 0 | 0 | 0 | 0 | 0 | 14,141 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | -2,887 | 0 | 0 | 0 | -2,887 | 0 | 0 | -2,887 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 1,075 | 0 | 0 | 0 | 1,075 | 0 | 0 | 1,075 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 99,753 | -99,753 | 0 | -19 | 0 | -99,734 | 0 | 0 | -99,753 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Common stock issued for partnership units exchanged | -302 | -302 | 0 | 0 | 0 | 0 | -302 | 0 | 0 | -302 | 0 | -302 | 0 | -302 | |||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of preferred stock | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Redemptions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from partners | 5,792 | 5,792 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,792 | 5,792 | ||||||||||||||||||||||||||||||||||||||
Distributions To Partners | -4,122 | 173,292 | 0 | 0 | 0 | 0 | 0 | 0 | 169,170 | 0 | 0 | 168,848 | 322 | 0 | 0 | 0 | -4,122 | 4,122 | -4,122 | ||||||||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock/unit | -21,062 | 21,062 | 0 | 0 | 0 | 0 | 0 | 0 | 21,062 | 21,062 | 0 | 21,062 | 0 | -21,062 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | -21,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock/unit | -169,170 | 0 | 0 | 0 | 0 | 0 | -168,848 | -168,848 | 0 | -322 | 0 | -322 | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Issued By Parent Company Net Of Amortization | 14,141 | 14,141 | 14,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 97,941 | 0 | 97,941 | 0 | 97,941 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Common units exchanged for common stock of the parent company | 0 | 0 | 0 | 0 | -302 | 302 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | -1,861,134 | -1,861,134 | -325,000 | -923 | 16,726 | -2,426,477 | 17,404 | 17,404 | -1,841,928 | 874,916 | 0 | -1,860,758 | 1,426 | -1,843,354 | 0 | 1,426 | -19,206 | -19,206 | -17,780 | ||||||||||||||||||||||||||||||||||
Common stock/unit per share | $1.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from common stock issuance | 103,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 188,847 | 188,847 | 0 | 0 | 0 | 0 | 0 | 187,709 | 187,390 | 187,390 | 0 | 319 | 1,138 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 187,390 | 187,709 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -606 | -606 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | -40,615 | -40,615 | 0 | 0 | 0 | 0 | -40,615 | -40,344 | -40,414 | 0 | 0 | -40,344 | 0 | -70 | -201 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | -271 | -201 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan | 0 | 0 | 0 | 2,656 | 2,656 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 12,161 | 0 | 0 | 0 | 12,161 | 0 | 0 | 0 | 0 | 0 | 12,161 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | -3,493 | 0 | 0 | 0 | -3,493 | 0 | 0 | -3,493 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 1,184 | 0 | 0 | 0 | 1,184 | 0 | 0 | 1,184 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 102,453 | -102,453 | 0 | -18 | 0 | -102,435 | 0 | 0 | -102,453 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||
Common stock issued for partnership units exchanged | -137 | -137 | 0 | 0 | 0 | 0 | -137 | 0 | 0 | -137 | 0 | -137 | 0 | -137 | |||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of preferred stock | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Redemptions | -300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300 | 0 | -300 | -300 | 0 | -300 | 0 | 0 | 300 | 0 | ||||||||||||||||||||||||||||||||||
Contributions from partners | 16,204 | 16,204 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16,204 | 16,204 | ||||||||||||||||||||||||||||||||||||||
Distributions To Partners | -5,947 | 180,031 | 0 | 0 | 0 | -1,404 | 0 | 0 | 175,488 | 0 | 0 | 175,188 | 300 | -1,404 | 0 | 0 | -4,543 | 4,543 | -4,543 | ||||||||||||||||||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock/unit | -21,062 | 21,062 | 0 | 0 | 0 | 0 | 0 | 0 | 21,062 | 0 | 21,062 | 0 | -21,062 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Preferred stock dividends | -21,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock/unit | -174,084 | 0 | 0 | 0 | 0 | 0 | -173,784 | -173,784 | 0 | -300 | 0 | -300 | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Issued By Parent Company Net Of Amortization | 12,161 | 12,161 | 12,161 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 100,144 | 0 | 100,144 | 0 | -100,144 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Common units exchanged for common stock of the parent company | 0 | 0 | 0 | 0 | -137 | 137 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | ($1,936,482) | ($1,936,482) | ($325,000) | ($941) | $19,382 | ($2,540,153) | $57,748 | $57,748 | ($1,904,678) | $882,372 | $0 | ($1,964,340) | $1,914 | ($1,906,592) | $0 | $1,914 | ($31,804) | ($31,804) | ($29,890) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common stock/unit per share | $1.88 | $1.85 | $1.85 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Document Fiscal Year Focus | 2014 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in income of investments in real estate partnerships (note 4) | ($31,270) | ($31,718) | ($23,807) |
Deferred income tax expense (benefit) of taxable REIT subsidiary | 0 | 0 | 13,727 |
Cash flows from investing activities: | |||
Proceeds from sale of real estate investments | 118,787 | 212,632 | 352,707 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 188,847 | 151,285 | 26,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 147,791 | 134,454 | 127,839 |
Amortization of deferred loan cost and debt premium | 10,521 | 12,339 | 12,759 |
Amortization and (accretion) of above and below market lease intangibles, net | -3,101 | -2,488 | -1,043 |
Stock-based compensation, net of capitalization | 9,662 | 12,191 | 9,806 |
Equity in income of investments in real estate partnerships (note 4) | -31,270 | -31,718 | -23,807 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 18,271 | 0 | 0 |
Gain on sale of real estate, net of tax | -55,077 | -59,656 | -24,013 |
Provision for impairment | 1,257 | 6,000 | 74,816 |
Early extinguishment of debt | 18 | 32 | 852 |
Deferred income tax expense (benefit) of taxable REIT subsidiary | 0 | 0 | 13,727 |
Distribution of earnings from operations of investments in real estate partnerships | 42,767 | 45,377 | 44,809 |
Loss on settlement of derivative instruments | 4,648 | 0 | 0 |
(Gain) on derivative instruments | -13 | -19 | -22 |
Deferred compensation expense | 1,386 | 3,294 | 2,069 |
Realized and unrealized (gain) loss on investments (note 8 and 14) | -9,158 | -3,293 | -2,095 |
Changes in assets and liabilities: | |||
Restricted cash | 848 | -62 | -423 |
Accounts receivable | -6,225 | -5,042 | 6,157 |
Straight-line rent receivable, net | -6,544 | -5,459 | -6,059 |
Deferred leasing costs | -8,252 | -10,086 | -12,642 |
Other assets | 89 | -1,866 | -1,079 |
Accounts payable and other liabilities | 6,201 | -672 | 10,994 |
Tenantsb security and escrow deposits and prepaid rent | 1,618 | 6,120 | -1,639 |
Net cash provided by operating activities | 277,742 | 250,731 | 257,215 |
Cash flows from investing activities: | |||
Acquisition of operating real estate | -112,120 | -107,790 | -156,026 |
Real estate development and capital improvements | -238,237 | -213,282 | -164,588 |
Proceeds from sale of real estate investments | 118,787 | 212,632 | 352,707 |
Collection (issuance) of notes receivable | 0 | 27,354 | -552 |
Investments in real estate partnerships (note 4) | -23,577 | -10,883 | -66,663 |
Distributions received from investments in real estate partnerships | 37,152 | 87,111 | 38,353 |
Dividends on investments | 243 | 194 | 245 |
Acquisition of securities | -23,760 | -19,144 | -17,930 |
Proceeds from sale of securities | 31,222 | 13,991 | 18,077 |
Net cash (used in) provided by investing activities | -210,290 | -9,817 | 3,623 |
Cash flows from financing activities: | |||
Net proceeds from issuance of preferred stock | 0 | 0 | 313,900 |
Stock Issued During Period, Value, New Issues | 102,453 | 99,753 | 21,542 |
Proceeds from sale of treasury stock | 0 | 34 | 338 |
Payments for Acquisiton of Treasury Stock | 0 | 0 | -4 |
Redemption of preferred stock and partnership units | -300 | 0 | -323,125 |
Payments to Noncontrolling Interests | -5,303 | 1,514 | 1,375 |
Payments of Ordinary Dividends, Noncontrolling Interest | -300 | -322 | -324 |
Payments of Preferred Dividends, Noncontrolling Interest | 0 | 0 | -404 |
Dividends paid to common stockholders | -172,600 | -167,773 | -164,423 |
Dividends paid to preferred stockholders | -21,062 | -21,062 | -23,254 |
Dividends, Preferred Stock, Cash | 21,062 | 21,062 | 23,658 |
Repayment of fixed rate unsecured notes | -150,000 | 0 | -192,377 |
Proceeds from Issuance of Unsecured Debt | 248,705 | 0 | 0 |
Proceeds from unsecured credit facilities | 255,000 | 82,000 | 750,000 |
Repayment of unsecured credit facilities | -255,000 | -177,000 | -620,000 |
Proceeds from notes payable | 12,739 | 36,350 | 0 |
Repayment of notes payable | -38,717 | -27,960 | -1,332 |
Scheduled principal payments | -6,909 | -7,530 | -7,259 |
Payment of loan costs | -3,066 | -583 | -4,544 |
Net cash used in financing activities | -34,360 | -182,579 | -249,891 |
Net increase in cash and cash equivalents | 33,092 | 58,335 | 10,947 |
Cash and cash equivalents at beginning of the period | 80,684 | 22,349 | 11,402 |
Cash and cash equivalents at end of the period | 113,776 | 80,684 | 22,349 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $000, $6,078, and $3,686 in 2014, 2013, and 2012, respectively) | 109,425 | 107,312 | 115,879 |
Income Taxes Paid | 2,169 | 0 | 0 |
Supplemental disclosure of non-cash transactions: | |||
Mortgage loans assumed through distribution in kind | 0 | 7,500 | 0 |
Stock Issued During Period, Value, Conversion of Units | 137 | 302 | 0 |
Real estate received through distribution in kind | 0 | 7,576 | 0 |
Mortgage loans assumed for the acquisition of real estate | 103,187 | 0 | 30,467 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 15,385 | 0 | 0 |
Real estate contributed for investments in real estate partnerships | 0 | 0 | 47,500 |
Real estate received through foreclosure on notes receivable | 0 | 0 | 12,585 |
Acquisition of previously unconsolidated real estate | 16,182 | 0 | 0 |
Change in fair value of derivative instruments | -49,968 | 30,952 | -4,285 |
Contributions from limited partners in consolidated partnerships, net | 1,579 | 156 | 986 |
Common stock issued for dividend reinvestment in trust | 779 | 660 | 440 |
Common stock issued for dividend reinvestment plan | 1,184 | 1,075 | 988 |
Stock-based compensation capitalized | 2,707 | 2,188 | 1,979 |
Contribution of stock awards into trust | 1,881 | 1,537 | 819 |
Distribution of stock held in trust | 4 | 201 | 1,191 |
Partnership Interest [Member] | |||
Cash flows from operating activities: | |||
Net income | 188,847 | 151,285 | 26,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 147,791 | 134,454 | 127,839 |
Amortization of deferred loan cost and debt premium | 10,521 | 12,339 | 12,759 |
Amortization and (accretion) of above and below market lease intangibles, net | -3,101 | -2,488 | -1,043 |
Stock-based compensation, net of capitalization | 9,662 | 12,191 | 9,806 |
Equity in income of investments in real estate partnerships (note 4) | -31,270 | -31,718 | -23,807 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 18,271 | 0 | 0 |
Gain on sale of real estate, net of tax | -55,077 | -59,656 | -24,013 |
Provision for impairment | 1,257 | 6,000 | 74,816 |
Early extinguishment of debt | 18 | 32 | 852 |
Deferred income tax expense (benefit) of taxable REIT subsidiary | 0 | 0 | 13,727 |
Distribution of earnings from operations of investments in real estate partnerships | 42,767 | 45,377 | 44,809 |
Loss on settlement of derivative instruments | 4,648 | 0 | 0 |
(Gain) on derivative instruments | -13 | -19 | -22 |
Deferred compensation expense | 1,386 | 3,294 | 2,069 |
Realized and unrealized (gain) loss on investments (note 8 and 14) | -9,158 | -3,293 | -2,095 |
Changes in assets and liabilities: | |||
Restricted cash | 848 | -62 | -423 |
Accounts receivable | -6,225 | -5,042 | 6,157 |
Straight-line rent receivable, net | -6,544 | -5,459 | -6,059 |
Deferred leasing costs | -8,252 | -10,086 | -12,642 |
Other assets | 89 | -1,866 | -1,079 |
Accounts payable and other liabilities | 6,201 | -672 | 10,994 |
Tenantsb security and escrow deposits and prepaid rent | 1,618 | 6,120 | -1,639 |
Net cash provided by operating activities | 277,742 | 250,731 | 257,215 |
Cash flows from investing activities: | |||
Acquisition of operating real estate | -112,120 | -107,790 | -156,026 |
Real estate development and capital improvements | -238,237 | -213,282 | -164,588 |
Proceeds from sale of real estate investments | 118,787 | 212,632 | 352,707 |
Collection (issuance) of notes receivable | 0 | 27,354 | -552 |
Investments in real estate partnerships (note 4) | -23,577 | -10,883 | -66,663 |
Distributions received from investments in real estate partnerships | 37,152 | 87,111 | 38,353 |
Dividends on investments | 243 | 194 | 245 |
Acquisition of securities | -23,760 | -19,144 | -17,930 |
Proceeds from sale of securities | 31,222 | 13,991 | 18,077 |
Net cash (used in) provided by investing activities | -210,290 | -9,817 | 3,623 |
Cash flows from financing activities: | |||
Net proceeds from common units issued as a result of common stock issued by Parent Company | 102,453 | 99,753 | 21,542 |
Net proceeds from issuance of preferred stock | 0 | 0 | 313,900 |
Stock Issued During Period, Value, New Issues | -313,900 | ||
Proceeds from sale of treasury stock | 0 | 34 | 338 |
Payments for Acquisiton of Treasury Stock | 0 | 0 | -4 |
Redemption of preferred stock and partnership units | -300 | 0 | -323,125 |
Payments to Noncontrolling Interests | -5,303 | 1,514 | 1,375 |
Dividends paid to common stockholders | -172,900 | -168,095 | -164,747 |
Dividends paid to preferred stockholders | -21,062 | -21,062 | -23,658 |
Dividends, Preferred Stock, Cash | -21,062 | -21,062 | -23,658 |
Repayment of fixed rate unsecured notes | -150,000 | 0 | -192,377 |
Proceeds from Issuance of Unsecured Debt | 248,705 | 0 | 0 |
Proceeds from unsecured credit facilities | 255,000 | 82,000 | 750,000 |
Repayment of unsecured credit facilities | -255,000 | -177,000 | -620,000 |
Proceeds from notes payable | 12,739 | 36,350 | 0 |
Repayment of notes payable | -38,717 | -27,960 | -1,332 |
Scheduled principal payments | -6,909 | -7,530 | -7,259 |
Payment of loan costs | -3,066 | -583 | -4,544 |
Net cash used in financing activities | -34,360 | -182,579 | -249,891 |
Net increase in cash and cash equivalents | 33,092 | 58,335 | 10,947 |
Cash and cash equivalents at beginning of the period | 80,684 | 22,349 | 11,402 |
Cash and cash equivalents at end of the period | 113,776 | 80,684 | 22,349 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $000, $6,078, and $3,686 in 2014, 2013, and 2012, respectively) | 109,425 | 107,312 | 115,879 |
Supplemental disclosure of non-cash transactions: | |||
Mortgage loans assumed through distribution in kind | 0 | 7,500 | 0 |
Stock Issued During Period, Value, Conversion of Units | 137 | 302 | 0 |
Real estate received through distribution in kind | 0 | 7,576 | 0 |
Mortgage loans assumed for the acquisition of real estate | 103,187 | 0 | 30,467 |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 15,385 | 0 | 0 |
Real estate contributed for investments in real estate partnerships | 0 | 0 | 47,500 |
Real estate received through foreclosure on notes receivable | 0 | 0 | 12,585 |
Acquisition of previously unconsolidated real estate | 16,182 | 0 | 0 |
Change in fair value of derivative instruments | -49,968 | 30,952 | -4,285 |
Contributions from limited partners in consolidated partnerships, net | 1,579 | 156 | 986 |
Common stock issued for dividend reinvestment in trust | 779 | 660 | 440 |
Common stock issued for dividend reinvestment plan | 1,184 | 1,075 | 988 |
Stock-based compensation capitalized | 2,707 | 2,188 | 1,979 |
Contribution of stock awards into trust | 1,881 | 1,537 | 819 |
Distribution of stock held in trust | 4 | 201 | 1,191 |
Common Stock | Parent Company [Member] | |||
Cash flows from financing activities: | |||
Stock Issued During Period, Value, New Issues | -102,453 | -99,753 | |
Supplemental disclosure of non-cash transactions: | |||
Stock Issued During Period, Value, Conversion of Units | $0 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (Partnership Interest [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Partnership Interest [Member] | |||
Capitalized interest | $7,142 | $6,078 | $3,686 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Summary of Significant Accounting Policies | Organization and Principles of Consolidation | |||||||||
General | ||||||||||
Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. As of December 31, 2014, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) directly owned 202 retail shopping centers and held partial interests in an additional 120 retail shopping centers through investments in real estate partnerships (also referred to as "joint ventures" or "co-investment partnerships"). | ||||||||||
Estimates, Risks, and Uncertainties | ||||||||||
The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the carrying values of its investments in real estate, including its shopping centers, properties in development, and its investments in real estate partnerships, and accounts receivable, net. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. | ||||||||||
Consolidation | ||||||||||
The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. | ||||||||||
Ownership of the Parent Company | ||||||||||
The Parent Company has a single class of common stock outstanding and two series of preferred stock outstanding (“Series 6 and 7 Preferred Stock”). The dividends on the Series 6 and 7 Preferred Stock are cumulative and payable in arrears quarterly. | ||||||||||
Ownership of the Operating Partnership | ||||||||||
The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2014, the Parent Company owned approximately 99.8% or 94,108,061 of the 94,262,231 outstanding common Partnership Units of the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. | ||||||||||
Investments in Real Estate Partnerships | ||||||||||
Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. The accounting policies of the real estate partnerships are similar to the Company's accounting policies. Income or loss from these real estate partnerships, which includes all operating results (including impairment losses) and gains on sales of properties within the joint ventures, is allocated to the Company in accordance with the respective partnership agreements. Such allocations of net income or loss are recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is either accreted to income and recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years, or recognized at liquidation if the joint venture agreement includes a unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind, as discussed further below. | ||||||||||
Cash distributions of earnings from operations from investments in real estate partnerships are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in investments in real estate partnerships are presented in cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. | ||||||||||
The Company evaluates the structure and the substance of its investments in the real estate partnerships to determine if they are variable interest entities. The Company has concluded that these partnership investments are not variable interest entities. Further, the joint venture partners in the real estate partnerships have significant ownership rights, including approval over operating budgets and strategic plans, capital spending, sale or financing, and admission of new partners. Upon formation of the joint ventures, the Company, through the Operating Partnership, also became the managing member, responsible for the day-to-day operations of the real estate partnerships. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, the Company evaluated its investment in each real estate partnership and concluded that the other partners have kick-out rights and/or substantive participating rights and, therefore, the Company has concluded that the equity method of accounting is appropriate for these investments and they do not require consolidation. Under the equity method of accounting, investments in real estate partnerships are initially recorded at cost, subsequently increased for additional contributions and allocations of income, and reduced for distributions received and allocations of loss. These investments are included in the consolidated financial statements as investments in real estate partnerships. | ||||||||||
Noncontrolling Interests | ||||||||||
The Company consolidates all entities in which it has a controlling ownership interest. A controlling ownership interest is typically attributable to the entity with a majority voting interest. Noncontrolling interest is the portion of equity, in a subsidiary or consolidated entity, not attributable, directly or indirectly to the Company. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity or capital, but separately from stockholders' equity or partners' capital. On the Consolidated Statements of Operations, all of the revenues and expenses from less-than-wholly-owned consolidated subsidiaries are reported in net income, including both the amounts attributable to the Company and noncontrolling interests. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are clearly identified on the accompanying Consolidated Statements of Operations. | ||||||||||
Noncontrolling Interests of the Parent Company | ||||||||||
The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the preferred and common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income (Loss). The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) of the Parent Company. | ||||||||||
In accordance with the FASB ASC Topic 480, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, are classified as redeemable noncontrolling interests outside of permanent equity in the Consolidated Balance Sheets. The Parent Company has evaluated the conditions as specified under the FASB ASC Topic 480 as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Each outstanding exchangeable operating partnership unit is exchangeable for one share of common stock of the Parent Company, and the unit holder cannot require redemption in cash or other assets. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. | ||||||||||
Noncontrolling Interests of the Operating Partnership | ||||||||||
The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income (Loss) of the Operating Partnership. | ||||||||||
(b) Revenues and Accounts Receivable | ||||||||||
Leasing Revenue and Receivables | ||||||||||
The Company leases space to tenants under agreements with varying terms. Leases are accounted for as operating leases with minimum rent recognized on a straight-line basis over the term of the lease regardless of when payments are due. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, expense reimbursements, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. | ||||||||||
The Company recorded the following provisions for doubtful accounts (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Gross provision for doubtful accounts | $ | 2,192 | 1,841 | 3,006 | ||||||
Amount included in discontinued operations | — | 53 | 58 | |||||||
The following table represents the components of accounts receivable, net of allowance for doubtful accounts, in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Billed tenant receivables | $ | 10,583 | 6,550 | |||||||
Accrued CAM, insurance and tax reimbursements | 15,369 | 16,280 | ||||||||
Other receivables | 9,570 | 7,411 | ||||||||
Less: allowance for doubtful accounts | (4,523 | ) | (3,922 | ) | ||||||
Total accounts receivable, net | $ | 30,999 | 26,319 | |||||||
Substantially all of the lease agreements with anchor tenants contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Substantially all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and common area maintenance (“CAM”) costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements. | ||||||||||
As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. | ||||||||||
Real Estate Sales | ||||||||||
Profits from sales of real estate are recognized under the full accrual method by the Company when: (i) a sale is consummated; (ii) the buyer's initial and continuing investment is adequate to demonstrate a commitment to pay for the property; (iii) the Company's receivable, if applicable, is not subject to future subordination; (iv) the Company has transferred to the buyer the usual risks and rewards of ownership; and (v) the Company does not have substantial continuing involvement with the property. | ||||||||||
The Company sells shopping centers to joint ventures in exchange for cash equal to the fair value of the ownership interest of its partners. The Company accounts for those sales as “partial sales” and recognizes gains on those partial sales in the period the properties were sold to the extent of the percentage interest sold, and in the case of certain real estate partnerships, applies a more restrictive method of recognizing gains, as discussed further below. | ||||||||||
As of December 31, 2014, five of the Company's joint ventures (“DIK-JV”) give each partner the unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind (“DIK”) of the assets of the real estate partnership equal to their respective capital account, which could include properties the Company previously sold to the real estate partnership. | ||||||||||
Because the contingency associated with the possibility of receiving a particular property back upon liquidation is not satisfied at the property level, but at the aggregate level, no deferred gain is recognized on an individual property sold by the DIK-JV to a third party or received by the Company upon actual dissolution. Instead, the property received upon dissolution is recorded at the carrying value of the Company's investment in the DIK-JV on the date of dissolution. However, the deferred gain is recognized if and when all such properties in the DIK-JV are sold to a third party. | ||||||||||
Management Services | ||||||||||
The Company is engaged under agreements with its joint venture partners to provide asset management, property management, leasing, investing, and financing services for such joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. The Company also receives transaction fees, as contractually agreed upon with a joint venture, which include fees such as acquisition fees, disposition fees, “promotes”, or “earnouts”, which are recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. | ||||||||||
(c) Real Estate Investments | ||||||||||
Capitalization and Depreciation | ||||||||||
Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense. The Company does not have a capitalization threshold. | ||||||||||
Depreciation is computed using the straight-line method over estimated useful lives of approximately 40 years for buildings and improvements, the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment. | ||||||||||
Development Costs | ||||||||||
Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development activities are capitalized into properties in development on the accompanying Consolidated Balance Sheets. Properties in development are defined as properties that are in the construction or initial lease-up phase. Once a development property is substantially complete and held available for occupancy, costs are no longer capitalized. The capitalized costs include pre-development costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development. Interest costs are capitalized into each development project based upon applying the Company's weighted average borrowing rate to that portion of the actual development costs expended. The Company discontinues interest cost capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. | ||||||||||
The following table represents the components of properties in development in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Construction in process | $ | 213,526 | 158,002 | |||||||
Land held for future development | 24,243 | 24,953 | ||||||||
Pre-development costs | 1,769 | 3,495 | ||||||||
Total properties in development | $ | 239,538 | 186,450 | |||||||
Construction in process represents developments where the Company (i) has not yet incurred at least 90% of the expected costs to complete and is less than 95% leased, and (ii) percent leased is less than 90% and the project features less than one year of anchor tenant operations, and (iii) the anchor tenant has been open for less than two calendar years, and (iv) less than three years have passed since the start of construction. | ||||||||||
Land held for future development represents projects not in construction, but identified and available for future development when the market demand for a new shopping center exists. | ||||||||||
Pre-development costs represent the costs the Company incurs prior to land acquisition including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing a shopping center. As of December 31, 2014 and 2013, the Company had refundable deposits of approximately $375,000 and $680,000, respectively, included in pre-development costs. If the Company determines that the development of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2014, 2013, and 2012, the Company expensed pre-development costs of approximately $2.3 million, $528,000, and $1.5 million, respectively, in other operating expenses in the accompanying Consolidated Statements of Operations. | ||||||||||
Acquisitions | ||||||||||
The Company and the real estate partnerships account for business combinations using the acquisition method by recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at their acquisition date fair values. The Company expenses transaction costs associated with business combinations in the period incurred. | ||||||||||
The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. | ||||||||||
The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to amortization expense over the remaining initial term of the respective leases. | ||||||||||
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The value of above-market leases is amortized as a reduction of minimum rent over the remaining terms of the respective leases and the value of below-market leases is accreted to minimum rent over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships. | ||||||||||
Held for Sale | ||||||||||
The Company classifies an operating property or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||||
The Company generally considers assets to be held for sale when the transaction has been approved by the appropriate level of management and there are no known significant contingencies relating to the sale such that the sale of the property within one year is considered probable. It is not unusual for real estate sales contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. The Company must make a determination as to the point in time that it is probable that a sale will be consummated. Generally this occurs when a sales contract is executed with no contingencies and the prospective buyer has significant funds at risk to ensure performance. | ||||||||||
Operating properties held-for-sale are carried at the lower of cost or fair value less costs to sell. The recording of depreciation and amortization expense is suspended during the held-for-sale period. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held-for-sale, the property is reclassified as held and used and is measured individually at the lower of its (i) carrying amount before the property was classified as held-for-sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used or (ii) the fair value at the date of the subsequent decision not to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above mentioned criteria for held-for-sale as of December 31, 2014 and 2013. | ||||||||||
Discontinued Operations | ||||||||||
On January 1, 2014, the Company prospectively adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and all sales will be recorded in accordance with the ASU. The amendments in the ASU change the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | ||||||||||
Prior to January 1, 2014, when the Company sold a property or classified a property as held-for-sale and would not have significant continuing involvement in the operation of the property, the operations of the property were eliminated from ongoing operations and classified in discontinued operations. Its operations, including any mortgage interest and gain on sale, were reported in discontinued operations so that the operations were clearly distinguished. Prior periods were also reclassified to reflect the operations of the property as discontinued operations. When the Company sold an operating property to a joint venture or to a third party, and would continue to manage the property, the operations and gain on sale were included in income from continuing operations. | ||||||||||
Impairment | ||||||||||
We evaluate whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held-for-sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired. | ||||||||||
The fair value of real estate assets is subjective and is determined through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the traditional discounted cash flow approach. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors, and therefore is subject to management judgment and changes in those factors could impact the determination of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information. | ||||||||||
A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies indicators that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the fair value of the investment by discounting estimated future cash flows over the expected term of the investment. | ||||||||||
The Company established the following provisions for impairment (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Consolidated properties: | ||||||||||
Gross provision for impairment | $ | 1,257 | 6,000 | 74,816 | ||||||
Amount included in discontinued operations | — | — | 54,500 | |||||||
Tax Basis | ||||||||||
The net tax basis of the Company's real estate assets exceeds the book basis by approximately $129.7 million and $156.8 million at December 31, 2014 and 2013, respectively, primarily due to the property impairments recorded for book purposes and the cost basis of the assets acquired and their carryover basis recorded for tax purposes. | ||||||||||
(d) Cash and Cash Equivalents | ||||||||||
Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2014 and 2013, $8.0 million and $9.5 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans. | ||||||||||
(e) Securities | ||||||||||
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. | ||||||||||
(f) Deferred Costs | ||||||||||
Deferred costs include leasing costs and loan costs, net of accumulated amortization. Such costs are amortized over the periods through lease expiration or loan maturity, respectively. If the lease is terminated early, or if the loan is repaid prior to maturity, the remaining leasing costs or loan costs are written off. Deferred leasing costs consist of internal and external commissions associated with leasing the Company's shopping centers. The following table represents the components of deferred costs, net of accumulated amortization, in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred leasing costs, net | $ | 60,889 | 59,027 | |||||||
Deferred loan costs, net (1) | 10,613 | 10,936 | ||||||||
Total deferred costs, net | $ | 71,502 | 69,963 | |||||||
(1) Consist of initial direct and incremental costs associated with financing activities. | ||||||||||
(g) Derivative Financial Instruments | ||||||||||
The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. | ||||||||||
All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | ||||||||||
The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. 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 gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while the ineffective portion of the derivative's change in fair value is recognized in the Statements of Operations as interest expense. Upon the settlement of a hedge, gains and losses remaining in OCI are amortized over the underlying term of the hedged transaction. | ||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items. | ||||||||||
In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | ||||||||||
The cash receipts or payments to settle interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. | ||||||||||
(h) Income Taxes | ||||||||||
The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Internal Revenue Code (the “Code”). As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. Regency Realty Group, Inc. (“RRG”), a wholly-owned subsidiary of the Operating Partnership, is a Taxable REIT Subsidiary (“TRS”) as defined in Section 856(l) of the Code. RRG is subject to federal and state income taxes and files separate tax returns. As a pass through entity, the Operating Partnership's taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.8% owner, is allocated its pro-rata share of tax attributes. | ||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled. | ||||||||||
Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the shopping centers, as well as other timing differences. | ||||||||||
Tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2011 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. | ||||||||||
(i) Earnings per Share and Unit | ||||||||||
Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable. | ||||||||||
(j) Stock-Based Compensation | ||||||||||
The Company grants stock-based compensation to its employees and directors. The Company recognizes stock-based compensation based on the grant-date fair value of the award and the cost of the stock-based compensation is expensed over the vesting period. | ||||||||||
When the Parent Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the exercise of stock options or other share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership accounts for stock-based compensation in the same manner as the Parent Company. | ||||||||||
(k) Segment Reporting | ||||||||||
The Company's business is investing in retail shopping centers through direct ownership or through joint ventures. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are reinvested into higher quality retail shopping centers, through acquisitions or new developments, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures. | ||||||||||
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. | ||||||||||
(l) Business Concentration | ||||||||||
No single tenant accounts for 5% or more of revenue and none of the shopping centers are located outside the United States. | ||||||||||
(m) Fair Value of Assets and Liabilities | ||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows: | ||||||||||
• | Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||||||||
• | Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
• | Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity. | |||||||||
The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods. | ||||||||||
(n) Recent Accounting Pronouncements | ||||||||||
On January 1, 2014, the Company prospectively adopted FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and all sales will be recorded in accordance with the ASU. The amendments in the ASU change the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | ||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||
Real Estate Investments | Real Estate Investments | |||||||||||||||||||
Acquisitions | ||||||||||||||||||||
The following tables detail the shopping centers acquired or land acquired for development (in thousands): | ||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | $ | 14,200 | — | — | — | ||||||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 22,500 | 319 | 2,329 | 291 | |||||||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 149,344 | 77,730 | 12,650 | 5,601 | |||||||||||||
6/2/14 | Willow Oaks Crossing | Concord, NC | Development | 3,342 | — | — | — | |||||||||||||
7/15/14 | Clybourn Commons | Chicago, IL | Operating | 19,000 | — | 1,686 | 3,298 | |||||||||||||
9/10/14 | Belmont Chase | Ashburn, VA | Development | 4,300 | — | — | — | |||||||||||||
9/19/14 | CityLine Market | Dallas, TX | Development | 4,913 | — | — | — | |||||||||||||
10/24/14 | East San Marco (2) | Jacksonville, FL | Development | 5,223 | — | — | — | |||||||||||||
12/4/14 | The Village at La Floresta | Brea, CA | Development | 6,750 | — | — | — | |||||||||||||
12/16/14 | Indian Springs (3) | Houston, TX | Operating | 53,156 | 25,138 | 3,867 | 1,612 | |||||||||||||
Total property acquisitions | $ | 282,728 | 103,187 | 20,532 | 10,802 | |||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||
1/16/13 | Shops on Main | Schererville, IN | Development | $ | 85 | — | — | — | ||||||||||||
5/16/13 | Juanita Tate Marketplace | Los Angeles, CA | Development | 1,100 | — | — | — | |||||||||||||
5/30/13 | Preston Oaks | Dallas, TX | Operating | 27,000 | — | 3,396 | 7,597 | |||||||||||||
7/22/13 | Fontainebleau Square | Miami, FL | Development | 17,092 | — | — | — | |||||||||||||
10/7/13 | Glen Gate | Glenview, IL | Development | 14,950 | — | — | — | |||||||||||||
10/16/13 | Fellsway Plaza | Medford, MA | Operating | 42,500 | — | 5,139 | 963 | |||||||||||||
10/24/13 | Shoppes on Riverside | Jacksonville, FL | Development | 3,500 | — | — | — | |||||||||||||
12/27/13 | Holly Park | Raleigh, NC | Operating | 33,900 | — | 3,146 | 1,526 | |||||||||||||
Total property acquisitions | $ | 140,127 | — | 11,681 | 10,086 | |||||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. | ||||||||||||||||||||
(2) On October 24, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns land for development. The $5.2 million purchase price includes the consideration paid to purchase the other partners interest as well as Regency's carrying value in the partnership. | ||||||||||||||||||||
(3) On December 16, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns a single operating property. As the operating property constitutes a business, acquisition of control was accounted for as a step acquisition and the net assets acquired were recognized at fair value. A gain of $18.3 million was recognized upon remeasurement as the difference between the fair value, of $14.1 million, and the carrying value of the Company's previously held equity interest. The fair value was measured based on an income approach, using rental growth rate of 3.0%, a discount rate of 7.0%, and a terminal cap rate of 6.1%. | ||||||||||||||||||||
In addition, on March 20, 2013, the Company entered into a liquidation agreement with Macquarie Countrywide (US) No. 2, LLC ("CQR") to redeem its 24.95% interest through dissolution of the Macquarie CountryWide-Regency III, LLC (MCWR III) co-investment partnership through a DIK. The assets of the partnership were distributed as 100% ownership interests to CQR and Regency after a selection process, as provided for by the agreement. Regency selected one asset, Hilltop Village, which was recorded at the carrying value of the Company's equity investment in MCWR III, net of deferred gain, on the date of dissolution of $7.6 million, including a $7.5 million mortgage assumed. | ||||||||||||||||||||
The real estate operations acquired are not considered material to Company, individually or in the aggregate. |
Dispositions
Dispositions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Discontinued Operations | 3. Property Dispositions | ||||||||||
Dispositions | |||||||||||
The following table provides a summary of shopping centers and land out-parcels disposed of ($ in thousands): | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Proceeds from sale of real estate investments | $ | 118,787 | 212,632 | (1) | 352,707 | ||||||
Gain on sale of real estate, net of tax | $ | 55,077 | 59,656 | 24,013 | |||||||
Number of operating properties sold | 11 | 12 | 20 | (2) | |||||||
Number of land out-parcels sold | 6 | 10 | 7 | ||||||||
(1) One of the properties sold during 2013 was financed by the Company issuing a note receivable for the entire purchase price, which was subsequently collected during 2013. | |||||||||||
(2) On July 25, 2012, the Company sold a 15-property portfolio for total consideration of $321.0 million. As a result of entering into this agreement, the Company recognized a net impairment loss of $18.1 million. As of December 31, 2012, this asset group did not meet the definition of discontinued operations, in accordance with FASB ASC Topic 205-20, Presentation of Financial Statements - Discontinued Operations, based on its continuing cash flows as further discussed in note 4. The remaining five operating properties sold met the definition of discontinued operations and are included in income from discontinued operations in the Consolidated Statements of Operations. | |||||||||||
As a result of adopting ASU No. 2014-08, there were no discontinued operations for the year ended December 31, 2014 as none of the current year sales represented a strategic shift that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations (in thousands): | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | ||||||||||
Revenues | $ | 14,924 | 26,413 | ||||||||
Operating expenses | 7,592 | 15,514 | |||||||||
Provision for impairment | — | 54,500 | |||||||||
Income tax expense (benefit) (1) | — | (18 | ) | ||||||||
Operating income (loss) from discontinued operations | $ | 7,332 | (43,583 | ) | |||||||
(1) The operating income and gain on sales of properties included in discontinued operations are reported net of income taxes, if the property is sold by Regency Realty Group, Inc. ("RRG"), a wholly owned subsidiary of the Operating Partnership, which is a Taxable REIT subsidiary as defined by in Section 856(1) of the Internal Revenue Code. |
Investments_in_Real_Estate_Par
Investments in Real Estate Partnerships | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||
Investments in Real Estate Partnerships | Investments in Real Estate Partnerships | |||||||||||||||||||||||
The Company invests in real estate partnerships, which consist of the following (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Ownership | Number of Properties | Total Investment | Total Assets of the Partnership | Net Income of the Partnership | The Company's Share of Net Income of the Partnership | |||||||||||||||||||
GRI - Regency, LLC (GRIR) (1) | 40.00% | 74 | $ | 247,175 | 1,829,116 | 33,032 | 13,727 | |||||||||||||||||
Columbia Regency Retail Partners, LLC (Columbia I) (1) | 20.00% | 10 | 15,916 | 199,427 | 7,173 | 1,431 | ||||||||||||||||||
Columbia Regency Partners II, LLC (Columbia II) (1) | 20.00% | 14 | 9,343 | 300,028 | 1,211 | 233 | ||||||||||||||||||
Cameron Village, LLC (Cameron) | 30.00% | 1 | 12,114 | 100,625 | 3,393 | 1,008 | ||||||||||||||||||
RegCal, LLC (RegCal) (1) | 25.00% | 7 | 13,354 | 149,457 | 4,012 | 966 | ||||||||||||||||||
Regency Retail Partners, LP (the Fund) (2) | 20.00% | — | — | — | 171 | 27 | ||||||||||||||||||
US Regency Retail I, LLC (USAA) (1) | 20.01% | 8 | 806 | 115,660 | 2,872 | 567 | ||||||||||||||||||
Other investments in real estate partnerships | 50.00% | 6 | 34,459 | 113,189 | 27,602 | 13,311 | ||||||||||||||||||
Total investments in real estate partnerships | 120 | $ | 333,167 | 2,807,502 | 79,466 | 31,270 | ||||||||||||||||||
(1) This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2014, the Company did not sell any properties to this real estate partnership. | ||||||||||||||||||||||||
(2) On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014. | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Ownership | Number of Properties | Total Investment | Total Assets of the Partnership | Net Income of the Partnership | The Company's Share of Net Income of the Partnership | |||||||||||||||||||
GRI - Regency, LLC (GRIR) (1) | 40.00% | 75 | $ | 250,118 | 1,870,660 | 31,705 | 12,789 | |||||||||||||||||
Macquarie CountryWide-Regency III, LLC (MCWR III) (1)(2) | —% | — | — | — | 213 | 53 | ||||||||||||||||||
Columbia Regency Retail Partners, LLC (Columbia I) (1) | 20.00% | 10 | 16,735 | 204,759 | 8,605 | 1,727 | ||||||||||||||||||
Columbia Regency Partners II, LLC (Columbia II) (1) | 20.00% | 15 | 8,797 | 295,829 | 6,290 | 1,274 | ||||||||||||||||||
Cameron Village, LLC (Cameron) | 30.00% | 1 | 16,678 | 103,805 | 2,198 | 662 | ||||||||||||||||||
RegCal, LLC (RegCal) (1) | 25.00% | 8 | 15,576 | 159,255 | 1,300 | 332 | ||||||||||||||||||
Regency Retail Partners, LP (the Fund) (3) | 20.00% | — | 1,793 | 9,325 | 9,234 | 7,749 | ||||||||||||||||||
US Regency Retail I, LLC (USAA) (1) | 20.00% | 8 | 1,391 | 118,865 | 2,387 | 487 | ||||||||||||||||||
BRE Throne Holdings, LLC (BRET) (4) | —% | — | — | — | 4,499 | 4,499 | ||||||||||||||||||
Other investments in real estate partnerships | 50.00% | 9 | 47,761 | 177,101 | 4,619 | 2,146 | ||||||||||||||||||
Total investments in real estate partnerships | 126 | $ | 358,849 | 2,939,599 | 71,050 | 31,718 | ||||||||||||||||||
(1) This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2013, the Company did not sell any properties to this real estate partnership. | ||||||||||||||||||||||||
(2) As of December 31, 2012, our ownership interest in MCWR III was 24.95%. The liquidation of MCWR III was complete effective March 20, 2013. | ||||||||||||||||||||||||
(3) On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014. | ||||||||||||||||||||||||
(4) On October 23, 2013, the Company sold 100% of its interest in the BRET unconsolidated real estate partnership and received a capital distribution of $47.5 million, plus its share of the undistributed income of the partnership and an early redemption premium. Regency no longer has any interest in the BRET partnership. | ||||||||||||||||||||||||
In addition to earning its pro-rata share of net income or loss in each of these real estate partnerships, the Company received recurring, market-based fees for asset management, property management, and leasing, as well as fees for investment and financing services, totaling $23.0 million, $24.2 million, and $25.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Investments in real estate, net | $ | 2,620,583 | 2,742,591 | |||||||||||||||||||||
Acquired lease intangible assets, net | 50,763 | 52,350 | ||||||||||||||||||||||
Other assets | 136,156 | 144,658 | ||||||||||||||||||||||
Total assets | $ | 2,807,502 | 2,939,599 | |||||||||||||||||||||
Notes payable | $ | 1,462,790 | 1,519,943 | |||||||||||||||||||||
Acquired lease intangible liabilities, net | 28,991 | 31,148 | ||||||||||||||||||||||
Other liabilities | 67,093 | 66,829 | ||||||||||||||||||||||
Capital - Regency | 442,050 | 468,099 | ||||||||||||||||||||||
Capital - Third parties | 806,578 | 853,580 | ||||||||||||||||||||||
Total liabilities and capital | $ | 2,807,502 | 2,939,599 | |||||||||||||||||||||
The following table reconciles the Company's capital in unconsolidated partnerships to the Company's investments in real estate partnerships (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Capital - Regency | $ | 442,050 | 468,099 | |||||||||||||||||||||
add: Investment in Indian Springs at Woodlands, Ltd. (1) | — | 4,094 | ||||||||||||||||||||||
less: Impairment | (1,300 | ) | (5,880 | ) | ||||||||||||||||||||
less: Ownership percentage or Restricted Gain Method deferral | (29,380 | ) | (29,261 | ) | ||||||||||||||||||||
less: Net book equity in excess of purchase price | (78,203 | ) | (78,203 | ) | ||||||||||||||||||||
Investments in real estate partnerships | $ | 333,167 | 358,849 | |||||||||||||||||||||
(1) On December 16, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns a single operating property. As the operating property constitutes a business, acquisition of control was accounted for as a step acquisition and the net assets acquired were recognized at fair value. A gain of $18.3 million was recognized upon remeasurement as the difference between the fair value and carrying value of the Company's previously held equity interest, using an income approach to measure fair value. | ||||||||||||||||||||||||
The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows (in thousands): | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Total revenues | $ | 361,103 | 378,670 | 387,908 | ||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Depreciation and amortization | 117,780 | 125,363 | 128,946 | |||||||||||||||||||||
Operating and maintenance | 55,216 | 55,423 | 55,394 | |||||||||||||||||||||
General and administrative | 5,503 | 7,385 | 7,549 | |||||||||||||||||||||
Real estate taxes | 42,380 | 45,451 | 46,395 | |||||||||||||||||||||
Other operating expenses | 2,234 | 1,725 | 3,521 | |||||||||||||||||||||
Total operating expenses | 223,113 | 235,347 | 241,805 | |||||||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||
Interest expense, net | 84,155 | 95,505 | 104,694 | |||||||||||||||||||||
Gain on sale of real estate | (28,856 | ) | (15,695 | ) | (40,437 | ) | ||||||||||||||||||
Provision for impairment | 2,123 | — | 3,775 | |||||||||||||||||||||
Early extinguishment of debt | 114 | (1,780 | ) | 967 | ||||||||||||||||||||
Preferred return on equity investment | — | (4,499 | ) | (2,211 | ) | |||||||||||||||||||
Other expense (income) | 988 | (1,258 | ) | 51 | ||||||||||||||||||||
Total other expense (income) | 58,524 | 72,273 | 66,839 | |||||||||||||||||||||
Net income of the Partnership | $ | 79,466 | 71,050 | 79,264 | ||||||||||||||||||||
The Company's share of net income of the Partnership | $ | 31,270 | 31,718 | 23,807 | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||
The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated co-investment partnerships (in thousands): | ||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Co-investment Partner | Ownership % | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||||
12/30/14 | Broadway | Seattle, WA | Operating | Columbia II | 20.00% | $ | 43,000 | — | 7,604 | 3,487 | ||||||||||||||
Total property acquisitions | $ | 43,000 | — | 7,604 | 3,487 | |||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Co-investment Partner | Ownership % | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||||
7/23/13 | Shoppes of Burnt Mills | Silver Spring, MD | Operating | Columbia II | 20.00% | $ | 13,600 | 7,496 | 8,438 | 332 | ||||||||||||||
Total property acquisitions | $ | 13,600 | 7,496 | 8,438 | 332 | |||||||||||||||||||
Dispositions | ||||||||||||||||||||||||
The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated co-investment partnerships during the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sale of real estate investments | $ | 88,106 | 145,295 | 119,275 | ||||||||||||||||||||
Gain on sale of real estate | $ | 28,856 | 15,695 | 40,437 | ||||||||||||||||||||
The Company's share of gain on sale of real estate | $ | 13,615 | 3,847 | 8,962 | ||||||||||||||||||||
Number of operating properties sold | 6 | 15 | 7 | |||||||||||||||||||||
Number of land out-parcels sold | 2 | 3 | 1 | |||||||||||||||||||||
Notes Payable | ||||||||||||||||||||||||
As of December 31, 2014, scheduled principal repayments on notes payable of the investments in real estate partnerships were as follows (in thousands): | ||||||||||||||||||||||||
Scheduled Principal Payments by Year: | Scheduled | Mortgage Loan | Unsecured | Total | Regency’s | |||||||||||||||||||
Principal | Maturities | Maturities | Pro-Rata | |||||||||||||||||||||
Payments | Share | |||||||||||||||||||||||
2015 | $ | 19,685 | 59,803 | — | 79,488 | 24,292 | ||||||||||||||||||
2016 | 17,135 | 305,076 | — | 322,211 | 113,155 | |||||||||||||||||||
2017 | 17,517 | 77,385 | 21,460 | 116,362 | 26,214 | |||||||||||||||||||
2018 | 18,696 | 67,021 | — | 85,717 | 27,655 | |||||||||||||||||||
2019 | 17,934 | 65,939 | — | 83,873 | 21,618 | |||||||||||||||||||
Beyond 5 Years | 34,827 | 741,622 | — | 776,449 | 294,463 | |||||||||||||||||||
Unamortized debt premiums (discounts), net | — | (1,310 | ) | — | (1,310 | ) | (617 | ) | ||||||||||||||||
Total notes payable | $ | 125,794 | 1,315,536 | 21,460 | 1,462,790 | 506,780 | ||||||||||||||||||
These loans are all non-recourse and Regency's proportionate share was $506.8 million at December 31, 2014. Maturities will be repaid from proceeds from refinancing and partner capital contributions. The Company is obligated to contribute its pro-rata share to fund maturities if the loans are not refinanced. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call. |
Notes_Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable |
The Company had notes receivable of $12.1 million and $12.0 million at December 31, 2014 and 2013, respectively. The loans have fixed interest rates of 7.0% with maturity dates through January 2019 and are secured by real estate held as collateral. |
Acquired_Lease_Intangibles
Acquired Lease Intangibles | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Acquired Lease Intangible | Acquired Lease Intangibles | |||||||||||
The Company had the following acquired lease intangibles, net of accumulated amortization and accretion (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
In-place leases, net | $ | 40,145 | 33,049 | |||||||||
Above-market leases, net | 10,549 | 10,074 | ||||||||||
Above-market ground leases, net | 1,671 | 1,682 | ||||||||||
Acquired lease intangible assets, net | $ | 52,365 | 44,805 | |||||||||
Acquired lease intangible liabilities, net | $ | 32,143 | 26,729 | |||||||||
The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles (dollar amounts in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | Remaining Weighted Average Amortization/Accretion Period | |||||||||
(in years) | ||||||||||||
In-place lease amortization | $ | 10,365 | 7,441 | 4,307 | 5.9 | |||||||
Above-market lease amortization (1) | 1,795 | 1,246 | 739 | 7.4 | ||||||||
Above-market ground lease amortization (3) | 23 | 22 | 23 | 82.2 | ||||||||
Acquired lease intangible asset amortization | $ | 12,183 | 8,709 | 5,069 | ||||||||
Acquired lease intangible liability accretion (2)(3) | $ | 4,590 | 3,726 | 1,950 | 12.5 | |||||||
(1) Amounts are recorded as a reduction to minimum rent. | ||||||||||||
(2) Amounts are recorded as an increase to minimum rent. | ||||||||||||
(3) Above and below market ground lease amortization and accretion are recorded as an offset to other operating expenses. | ||||||||||||
The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows (in thousands): | ||||||||||||
Year Ending December 31, | Amortization Expense | Net Accretion | ||||||||||
2015 | $ | 10,603 | 3,888 | |||||||||
2016 | 8,569 | 3,393 | ||||||||||
2017 | 6,589 | 3,088 | ||||||||||
2018 | 5,354 | 2,609 | ||||||||||
2019 | 4,374 | 2,417 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | Income Taxes | |||||||||
The following table summarizes the tax status of dividends paid on our common shares: | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividend per share | $ | 1.88 | 1.85 | 1.85 | ||||||
Ordinary income | 70% | 70% | 71% | |||||||
Capital gain | 16% | 6% | 1% | |||||||
Return of capital | 14% | —% | 28% | |||||||
Qualified dividend income | —% | 24% | —% | |||||||
RRG is subject to federal and state income taxes and files separate tax returns. Income tax expense consists of the following (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit): | ||||||||||
Current | $ | 1,152 | (1) | — | 97 | |||||
Deferred | — | — | 13,727 | |||||||
Total income tax expense (benefit) | $ | 1,152 | — | 13,824 | ||||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
Income tax expense (benefit) is included in the Consolidated Statements of Operations as either income tax expense (benefit) of taxable REIT subsidiaries, if the related income is from continuing operations, or is presented net of gains on sale of real estate, if the taxable income is from the gain on sale. Income tax expense (benefit) is included in discontinued operations, net of gains on sale of real estate, if the taxable income is from the gain on sale that qualified as discontinued operations, as follows (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit) from: | ||||||||||
Continuing operations | $ | 1,152 | (1) | — | 13,224 | |||||
Discontinued operations | — | — | 600 | |||||||
Total income tax expense (benefit) | $ | 1,152 | — | 13,824 | ||||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income of RRG as follows (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed expected tax expense (benefit) | $ | 5,140 | 1,677 | (2,099 | ) | |||||
Increase (decrease) in income tax resulting from state taxes | (629 | ) | 98 | (122 | ) | |||||
Valuation allowance | (3,301 | ) | (1,511 | ) | 15,635 | |||||
All other items | (58 | ) | (264 | ) | 410 | |||||
Total income tax expense | 1,152 | — | 13,824 | |||||||
Amounts attributable to discontinued operations | — | — | 600 | |||||||
Amounts attributable to continuing operations | $ | 1,152 | (1) | — | 13,224 | |||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
The following table represents the Company's net deferred tax assets recorded in accounts payable and other liabilities in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets | ||||||||||
Investments in real estate partnerships | $ | 8,427 | 8,314 | |||||||
Provision for impairment | 3,299 | 3,273 | ||||||||
Deferred interest expense | 2,538 | 4,295 | ||||||||
Capitalized costs under Section 263A | 1,832 | 2,184 | ||||||||
Net operating loss carryforward | — | 2,019 | ||||||||
Employee benefits | 385 | 488 | ||||||||
Other | 1,370 | 887 | ||||||||
Deferred tax assets | 17,851 | 21,460 | ||||||||
Valuation allowance | (17,302 | ) | (20,603 | ) | ||||||
Deferred tax assets, net | 549 | 857 | ||||||||
Deferred tax liabilities | ||||||||||
Straight line rent | 549 | 537 | ||||||||
Depreciation | — | 320 | ||||||||
Deferred tax liabilities | 549 | 857 | ||||||||
Net deferred tax assets | $ | — | — | |||||||
During the years ended December 31, 2014 and 2013, the net change in the total valuation allowance was $3.3 million and $1.5 million, respectfully. | ||||||||||
The evaluation of the recoverability of the deferred tax assets and the need for a valuation allowance requires the Company to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Company's framework for assessing the recoverability of deferred tax assets includes weighing recent taxable income (loss), projected future taxable income (loss) of the character necessary to realize the deferred tax assets, the carryforward periods for the net operating loss, including the effect of reversing taxable temporary differences, and prudent feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of deferred tax assets. As of December 31, 2014, the projected future taxable income and unpredictable nature of potential property sales with built in losses within the TRS caused the Company to determine that it is still more likely than not that the net deferred tax assets will not be realized. As a result, the deferred tax asset continues to be fully reserved. | ||||||||||
The Company accounts for uncertainties in income tax law in accordance with FASB ASC Topic 740, under which tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. Federal and state tax returns are open from 2011 and forward for the Company. |
Notes_Payable_and_Unsecured_Cr
Notes Payable and Unsecured Credit Facilities | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities | ||||||||||||||
The Parent Company does not have any indebtedness, but guarantees all of the unsecured debt and 15.5% of the secured debt of the Operating Partnership. The Company’s debt outstanding as of December 31, 2014 and 2013 consists of the following (in thousands): | |||||||||||||||
2014 | 2013 | ||||||||||||||
Notes payable: | |||||||||||||||
Fixed rate mortgage loans | $ | 518,993 | 444,245 | ||||||||||||
Variable rate mortgage loans (1) | 29,839 | 37,100 | |||||||||||||
Fixed rate unsecured loans | 1,397,525 | 1,298,352 | |||||||||||||
Total notes payable | 1,946,357 | 1,779,697 | |||||||||||||
Unsecured credit facilities: | |||||||||||||||
Line | — | — | |||||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||||
Total unsecured credit facilities | 75,000 | 75,000 | |||||||||||||
Total debt outstanding | $ | 2,021,357 | 1,854,697 | ||||||||||||
(1) Interest rate swaps are in place to fix the interest rates on these variable rate mortgage loans. See note 10. | |||||||||||||||
Notes Payable | |||||||||||||||
Notes payable consist of mortgage loans secured by properties and unsecured public debt. Mortgage loans may be prepaid, but could be subject to yield maintenance premiums. Mortgage loans are generally due in monthly installments of principal and interest or interest only, whereas, interest on unsecured public debt is payable semi-annually. | |||||||||||||||
The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2014, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. | |||||||||||||||
As of December 31, 2014, the key terms of the Company's fixed rate notes payable are as follows: | |||||||||||||||
Fixed Interest Rates | |||||||||||||||
Maturing Through | Minimum | Maximum | Weighted Average | ||||||||||||
Secured mortgage loans | 2032 | 3.30% | 8.40% | 5.57% | |||||||||||
Unsecured public debt | 2024 | 3.75% | 6.00% | 5.17% | |||||||||||
As of December 31, 2014, the Company had one variable rate mortgage loan, which has an interest rate swap in place for the initial principal balance effectively fixing the interest rate through the maturity of the loan (as discussed in note 10), with key terms as follows ($ in thousands): | |||||||||||||||
Balance | Maturity | Variable Interest Rate | |||||||||||||
$ | 29,839 | 10/16/20 | 1 month LIBOR plus 150 basis points | ||||||||||||
Unsecured Credit Facilities | |||||||||||||||
The Company has an unsecured line of credit commitment (the "Line") and an unsecured term loan commitment (the "Term Loan") under separate credit agreements, both with Wells Fargo Bank and a syndicate of other banks. | |||||||||||||||
The Company is required to comply with certain financial covenants as defined in the Line and Term Loan credit agreements, such as Minimum Tangible Net Worth, Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2014, management of the Company believes it is in compliance with all financial covenants for the Line and Term Loan. | |||||||||||||||
As of December 31, 2014, the key terms of the Line and Term Loan are as follows (dollars in thousands): | |||||||||||||||
Total Capacity | Remaining Capacity | Maturity | Variable Interest Rate (6) | Fee | |||||||||||
Line | $ | 800,000 | (1) | $ | 794,096 | (2) | 9/4/16 | (3) | LIBOR plus 117.5 basis points | 0.22% | (4) | ||||
Term Loan | 165,000 | (5) | 90,000 | 6/27/19 | LIBOR plus 115 basis points | 0.20% | (7) | ||||||||
(1) The Company has the ability to increase the Line through an accordion feature to $1.0 billion. | |||||||||||||||
(2) Borrowing capacity is reduced by the balance of outstanding borrowings and commitments under outstanding letters of credit. | |||||||||||||||
(3) Maturity is subject to a one-year extension at the Company's option. | |||||||||||||||
(4) The facility fee is subject to an adjustment based on the higher of the Company's corporate credit ratings from Moody's and S&P. | |||||||||||||||
(5) The Company has the ability to utilize the additional $90.0 million through August 31, 2015. | |||||||||||||||
(6) Interest rate is subject to Regency maintaining its corporate credit and senior unsecured ratings at BBB. | |||||||||||||||
(7) Subject to a fee of 0.20% per annum on the undrawn balance. | |||||||||||||||
As of December 31, 2014, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows (in thousands): | |||||||||||||||
Scheduled Principal Payments and Maturities by Year: | Scheduled | Mortgage Loan | Unsecured | Total | |||||||||||
Principal | Maturities | Maturities (1) | |||||||||||||
Payments | |||||||||||||||
2015 | $ | 6,587 | 75,896 | 350,000 | 432,483 | ||||||||||
2016 | 6,135 | 41,442 | — | 47,577 | |||||||||||
2017 | 5,399 | 116,207 | 400,000 | 521,606 | |||||||||||
2018 | 4,452 | 57,358 | — | 61,810 | |||||||||||
2019 | 3,443 | 106,000 | 75,000 | 184,443 | |||||||||||
Beyond 5 Years | 22,647 | 96,039 | 650,000 | 768,686 | |||||||||||
Unamortized debt premiums (discounts), net | — | 7,227 | (2,475 | ) | 4,752 | ||||||||||
Total notes payable | $ | 48,663 | 500,169 | 1,472,525 | 2,021,357 | ||||||||||
(1) Includes unsecured public debt and unsecured credit facilities. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets (dollars in thousands): | ||||||||||||||||||||||||||||||||||
Fair Value at December 31, | ||||||||||||||||||||||||||||||||||
Assets (3) | Liabilities (3) | |||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Mandatory Settlement Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
10/1/11 | 9/1/14 | N/A | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | — | — | $ | — | (34 | ) | |||||||||||||||||||||
10/16/13 | 10/16/20 | N/A | 28,100 | 1 Month LIBOR | 2.20% | — | 82 | (764 | ) | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 75,000 | 3 Month LIBOR | 2.09% | — | 7,476 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 50,000 | 3 Month LIBOR | 2.09% | — | 4,978 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 35,000 | 3 Month LIBOR | 2.87% | — | 1,036 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 60,000 | 3 Month LIBOR | 2.86% | — | 1,821 | — | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | — | 8,516 | (289 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | — | 5,670 | (193 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | — | 5,658 | (193 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | — | — | (3,964 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | — | — | (1,227 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (6,080 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (6,084 | ) | — | ||||||||||||||||||||||||
Total derivative financial instruments | $ | — | 35,237 | (18,794 | ) | (34 | ) | |||||||||||||||||||||||||||
(1) Represents the earliest date which the counterparty has the right to require cash settlement of the derivative. The Company may settle these swaps at any time before the mandatory settlement date. | ||||||||||||||||||||||||||||||||||
(2) The Company issued $250 million of 3.75%, fixed rate ten year unsecured bonds in May 2014. Prior to issuing the bonds, the Company locked in the ten year treasury rate using forward starting interest rate swaps to mitigate the risk of interest rates rising. In connection with the issuance of the new bonds, the Company terminated and settled these swaps, resulting in net cash proceeds of $4.6 million. These proceeds will offset bond interest expense over the life of the bonds, resulting in a lower effective interest rate of 3.59%. | ||||||||||||||||||||||||||||||||||
(3) Derivatives in an asset position are included within Other Assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts Payable and Other Liabilities. | ||||||||||||||||||||||||||||||||||
These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. The Company has master netting agreements, however the Company does not have multiple derivatives subject to a single master netting agreement with the same counterparties. Therefore none are offset in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||
The Company expects to issue new debt in 2015 and 2017. In order to mitigate the risk of interest rates rising before new borrowings are obtained, the Company previously entered into $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 2015 and another $220 million of forward starting interest rate swaps to partially hedge the new debt expected to be issued in 2017. These interest rate swaps lock in the 10-year treasury rate and swap spread at a weighted average fixed rate of 2.67% and 3.48%, respectively. A current market based credit spread applicable to Regency will be added to the locked in fixed rate at time of issuance that will determine the final bond yield. | ||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income (loss) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings within interest expense. | ||||||||||||||||||||||||||||||||||
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): | ||||||||||||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in Other Comprehensive Loss on | (Loss) Reclassified | Reclassified from | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from AOCI into Income | AOCI into | Income on Derivative | Income on Derivative | |||||||||||||||||||||||||||||
Relationships: | Portion) | (Effective Portion) | Income (Effective | (Ineffective Portion and | (Ineffective Portion and | |||||||||||||||||||||||||||||
Portion) | Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | |||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (49,968 | ) | 30,985 | 4,220 | Interest expense | $ | (9,353 | ) | (9,433 | ) | (9,491 | ) | Other expenses | $ | — | — | — | ||||||||||||||||
As of December 31, 2014, the Company expects $8.7 million of net deferred losses on derivative instruments accumulated in other comprehensive income to be reclassified into earnings during the next 12 months, of which $8.0 million is related to previously settled swaps. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
(a) Disclosure of Fair Value of Financial Instruments | ||||||||||||||||
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Notes receivable | $ | 12,132 | 11,980 | $ | 11,960 | 11,600 | ||||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 1,946,357 | 2,116,000 | $ | 1,779,697 | 1,936,400 | ||||||||||
Unsecured credit facilities | $ | 75,000 | 75,000 | $ | 75,000 | 75,400 | ||||||||||
The table above reflects carrying amounts in the accompanying Consolidated Balance Sheets under the indicated captions. The above fair values represent the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2014 and 2013. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. The Company's valuation policies and procedures are determined by its Finance Group, which reports to the Chief Financial Officer, and the results of material fair value measurements are discussed with the Audit Committee of the Board of Directors on a quarterly basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of these financial instruments: | ||||||||||||||||
Notes Receivable | ||||||||||||||||
The fair value of the Company's notes receivable is estimated by calculating the present value of future contractual cash flows discounted at interest rates available for notes of the same terms and maturities, adjusted for counter-party specific credit risk. The fair value of notes receivable was determined primarily using Level 3 inputs of the fair value hierarchy, which considered counter-party credit risk and loan to value ratio on the underlying property securing the note receivable. | ||||||||||||||||
Notes Payable | ||||||||||||||||
The fair value of the Company's notes payable is estimated by discounting future cash flows of each instrument at interest rates that reflect the current market rates available to the Company for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired. The fair value of the notes payable was determined using Level 2 inputs of the fair value hierarchy. | ||||||||||||||||
Unsecured Credit Facilities | ||||||||||||||||
The fair value of the Company's unsecured credit facilities is estimated based on the interest rates currently offered to the Company by financial institutions. The fair value of the credit facilities was determined using Level 2 inputs of the fair value hierarchy. | ||||||||||||||||
The following interest rates were used by the Company to estimate the fair value of its financial instruments: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Notes receivable | 7.40% | 7.40% | 7.80% | 7.80% | ||||||||||||
Notes payable | 0.90% | 3.40% | 3.00% | 3.50% | ||||||||||||
Unsecured credit facilities | 1.30% | 1.30% | 1.40% | 1.40% | ||||||||||||
(b) Fair Value Measurements | ||||||||||||||||
The following financial instruments are measured at fair value on a recurring basis: | ||||||||||||||||
Trading Securities Held in Trust | ||||||||||||||||
The Company has investments in marketable securities that are classified as trading securities held in trust on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using quoted prices in active markets, considered Level 1 inputs of the fair value hierarchy. Changes in the value of trading securities are recorded within net investment (income) loss in the accompanying Consolidated Statements of Operations. | ||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. | ||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments on the overall 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 table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements as of December 31, 2014 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Trading securities held in trust | $ | 28,134 | 28,134 | — | — | |||||||||||
Interest rate derivatives | — | — | — | — | ||||||||||||
Total | $ | 28,134 | 28,134 | — | — | |||||||||||
Liabilities: | ||||||||||||||||
Interest rate derivatives | $ | (18,794 | ) | — | (18,794 | ) | — | |||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Trading securities held in trust | $ | 26,681 | 26,681 | — | — | |||||||||||
Interest rate derivatives | 35,237 | — | 35,237 | — | ||||||||||||
Total | 61,918 | 26,681 | 35,237 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Interest rate derivatives | $ | (34 | ) | — | (34 | ) | — | |||||||||
The following tables present assets that were measured at fair value on a nonrecurring basis (in thousands): | ||||||||||||||||
Fair Value Measurements during the | ||||||||||||||||
year ended December 31, 2014 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets: | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived asset held and used | ||||||||||||||||
Land | $ | 397 | — | — | 397 | (175 | ) | |||||||||
Fair Value Measurements during the | ||||||||||||||||
year ended December 31, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets: | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived asset held and used | ||||||||||||||||
Operating and development properties | $ | 4,686 | — | — | 4,686 | (6,000 | ) | |||||||||
Long-lived assets held and used are comprised primarily of real estate. Fair value for the long-lived assets held and used measured using Level 3 inputs was determined through the use of market comparables to estimate anticipated sales value. The income approach estimates an income stream for a property (typically 10 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from property specific information, market transactions, and other financial and industry data. The terminal cap rate and discount rate are significant inputs to this valuation. | ||||||||||||||||
During the year ended December 31, 2014, the Company recognized a $175,000 impairment on two parcels of land held at December 31, 2014, with the fair value measured based on the anticipated sales price of the land. | ||||||||||||||||
During the year ended December 31, 2013, the Company recognized a $6 million impairment on a single operating property as a result of an unoccupied anchor declaring bankruptcy, and the inability of the Company, at that time, to re-lease the anchor space. The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs during the year ended December 31, 2013: | ||||||||||||||||
2013 | ||||||||||||||||
Overall cap rates | 8.00% | |||||||||||||||
Rental growth rates | 0.00% | |||||||||||||||
Discount rates | 9.00% | |||||||||||||||
Terminal cap rates | 8.50% | |||||||||||||||
Changes in these inputs could result in a change in the valuation of the real estate and a change in the impairment loss recognized during the period. |
Equity_and_Capital
Equity and Capital | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Equity and Capital [Abstract] | ||||||||||||||||||||||
Equity and Capital | Equity and Capital | |||||||||||||||||||||
Preferred Stock of the Parent Company | ||||||||||||||||||||||
Terms and conditions of the preferred stock outstanding are summarized as follows: | ||||||||||||||||||||||
Preferred Stock Outstanding as of December 31, 2014 and 2013 | ||||||||||||||||||||||
Date of Issuance | Shares Issued and Outstanding | Liquidation Preference | Distribution Rate | Callable By Company | ||||||||||||||||||
Series 6 | 2/16/12 | 10,000,000 | $ | 250,000,000 | 6.63% | 2/16/17 | ||||||||||||||||
Series 7 | 8/23/12 | 3,000,000 | 75,000,000 | 6.00% | 8/23/17 | |||||||||||||||||
13,000,000 | $ | 325,000,000 | ||||||||||||||||||||
The Series 6 and 7 preferred shares are perpetual, absent a change in control of the Parent Company, are not convertible into common stock of the Parent Company, and are redeemable at par upon the Company’s election beginning 5 years after the issuance date. None of the terms of the preferred stock contain any unconditional obligations that would require the Company to redeem the securities at any time or for any purpose. | ||||||||||||||||||||||
Common Stock of the Parent Company | ||||||||||||||||||||||
Issuances: | ||||||||||||||||||||||
In August 2013, the Parent Company filed a prospectus supplement with respect to a new ATM equity offering program, which ended the prior program established in August 2012. The August 2013 program has similar terms and conditions as the August 2012 program, and authorizes the Parent Company to sell up to $200 million of common stock. As of December 31, 2013, $198.4 million in common stock remained available for issuance under this ATM equity program. | ||||||||||||||||||||||
In March 2014, the Parent Company filed a prospectus supplement with the Securities and Exchange Commission with respect to a new ATM equity offering program, ending the prior program established in August 2013. The March 2014 program has similar terms and conditions as the August 2013 program and authorizes the Parent Company to sell up to $200.0 million of common stock at prices determined by the market at the time of sale. As of December 31, 2014, $96.0 million in common stock remained available for issuance under this ATM equity program. | ||||||||||||||||||||||
The following shares were issued under the ATM equity program (in thousands, except share data): | ||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Shares issued | 1,730 | 1,899 | ||||||||||||||||||||
Weighted average price per share | $ | 60 | 53.35 | |||||||||||||||||||
Gross proceeds | $ | 103,821 | 101,342 | |||||||||||||||||||
Commissions | $ | 1,369 | 1,521 | |||||||||||||||||||
Issuance costs | $ | — | 68 | |||||||||||||||||||
In January 2015, the Parent Company entered into a forward sale and an underwritten public offering of 2.875 million shares of its common stock at a price of $67.40 per share which will result in gross proceeds of approximately $193.8 million, before any underwriting discount and offering expenses. The forward sale will settle on one or more dates occurring no later than approximately 12 months after the date of the offering. The Company intends to use any net proceeds that it receives upon settlement of the forward sale agreement to fund development and redevelopment activities, fund potential acquisition opportunities, repay maturing debts, and/or for general corporate purposes. | ||||||||||||||||||||||
Preferred Units of the Operating Partnership | ||||||||||||||||||||||
Preferred units for the Parent Company are outstanding in relation to the Parent Company's preferred stock, as discussed above. | ||||||||||||||||||||||
Common Units of the Operating Partnership | ||||||||||||||||||||||
Issuances: | ||||||||||||||||||||||
Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above. | ||||||||||||||||||||||
General Partner | ||||||||||||||||||||||
The Parent Company, as general partner, owned the following Partnership Units outstanding (in thousands): | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Partnership units owned by the general partner | 94,108 | 92,333 | ||||||||||||||||||||
Total partnership units outstanding | 94,262 | 92,499 | ||||||||||||||||||||
Percentage of partnership units owned by the general partner | 99.80% | 99.80% | ||||||||||||||||||||
Limited Partners | ||||||||||||||||||||||
The Operating Partnership had 154,170 and 165,796 limited Partnership Units outstanding as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
Noncontrolling Interests of Limited Partners' Interests in Consolidated Partnerships | ||||||||||||||||||||||
Limited partners’ interests in consolidated partnerships not owned by the Company are classified as noncontrolling interests on the accompanying Consolidated Balance Sheets of the Parent Company. Subject to certain conditions and pursuant to the conditions of the agreement, the Company has the right, but not the obligation, to purchase the other member’s interest or sell its own interest in these consolidated partnerships. As of December 31, 2014 and 2013, the noncontrolling interest in these consolidated partnerships was $31.8 million and $19.2 million, respectively. | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
The following table presents changes in the balances of each component of AOCI (in thousands): | ||||||||||||||||||||||
Controlling Interest | Noncontrolling Interest | Total | ||||||||||||||||||||
Cash Flow Hedges | Available-For-Sale Securities | AOCI | Cash Flow Hedges | Available-For-Sale Securities | AOCI | AOCI | ||||||||||||||||
Balance as of December 31, 2011 | $ | (71,429 | ) | — | (71,429 | ) | (583 | ) | — | (583 | ) | (72,012 | ) | |||||||||
Other comprehensive income before reclassifications | 4,254 | — | 4,254 | (34 | ) | — | (34 | ) | 4,220 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,460 | — | 9,460 | 31 | — | 31 | 9,491 | |||||||||||||||
Current period other comprehensive income, net | 13,714 | — | 13,714 | (3 | ) | — | (3 | ) | 13,711 | |||||||||||||
Balance as of December 31, 2012 | $ | (57,715 | ) | — | (57,715 | ) | (586 | ) | — | (586 | ) | (58,301 | ) | |||||||||
Other comprehensive income before reclassifications | 30,879 | — | 30,879 | 106 | — | 106 | 30,985 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,432 | — | 9,432 | 1 | — | 1 | 9,433 | |||||||||||||||
Current period other comprehensive income, net | 40,311 | — | 40,311 | 107 | — | 107 | 40,418 | |||||||||||||||
Balance as of December 31, 2013 | $ | (17,404 | ) | — | (17,404 | ) | (479 | ) | — | (479 | ) | (17,883 | ) | |||||||||
Other comprehensive income before reclassifications | (49,524 | ) | 7,752 | (41,772 | ) | (444 | ) | 13 | (431 | ) | (42,203 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,180 | (7,752 | ) | 1,428 | 173 | (13 | ) | 160 | 1,588 | |||||||||||||
Current period other comprehensive income, net | (40,344 | ) | — | (40,344 | ) | (271 | ) | — | (271 | ) | (40,615 | ) | ||||||||||
Balance as of December 31, 2014 | $ | (57,748 | ) | — | (57,748 | ) | (750 | ) | — | (750 | ) | (58,498 | ) | |||||||||
The following represents amounts reclassified out of AOCI into income (in thousands): | ||||||||||||||||||||||
AOCI Component | Amount Reclassified from AOCI into Income | Affected Line Item Where Net Income is Presented | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 9,353 | 9,433 | 9,491 | Interest expense | |||||||||||||||||
Realized gains on sale of available-for-sale securities | (7,765 | ) | — | — | Net investment (income) loss | |||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | tock-Based Compensation | |||||||||||||
The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below (in thousands): | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Restricted stock (1) | $ | 12,161 | 14,141 | 11,526 | ||||||||||
Directors' fees paid in common stock (1) | 208 | 238 | 259 | |||||||||||
Capitalized stock-based compensation (2) | (2,707 | ) | (2,188 | ) | (1,979 | ) | ||||||||
Stock-based compensation, net of capitalization | $ | 9,662 | 12,191 | 9,806 | ||||||||||
(1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods. | ||||||||||||||
(2) Includes compensation expense specifically identifiable to development and leasing activities. | ||||||||||||||
The Company established its stock-based compensation plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 4.1 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2014, there were 2.8 million shares available for grant under the Plan either through stock options or restricted stock. | ||||||||||||||
Stock Option Awards | ||||||||||||||
Stock options are granted under the Plan with an exercise price equal to the Parent Company's stock's price at the date of grant. All stock options granted have ten-year lives, contain vesting terms of one to five years from the date of grant and some have dividend equivalent rights. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton closed-form (“Black-Scholes”) option valuation model. The Company believes that the use of the Black-Scholes model meets the fair value measurement objectives of FASB ASC Topic 718 and reflects all substantive characteristics of the instruments being valued. | ||||||||||||||
The following table summarizes stock option activity during the year ended December 31, 2014: | ||||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Outstanding as of December 31, 2013 | 295,924 | $ | 52.46 | 1.1 | $ | (1,822 | ) | |||||||
Less: Exercised (1) | 287,183 | 51.36 | ||||||||||||
Less: Forfeited | — | — | ||||||||||||
Less: Expired | — | — | ||||||||||||
Outstanding of of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
Vested and expected to vest as of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
Exercisable as of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
(1) The Company issues new shares to fulfill option exercises from its authorized shares available. The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012 was approximately $1.3 million, $141,000, and $92,000, respectively. | ||||||||||||||
There were no stock options granted during the years ended December 31, 2014, 2013, or 2012. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance-based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award. | ||||||||||||||
The following table summarizes non-vested restricted stock activity during the year ended December 31, 2014: | ||||||||||||||
Number of Shares | Intrinsic Value (in thousands) | Weighted Average Grant Price | ||||||||||||
Non-vested as of December 31, 2013 | 685,697 | |||||||||||||
Add: Time-based awards granted (1) (4) | 143,055 | $47.62 | ||||||||||||
Add: Performance-based awards granted (2) (4) | 12,828 | $46.77 | ||||||||||||
Add: Market-based awards granted (3) (4) | 103,058 | $49.14 | ||||||||||||
Less: Vested and Distributed (5) | 255,962 | $48.38 | ||||||||||||
Less: Forfeited | 12,310 | $46.50 | ||||||||||||
Non-vested as of December 31, 2014 (6) | 676,366 | $43,139 | ||||||||||||
(1) Time-based awards vest 25% per year beginning on the first anniversary following the grant date. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. | ||||||||||||||
(2) Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares will vest over a required service period. If such performance criteria are not met, compensation cost previously recognized would be reversed. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis. | ||||||||||||||
(3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of peer indices over a three-year period (“TSR Grant”). Once the market criteria are met and the actual number of shares earned is determined, 100% of the earned shares vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest. The significant assumptions underlying determination of fair values for market-based awards granted were as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Volatility | 24.60% | 27.80% | 48.80% | |||||||||||
Risk free interest rate | 0.64% | 0.42% | 0.32% | |||||||||||
(4) The weighted-average grant price for restricted stock granted during the years ended December 31, 2014, 2013, and 2012 was $48.18, $52.80, and $39.44, respectively. | ||||||||||||||
(5) The total intrinsic value of restricted stock vested during the years ended December 31, 2014, 2013, and 2012 was $12.4 million, $11.5 million, and $6.6 million, respectively. | ||||||||||||||
(6) As of December 31, 2014, there was $11.5 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Long-Term Omnibus Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant. |
NonQualified_Deferred_Compensa
Non-Qualified Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Saving and Retirement Plans | Saving and Retirement Plans |
401(k) Retirement Plan | |
The Company maintains a 401(k) retirement plan covering substantially all employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2014. Additionally, an annual profit sharing contribution is made, which vests over a three year period. Costs related to the matching portion of the plan were $1.5 million, $1.5 million and $1.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. Costs related to the profit sharing contribution were $1.3 million, $1.2 million, and $1.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |
Non-Qualified Deferred Compensation Plan | |
The Company maintains a non-qualified deferred compensation plan (“NQDCP”), which allows select employees and directors to defer part or all of their cash bonus, director fees, and restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. | |
The assets of the Rabbi trust, exclusive of the shares of the Company's common stock, are classified as trading securities on the accompanying Consolidated Balance Sheets, and accordingly, realized and unrealized gains and losses are recognized within income from deferred compensation plan in the accompanying Consolidated Statements of Operations. The participants' deferred compensation liability, exclusive of the shares of the Company's common stock, is included within accounts payable and other liabilities in the accompanying Consolidated Balance Sheets and was $27.6 million and $26.1 million as of December 31, 2014 and 2013, respectively. Increases or decreases in the deferred compensation liability, exclusive of amounts attributable to participant investments in the shares of the Company's common stock, are recorded as general and administrative expense within the accompanying Consolidated Statements of Operations. | |
Investments in shares of the Company's common stock are included, at cost, as treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of general partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of general partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within stockholders' equity. |
Earnings_per_Share_and_Unit
Earnings per Share and Unit | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings per Share and Unit [Abstract] | |||||||||||
Earnings per Share and Unit | Earnings per Share and Unit | ||||||||||
Parent Company Earnings per Share | |||||||||||
The following summarizes the calculation of basic and diluted earnings per share (in thousands except per share data): | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Continuing Operations | |||||||||||
Income from continuing operations | $ | 133,770 | 84,297 | 45,779 | |||||||
Gain on sale of real estate, net of tax | 55,077 | 1,703 | 2,158 | ||||||||
Less: income attributable to noncontrolling interests | 1,457 | 1,360 | 385 | ||||||||
Income from continuing operations attributable to the Company | 187,390 | 84,640 | 47,552 | ||||||||
Less: preferred stock dividends | 21,062 | 21,062 | 32,531 | ||||||||
Less: dividends paid on unvested restricted stock | 453 | 448 | 572 | ||||||||
Income from continuing operations attributable to common stockholders - basic | 165,875 | 63,130 | 14,449 | ||||||||
Add: dividends paid on Treasury Method restricted stock | 63 | 45 | 71 | ||||||||
Income from continuing operations attributable to common stockholders - diluted | 165,938 | 63,175 | 14,520 | ||||||||
Discontinued Operations | |||||||||||
Income (loss) from discontinued operations | — | 65,285 | (21,728 | ) | |||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 121 | (43 | ) | |||||||
Income from discontinued operations attributable to the Company | — | 65,164 | (21,685 | ) | |||||||
Net Income | |||||||||||
Net income attributable to common stockholders - basic | 165,875 | 128,294 | (7,236 | ) | |||||||
Net income attributable to common stockholders - diluted | $ | 165,938 | 128,339 | (7,165 | ) | ||||||
Denominator: | |||||||||||
Weighted average common shares outstanding for basic EPS | 92,370 | 91,383 | 89,630 | ||||||||
Incremental shares to be issued under common stock options | — | 2 | — | ||||||||
Incremental shares to be issued under unvested restricted stock | 34 | 24 | 39 | ||||||||
Weighted average common shares outstanding for diluted EPS | 92,404 | 91,409 | 89,669 | ||||||||
Income per common share – basic | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common stockholders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Income per common share – diluted | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common stockholders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2014, 2013, and 2012 were 157,950, 171,886, and 177,164, respectively. | |||||||||||
Operating Partnership Earnings per Unit | |||||||||||
The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data): | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Continuing Operations | |||||||||||
Income from continuing operations | $ | 133,770 | 84,297 | 45,779 | |||||||
Gain on sale of real estate, net of tax | 55,077 | 1,703 | 2,158 | ||||||||
Less: income attributable to noncontrolling interests | 1,138 | 1,084 | 908 | ||||||||
Income from continuing operations attributable to the Partnership | 187,709 | 84,916 | 47,029 | ||||||||
Less: preferred unit distributions | 21,062 | 21,062 | 31,902 | ||||||||
Less: dividends paid on unvested restricted units | 453 | 448 | 572 | ||||||||
Income from continuing operations attributable to common unit holders - basic | 166,194 | 63,406 | 14,555 | ||||||||
Add: dividends paid on Treasury Method restricted units | 63 | 45 | 71 | ||||||||
Income from continuing operations attributable to common unit holders - diluted | 166,257 | 63,451 | 14,626 | ||||||||
Discontinued Operations | |||||||||||
Income (loss) from discontinued operations | — | 65,285 | (21,728 | ) | |||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 121 | (43 | ) | |||||||
Income from discontinued operations attributable to the Partnership | — | 65,164 | (21,685 | ) | |||||||
Net Income | |||||||||||
Net income attributable to common unit holders - basic | 166,194 | 128,570 | (7,130 | ) | |||||||
Net income attributable to common unit holders - diluted | $ | 166,257 | 128,615 | (7,059 | ) | ||||||
Denominator: | |||||||||||
Weighted average common units outstanding for basic EPU | 92,528 | 91,555 | 89,808 | ||||||||
Incremental units to be issued under common stock options | — | 2 | — | ||||||||
Incremental units to be issued under unvested restricted stock | 34 | 24 | 39 | ||||||||
Weighted average common units outstanding for diluted EPU | 92,562 | 91,581 | 89,847 | ||||||||
Income (loss) per common unit – basic | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common unit holders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Income (loss) per common unit – diluted | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common unit holders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Operating Leases | Operating Leases | ||||
The Company's properties are leased to tenants under operating leases. Our leases for tenant space under 5,000 square feet generally have terms ranging from three to five years. Leases greater than 10,000 square feet generally have lease terms in excess of five years, mostly comprised of anchor tenants. Many of the anchor leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. Future minimum rents under non-cancelable operating leases as of December 31, 2014, excluding both tenant reimbursements of operating expenses and additional percentage rent based on tenants' sales volume, are as follows (in thousands): | |||||
Year Ending December 31, | Future Minimum Rents | ||||
2015 | $ | 384,955 | |||
2016 | 354,968 | ||||
2017 | 310,255 | ||||
2018 | 262,123 | ||||
2019 | 217,686 | ||||
Thereafter | 1,077,629 | ||||
Total | $ | 2,607,616 | |||
The shopping centers' tenant base primarily includes national and regional supermarkets, drug stores, discount department stores, and other retailers and, consequently, the credit risk is concentrated in the retail industry. There were no tenants that individually represented more than 5% of the Company's annualized future minimum rents. | |||||
The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. Ground leases expire through the year 2101, and in most cases, provide for renewal options. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2023, and in most cases, provide for renewal options. Leasehold improvements are capitalized, recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the lease term. | |||||
Operating lease expense, including capitalized ground lease payments on properties in development, was $8.9 million, $8.5 million, and $9.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. The following table summarizes the future obligations under non-cancelable operating leases as of December 31, 2014 (in thousands): | |||||
Year Ending December 31, | Future Obligations | ||||
2015 | $ | 8,234 | |||
2016 | 7,793 | ||||
2017 | 6,074 | ||||
2018 | 5,006 | ||||
2019 | 4,754 | ||||
Thereafter | 194,992 | ||||
Total | $ | 226,853 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. | |
The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. | |
The Company has the right to issue letters of credit under the Line up to an amount not to exceed $80.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of December 31, 2014 and 2013, the Company had $5.9 million and $19.3 million letters of credit outstanding, respectively. |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Data | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Summary of Quarterly Financial Data | Summary of Quarterly Financial Data (Unaudited) | |||||||||||||
The following table summarizes selected Quarterly Financial Data for the Company on a historical basis for the years ended December 31, 2014 and 2013 and has been derived from the accompanying consolidated financial statements as reclassified for discontinued operations (in thousands except per share and per unit data): | ||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
Year ended December 31, 2014 | ||||||||||||||
Operating Data: | ||||||||||||||
Revenue | $ | 133,280 | 134,892 | 133,559 | 136,167 | |||||||||
Net income attributable to common stockholders | $ | 19,389 | 25,482 | 47,942 | 73,515 | |||||||||
Net income attributable to exchangeable operating partnership units | 42 | 53 | 90 | 134 | ||||||||||
Net income attributable to common unit holders | $ | 19,431 | 25,535 | 48,032 | 73,649 | |||||||||
Net income attributable to common stock and unit holders per share and unit: | ||||||||||||||
Basic | $ | 0.21 | 0.28 | 0.52 | 0.79 | |||||||||
Diluted | $ | 0.21 | 0.28 | 0.52 | 0.79 | |||||||||
Year ended December 31, 2013 | ||||||||||||||
Operating Data: | ||||||||||||||
Revenues as originally reported | $ | 126,088 | 125,842 | 122,110 | 126,005 | |||||||||
Reclassified to discontinued operations | (5,710 | ) | (3,535 | ) | (1,793 | ) | — | |||||||
Adjusted Revenues | $ | 120,378 | 122,307 | 120,317 | 126,005 | |||||||||
Net income attributable to common stockholders | $ | 15,554 | 31,864 | 34,998 | 46,326 | |||||||||
Net income attributable to exchangeable operating partnership units | 39 | 70 | 73 | 94 | ||||||||||
Net income attributable to common unit holders | $ | 15,593 | 31,934 | 35,071 | 46,420 | |||||||||
Net income attributable to common stock and unit holders per share and unit: | ||||||||||||||
Basic | $ | 0.17 | 0.35 | 0.38 | 0.5 | |||||||||
Diluted | $ | 0.17 | 0.35 | 0.38 | 0.5 | |||||||||
AvailableforSale_Securities_No
Available-for-Sale Securities (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Available-for-Sale Securities |
During the year ended ended December 31, 2014, the Company acquired shares of AmREIT common stock for a total investment of $14.3 million. Subsequent to AmREIT’s announcement on October 31, 2014 that it had entered into a definitive agreement to be acquired by Edens Investment Trust, Regency liquidated its equity position in AmREIT for total proceeds of $22.1 million, which resulted in realized gains of $7.8 million, determined based on specific identification. In connection with its efforts, the Company incurred $1.8 million of pursuit costs, which are recognized within other operating expenses in the accompanying Consolidated Statements of Operations. The Company did not have any available-for-sale securities during the years ended December 31, 2013 or 2012. |
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
4S Commons Town Center | $ | 30,760 | 35,830 | 560 | 30,812 | 36,338 | 67,150 | 16,340 | 50,810 | 62,500 | |||||||||||||||||||
Airport Crossing | 1,748 | 1,690 | 88 | 1,744 | 1,782 | 3,526 | 746 | 2,780 | — | ||||||||||||||||||||
Amerige Heights Town Center | 10,109 | 11,288 | 358 | 10,109 | 11,647 | 21,756 | 2,840 | 18,916 | 16,580 | ||||||||||||||||||||
Anastasia Plaza | 9,065 | — | 412 | 3,338 | 6,139 | 9,477 | 1,326 | 8,151 | — | ||||||||||||||||||||
Ashburn Farm Market Center | 9,835 | 4,812 | 130 | 9,835 | 4,942 | 14,777 | 3,521 | 11,256 | — | ||||||||||||||||||||
Ashford Perimeter | 2,584 | 9,865 | 631 | 2,584 | 10,496 | 13,080 | 6,020 | 7,060 | — | ||||||||||||||||||||
Augusta Center | 5,142 | 2,720 | (5,635 | ) | 1,366 | 861 | 2,227 | 334 | 1,893 | — | |||||||||||||||||||
Aventura Shopping Center | 2,751 | 10,459 | 17 | 2,751 | 10,476 | 13,227 | 10,298 | 2,929 | — | ||||||||||||||||||||
Balboa Mesa Shopping Center | 23,074 | 33,838 | 13,215 | 27,715 | 42,869 | 70,584 | 3,378 | 67,206 | — | ||||||||||||||||||||
Belleview Square | 8,132 | 9,756 | 2,324 | 8,323 | 11,889 | 20,212 | 5,506 | 14,706 | — | ||||||||||||||||||||
Berkshire Commons | 2,295 | 9,551 | 1,867 | 2,965 | 10,749 | 13,714 | 6,397 | 7,317 | 7,500 | ||||||||||||||||||||
Blackrock | 22,251 | 20,815 | (103 | ) | 22,251 | 20,711 | 42,962 | 882 | 42,080 | 20,124 | |||||||||||||||||||
Bloomingdale Square | 3,940 | 14,912 | 2,053 | 3,940 | 16,965 | 20,905 | 7,377 | 13,528 | — | ||||||||||||||||||||
Boulevard Center | 3,659 | 10,787 | 1,125 | 3,659 | 11,912 | 15,571 | 5,475 | 10,096 | — | ||||||||||||||||||||
Boynton Lakes Plaza | 2,628 | 11,236 | 4,452 | 3,606 | 14,710 | 18,316 | 5,144 | 13,172 | — | ||||||||||||||||||||
Brentwood Plaza | 2,788 | 3,473 | 238 | 2,788 | 3,711 | 6,499 | 637 | 5,862 | — | ||||||||||||||||||||
Briarcliff La Vista | 694 | 3,292 | 297 | 694 | 3,589 | 4,283 | 2,305 | 1,978 | — | ||||||||||||||||||||
Briarcliff Village | 4,597 | 24,836 | 1,190 | 4,597 | 26,026 | 30,623 | 14,935 | 15,688 | — | ||||||||||||||||||||
Brickwalk | 25,299 | 41,995 | 237 | 25,299 | 42,232 | 67,531 | 1,240 | 66,291 | 31,823 | ||||||||||||||||||||
Bridgeton | 3,033 | 8,137 | 107 | 3,067 | 8,210 | 11,277 | 1,196 | 10,081 | — | ||||||||||||||||||||
Brighten Park | 3,983 | 18,687 | 1,275 | 3,926 | 20,019 | 23,945 | 10,368 | 13,577 | — | ||||||||||||||||||||
Buckhead Court | 1,417 | 7,432 | 500 | 1,417 | 7,932 | 9,349 | 4,960 | 4,389 | — | ||||||||||||||||||||
Buckley Square | 2,970 | 5,978 | 749 | 2,970 | 6,727 | 9,697 | 3,295 | 6,402 | — | ||||||||||||||||||||
Buckwalter Place Shopping Ctr | 6,563 | 6,590 | 264 | 6,592 | 6,825 | 13,417 | 2,620 | 10,797 | — | ||||||||||||||||||||
Caligo Crossing | 2,459 | 4,897 | 124 | 2,546 | 4,934 | 7,480 | 1,775 | 5,705 | — | ||||||||||||||||||||
Cambridge Square | 774 | 4,347 | 687 | 774 | 5,034 | 5,808 | 2,578 | 3,230 | — | ||||||||||||||||||||
Carmel Commons | 2,466 | 12,548 | 4,412 | 3,422 | 16,004 | 19,426 | 6,896 | 12,530 | — | ||||||||||||||||||||
Carriage Gate | 833 | 4,974 | 2,424 | 1,302 | 6,928 | 8,230 | 4,297 | 3,933 | — | ||||||||||||||||||||
Centerplace of Greeley III | 6,661 | 11,502 | 1,423 | 5,690 | 13,896 | 19,586 | 3,550 | 16,036 | — | ||||||||||||||||||||
Chasewood Plaza | 4,612 | 20,829 | (400 | ) | 4,688 | 20,353 | 25,041 | 12,296 | 12,745 | — | |||||||||||||||||||
Cherry Grove | 3,533 | 15,862 | 1,949 | 3,533 | 17,810 | 21,343 | 7,625 | 13,718 | — | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Clayton Valley Shopping Center | 24,189 | 35,422 | 2,187 | 24,538 | 37,260 | 61,798 | 16,662 | 45,136 | — | ||||||||||||||||||||
Clybourn Commons | 15,056 | 5,594 | 40 | 15,056 | 5,634 | 20,690 | 161 | 20,529 | — | ||||||||||||||||||||
Cochran's Crossing | 13,154 | 12,315 | 739 | 13,154 | 13,054 | 26,208 | 7,540 | 18,668 | — | ||||||||||||||||||||
Corkscrew Village | 8,407 | 8,004 | 118 | 8,407 | 8,122 | 16,529 | 2,401 | 14,128 | 7,923 | ||||||||||||||||||||
Cornerstone Square | 1,772 | 6,944 | 1,054 | 1,772 | 7,998 | 9,770 | 4,250 | 5,520 | — | ||||||||||||||||||||
Corvallis Market Center | 6,674 | 12,244 | 357 | 6,696 | 12,580 | 19,276 | 3,566 | 15,710 | — | ||||||||||||||||||||
Costa Verde Center | 12,740 | 26,868 | 1,236 | 12,798 | 28,046 | 40,844 | 13,044 | 27,800 | — | ||||||||||||||||||||
Courtyard Landcom | 5,867 | 4 | 3 | 5,867 | 7 | 5,874 | 1 | 5,873 | — | ||||||||||||||||||||
Culpeper Colonnade | 15,944 | 10,601 | 4,772 | 16,258 | 15,184 | 31,442 | 5,853 | 25,589 | — | ||||||||||||||||||||
Dardenne Crossing | 4,194 | 4,005 | 482 | 4,583 | 4,098 | 8,681 | 840 | 7,841 | — | ||||||||||||||||||||
Delk Spectrum | 2,985 | 12,001 | 1,327 | 3,000 | 13,313 | 16,313 | 5,867 | 10,446 | — | ||||||||||||||||||||
Diablo Plaza | 5,300 | 8,181 | 1,079 | 5,300 | 9,260 | 14,560 | 3,922 | 10,638 | — | ||||||||||||||||||||
Dunwoody Village | 3,342 | 15,934 | 3,232 | 3,342 | 19,166 | 22,508 | 10,600 | 11,908 | — | ||||||||||||||||||||
East Pointe | 1,730 | 7,189 | 1,726 | 1,771 | 8,874 | 10,645 | 3,917 | 6,728 | — | ||||||||||||||||||||
East Washington Place | 15,993 | 40,151 | 677 | 15,509 | 41,311 | 56,820 | 2,987 | 53,833 | — | ||||||||||||||||||||
El Camino Shopping Center | 7,600 | 11,538 | 1,258 | 7,600 | 12,796 | 20,396 | 4,983 | 15,413 | — | ||||||||||||||||||||
El Cerrito Plaza | 11,025 | 27,371 | 679 | 11,025 | 28,050 | 39,075 | 6,192 | 32,883 | 38,694 | ||||||||||||||||||||
El Norte Parkway Plaza | 2,834 | 7,370 | 3,243 | 3,263 | 10,185 | 13,448 | 3,693 | 9,755 | — | ||||||||||||||||||||
Encina Grande | 5,040 | 11,572 | (25 | ) | 5,040 | 11,547 | 16,587 | 6,343 | 10,244 | — | |||||||||||||||||||
Fairfax Shopping Center | 15,239 | 11,367 | (5,548 | ) | 13,175 | 7,882 | 21,057 | 1,766 | 19,291 | — | |||||||||||||||||||
Fairfield | 6,731 | 29,420 | 128 | 6,731 | 29,548 | 36,279 | 809 | 35,470 | 20,250 | ||||||||||||||||||||
Falcon | 1,340 | 4,168 | 157 | 1,350 | 4,315 | 5,665 | 1,401 | 4,264 | — | ||||||||||||||||||||
Fellsway Plaza | 30,712 | 7,327 | 2,347 | 32,736 | 7,650 | 40,386 | 861 | 39,525 | 29,839 | ||||||||||||||||||||
Fenton Marketplace | 2,298 | 8,510 | (8,326 | ) | 512 | 1,971 | 2,483 | 281 | 2,202 | — | |||||||||||||||||||
Fleming Island | 3,077 | 11,587 | 2,686 | 3,111 | 14,239 | 17,350 | 5,371 | 11,979 | — | ||||||||||||||||||||
French Valley Village Center | 11,924 | 16,856 | 33 | 11,822 | 16,992 | 28,814 | 8,210 | 20,604 | — | ||||||||||||||||||||
Friars Mission Center | 6,660 | 28,021 | 970 | 6,660 | 28,991 | 35,651 | 11,642 | 24,009 | 141 | ||||||||||||||||||||
Gardens Square | 2,136 | 8,273 | 399 | 2,136 | 8,672 | 10,808 | 3,973 | 6,835 | — | ||||||||||||||||||||
Gateway 101 | 24,971 | 9,113 | 24 | 24,971 | 9,137 | 34,108 | 2,684 | 31,424 | — | ||||||||||||||||||||
Gateway Shopping Center | 52,665 | 7,134 | 1,883 | 52,671 | 9,011 | 61,682 | 9,648 | 52,034 | — | ||||||||||||||||||||
Gelson's Westlake Market Plaza | 3,157 | 11,153 | 372 | 3,157 | 11,525 | 14,682 | 4,506 | 10,176 | — | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Glen Gate | 13,241 | 11,968 | 2,717 | 13,241 | 14,685 | 27,926 | 71 | 27,855 | — | ||||||||||||||||||||
Glen Oak Plaza | 4,103 | 12,951 | 327 | 4,103 | 13,278 | 17,381 | 2,036 | 15,345 | — | ||||||||||||||||||||
Glenwood Village | 1,194 | 5,381 | 220 | 1,194 | 5,601 | 6,795 | 3,505 | 3,290 | — | ||||||||||||||||||||
Golden Hills Plaza | 12,699 | 18,482 | 3,375 | 12,693 | 21,863 | 34,556 | 4,765 | 29,791 | — | ||||||||||||||||||||
Grand Ridge Plaza | 24,208 | 61,033 | 2,643 | 24,843 | 63,041 | 87,884 | 4,525 | 83,359 | 11,309 | ||||||||||||||||||||
Hancock | 8,232 | 28,260 | 1,148 | 8,232 | 29,408 | 37,640 | 13,091 | 24,549 | — | ||||||||||||||||||||
Harpeth Village Fieldstone | 2,284 | 9,443 | 166 | 2,284 | 9,609 | 11,893 | 4,129 | 7,764 | — | ||||||||||||||||||||
Harris Crossing | 7,199 | 3,677 | 8 | 7,162 | 3,722 | 10,884 | 1,454 | 9,430 | — | ||||||||||||||||||||
Heritage Land | 12,390 | — | (453 | ) | 11,937 | — | 11,937 | — | 11,937 | — | |||||||||||||||||||
Heritage Plaza | — | 26,097 | 13,366 | 278 | 39,185 | 39,463 | 13,048 | 26,415 | — | ||||||||||||||||||||
Hershey | 7 | 808 | 6 | 7 | 815 | 822 | 293 | 529 | — | ||||||||||||||||||||
Hibernia Pavilion | 4,929 | 5,065 | (1 | ) | 4,929 | 5,064 | 9,993 | 1,800 | 8,193 | — | |||||||||||||||||||
Hibernia Plaza | 267 | 230 | (8 | ) | 267 | 222 | 489 | 51 | 438 | — | |||||||||||||||||||
Hickory Creek Plaza | 5,629 | 4,564 | 275 | 5,629 | 4,839 | 10,468 | 2,552 | 7,916 | — | ||||||||||||||||||||
Hillcrest Village | 1,600 | 1,909 | 51 | 1,600 | 1,960 | 3,560 | 795 | 2,765 | — | ||||||||||||||||||||
Hilltop Village | 2,995 | 4,581 | 907 | 3,089 | 5,394 | 8,483 | 619 | 7,864 | 7,500 | ||||||||||||||||||||
Hinsdale | 5,734 | 16,709 | 1,812 | 5,734 | 18,521 | 24,255 | 8,198 | 16,057 | — | ||||||||||||||||||||
Holly Park | 8,975 | 23,799 | (181 | ) | 8,828 | 23,765 | 32,593 | 962 | 31,631 | — | |||||||||||||||||||
Howell Mill Village | 5,157 | 14,279 | 1,983 | 5,157 | 16,261 | 21,418 | 3,358 | 18,060 | — | ||||||||||||||||||||
Hyde Park | 9,809 | 39,905 | 2,032 | 9,809 | 41,937 | 51,746 | 19,836 | 31,910 | — | ||||||||||||||||||||
Indian Springs | 24,974 | 25,903 | — | 24,958 | 25,919 | 50,877 | 81 | 50,796 | — | ||||||||||||||||||||
Indio Towne Center | 17,946 | 31,985 | 28 | 17,317 | 32,642 | 49,959 | 9,611 | 40,348 | — | ||||||||||||||||||||
Inglewood Plaza | 1,300 | 2,159 | 226 | 1,300 | 2,385 | 3,685 | 1,029 | 2,656 | — | ||||||||||||||||||||
Jefferson Square | 5,167 | 6,445 | (7,340 | ) | 1,775 | 2,497 | 4,272 | 254 | 4,018 | — | |||||||||||||||||||
Juanita Tate Marketplace | 3,886 | 11,315 | 3,263 | 4,563 | 13,903 | 18,466 | 425 | 18,041 | — | ||||||||||||||||||||
Keller Town Center | 2,294 | 12,841 | 298 | 2,404 | 13,030 | 15,434 | 5,255 | 10,179 | — | ||||||||||||||||||||
Kent Place | 4,855 | 3,544 | 793 | 5,228 | 3,964 | 9,192 | 299 | 8,893 | 8,250 | ||||||||||||||||||||
Kirkwood Commons | 6,772 | 16,224 | 478 | 6,802 | 16,672 | 23,474 | 2,211 | 21,263 | 11,038 | ||||||||||||||||||||
Kroger New Albany Center | 3,844 | 6,599 | 593 | 3,844 | 7,192 | 11,036 | 4,530 | 6,506 | — | ||||||||||||||||||||
Kulpsville | 5,518 | 3,756 | 152 | 5,600 | 3,826 | 9,426 | 1,246 | 8,180 | — | ||||||||||||||||||||
Lake Pine Plaza | 2,008 | 7,632 | 448 | 2,029 | 8,058 | 10,087 | 3,431 | 6,656 | — | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Lebanon/Legacy Center | 3,913 | 7,874 | 90 | 3,913 | 7,964 | 11,877 | 4,597 | 7,280 | — | ||||||||||||||||||||
Littleton Square | 2,030 | 8,859 | (4,950 | ) | 1,949 | 3,990 | 5,939 | 1,299 | 4,640 | — | |||||||||||||||||||
Lloyd King | 1,779 | 10,060 | 1,070 | 1,779 | 11,130 | 12,909 | 4,747 | 8,162 | — | ||||||||||||||||||||
Loehmanns Plaza California | 5,420 | 9,450 | 696 | 5,420 | 10,146 | 15,566 | 4,462 | 11,104 | — | ||||||||||||||||||||
Lower Nazareth Commons | 15,992 | 12,964 | 3,248 | 16,343 | 15,861 | 32,204 | 5,257 | 26,947 | — | ||||||||||||||||||||
Market at Colonnade Center | 6,455 | 9,839 | (18 | ) | 6,160 | 10,115 | 16,275 | 1,812 | 14,463 | — | |||||||||||||||||||
Market at Preston Forest | 4,400 | 11,445 | 995 | 4,400 | 12,440 | 16,840 | 5,241 | 11,599 | — | ||||||||||||||||||||
Market at Round Rock | 2,000 | 9,676 | 5,699 | 2,000 | 15,375 | 17,375 | 6,172 | 11,203 | — | ||||||||||||||||||||
Marketplace Shopping Center | 1,287 | 5,509 | 5,036 | 1,330 | 10,502 | 11,832 | 4,362 | 7,470 | — | ||||||||||||||||||||
Marketplace at Briargate | 1,706 | 4,885 | 48 | 1,727 | 4,912 | 6,639 | 1,884 | 4,755 | — | ||||||||||||||||||||
Millhopper Shopping Center | 1,073 | 5,358 | 4,890 | 1,796 | 9,524 | 11,320 | 5,742 | 5,578 | — | ||||||||||||||||||||
Mockingbird Commons | 3,000 | 10,728 | 665 | 3,000 | 11,393 | 14,393 | 5,043 | 9,350 | 10,300 | ||||||||||||||||||||
Monument Jackson Creek | 2,999 | 6,765 | 660 | 2,999 | 7,425 | 10,424 | 4,634 | 5,790 | — | ||||||||||||||||||||
Morningside Plaza | 4,300 | 13,951 | 547 | 4,300 | 14,498 | 18,798 | 6,251 | 12,547 | — | ||||||||||||||||||||
Murryhill Marketplace | 2,670 | 18,401 | 1,729 | 2,670 | 20,130 | 22,800 | 8,360 | 14,440 | — | ||||||||||||||||||||
Naples Walk | 18,173 | 13,554 | 387 | 18,173 | 13,941 | 32,114 | 3,914 | 28,200 | 15,022 | ||||||||||||||||||||
Newberry Square | 2,412 | 10,150 | 238 | 2,412 | 10,388 | 12,800 | 6,942 | 5,858 | — | ||||||||||||||||||||
Newland Center | 12,500 | 10,697 | 684 | 12,500 | 11,381 | 23,881 | 5,387 | 18,494 | — | ||||||||||||||||||||
Nocatee Town Center | 10,124 | 8,691 | (1,505 | ) | 8,386 | 8,924 | 17,310 | 2,256 | 15,054 | — | |||||||||||||||||||
North Hills | 4,900 | 19,774 | 1,056 | 4,900 | 20,830 | 25,730 | 8,765 | 16,965 | — | ||||||||||||||||||||
Northgate Marketplace | 5,668 | 13,727 | 1,104 | 6,232 | 14,267 | 20,499 | 1,861 | 18,638 | — | ||||||||||||||||||||
Northgate Plaza (Maxtown Road) | 1,769 | 6,652 | 196 | 1,769 | 6,849 | 8,618 | 3,218 | 5,400 | — | ||||||||||||||||||||
Northgate Square | 5,011 | 8,692 | 389 | 5,011 | 9,081 | 14,092 | 2,538 | 11,554 | — | ||||||||||||||||||||
Northlake Village | 2,662 | 11,284 | 1,202 | 2,686 | 12,462 | 15,148 | 4,932 | 10,216 | — | ||||||||||||||||||||
Oak Shade Town Center | 6,591 | 28,966 | 391 | 6,591 | 29,357 | 35,948 | 3,573 | 32,375 | 9,692 | ||||||||||||||||||||
Oakbrook Plaza | 4,000 | 6,668 | 306 | 4,000 | 6,974 | 10,974 | 3,023 | 7,951 | — | ||||||||||||||||||||
Oakleaf Commons | 3,503 | 11,671 | 288 | 3,510 | 11,952 | 15,462 | 3,804 | 11,658 | — | ||||||||||||||||||||
Ocala Corners | 1,816 | 10,515 | 206 | 1,816 | 10,721 | 12,537 | 1,679 | 10,858 | 5,025 | ||||||||||||||||||||
Old St Augustine Plaza | 2,368 | 11,405 | 201 | 2,368 | 11,606 | 13,974 | 5,649 | 8,325 | — | ||||||||||||||||||||
Paces Ferry Plaza | 2,812 | 12,639 | 334 | 2,812 | 12,974 | 15,786 | 7,562 | 8,224 | — | ||||||||||||||||||||
Panther Creek | 14,414 | 14,748 | 2,872 | 15,212 | 16,822 | 32,034 | 9,370 | 22,664 | — | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Peartree Village | 5,197 | 19,746 | 796 | 5,197 | 20,542 | 25,739 | 9,761 | 15,978 | 7,465 | ||||||||||||||||||||
Pike Creek | 5,153 | 20,652 | 1,583 | 5,251 | 22,137 | 27,388 | 9,772 | 17,616 | — | ||||||||||||||||||||
Pima Crossing | 5,800 | 28,143 | 1,197 | 5,800 | 29,340 | 35,140 | 12,957 | 22,183 | — | ||||||||||||||||||||
Pine Lake Village | 6,300 | 10,991 | 717 | 6,300 | 11,708 | 18,008 | 5,058 | 12,950 | — | ||||||||||||||||||||
Pine Tree Plaza | 668 | 6,220 | 364 | 668 | 6,584 | 7,252 | 2,849 | 4,403 | — | ||||||||||||||||||||
Plaza Hermosa | 4,200 | 10,109 | 2,434 | 4,202 | 12,541 | 16,743 | 4,331 | 12,412 | 13,800 | ||||||||||||||||||||
Powell Street Plaza | 8,248 | 30,716 | 1,821 | 8,248 | 32,537 | 40,785 | 11,408 | 29,377 | — | ||||||||||||||||||||
Powers Ferry Square | 3,687 | 17,965 | 6,118 | 5,289 | 22,481 | 27,770 | 11,597 | 16,173 | — | ||||||||||||||||||||
Powers Ferry Village | 1,191 | 4,672 | 438 | 1,191 | 5,110 | 6,301 | 2,971 | 3,330 | — | ||||||||||||||||||||
Prairie City Crossing | 4,164 | 13,032 | 393 | 4,164 | 13,425 | 17,589 | 4,782 | 12,807 | — | ||||||||||||||||||||
Prestonbrook | 7,069 | 8,622 | 232 | 7,069 | 8,854 | 15,923 | 5,712 | 10,211 | 6,800 | ||||||||||||||||||||
Preston Oaks | 763 | 30,438 | 129 | 763 | 30,567 | 31,330 | 1,504 | 29,826 | — | ||||||||||||||||||||
Red Bank | 10,336 | 9,505 | (115 | ) | 10,110 | 9,616 | 19,726 | 1,635 | 18,091 | — | |||||||||||||||||||
Regency Commons | 3,917 | 3,616 | 210 | 3,917 | 3,826 | 7,743 | 1,790 | 5,953 | — | ||||||||||||||||||||
Regency Solar (Saugus) | — | — | 758 | 6 | 752 | 758 | 59 | 699 | — | ||||||||||||||||||||
Regency Square | 4,770 | 25,191 | 4,391 | 5,060 | 29,292 | 34,352 | 19,735 | 14,617 | — | ||||||||||||||||||||
Rona Plaza | 1,500 | 4,917 | 217 | 1,500 | 5,134 | 6,634 | 2,476 | 4,158 | — | ||||||||||||||||||||
Russell Ridge | 2,234 | 6,903 | 920 | 2,234 | 7,823 | 10,057 | 3,912 | 6,145 | — | ||||||||||||||||||||
Sammamish-Highlands | 9,300 | 8,075 | 7,777 | 9,592 | 15,560 | 25,152 | 4,412 | 20,740 | — | ||||||||||||||||||||
San Leandro Plaza | 1,300 | 8,226 | 472 | 1,300 | 8,698 | 9,998 | 3,519 | 6,479 | — | ||||||||||||||||||||
Sandy Springs | 6,889 | 28,056 | 1,195 | 6,889 | 29,251 | 36,140 | 2,176 | 33,964 | 16,079 | ||||||||||||||||||||
Saugus | 19,201 | 17,984 | (1,120 | ) | 18,805 | 17,260 | 36,065 | 5,552 | 30,513 | — | |||||||||||||||||||
Seminole Shoppes | 8,593 | 7,523 | 94 | 8,629 | 7,581 | 16,210 | 1,561 | 14,649 | 9,958 | ||||||||||||||||||||
Sequoia Station | 9,100 | 18,356 | 1,394 | 9,100 | 19,750 | 28,850 | 7,949 | 20,901 | 21,100 | ||||||||||||||||||||
Sherwood II | 2,731 | 6,360 | 492 | 2,731 | 6,852 | 9,583 | 2,183 | 7,400 | — | ||||||||||||||||||||
Shoppes @ 104 | 11,193 | — | 574 | 6,652 | 5,115 | 11,767 | 1,256 | 10,511 | — | ||||||||||||||||||||
Shoppes at Fairhope Village | 6,920 | 11,198 | 276 | 6,920 | 11,473 | 18,393 | 3,019 | 15,374 | — | ||||||||||||||||||||
Shoppes of Grande Oak | 5,091 | 5,985 | 218 | 5,091 | 6,203 | 11,294 | 3,944 | 7,350 | — | ||||||||||||||||||||
Shops at Arizona | 3,063 | 3,243 | 153 | 3,063 | 3,396 | 6,459 | 1,794 | 4,665 | — | ||||||||||||||||||||
Shops at County Center | 9,957 | 11,269 | 740 | 10,209 | 11,757 | 21,966 | 5,455 | 16,511 | — | ||||||||||||||||||||
Shops at Erwin Mill | 236 | 131 | 15,087 | 9,171 | 6,283 | 15,454 | 378 | 15,076 | 10,000 | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Shops at Johns Creek | 1,863 | 2,014 | (349 | ) | 1,501 | 2,028 | 3,529 | 938 | 2,591 | — | |||||||||||||||||||
Shops at Mira Vista | 11,691 | 9,026 | 6 | 11,691 | 9,032 | 20,723 | 345 | 20,378 | 257 | ||||||||||||||||||||
Shops at Quail Creek | 1,487 | 7,717 | 438 | 1,499 | 8,143 | 9,642 | 2,061 | 7,581 | — | ||||||||||||||||||||
Shops on Main | 15,211 | 23,030 | 1,203 | 15,211 | 25,589 | 40,800 | 1,548 | 39,252 | — | ||||||||||||||||||||
Signature Plaza | 2,396 | 3,898 | (13 | ) | 2,396 | 3,885 | 6,281 | 2,025 | 4,256 | — | |||||||||||||||||||
South Bay Village | 11,714 | 15,580 | 1,385 | 11,776 | 16,903 | 28,679 | 1,567 | 27,112 | — | ||||||||||||||||||||
South Lowry Square | 3,434 | 10,445 | 789 | 3,434 | 11,234 | 14,668 | 4,781 | 9,887 | — | ||||||||||||||||||||
Southcenter | 1,300 | 12,750 | 848 | 1,300 | 13,598 | 14,898 | 5,559 | 9,339 | — | ||||||||||||||||||||
Southpark at Cinco Ranch | 18,395 | 11,306 | 702 | 18,685 | 11,718 | 30,403 | 1,325 | 29,078 | — | ||||||||||||||||||||
SouthPoint Crossing | 4,412 | 12,235 | 657 | 4,412 | 12,892 | 17,304 | 5,034 | 12,270 | — | ||||||||||||||||||||
Starke | 71 | 1,683 | 4 | 71 | 1,686 | 1,757 | 599 | 1,158 | — | ||||||||||||||||||||
State Street Crossing | 1,283 | 1,970 | 107 | 1,283 | 2,077 | 3,360 | 473 | 2,887 | — | ||||||||||||||||||||
Sterling Ridge | 12,846 | 12,162 | 490 | 12,846 | 12,652 | 25,498 | 7,431 | 18,067 | 13,900 | ||||||||||||||||||||
Stonewall | 27,511 | 22,123 | 6,886 | 28,429 | 28,091 | 56,520 | 10,146 | 46,374 | — | ||||||||||||||||||||
Strawflower Village | 4,060 | 8,084 | 394 | 4,060 | 8,478 | 12,538 | 3,767 | 8,771 | — | ||||||||||||||||||||
Stroh Ranch | 4,280 | 8,189 | 503 | 4,280 | 8,692 | 12,972 | 5,246 | 7,726 | — | ||||||||||||||||||||
Suncoast Crossing | 4,057 | 5,545 | 10,253 | 9,030 | 10,825 | 19,855 | 3,575 | 16,280 | — | ||||||||||||||||||||
Tanasbourne Market | 3,269 | 10,861 | (296 | ) | 3,269 | 10,565 | 13,834 | 3,142 | 10,692 | — | |||||||||||||||||||
Tassajara Crossing | 8,560 | 15,464 | 781 | 8,560 | 16,245 | 24,805 | 6,747 | 18,058 | 19,800 | ||||||||||||||||||||
Tech Ridge Center | 12,945 | 37,169 | 375 | 12,945 | 37,544 | 50,489 | 5,244 | 45,245 | 9,644 | ||||||||||||||||||||
The Hub Hillcrest Market | 18,773 | 61,906 | 2,789 | 19,355 | 64,114 | 83,469 | 3,744 | 79,725 | — | ||||||||||||||||||||
Town Square | 883 | 8,132 | 356 | 883 | 8,488 | 9,371 | 4,050 | 5,321 | — | ||||||||||||||||||||
Twin City Plaza | 17,245 | 44,225 | 1,379 | 17,263 | 45,586 | 62,849 | 11,606 | 51,243 | 39,745 | ||||||||||||||||||||
Twin Peaks | 5,200 | 25,827 | 695 | 5,200 | 26,522 | 31,722 | 10,823 | 20,899 | — | ||||||||||||||||||||
Valencia Crossroads | 17,921 | 17,659 | 559 | 17,921 | 18,219 | 36,140 | 12,972 | 23,168 | — | ||||||||||||||||||||
Village at Lee Airpark | 11,099 | 12,955 | 2,292 | 11,352 | 15,320 | 26,672 | 4,126 | 22,546 | — | ||||||||||||||||||||
Village Center | 3,885 | 14,131 | 6,847 | 4,829 | 20,159 | 24,988 | 6,463 | 18,525 | — | ||||||||||||||||||||
Walker Center | 3,840 | 7,232 | 3,170 | 3,878 | 10,364 | 14,242 | 4,081 | 10,161 | — | ||||||||||||||||||||
Welleby Plaza | 1,496 | 7,787 | 806 | 1,496 | 8,593 | 10,089 | 5,802 | 4,287 | — | ||||||||||||||||||||
Wellington Town Square | 2,041 | 12,131 | 307 | 2,041 | 12,438 | 14,479 | 5,627 | 8,852 | 12,800 | ||||||||||||||||||||
West Park Plaza | 5,840 | 5,759 | 1,170 | 5,840 | 6,929 | 12,769 | 2,969 | 9,800 | — | ||||||||||||||||||||
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. | |||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Initial Cost | Total Cost | Net Cost | |||||||||||||||||||||||||||
Shopping Centers (1) | Land | Building & Improvements | Cost Capitalized | Land | Building & Improvements | Total | Accumulated Depreciation | Net of Accumulated Depreciation | Mortgages | ||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||
Acquisition (2) | |||||||||||||||||||||||||||||
Westchase | 5,302 | 8,273 | 244 | 5,302 | 8,517 | 13,819 | 2,294 | 11,525 | 7,242 | ||||||||||||||||||||
Westchester Commons | 3,366 | 11,751 | 9,452 | 4,655 | 20,815 | 25,470 | 3,911 | 21,559 | — | ||||||||||||||||||||
Westchester Plaza | 1,857 | 7,572 | 269 | 1,857 | 7,841 | 9,698 | 4,421 | 5,277 | — | ||||||||||||||||||||
Westlake Plaza and Center | 7,043 | 27,195 | 1,491 | 7,043 | 28,687 | 35,730 | 12,432 | 23,298 | — | ||||||||||||||||||||
Westwood Village | 19,933 | 25,301 | (1,196 | ) | 19,553 | 24,485 | 44,038 | 8,586 | 35,452 | — | |||||||||||||||||||
Willow Festival | 1,954 | 56,501 | 436 | 1,954 | 56,937 | 58,891 | 7,373 | 51,518 | 39,505 | ||||||||||||||||||||
Windmiller Plaza Phase I | 2,638 | 13,241 | 158 | 2,638 | 13,399 | 16,037 | 6,161 | 9,876 | — | ||||||||||||||||||||
Woodcroft Shopping Center | 1,419 | 6,284 | 523 | 1,421 | 6,805 | 8,226 | 3,463 | 4,763 | — | ||||||||||||||||||||
Woodman Van Nuy | 5,500 | 7,195 | 197 | 5,500 | 7,392 | 12,892 | 3,127 | 9,765 | — | ||||||||||||||||||||
Woodmen and Rangewood | 7,621 | 11,018 | 477 | 7,617 | 11,493 | 19,110 | 9,125 | 9,985 | — | ||||||||||||||||||||
Woodside Central | 3,500 | 9,288 | 548 | 3,500 | 9,836 | 13,336 | 4,008 | 9,328 | — | ||||||||||||||||||||
Total Corporate Assets | — | — | 1,547 | — | 1,547 | 1,547 | 1,085 | 462 | — | ||||||||||||||||||||
Properties in Development | — | — | 239,538 | 24,243 | 215,295 | 239,538 | 472 | 239,066 | — | ||||||||||||||||||||
$ | 1,370,286 | 2,572,774 | 463,537 | 1,404,454 | 3,005,432 | 4,409,886 | 933,708 | 3,476,178 | 541,605 | ||||||||||||||||||||
(1) See Item 2, Properties for geographic location and year each operating property was acquired. | |||||||||||||||||||||||||||||
(2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded and development transfers subsequent to the initial costs. | |||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. | |||||||||||||||||||||||||||||
Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $4.6 billion at December 31, 2014. | |||||||||||||||||||||||||||||
The changes in total real estate assets for the years ended December 31, 2014, 2013, and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Beginning balance | $ | 4,026,531 | 3,909,912 | 4,101,912 | |||||||||||||||||||||||||
Acquired properties | 274,091 | 143,992 | 220,340 | ||||||||||||||||||||||||||
Developments and improvements | 191,250 | 180,374 | 141,807 | ||||||||||||||||||||||||||
Sale of properties | (81,811 | ) | (200,393 | ) | (491,438 | ) | |||||||||||||||||||||||
Provision for impairment | (175 | ) | (7,354 | ) | (62,709 | ) | |||||||||||||||||||||||
Ending balance | $ | 4,409,886 | 4,026,531 | 3,909,912 | |||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Beginning balance | $ | 844,873 | 782,749 | 791,619 | |||||||||||||||||||||||||
Depreciation expense | 108,692 | 99,883 | 104,087 | ||||||||||||||||||||||||||
Sale of properties | (19,857 | ) | (36,405 | ) | (104,748 | ) | |||||||||||||||||||||||
Provision for impairment | — | (1,354 | ) | (8,209 | ) | ||||||||||||||||||||||||
Ending balance | $ | 933,708 | 844,873 | 782,749 | |||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Marketable Securities, Trading Securities, Policy [Policy Text Block] | (e) Securities | |||||||||
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. | ||||||||||
Estimates, Risks and Uncertainties | Estimates, Risks, and Uncertainties | |||||||||
The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the carrying values of its investments in real estate, including its shopping centers, properties in development, and its investments in real estate partnerships, and accounts receivable, net. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. | ||||||||||
Consolidation | Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. | ||||||||||
Ownership of the Parent Company | ||||||||||
The Parent Company has a single class of common stock outstanding and two series of preferred stock outstanding (“Series 6 and 7 Preferred Stock”). The dividends on the Series 6 and 7 Preferred Stock are cumulative and payable in arrears quarterly. | ||||||||||
Ownership of the Operating Partnership | ||||||||||
The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2014, the Parent Company owned approximately 99.8% or 94,108,061 of the 94,262,231 outstanding common Partnership Units of the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. | ||||||||||
Investments in Real Estate Partnerships | Investments in Real Estate Partnerships | |||||||||
Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. The accounting policies of the real estate partnerships are similar to the Company's accounting policies. Income or loss from these real estate partnerships, which includes all operating results (including impairment losses) and gains on sales of properties within the joint ventures, is allocated to the Company in accordance with the respective partnership agreements. Such allocations of net income or loss are recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is either accreted to income and recorded in equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years, or recognized at liquidation if the joint venture agreement includes a unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind, as discussed further below. | ||||||||||
Cash distributions of earnings from operations from investments in real estate partnerships are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in investments in real estate partnerships are presented in cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. | ||||||||||
The Company evaluates the structure and the substance of its investments in the real estate partnerships to determine if they are variable interest entities. The Company has concluded that these partnership investments are not variable interest entities. Further, the joint venture partners in the real estate partnerships have significant ownership rights, including approval over operating budgets and strategic plans, capital spending, sale or financing, and admission of new partners. Upon formation of the joint ventures, the Company, through the Operating Partnership, also became the managing member, responsible for the day-to-day operations of the real estate partnerships. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, the Company evaluated its investment in each real estate partnership and concluded that the other partners have kick-out rights and/or substantive participating rights and, therefore, the Company has concluded that the equity method of accounting is appropriate for these investments and they do not require consolidation. Under the equity method of accounting, investments in real estate partnerships are initially recorded at cost, subsequently increased for additional contributions and allocations of income, and reduced for distributions received and allocations of loss. These investments are included in the consolidated financial statements as investments in real estate partnerships. | ||||||||||
Noncontrolling Interests | ||||||||||
The Company consolidates all entities in which it has a controlling ownership interest. A controlling ownership interest is typically attributable to the entity with a majority voting interest. Noncontrolling interest is the portion of equity, in a subsidiary or consolidated entity, not attributable, directly or indirectly to the Company. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity or capital, but separately from stockholders' equity or partners' capital. On the Consolidated Statements of Operations, all of the revenues and expenses from less-than-wholly-owned consolidated subsidiaries are reported in net income, including both the amounts attributable to the Company and noncontrolling interests. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are clearly identified on the accompanying Consolidated Statements of Operations. | ||||||||||
Noncontrolling Interests of the Parent Company | ||||||||||
The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the preferred and common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties (“Exchangeable operating partnership units”) and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income (Loss). The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) of the Parent Company. | ||||||||||
In accordance with the FASB ASC Topic 480, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, are classified as redeemable noncontrolling interests outside of permanent equity in the Consolidated Balance Sheets. The Parent Company has evaluated the conditions as specified under the FASB ASC Topic 480 as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Each outstanding exchangeable operating partnership unit is exchangeable for one share of common stock of the Parent Company, and the unit holder cannot require redemption in cash or other assets. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. | ||||||||||
Noncontrolling Interests of the Operating Partnership | ||||||||||
The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income (Loss) of the Operating Partnership. | ||||||||||
Revenues | Revenues and Accounts Receivable | |||||||||
Leasing Revenue and Receivables | ||||||||||
The Company leases space to tenants under agreements with varying terms. Leases are accounted for as operating leases with minimum rent recognized on a straight-line basis over the term of the lease regardless of when payments are due. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, expense reimbursements, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. | ||||||||||
The Company recorded the following provisions for doubtful accounts (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Gross provision for doubtful accounts | $ | 2,192 | 1,841 | 3,006 | ||||||
Amount included in discontinued operations | — | 53 | 58 | |||||||
The following table represents the components of accounts receivable, net of allowance for doubtful accounts, in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Billed tenant receivables | $ | 10,583 | 6,550 | |||||||
Accrued CAM, insurance and tax reimbursements | 15,369 | 16,280 | ||||||||
Other receivables | 9,570 | 7,411 | ||||||||
Less: allowance for doubtful accounts | (4,523 | ) | (3,922 | ) | ||||||
Total accounts receivable, net | $ | 30,999 | 26,319 | |||||||
Substantially all of the lease agreements with anchor tenants contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Substantially all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and common area maintenance (“CAM”) costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements. | ||||||||||
As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. | ||||||||||
Real Estate Sales | ||||||||||
Profits from sales of real estate are recognized under the full accrual method by the Company when: (i) a sale is consummated; (ii) the buyer's initial and continuing investment is adequate to demonstrate a commitment to pay for the property; (iii) the Company's receivable, if applicable, is not subject to future subordination; (iv) the Company has transferred to the buyer the usual risks and rewards of ownership; and (v) the Company does not have substantial continuing involvement with the property. | ||||||||||
The Company sells shopping centers to joint ventures in exchange for cash equal to the fair value of the ownership interest of its partners. The Company accounts for those sales as “partial sales” and recognizes gains on those partial sales in the period the properties were sold to the extent of the percentage interest sold, and in the case of certain real estate partnerships, applies a more restrictive method of recognizing gains, as discussed further below. | ||||||||||
As of December 31, 2014, five of the Company's joint ventures (“DIK-JV”) give each partner the unilateral right to elect to dissolve the real estate partnership and, upon such an election, receive a distribution in-kind (“DIK”) of the assets of the real estate partnership equal to their respective capital account, which could include properties the Company previously sold to the real estate partnership. | ||||||||||
Because the contingency associated with the possibility of receiving a particular property back upon liquidation is not satisfied at the property level, but at the aggregate level, no deferred gain is recognized on an individual property sold by the DIK-JV to a third party or received by the Company upon actual dissolution. Instead, the property received upon dissolution is recorded at the carrying value of the Company's investment in the DIK-JV on the date of dissolution. However, the deferred gain is recognized if and when all such properties in the DIK-JV are sold to a third party. | ||||||||||
Management Services | ||||||||||
The Company is engaged under agreements with its joint venture partners to provide asset management, property management, leasing, investing, and financing services for such joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. The Company also receives transaction fees, as contractually agreed upon with a joint venture, which include fees such as acquisition fees, disposition fees, “promotes”, or “earnouts”, which are recognized as services are rendered, when fees due are determinable, and collectibility is reasonably assured. | ||||||||||
Real Estate Investments | Real Estate Investments | |||||||||
Capitalization and Depreciation | ||||||||||
Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense. The Company does not have a capitalization threshold. | ||||||||||
Depreciation is computed using the straight-line method over estimated useful lives of approximately 40 years for buildings and improvements, the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment. | ||||||||||
Development Costs | ||||||||||
Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development activities are capitalized into properties in development on the accompanying Consolidated Balance Sheets. Properties in development are defined as properties that are in the construction or initial lease-up phase. Once a development property is substantially complete and held available for occupancy, costs are no longer capitalized. The capitalized costs include pre-development costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development. Interest costs are capitalized into each development project based upon applying the Company's weighted average borrowing rate to that portion of the actual development costs expended. The Company discontinues interest cost capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. | ||||||||||
The following table represents the components of properties in development in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Construction in process | $ | 213,526 | 158,002 | |||||||
Land held for future development | 24,243 | 24,953 | ||||||||
Pre-development costs | 1,769 | 3,495 | ||||||||
Total properties in development | $ | 239,538 | 186,450 | |||||||
Construction in process represents developments where the Company (i) has not yet incurred at least 90% of the expected costs to complete and is less than 95% leased, and (ii) percent leased is less than 90% and the project features less than one year of anchor tenant operations, and (iii) the anchor tenant has been open for less than two calendar years, and (iv) less than three years have passed since the start of construction. | ||||||||||
Land held for future development represents projects not in construction, but identified and available for future development when the market demand for a new shopping center exists. | ||||||||||
Pre-development costs represent the costs the Company incurs prior to land acquisition including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing a shopping center. As of December 31, 2014 and 2013, the Company had refundable deposits of approximately $375,000 and $680,000, respectively, included in pre-development costs. If the Company determines that the development of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2014, 2013, and 2012, the Company expensed pre-development costs of approximately $2.3 million, $528,000, and $1.5 million, respectively, in other operating expenses in the accompanying Consolidated Statements of Operations. | ||||||||||
Acquisitions | ||||||||||
The Company and the real estate partnerships account for business combinations using the acquisition method by recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at their acquisition date fair values. The Company expenses transaction costs associated with business combinations in the period incurred. | ||||||||||
The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. | ||||||||||
The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to amortization expense over the remaining initial term of the respective leases. | ||||||||||
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The value of above-market leases is amortized as a reduction of minimum rent over the remaining terms of the respective leases and the value of below-market leases is accreted to minimum rent over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships. | ||||||||||
Held for Sale | ||||||||||
The Company classifies an operating property or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||||
The Company generally considers assets to be held for sale when the transaction has been approved by the appropriate level of management and there are no known significant contingencies relating to the sale such that the sale of the property within one year is considered probable. It is not unusual for real estate sales contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. The Company must make a determination as to the point in time that it is probable that a sale will be consummated. Generally this occurs when a sales contract is executed with no contingencies and the prospective buyer has significant funds at risk to ensure performance. | ||||||||||
Operating properties held-for-sale are carried at the lower of cost or fair value less costs to sell. The recording of depreciation and amortization expense is suspended during the held-for-sale period. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held-for-sale, the property is reclassified as held and used and is measured individually at the lower of its (i) carrying amount before the property was classified as held-for-sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used or (ii) the fair value at the date of the subsequent decision not to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above mentioned criteria for held-for-sale as of December 31, 2014 and 2013. | ||||||||||
Discontinued Operations | ||||||||||
On January 1, 2014, the Company prospectively adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and all sales will be recorded in accordance with the ASU. The amendments in the ASU change the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | ||||||||||
Prior to January 1, 2014, when the Company sold a property or classified a property as held-for-sale and would not have significant continuing involvement in the operation of the property, the operations of the property were eliminated from ongoing operations and classified in discontinued operations. Its operations, including any mortgage interest and gain on sale, were reported in discontinued operations so that the operations were clearly distinguished. Prior periods were also reclassified to reflect the operations of the property as discontinued operations. When the Company sold an operating property to a joint venture or to a third party, and would continue to manage the property, the operations and gain on sale were included in income from continuing operations. | ||||||||||
Impairment | ||||||||||
We evaluate whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held-for-sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired. | ||||||||||
The fair value of real estate assets is subjective and is determined through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the traditional discounted cash flow approach. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors, and therefore is subject to management judgment and changes in those factors could impact the determination of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information. | ||||||||||
A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies indicators that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the fair value of the investment by discounting estimated future cash flows over the expected term of the investment. | ||||||||||
The Company established the following provisions for impairment (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Consolidated properties: | ||||||||||
Gross provision for impairment | $ | 1,257 | 6,000 | 74,816 | ||||||
Amount included in discontinued operations | — | — | 54,500 | |||||||
Tax Basis | ||||||||||
The net tax basis of the Company's real estate assets exceeds the book basis by approximately $129.7 million and $156.8 million at December 31, 2014 and 2013, respectively, primarily due to the property impairments recorded for book purposes and the cost basis of the assets acquired and their carryover basis recorded for tax purposes. | ||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||
Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2014 and 2013, $8.0 million and $9.5 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans. | ||||||||||
Deferred Costs | Deferred Costs | |||||||||
Deferred costs include leasing costs and loan costs, net of accumulated amortization. Such costs are amortized over the periods through lease expiration or loan maturity, respectively. If the lease is terminated early, or if the loan is repaid prior to maturity, the remaining leasing costs or loan costs are written off. Deferred leasing costs consist of internal and external commissions associated with leasing the Company's shopping centers. The following table represents the components of deferred costs, net of accumulated amortization, in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred leasing costs, net | $ | 60,889 | 59,027 | |||||||
Deferred loan costs, net (1) | 10,613 | 10,936 | ||||||||
Total deferred costs, net | $ | 71,502 | 69,963 | |||||||
(1) Consist of initial direct and incremental costs associated with financing activities. | ||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||
The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. | ||||||||||
All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | ||||||||||
The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. 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 gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in other comprehensive income (“OCI”) while the ineffective portion of the derivative's change in fair value is recognized in the Statements of Operations as interest expense. Upon the settlement of a hedge, gains and losses remaining in OCI are amortized over the underlying term of the hedged transaction. | ||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items. | ||||||||||
In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. | ||||||||||
The cash receipts or payments to settle interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. | ||||||||||
Income Taxes | Income Taxes | |||||||||
The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Internal Revenue Code (the “Code”). As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. Regency Realty Group, Inc. (“RRG”), a wholly-owned subsidiary of the Operating Partnership, is a Taxable REIT Subsidiary (“TRS”) as defined in Section 856(l) of the Code. RRG is subject to federal and state income taxes and files separate tax returns. As a pass through entity, the Operating Partnership's taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.8% owner, is allocated its pro-rata share of tax attributes. | ||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which these temporary differences are expected to be recovered or settled. | ||||||||||
Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial reporting purposes primarily because of differences in depreciable lives and cost bases of the shopping centers, as well as other timing differences. | ||||||||||
Tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2011 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. | ||||||||||
Earnings per Share and Unit | Earnings per Share and Unit | |||||||||
Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable. | ||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||
The Company grants stock-based compensation to its employees and directors. The Company recognizes stock-based compensation based on the grant-date fair value of the award and the cost of the stock-based compensation is expensed over the vesting period. | ||||||||||
When the Parent Company issues common shares as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the exercise of stock options or other share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership accounts for stock-based compensation in the same manner as the Parent Company. | ||||||||||
Segment Reporting | Segment Reporting | |||||||||
The Company's business is investing in retail shopping centers through direct ownership or through joint ventures. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are reinvested into higher quality retail shopping centers, through acquisitions or new developments, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures. | ||||||||||
The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. | ||||||||||
(l) Business Concentration | ||||||||||
No single tenant accounts for 5% or more of revenue and none of the shopping centers are located outside the United States. | ||||||||||
Assets and Liabilities Measured at Fair Value | Fair Value of Assets and Liabilities | |||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows: | ||||||||||
• | Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||||||||
• | Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
• | Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity. | |||||||||
The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods. | ||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||
On January 1, 2014, the Company prospectively adopted FASB ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and all sales will be recorded in accordance with the ASU. The amendments in the ASU change the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | ||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Deferred Charges [Table Text Block] | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred leasing costs, net | $ | 60,889 | 59,027 | |||||||
Deferred loan costs, net (1) | 10,613 | 10,936 | ||||||||
Total deferred costs, net | $ | 71,502 | 69,963 | |||||||
Provisions for Impairments [Table Text Block] | The Company established the following provisions for impairment (in thousands): | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Consolidated properties: | ||||||||||
Gross provision for impairment | $ | 1,257 | 6,000 | 74,816 | ||||||
Amount included in discontinued operations | — | — | 54,500 | |||||||
Provisions for Doubtful Accounts [Table Text Block] | The Company recorded the following provisions for doubtful accounts (in thousands): | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Gross provision for doubtful accounts | $ | 2,192 | 1,841 | 3,006 | ||||||
Amount included in discontinued operations | — | 53 | 58 | |||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Revenues and Accounts Receivable | |||||||||
Leasing Revenue and Receivables | ||||||||||
The Company leases space to tenants under agreements with varying terms. Leases are accounted for as operating leases with minimum rent recognized on a straight-line basis over the term of the lease regardless of when payments are due. The Company estimates the collectibility of the accounts receivable related to base rents, straight-line rents, expense reimbursements, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. | ||||||||||
The Company recorded the following provisions for doubtful accounts (in thousands): | ||||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Gross provision for doubtful accounts | $ | 2,192 | 1,841 | 3,006 | ||||||
Amount included in discontinued operations | — | 53 | 58 | |||||||
The following table represents the components of accounts receivable, net of allowance for doubtful accounts, in the accompanying Consolidated Balance Sheets (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Billed tenant receivables | $ | 10,583 | 6,550 | |||||||
Accrued CAM, insurance and tax reimbursements | 15,369 | 16,280 | ||||||||
Other receivables | 9,570 | 7,411 | ||||||||
Less: allowance for doubtful accounts | (4,523 | ) | (3,922 | ) | ||||||
Total accounts receivable, net | $ | 30,999 | 26,319 | |||||||
Substantially all of the lease agreements with anchor tenants contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Substantially all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and common area maintenance (“CAM”) costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements. | ||||||||||
As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. | ||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Billed tenant receivables | $ | 10,583 | 6,550 | |||||||
Accrued CAM, insurance and tax reimbursements | 15,369 | 16,280 | ||||||||
Other receivables | 9,570 | 7,411 | ||||||||
Less: allowance for doubtful accounts | (4,523 | ) | (3,922 | ) | ||||||
Total accounts receivable, net | $ | 30,999 | 26,319 | |||||||
Property, Plant and Equipment | The following table represents the components of properties in development in the accompanying Consolidated Balance Sheets (in thousands): | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Construction in process | $ | 213,526 | 158,002 | |||||||
Land held for future development | 24,243 | 24,953 | ||||||||
Pre-development costs | 1,769 | 3,495 | ||||||||
Total properties in development | $ | 239,538 | 186,450 | |||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) (Wholly Owned Properties [Member]) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Wholly Owned Properties [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||
1/31/14 | Persimmon Place | Dublin, CA | Development | $ | 14,200 | — | — | — | ||||||||||||
2/14/14 | Shops at Mira Vista | Austin, TX | Operating | 22,500 | 319 | 2,329 | 291 | |||||||||||||
3/7/14 | Fairfield Portfolio (1) | Fairfield, CT | Operating | 149,344 | 77,730 | 12,650 | 5,601 | |||||||||||||
6/2/14 | Willow Oaks Crossing | Concord, NC | Development | 3,342 | — | — | — | |||||||||||||
7/15/14 | Clybourn Commons | Chicago, IL | Operating | 19,000 | — | 1,686 | 3,298 | |||||||||||||
9/10/14 | Belmont Chase | Ashburn, VA | Development | 4,300 | — | — | — | |||||||||||||
9/19/14 | CityLine Market | Dallas, TX | Development | 4,913 | — | — | — | |||||||||||||
10/24/14 | East San Marco (2) | Jacksonville, FL | Development | 5,223 | — | — | — | |||||||||||||
12/4/14 | The Village at La Floresta | Brea, CA | Development | 6,750 | — | — | — | |||||||||||||
12/16/14 | Indian Springs (3) | Houston, TX | Operating | 53,156 | 25,138 | 3,867 | 1,612 | |||||||||||||
Total property acquisitions | $ | 282,728 | 103,187 | 20,532 | 10,802 | |||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | |||||||||||||
1/16/13 | Shops on Main | Schererville, IN | Development | $ | 85 | — | — | — | ||||||||||||
5/16/13 | Juanita Tate Marketplace | Los Angeles, CA | Development | 1,100 | — | — | — | |||||||||||||
5/30/13 | Preston Oaks | Dallas, TX | Operating | 27,000 | — | 3,396 | 7,597 | |||||||||||||
7/22/13 | Fontainebleau Square | Miami, FL | Development | 17,092 | — | — | — | |||||||||||||
10/7/13 | Glen Gate | Glenview, IL | Development | 14,950 | — | — | — | |||||||||||||
10/16/13 | Fellsway Plaza | Medford, MA | Operating | 42,500 | — | 5,139 | 963 | |||||||||||||
10/24/13 | Shoppes on Riverside | Jacksonville, FL | Development | 3,500 | — | — | — | |||||||||||||
12/27/13 | Holly Park | Raleigh, NC | Operating | 33,900 | — | 3,146 | 1,526 | |||||||||||||
Total property acquisitions | $ | 140,127 | — | 11,681 | 10,086 | |||||||||||||||
(1) On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value. The portfolio consists of three operating properties located in Fairfield, CT. | ||||||||||||||||||||
(2) On October 24, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns land for development. The $5.2 million purchase price includes the consideration paid to purchase the other partners interest as well as Regency's carrying value in the partnership. | ||||||||||||||||||||
(3) On December 16, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns a single operating property. As the operating property constitutes a business, acquisition of control was accounted for as a step acquisition and the net assets acquired were recognized at fair value. A gain of $18.3 million was recognized upon remeasurement as the difference between the fair value, of $14.1 million, and the carrying value of the Company's previously held equity interest. The fair value was measured based on an income approach, using rental growth rate of 3.0%, a discount rate of 7.0%, and a terminal cap rate of 6.1%. |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table provides a summary of shopping centers and land out-parcels disposed of ($ in thousands): | ||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Proceeds from sale of real estate investments | $ | 118,787 | 212,632 | (1) | 352,707 | ||||||
Gain on sale of real estate, net of tax | $ | 55,077 | 59,656 | 24,013 | |||||||
Number of operating properties sold | 11 | 12 | 20 | (2) | |||||||
Number of land out-parcels sold | 6 | 10 | 7 | ||||||||
(1) One of the properties sold during 2013 was financed by the Company issuing a note receivable for the entire purchase price, which was subsequently collected during 2013. | |||||||||||
(2) On July 25, 2012, the Company sold a 15-property portfolio for total consideration of $321.0 million. As a result of entering into this agreement, the Company recognized a net impairment loss of $18.1 million. As of December 31, 2012, this asset group did not meet the definition of discontinued operations, in accordance with FASB ASC Topic 205-20, Presentation of Financial Statements - Discontinued Operations, based on its continuing cash flows as further discussed in note 4. The remaining five operating properties sold met the definition of discontinued operations and are included in income from discontinued operations in the Consolidated Statements of Operations. | |||||||||||
As a result of adopting ASU No. 2014-08, there were no discontinued operations for the year ended December 31, 2014 as none of the current year sales represented a strategic shift that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations (in thousands): | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | ||||||||||
Revenues | $ | 14,924 | 26,413 | ||||||||
Operating expenses | 7,592 | 15,514 | |||||||||
Provision for impairment | — | 54,500 | |||||||||
Income tax expense (benefit) (1) | — | (18 | ) | ||||||||
Operating income (loss) from discontinued operations | $ | 7,332 | (43,583 | ) | |||||||
Investments_in_Real_Estate_Par1
Investments in Real Estate Partnerships (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | consist of the following (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ownership | Number of Properties | Total Investment | Total Assets of the Partnership | Net Income of the Partnership | The Company's Share of Net Income of the Partnership | |||||||||||||||||||||||||||||||||||||||||||
GRI - Regency, LLC (GRIR) (1) | 40.00% | 74 | $ | 247,175 | 1,829,116 | 33,032 | 13,727 | |||||||||||||||||||||||||||||||||||||||||
Columbia Regency Retail Partners, LLC (Columbia I) (1) | 20.00% | 10 | 15,916 | 199,427 | 7,173 | 1,431 | ||||||||||||||||||||||||||||||||||||||||||
Columbia Regency Partners II, LLC (Columbia II) (1) | 20.00% | 14 | 9,343 | 300,028 | 1,211 | 233 | ||||||||||||||||||||||||||||||||||||||||||
Cameron Village, LLC (Cameron) | 30.00% | 1 | 12,114 | 100,625 | 3,393 | 1,008 | ||||||||||||||||||||||||||||||||||||||||||
RegCal, LLC (RegCal) (1) | 25.00% | 7 | 13,354 | 149,457 | 4,012 | 966 | ||||||||||||||||||||||||||||||||||||||||||
Regency Retail Partners, LP (the Fund) (2) | 20.00% | — | — | — | 171 | 27 | ||||||||||||||||||||||||||||||||||||||||||
US Regency Retail I, LLC (USAA) (1) | 20.01% | 8 | 806 | 115,660 | 2,872 | 567 | ||||||||||||||||||||||||||||||||||||||||||
Other investments in real estate partnerships | 50.00% | 6 | 34,459 | 113,189 | 27,602 | 13,311 | ||||||||||||||||||||||||||||||||||||||||||
Total investments in real estate partnerships | 120 | $ | 333,167 | 2,807,502 | 79,466 | 31,270 | ||||||||||||||||||||||||||||||||||||||||||
(1) This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2014, the Company did not sell any properties to this real estate partnership. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ownership | Number of Properties | Total Investment | Total Assets of the Partnership | Net Income of the Partnership | The Company's Share of Net Income of the Partnership | |||||||||||||||||||||||||||||||||||||||||||
GRI - Regency, LLC (GRIR) (1) | 40.00% | 75 | $ | 250,118 | 1,870,660 | 31,705 | 12,789 | |||||||||||||||||||||||||||||||||||||||||
Macquarie CountryWide-Regency III, LLC (MCWR III) (1)(2) | —% | — | — | — | 213 | 53 | ||||||||||||||||||||||||||||||||||||||||||
Columbia Regency Retail Partners, LLC (Columbia I) (1) | 20.00% | 10 | 16,735 | 204,759 | 8,605 | 1,727 | ||||||||||||||||||||||||||||||||||||||||||
Columbia Regency Partners II, LLC (Columbia II) (1) | 20.00% | 15 | 8,797 | 295,829 | 6,290 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||
Cameron Village, LLC (Cameron) | 30.00% | 1 | 16,678 | 103,805 | 2,198 | 662 | ||||||||||||||||||||||||||||||||||||||||||
RegCal, LLC (RegCal) (1) | 25.00% | 8 | 15,576 | 159,255 | 1,300 | 332 | ||||||||||||||||||||||||||||||||||||||||||
Regency Retail Partners, LP (the Fund) (3) | 20.00% | — | 1,793 | 9,325 | 9,234 | 7,749 | ||||||||||||||||||||||||||||||||||||||||||
US Regency Retail I, LLC (USAA) (1) | 20.00% | 8 | 1,391 | 118,865 | 2,387 | 487 | ||||||||||||||||||||||||||||||||||||||||||
BRE Throne Holdings, LLC (BRET) (4) | —% | — | — | — | 4,499 | 4,499 | ||||||||||||||||||||||||||||||||||||||||||
Other investments in real estate partnerships | 50.00% | 9 | 47,761 | 177,101 | 4,619 | 2,146 | ||||||||||||||||||||||||||||||||||||||||||
Total investments in real estate partnerships | 126 | $ | 358,849 | 2,939,599 | 71,050 | 31,718 | ||||||||||||||||||||||||||||||||||||||||||
(1) This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2013, the Company did not sell any properties to this real estate partnership. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) As of December 31, 2012, our ownership interest in MCWR III was 24.95%. The liquidation of MCWR III was complete effective March 20, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
(3) On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||
(4) On October 23, 2013, the Company sold 100% of its interest in the BRET unconsolidated real estate partnership and received a capital distribution of $47.5 million, plus its share of the undistributed income of the partnership and an early redemption premium. Regency no longer has any interest in the BRET partnership. | ||||||||||||||||||||||||||||||||||||||||||||||||
In addition to earning its pro-rata share of net income or loss in each of these real estate partnerships, the Company received recurring, market-based fees for asset management, property management, and leasing, as well as fees for investment and financing services, totaling $23.0 million, $24.2 million, and $25.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in real estate, net | $ | 2,620,583 | 2,742,591 | |||||||||||||||||||||||||||||||||||||||||||||
Acquired lease intangible assets, net | 50,763 | 52,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 136,156 | 144,658 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,807,502 | 2,939,599 | |||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ | 1,462,790 | 1,519,943 | |||||||||||||||||||||||||||||||||||||||||||||
Acquired lease intangible liabilities, net | 28,991 | 31,148 | ||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 67,093 | 66,829 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital - Regency | 442,050 | 468,099 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital - Third parties | 806,578 | 853,580 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | $ | 2,807,502 | 2,939,599 | |||||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the Company's capital in unconsolidated partnerships to the Company's investments in real estate partnerships (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital - Regency | $ | 442,050 | 468,099 | |||||||||||||||||||||||||||||||||||||||||||||
add: Investment in Indian Springs at Woodlands, Ltd. (1) | — | 4,094 | ||||||||||||||||||||||||||||||||||||||||||||||
less: Impairment | (1,300 | ) | (5,880 | ) | ||||||||||||||||||||||||||||||||||||||||||||
less: Ownership percentage or Restricted Gain Method deferral | (29,380 | ) | (29,261 | ) | ||||||||||||||||||||||||||||||||||||||||||||
less: Net book equity in excess of purchase price | (78,203 | ) | (78,203 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Investments in real estate partnerships | $ | 333,167 | 358,849 | |||||||||||||||||||||||||||||||||||||||||||||
(1) On December 16, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns a single operating property. As the operating property constitutes a business, acquisition of control was accounted for as a step acquisition and the net assets acquired were recognized at fair value. A gain of $18.3 million was recognized upon remeasurement as the difference between the fair value and carrying value of the Company's previously held equity interest, using an income approach to measure fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||
The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 361,103 | 378,670 | 387,908 | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 117,780 | 125,363 | 128,946 | |||||||||||||||||||||||||||||||||||||||||||||
Operating and maintenance | 55,216 | 55,423 | 55,394 | |||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 5,503 | 7,385 | 7,549 | |||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 42,380 | 45,451 | 46,395 | |||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 2,234 | 1,725 | 3,521 | |||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 223,113 | 235,347 | 241,805 | |||||||||||||||||||||||||||||||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 84,155 | 95,505 | 104,694 | |||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | (28,856 | ) | (15,695 | ) | (40,437 | ) | ||||||||||||||||||||||||||||||||||||||||||
Provision for impairment | 2,123 | — | 3,775 | |||||||||||||||||||||||||||||||||||||||||||||
Early extinguishment of debt | 114 | (1,780 | ) | 967 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred return on equity investment | — | (4,499 | ) | (2,211 | ) | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 988 | (1,258 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||||||
Total other expense (income) | 58,524 | 72,273 | 66,839 | |||||||||||||||||||||||||||||||||||||||||||||
Net income of the Partnership | $ | 79,466 | 71,050 | 79,264 | ||||||||||||||||||||||||||||||||||||||||||||
The Company's share of net income of the Partnership | $ | 31,270 | 31,718 | 23,807 | ||||||||||||||||||||||||||||||||||||||||||||
Notes Payable | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, scheduled principal repayments on notes payable of the investments in real estate partnerships were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Principal Payments by Year: | Scheduled | Mortgage Loan | Unsecured | Total | Regency’s | |||||||||||||||||||||||||||||||||||||||||||
Principal | Maturities | Maturities | Pro-Rata | |||||||||||||||||||||||||||||||||||||||||||||
Payments | Share | |||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 19,685 | 59,803 | — | 79,488 | 24,292 | ||||||||||||||||||||||||||||||||||||||||||
2016 | 17,135 | 305,076 | — | 322,211 | 113,155 | |||||||||||||||||||||||||||||||||||||||||||
2017 | 17,517 | 77,385 | 21,460 | 116,362 | 26,214 | |||||||||||||||||||||||||||||||||||||||||||
2018 | 18,696 | 67,021 | — | 85,717 | 27,655 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 17,934 | 65,939 | — | 83,873 | 21,618 | |||||||||||||||||||||||||||||||||||||||||||
Beyond 5 Years | 34,827 | 741,622 | — | 776,449 | 294,463 | |||||||||||||||||||||||||||||||||||||||||||
Unamortized debt premiums (discounts), net | — | (1,310 | ) | — | (1,310 | ) | (617 | ) | ||||||||||||||||||||||||||||||||||||||||
Total notes payable | $ | 125,794 | 1,315,536 | 21,460 | 1,462,790 | 506,780 | ||||||||||||||||||||||||||||||||||||||||||
These loans are all non-recourse and Regency's proportionate share was $506.8 million at December 31, 2014. Maturities will be repaid from proceeds from refinancing and partner capital contributions. The Company is obligated to contribute its pro-rata share to fund maturities if the loans are not refinanced. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call. | ||||||||||||||||||||||||||||||||||||||||||||||||
Business dispositions unconsolidated co-investment partnership [Table Text Block] | Dispositions | |||||||||||||||||||||||||||||||||||||||||||||||
The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated co-investment partnerships during the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of real estate investments | $ | 88,106 | 145,295 | 119,275 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | $ | 28,856 | 15,695 | 40,437 | ||||||||||||||||||||||||||||||||||||||||||||
The Company's share of gain on sale of real estate | $ | 13,615 | 3,847 | 8,962 | ||||||||||||||||||||||||||||||||||||||||||||
Number of operating properties sold | 6 | 15 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Number of land out-parcels sold | 2 | 3 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate Joint Venture [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated co-investment partnerships (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Date Purchased | Property Name | City/State | Property Type | Co-investment Partner | Ownership % | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | ||||||||||||||||||||||||||||||||||||||
Date Purchased | Property Name | City/State | Property Type | Co-investment Partner | Ownership % | Purchase Price | Debt Assumed, Net of Premiums | Intangible Assets | Intangible Liabilities | 7/23/13 | Shoppes of Burnt Mills | Silver Spring, MD | Operating | Columbia II | 20.00% | $ | 13,600 | 7,496 | 8,438 | 332 | ||||||||||||||||||||||||||||
12/30/14 | Broadway | Seattle, WA | Operating | Columbia II | 20.00% | $ | 43,000 | — | 7,604 | 3,487 | ||||||||||||||||||||||||||||||||||||||
Total property acquisitions | $ | 13,600 | 7,496 | 8,438 | 332 | |||||||||||||||||||||||||||||||||||||||||||
Total property acquisitions | $ | 43,000 | — | 7,604 | 3,487 | |||||||||||||||||||||||||||||||||||||||||||
Acquired_Lease_Intangibles_Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of Net Accumulated Amortization and Accretion | The Company had the following acquired lease intangibles, net of accumulated amortization and accretion (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
In-place leases, net | $ | 40,145 | 33,049 | |||||||||
Above-market leases, net | 10,549 | 10,074 | ||||||||||
Above-market ground leases, net | 1,671 | 1,682 | ||||||||||
Acquired lease intangible assets, net | $ | 52,365 | 44,805 | |||||||||
Acquired lease intangible liabilities, net | $ | 32,143 | 26,729 | |||||||||
The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles (dollar amounts in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | Remaining Weighted Average Amortization/Accretion Period | |||||||||
(in years) | ||||||||||||
In-place lease amortization | $ | 10,365 | 7,441 | 4,307 | 5.9 | |||||||
Above-market lease amortization (1) | 1,795 | 1,246 | 739 | 7.4 | ||||||||
Above-market ground lease amortization (3) | 23 | 22 | 23 | 82.2 | ||||||||
Acquired lease intangible asset amortization | $ | 12,183 | 8,709 | 5,069 | ||||||||
Acquired lease intangible liability accretion (2)(3) | $ | 4,590 | 3,726 | 1,950 | 12.5 | |||||||
(1) Amounts are recorded as a reduction to minimum rent. | ||||||||||||
(2) Amounts are recorded as an increase to minimum rent. | ||||||||||||
Schedule of Future Amortization Expense and Minimum Rent | The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows (in thousands): | |||||||||||
Year Ending December 31, | Amortization Expense | Net Accretion | ||||||||||
2015 | $ | 10,603 | 3,888 | |||||||||
2016 | 8,569 | 3,393 | ||||||||||
2017 | 6,589 | 3,088 | ||||||||||
2018 | 5,354 | 2,609 | ||||||||||
2019 | 4,374 | 2,417 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Schedule of Tax Status of Dividends | The following table summarizes the tax status of dividends paid on our common shares: | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividend per share | $ | 1.88 | 1.85 | 1.85 | ||||||
Ordinary income | 70% | 70% | 71% | |||||||
Capital gain | 16% | 6% | 1% | |||||||
Return of capital | 14% | —% | 28% | |||||||
Qualified dividend income | —% | 24% | —% | |||||||
Components of Income Tax Expense (Benefit) | Income tax expense consists of the following (in thousands): | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit): | ||||||||||
Current | $ | 1,152 | (1) | — | 97 | |||||
Deferred | — | — | 13,727 | |||||||
Total income tax expense (benefit) | $ | 1,152 | — | 13,824 | ||||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation | Income tax expense (benefit) is included in the Consolidated Statements of Operations as either income tax expense (benefit) of taxable REIT subsidiaries, if the related income is from continuing operations, or is presented net of gains on sale of real estate, if the taxable income is from the gain on sale. Income tax expense (benefit) is included in discontinued operations, net of gains on sale of real estate, if the taxable income is from the gain on sale that qualified as discontinued operations, as follows (in thousands): | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit) from: | ||||||||||
Continuing operations | $ | 1,152 | (1) | — | 13,224 | |||||
Discontinued operations | — | — | 600 | |||||||
Total income tax expense (benefit) | $ | 1,152 | — | 13,824 | ||||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income of RRG as follows (in thousands): | |||||||||
Year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed expected tax expense (benefit) | $ | 5,140 | 1,677 | (2,099 | ) | |||||
Increase (decrease) in income tax resulting from state taxes | (629 | ) | 98 | (122 | ) | |||||
Valuation allowance | (3,301 | ) | (1,511 | ) | 15,635 | |||||
All other items | (58 | ) | (264 | ) | 410 | |||||
Total income tax expense | 1,152 | — | 13,824 | |||||||
Amounts attributable to discontinued operations | — | — | 600 | |||||||
Amounts attributable to continuing operations | $ | 1,152 | (1) | — | 13,224 | |||||
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations. | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | The following table represents the Company's net deferred tax assets recorded in accounts payable and other liabilities in the accompanying Consolidated Balance Sheets (in thousands): | |||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets | ||||||||||
Investments in real estate partnerships | $ | 8,427 | 8,314 | |||||||
Provision for impairment | 3,299 | 3,273 | ||||||||
Deferred interest expense | 2,538 | 4,295 | ||||||||
Capitalized costs under Section 263A | 1,832 | 2,184 | ||||||||
Net operating loss carryforward | — | 2,019 | ||||||||
Employee benefits | 385 | 488 | ||||||||
Other | 1,370 | 887 | ||||||||
Deferred tax assets | 17,851 | 21,460 | ||||||||
Valuation allowance | (17,302 | ) | (20,603 | ) | ||||||
Deferred tax assets, net | 549 | 857 | ||||||||
Deferred tax liabilities | ||||||||||
Straight line rent | 549 | 537 | ||||||||
Depreciation | — | 320 | ||||||||
Deferred tax liabilities | 549 | 857 | ||||||||
Net deferred tax assets | $ | — | — | |||||||
Notes_Payable_and_Unsecured_Cr1
Notes Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Schedule of Debt [Table Text Block] | |||||||||||||||
2014 | 2013 | ||||||||||||||
Notes payable: | |||||||||||||||
Fixed rate mortgage loans | $ | 518,993 | 444,245 | ||||||||||||
Variable rate mortgage loans (1) | 29,839 | 37,100 | |||||||||||||
Fixed rate unsecured loans | 1,397,525 | 1,298,352 | |||||||||||||
Total notes payable | 1,946,357 | 1,779,697 | |||||||||||||
Unsecured credit facilities: | |||||||||||||||
Line | — | — | |||||||||||||
Term Loan | 75,000 | 75,000 | |||||||||||||
Total unsecured credit facilities | 75,000 | 75,000 | |||||||||||||
Total debt outstanding | $ | 2,021,357 | 1,854,697 | ||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | As of December 31, 2014, the key terms of the Line and Term Loan are as follows (dollars in thousands): | ||||||||||||||
Total Capacity | Remaining Capacity | Maturity | Variable Interest Rate (6) | Fee | |||||||||||
Line | $ | 800,000 | (1) | $ | 794,096 | (2) | 9/4/16 | (3) | LIBOR plus 117.5 basis points | 0.22% | (4) | ||||
Term Loan | 165,000 | (5) | 90,000 | 6/27/19 | LIBOR plus 115 basis points | 0.20% | (7) | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2014, scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows (in thousands): | ||||||||||||||
Scheduled Principal Payments and Maturities by Year: | Scheduled | Mortgage Loan | Unsecured | Total | |||||||||||
Principal | Maturities | Maturities (1) | |||||||||||||
Payments | |||||||||||||||
2015 | $ | 6,587 | 75,896 | 350,000 | 432,483 | ||||||||||
2016 | 6,135 | 41,442 | — | 47,577 | |||||||||||
2017 | 5,399 | 116,207 | 400,000 | 521,606 | |||||||||||
2018 | 4,452 | 57,358 | — | 61,810 | |||||||||||
2019 | 3,443 | 106,000 | 75,000 | 184,443 | |||||||||||
Beyond 5 Years | 22,647 | 96,039 | 650,000 | 768,686 | |||||||||||
Unamortized debt premiums (discounts), net | — | 7,227 | (2,475 | ) | 4,752 | ||||||||||
Total notes payable | $ | 48,663 | 500,169 | 1,472,525 | 2,021,357 | ||||||||||
Fixed Rate Mortgage Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2014, the key terms of the Company's fixed rate notes payable are as follows: | ||||||||||||||
Fixed Interest Rates | |||||||||||||||
Maturing Through | Minimum | Maximum | Weighted Average | ||||||||||||
Secured mortgage loans | 2032 | 3.30% | 8.40% | 5.57% | |||||||||||
Unsecured public debt | 2024 | 3.75% | 6.00% | 5.17% | |||||||||||
Variable Rate [Domain] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2014, the Company had one variable rate mortgage loan, which has an interest rate swap in place for the initial principal balance effectively fixing the interest rate through the maturity of the loan (as discussed in note 10), with key terms as follows ($ in thousands): | ||||||||||||||
Balance | Maturity | Variable Interest Rate | |||||||||||||
$ | 29,839 | 10/16/20 | 1 month LIBOR plus 150 basis points | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Fair Value at December 31, | ||||||||||||||||||||||||||||||||||
Assets (3) | Liabilities (3) | |||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Mandatory Settlement Date (1) | Notional Amount | Bank Pays Variable Rate of | Regency Pays Fixed Rate of | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
10/1/11 | 9/1/14 | N/A | $ | 9,000 | 1 Month LIBOR | 0.76% | $ | — | — | $ | — | (34 | ) | |||||||||||||||||||||
10/16/13 | 10/16/20 | N/A | 28,100 | 1 Month LIBOR | 2.20% | — | 82 | (764 | ) | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 75,000 | 3 Month LIBOR | 2.09% | — | 7,476 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 50,000 | 3 Month LIBOR | 2.09% | — | 4,978 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 35,000 | 3 Month LIBOR | 2.87% | — | 1,036 | — | — | ||||||||||||||||||||||||
4/15/14 | 4/15/24 | 10/15/14 | (2) | 60,000 | 3 Month LIBOR | 2.86% | — | 1,821 | — | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 75,000 | 3 Month LIBOR | 2.48% | — | 8,516 | (289 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | — | 5,670 | (193 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 50,000 | 3 Month LIBOR | 2.48% | — | 5,658 | (193 | ) | — | ||||||||||||||||||||||||
8/1/15 | 8/1/25 | 2/1/16 | 45,000 | 3 Month LIBOR | 3.41% | — | — | (3,964 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 20,000 | 3 Month LIBOR | 3.49% | — | — | (1,227 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (6,080 | ) | — | ||||||||||||||||||||||||
6/15/17 | 6/15/27 | 12/15/17 | 100,000 | 3 Month LIBOR | 3.48% | — | — | (6,084 | ) | — | ||||||||||||||||||||||||
Total derivative financial instruments | $ | — | 35,237 | (18,794 | ) | (34 | ) | |||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): | |||||||||||||||||||||||||||||||||
Derivatives in FASB | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain or | Amount of Gain or | |||||||||||||||||||||||||||||
ASC Topic 815 Cash | Recognized in Other Comprehensive Loss on | (Loss) Reclassified | Reclassified from | (Loss) Recognized in | (Loss) Recognized in | |||||||||||||||||||||||||||||
Flow Hedging | Derivative (Effective | from AOCI into Income | AOCI into | Income on Derivative | Income on Derivative | |||||||||||||||||||||||||||||
Relationships: | Portion) | (Effective Portion) | Income (Effective | (Ineffective Portion and | (Ineffective Portion and | |||||||||||||||||||||||||||||
Portion) | Amount Excluded from | Amount Excluded from | ||||||||||||||||||||||||||||||||
Effectiveness Testing) | Effectiveness Testing) | |||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (49,968 | ) | 30,985 | 4,220 | Interest expense | $ | (9,353 | ) | (9,433 | ) | (9,491 | ) | Other expenses | $ | — | — | — | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Notes receivable | $ | 12,132 | 11,980 | $ | 11,960 | 11,600 | ||||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 1,946,357 | 2,116,000 | $ | 1,779,697 | 1,936,400 | ||||||||||
Unsecured credit facilities | $ | 75,000 | 75,000 | $ | 75,000 | 75,400 | ||||||||||
Fair Value, Interest rate ranges [Table Text Block] | he following interest rates were used by the Company to estimate the fair value of its financial instruments: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Notes receivable | 7.40% | 7.40% | 7.80% | 7.80% | ||||||||||||
Notes payable | 0.90% | 3.40% | 3.00% | 3.50% | ||||||||||||
Unsecured credit facilities | 1.30% | 1.30% | 1.40% | 1.40% | ||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis (in thousands): | |||||||||||||||
Fair Value Measurements as of December 31, 2014 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Trading securities held in trust | $ | 28,134 | 28,134 | — | — | |||||||||||
Interest rate derivatives | — | — | — | — | ||||||||||||
Total | $ | 28,134 | 28,134 | — | — | |||||||||||
Liabilities: | ||||||||||||||||
Interest rate derivatives | $ | (18,794 | ) | — | (18,794 | ) | — | |||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Balance | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Trading securities held in trust | $ | 26,681 | 26,681 | — | — | |||||||||||
Interest rate derivatives | 35,237 | — | 35,237 | — | ||||||||||||
Total | 61,918 | 26,681 | 35,237 | — | ||||||||||||
Liabilities: | ||||||||||||||||
Interest rate derivatives | $ | (34 | ) | — | (34 | ) | — | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | ||||||||||||||||
Fair Value Measurements during the | ||||||||||||||||
year ended December 31, 2014 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets: | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived asset held and used | ||||||||||||||||
Land | $ | 397 | — | — | 397 | (175 | ) | |||||||||
Fair Value Measurements during the | ||||||||||||||||
year ended December 31, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | |||||||||||||
Assets: | Balance | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Long-lived asset held and used | ||||||||||||||||
Operating and development properties | $ | 4,686 | — | — | 4,686 | (6,000 | ) | |||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | During the year ended December 31, 2013, the Company recognized a $6 million impairment on a single operating property as a result of an unoccupied anchor declaring bankruptcy, and the inability of the Company, at that time, to re-lease the anchor space. The following are the key inputs used in determining the fair value of real estate measured using Level 3 inputs during the year ended December 31, 2013: | |||||||||||||||
2013 | ||||||||||||||||
Overall cap rates | 8.00% | |||||||||||||||
Rental growth rates | 0.00% | |||||||||||||||
Discount rates | 9.00% | |||||||||||||||
Terminal cap rates | 8.50% |
Equity_and_Capital_Tables
Equity and Capital (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Terms and Conditions of Preferred Stock (details) [Abstract] | ||||||||||||||||||||||
Schedule of Market Equity Distributions [Table Text Block] | he following shares were issued under the ATM equity program (in thousands, except share data): | |||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Shares issued | 1,730 | 1,899 | ||||||||||||||||||||
Weighted average price per share | $ | 60 | 53.35 | |||||||||||||||||||
Gross proceeds | $ | 103,821 | 101,342 | |||||||||||||||||||
Commissions | $ | 1,369 | 1,521 | |||||||||||||||||||
Issuance costs | $ | — | 68 | |||||||||||||||||||
Schedule of Capital Units [Table Text Block] | he Parent Company, as general partner, owned the following Partnership Units outstanding (in thousands): | |||||||||||||||||||||
December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Partnership units owned by the general partner | 94,108 | 92,333 | ||||||||||||||||||||
Total partnership units outstanding | 94,262 | 92,499 | ||||||||||||||||||||
Percentage of partnership units owned by the general partner | 99.80% | 99.80% | ||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||
Preferred Stock Outstanding as of December 31, 2014 and 2013 | ||||||||||||||||||||||
Date of Issuance | Shares Issued and Outstanding | Liquidation Preference | Distribution Rate | Callable By Company | ||||||||||||||||||
Series 6 | 2/16/12 | 10,000,000 | $ | 250,000,000 | 6.63% | 2/16/17 | ||||||||||||||||
Series 7 | 8/23/12 | 3,000,000 | 75,000,000 | 6.00% | 8/23/17 | |||||||||||||||||
13,000,000 | $ | 325,000,000 | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of AOCI (in thousands): | |||||||||||||||||||||
Controlling Interest | Noncontrolling Interest | Total | ||||||||||||||||||||
Cash Flow Hedges | Available-For-Sale Securities | AOCI | Cash Flow Hedges | Available-For-Sale Securities | AOCI | AOCI | ||||||||||||||||
Balance as of December 31, 2011 | $ | (71,429 | ) | — | (71,429 | ) | (583 | ) | — | (583 | ) | (72,012 | ) | |||||||||
Other comprehensive income before reclassifications | 4,254 | — | 4,254 | (34 | ) | — | (34 | ) | 4,220 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,460 | — | 9,460 | 31 | — | 31 | 9,491 | |||||||||||||||
Current period other comprehensive income, net | 13,714 | — | 13,714 | (3 | ) | — | (3 | ) | 13,711 | |||||||||||||
Balance as of December 31, 2012 | $ | (57,715 | ) | — | (57,715 | ) | (586 | ) | — | (586 | ) | (58,301 | ) | |||||||||
Other comprehensive income before reclassifications | 30,879 | — | 30,879 | 106 | — | 106 | 30,985 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,432 | — | 9,432 | 1 | — | 1 | 9,433 | |||||||||||||||
Current period other comprehensive income, net | 40,311 | — | 40,311 | 107 | — | 107 | 40,418 | |||||||||||||||
Balance as of December 31, 2013 | $ | (17,404 | ) | — | (17,404 | ) | (479 | ) | — | (479 | ) | (17,883 | ) | |||||||||
Other comprehensive income before reclassifications | (49,524 | ) | 7,752 | (41,772 | ) | (444 | ) | 13 | (431 | ) | (42,203 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 9,180 | (7,752 | ) | 1,428 | 173 | (13 | ) | 160 | 1,588 | |||||||||||||
Current period other comprehensive income, net | (40,344 | ) | — | (40,344 | ) | (271 | ) | — | (271 | ) | (40,615 | ) | ||||||||||
Balance as of December 31, 2014 | $ | (57,748 | ) | — | (57,748 | ) | (750 | ) | — | (750 | ) | (58,498 | ) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following represents amounts reclassified out of AOCI into income (in thousands): | |||||||||||||||||||||
AOCI Component | Amount Reclassified from AOCI into Income | Affected Line Item Where Net Income is Presented | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | $ | 9,353 | 9,433 | 9,491 | Interest expense | |||||||||||||||||
Realized gains on sale of available-for-sale securities | (7,765 | ) | — | — | Net investment (income) loss | |||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Volatility | 24.60% | 27.80% | 48.80% | |||||||||||
Risk free interest rate | 0.64% | 0.42% | 0.32% | |||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below (in thousands): | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Restricted stock (1) | $ | 12,161 | 14,141 | 11,526 | ||||||||||
Directors' fees paid in common stock (1) | 208 | 238 | 259 | |||||||||||
Capitalized stock-based compensation (2) | (2,707 | ) | (2,188 | ) | (1,979 | ) | ||||||||
Stock-based compensation, net of capitalization | $ | 9,662 | 12,191 | 9,806 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity during the year ended December 31, 2014: | |||||||||||||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||
Outstanding as of December 31, 2013 | 295,924 | $ | 52.46 | 1.1 | $ | (1,822 | ) | |||||||
Less: Exercised (1) | 287,183 | 51.36 | ||||||||||||
Less: Forfeited | — | — | ||||||||||||
Less: Expired | — | — | ||||||||||||
Outstanding of of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
Vested and expected to vest as of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
Exercisable as of December 31, 2014 | 8,741 | $ | 88.45 | 2.1 | $ | (216 | ) | |||||||
Schedule of Nonvested Share Activity | The following table summarizes non-vested restricted stock activity during the year ended December 31, 2014: | |||||||||||||
Number of Shares | Intrinsic Value (in thousands) | Weighted Average Grant Price | ||||||||||||
Non-vested as of December 31, 2013 | 685,697 | |||||||||||||
Add: Time-based awards granted (1) (4) | 143,055 | $47.62 | ||||||||||||
Add: Performance-based awards granted (2) (4) | 12,828 | $46.77 | ||||||||||||
Add: Market-based awards granted (3) (4) | 103,058 | $49.14 | ||||||||||||
Less: Vested and Distributed (5) | 255,962 | $48.38 | ||||||||||||
Less: Forfeited | 12,310 | $46.50 | ||||||||||||
Non-vested as of December 31, 2014 (6) | 676,366 | $43,139 | ||||||||||||
Earnings_per_Share_and_Unit_Ta
Earnings per Share and Unit (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Parent Company [Member] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Parent Company Earnings per Share | ||||||||||
The following summarizes the calculation of basic and diluted earnings per share (in thousands except per share data): | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Continuing Operations | |||||||||||
Income from continuing operations | $ | 133,770 | 84,297 | 45,779 | |||||||
Gain on sale of real estate, net of tax | 55,077 | 1,703 | 2,158 | ||||||||
Less: income attributable to noncontrolling interests | 1,457 | 1,360 | 385 | ||||||||
Income from continuing operations attributable to the Company | 187,390 | 84,640 | 47,552 | ||||||||
Less: preferred stock dividends | 21,062 | 21,062 | 32,531 | ||||||||
Less: dividends paid on unvested restricted stock | 453 | 448 | 572 | ||||||||
Income from continuing operations attributable to common stockholders - basic | 165,875 | 63,130 | 14,449 | ||||||||
Add: dividends paid on Treasury Method restricted stock | 63 | 45 | 71 | ||||||||
Income from continuing operations attributable to common stockholders - diluted | 165,938 | 63,175 | 14,520 | ||||||||
Discontinued Operations | |||||||||||
Income (loss) from discontinued operations | — | 65,285 | (21,728 | ) | |||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 121 | (43 | ) | |||||||
Income from discontinued operations attributable to the Company | — | 65,164 | (21,685 | ) | |||||||
Net Income | |||||||||||
Net income attributable to common stockholders - basic | 165,875 | 128,294 | (7,236 | ) | |||||||
Net income attributable to common stockholders - diluted | $ | 165,938 | 128,339 | (7,165 | ) | ||||||
Denominator: | |||||||||||
Weighted average common shares outstanding for basic EPS | 92,370 | 91,383 | 89,630 | ||||||||
Incremental shares to be issued under common stock options | — | 2 | — | ||||||||
Incremental shares to be issued under unvested restricted stock | 34 | 24 | 39 | ||||||||
Weighted average common shares outstanding for diluted EPS | 92,404 | 91,409 | 89,669 | ||||||||
Income per common share – basic | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common stockholders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Income per common share – diluted | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common stockholders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Partnership Interest [Member] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Operating Partnership Earnings per Unit | ||||||||||
The following summarizes the calculation of basic and diluted earnings per unit (in thousands except per unit data): | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Continuing Operations | |||||||||||
Income from continuing operations | $ | 133,770 | 84,297 | 45,779 | |||||||
Gain on sale of real estate, net of tax | 55,077 | 1,703 | 2,158 | ||||||||
Less: income attributable to noncontrolling interests | 1,138 | 1,084 | 908 | ||||||||
Income from continuing operations attributable to the Partnership | 187,709 | 84,916 | 47,029 | ||||||||
Less: preferred unit distributions | 21,062 | 21,062 | 31,902 | ||||||||
Less: dividends paid on unvested restricted units | 453 | 448 | 572 | ||||||||
Income from continuing operations attributable to common unit holders - basic | 166,194 | 63,406 | 14,555 | ||||||||
Add: dividends paid on Treasury Method restricted units | 63 | 45 | 71 | ||||||||
Income from continuing operations attributable to common unit holders - diluted | 166,257 | 63,451 | 14,626 | ||||||||
Discontinued Operations | |||||||||||
Income (loss) from discontinued operations | — | 65,285 | (21,728 | ) | |||||||
Less: income from discontinued operations attributable to noncontrolling interests | — | 121 | (43 | ) | |||||||
Income from discontinued operations attributable to the Partnership | — | 65,164 | (21,685 | ) | |||||||
Net Income | |||||||||||
Net income attributable to common unit holders - basic | 166,194 | 128,570 | (7,130 | ) | |||||||
Net income attributable to common unit holders - diluted | $ | 166,257 | 128,615 | (7,059 | ) | ||||||
Denominator: | |||||||||||
Weighted average common units outstanding for basic EPU | 92,528 | 91,555 | 89,808 | ||||||||
Incremental units to be issued under common stock options | — | 2 | — | ||||||||
Incremental units to be issued under unvested restricted stock | 34 | 24 | 39 | ||||||||
Weighted average common units outstanding for diluted EPU | 92,562 | 91,581 | 89,847 | ||||||||
Income (loss) per common unit – basic | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common unit holders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Income (loss) per common unit – diluted | |||||||||||
Continuing operations | $ | 1.8 | 0.69 | 0.16 | |||||||
Discontinued operations | — | 0.71 | (0.24 | ) | |||||||
Net income (loss) attributable to common unit holders | $ | 1.8 | 1.4 | (0.08 | ) | ||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Schedule of Future Minimum Rental Payments to be Received for Operating Leases | Future minimum rents under non-cancelable operating leases as of December 31, 2014, excluding both tenant reimbursements of operating expenses and additional percentage rent based on tenants' sales volume, are as follows (in thousands): | ||||||||
Year Ending December 31, | Future Minimum Rents | ||||||||
2015 | $ | 384,955 | |||||||
2016 | 354,968 | ||||||||
2017 | 310,255 | ||||||||
2018 | 262,123 | ||||||||
2019 | 217,686 | ||||||||
Thereafter | 1,077,629 | ||||||||
Total | $ | 2,607,616 | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future obligations under non-cancelable operating leases as of December 31, 2014 (in thousands): | ||||||||
Year Ending December 31, | Future Obligations | ||||||||
2015 | $ | 8,234 | |||||||
2016 | 7,793 | ||||||||
2017 | 6,074 | ||||||||
2018 | 5,006 | ||||||||
2019 | 4,754 | ||||||||
Thereafter | 194,992 | ||||||||
Total | $ | 226,853 | |||||||
Fixed Rate Mortgage Loans [Member] | |||||||||
Operating Leased Assets [Line Items] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2014, the key terms of the Company's fixed rate notes payable are as follows: | ||||||||
Fixed Interest Rates | |||||||||
Maturing Through | Minimum | Maximum | Weighted Average | ||||||
Secured mortgage loans | 2032 | 3.30% | 8.40% | 5.57% | |||||
Unsecured public debt | 2024 | 3.75% | 6.00% | 5.17% |
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table summarizes selected Quarterly Financial Data for the Company on a historical basis for the years ended December 31, 2014 and 2013 and has been derived from the accompanying consolidated financial statements as reclassified for discontinued operations (in thousands except per share and per unit data): | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
Year ended December 31, 2014 | ||||||||||||||
Operating Data: | ||||||||||||||
Revenue | $ | 133,280 | 134,892 | 133,559 | 136,167 | |||||||||
Net income attributable to common stockholders | $ | 19,389 | 25,482 | 47,942 | 73,515 | |||||||||
Net income attributable to exchangeable operating partnership units | 42 | 53 | 90 | 134 | ||||||||||
Net income attributable to common unit holders | $ | 19,431 | 25,535 | 48,032 | 73,649 | |||||||||
Net income attributable to common stock and unit holders per share and unit: | ||||||||||||||
Basic | $ | 0.21 | 0.28 | 0.52 | 0.79 | |||||||||
Diluted | $ | 0.21 | 0.28 | 0.52 | 0.79 | |||||||||
Year ended December 31, 2013 | ||||||||||||||
Operating Data: | ||||||||||||||
Revenues as originally reported | $ | 126,088 | 125,842 | 122,110 | 126,005 | |||||||||
Reclassified to discontinued operations | (5,710 | ) | (3,535 | ) | (1,793 | ) | — | |||||||
Adjusted Revenues | $ | 120,378 | 122,307 | 120,317 | 126,005 | |||||||||
Net income attributable to common stockholders | $ | 15,554 | 31,864 | 34,998 | 46,326 | |||||||||
Net income attributable to exchangeable operating partnership units | 39 | 70 | 73 | 94 | ||||||||||
Net income attributable to common unit holders | $ | 15,593 | 31,934 | 35,071 | 46,420 | |||||||||
Net income attributable to common stock and unit holders per share and unit: | ||||||||||||||
Basic | $ | 0.17 | 0.35 | 0.38 | 0.5 | |||||||||
Diluted | $ | 0.17 | 0.35 | 0.38 | 0.5 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Organization and Principles of Consolidation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Operations Commenced Date | 31-Dec-93 | |
General Partners' Capital Account, Units Outstanding | 94,108,061 | 92,333,000 |
Partners' Capital Account, Units | 94,262,231 | 92,499,000 |
Number Of Joint Ventures That Grant Each Partner A Right To Dissolve The Real Estate Partnership | 5 | |
Maximum Period Of TIme In Which Company Capitalizes Interest Costs | 12 months | |
Tax Basis of Investments, Unrealized Appreciation (Depreciation), Net | $129,700,000 | $156,800,000 |
Parent Company [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Parent Company, Ownership Percentage of Outstanding Common Partnership Units of Operating Partnership | 99.80% | 99.80% |
Restricted Cash and Cash Equivalents | $8,013,000 | $9,520,000 |
Wholly Owned Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of Real Estate Properties | 202 | |
Unconsolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of Real Estate Properties | 120 | |
Minimum [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity Method Investment, Accretion Period | 10 years | |
Maximum [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity Method Investment, Accretion Period | 40 years | |
Building and Improvements [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Tenant Improvements [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Revenues - Accounts Receivables (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
joint_venture | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Tenant Receivables | $10,583 | $6,550 | |
Document Fiscal Year Focus | 2014 | ||
Current Fiscal Year End Date | -19 | ||
Number of Joint Ventures, Unilateral Dissolution Right | 5 | ||
Provision for doubtful accounts | 2,192 | 1,841 | 3,006 |
Accrued CAM, insurance and tax reimbursements receivables | 15,369 | 16,280 | |
Other receivables | 9,570 | 7,411 | |
Less: allowance for doubtful accounts | -4,523 | -3,922 | |
Accounts Receivable, Net | 30,999 | 26,319 | |
Percentage Of Revenue By Customer | 5.00% | ||
Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage Of Revenue By Customer | 5.00% | ||
Discontinued operations | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $0 | $53 | $58 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Properties in Development (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Development in Process | $239,538,000 | $186,450,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 463,537,000 | ||
Other Cost and Expense, Operating | 2,300,000 | 528,000 | 1,500,000 |
Impairment of Real Estate | 1,257,000 | 6,000,000 | 74,816,000 |
Impairment Losses Related to Real Estate Partnerships | -1,300,000 | -5,880,000 | |
Deferred Costs, Leasing, Net | 60,889,000 | 59,027,000 | |
Deferred Finance Costs, Net | 10,613,000 | 10,936,000 | |
Deferred costs, less accumulated amortization of $73,231 and $69,224 at December 31, 2013 and 2012, respectively | 71,502,000 | 69,963,000 | |
Discontinued operations | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of Real Estate | 0 | 0 | 54,500,000 |
Properties in Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,769,000 | 3,495,000 | |
Refundable deposits - development | |||
Property, Plant and Equipment [Line Items] | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 375,000 | 680,000 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Development in Process | 213,526,000 | 158,002,000 | |
Land Held for Future Development | |||
Property, Plant and Equipment [Line Items] | |||
Development in Process | $24,243,000 | $24,953,000 | |
Minimum [Member] | Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Development in Process, Percentage Leased | 90.00% | ||
Time Period In Which Anchor Has Been Open But Still Considered Construction In Process | 1 year | ||
Maximum [Member] | Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Percentage Of Expected Costs | 90.00% | ||
Property, Plant and Equipment, Development in Process, Percentage Leased | 95.00% | ||
Time Period In Which Anchor Has Been Open But Still Considered Construction In Process | 2 years | ||
Property, Plant and Equipment, Development in Process, Period Since Start of Construction | 3 years |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 20, 2013 | Dec. 31, 2012 | |
property | ||||
Macquarie Country Wide - Regency III, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 0.00% | 24.95% | 0.00% | |
Fairfield Portfolio [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of real estate properties acquired | 3 | |||
Equity Method Investment, Ownership Percentage | 80.00% | |||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $15,400,000 | |||
East San Marco [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Payment to acquire business | 5,200,000 | |||
Indian Springs [Member] | ||||
Business Acquisition [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 18,300,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 14,100,000 | |||
Fair Value Inputs, Cap Rate | 6.07% | |||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||
Fair Value Inputs, Discount Rate | 7.00% | |||
Wholly Owned Properties [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | 282,728,000 | 140,127,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 103,187,000 | 0 | ||
Acquired Finite-lived Intangible Asset, Amount | 20,532,000 | 11,681,000 | ||
Acquired Finite Lived Intangible Liability Amount | 10,802,000 | 10,086,000 | ||
Wholly Owned Properties [Member] | Shops on Main [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 16-Jan-13 | |||
Business Acquisition, Name of Acquired Entity | Shops on Main | |||
Business Acquisition Location, City and State | Schererville, IN | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 85,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Persimmon Place [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 31-Jan-14 | |||
Business Acquisition, Name of Acquired Entity | Persimmon Place | |||
Business Acquisition Location, City and State | Dublin, CA | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 14,200,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Shops at Mira Vista [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 14-Feb-14 | |||
Business Acquisition, Name of Acquired Entity | Shops at Mira Vista | |||
Business Acquisition Location, City and State | Austin, TX | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 22,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 319,000 | |||
Acquired Finite-lived Intangible Asset, Amount | 2,329,000 | |||
Acquired Finite Lived Intangible Liability Amount | 291,000 | |||
Wholly Owned Properties [Member] | Fairfield Portfolio [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 7-Mar-14 | |||
Business Acquisition, Name of Acquired Entity | Fairfield Portfolio (1) | |||
Business Acquisition Location, City and State | Fairfield, CT | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 149,344,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 77,730,000 | |||
Acquired Finite-lived Intangible Asset, Amount | 12,650,000 | |||
Acquired Finite Lived Intangible Liability Amount | 5,601,000 | |||
Wholly Owned Properties [Member] | Willow Oaks Crossing [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 2-Jun-14 | |||
Business Acquisition, Name of Acquired Entity | Willow Oaks Crossing | |||
Business Acquisition Location, City and State | Concord, NC | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 3,342,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Clybourn Commons [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 15-Jul-14 | |||
Business Acquisition, Name of Acquired Entity | Clybourn Commons | |||
Business Acquisition Location, City and State | Chicago, IL | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 19,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 1,686,000 | |||
Acquired Finite Lived Intangible Liability Amount | 3,298,000 | |||
Wholly Owned Properties [Member] | Belmont Chase [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 10-Sep-14 | |||
Business Acquisition, Name of Acquired Entity | Belmont Chase | |||
Business Acquisition Location, City and State | Ashburn, VA | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 4,300,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | City Line Market [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 19-Sep-14 | |||
Business Acquisition, Name of Acquired Entity | CityLine Market | |||
Business Acquisition Location, City and State | Dallas, TX | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 4,913,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | East San Marco [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 24-Oct-14 | |||
Business Acquisition, Name of Acquired Entity | East San Marco (2) | |||
Business Acquisition Location, City and State | Jacksonville, FL | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 5,223,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Grand Ridge Plaza [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 22-Jul-13 | |||
Business Acquisition, Name of Acquired Entity | Fontainebleau Square | |||
Business Acquisition Location, City and State | Miami, FL | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 17,092,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Balboa Mesa Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 7-Oct-13 | |||
Business Acquisition, Name of Acquired Entity | Glen Gate | |||
Business Acquisition Location, City and State | Glenview, IL | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 14,950,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Sandy Springs [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 16-Oct-13 | |||
Business Acquisition, Name of Acquired Entity | Fellsway Plaza | |||
Business Acquisition Location, City and State | Medford, MA | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 42,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 5,139,000 | |||
Acquired Finite Lived Intangible Liability Amount | 963,000 | |||
Wholly Owned Properties [Member] | Uptown District [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 24-Oct-13 | |||
Business Acquisition, Name of Acquired Entity | Shoppes on Riverside | |||
Business Acquisition Location, City and State | Jacksonville, FL | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 3,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | South Bay Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 16-May-13 | |||
Business Acquisition, Name of Acquired Entity | Juanita Tate Marketplace | |||
Business Acquisition Location, City and State | Los Angeles, CA | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 1,100,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Shops at Erwin Mill [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 30-May-13 | |||
Business Acquisition, Name of Acquired Entity | Preston Oaks | |||
Business Acquisition Location, City and State | Dallas, TX | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 27,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 3,396,000 | |||
Acquired Finite Lived Intangible Liability Amount | 7,597,000 | |||
Wholly Owned Properties [Member] | The Village at La Floresta [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 4-Dec-14 | |||
Business Acquisition, Name of Acquired Entity | The Village at La Floresta | |||
Business Acquisition Location, City and State | Brea, CA | |||
Business Acquisition, Property type | Development | |||
Payments to Acquire Businesses, Gross | 6,750,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 0 | |||
Acquired Finite Lived Intangible Liability Amount | 0 | |||
Wholly Owned Properties [Member] | Southpark at Cinco Ranch [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 27-Dec-13 | |||
Business Acquisition, Name of Acquired Entity | Holly Park | |||
Business Acquisition Location, City and State | Raleigh, NC | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 33,900,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 0 | |||
Acquired Finite-lived Intangible Asset, Amount | 3,146,000 | |||
Acquired Finite Lived Intangible Liability Amount | 1,526,000 | |||
Wholly Owned Properties [Member] | Indian Springs [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Effective Date of Acquisition | 16-Dec-14 | |||
Business Acquisition, Name of Acquired Entity | Indian Springs (3) | |||
Business Acquisition Location, City and State | Houston, TX | |||
Business Acquisition, Property type | Operating | |||
Payments to Acquire Businesses, Gross | 53,156,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Debt Assumed, Net of Premiums | 25,138,000 | |||
Acquired Finite-lived Intangible Asset, Amount | 3,867,000 | |||
Acquired Finite Lived Intangible Liability Amount | 1,612,000 | |||
Consolidated Entities [Member] | Hilltop Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||
Equity Method Investment Sold, Carrying Amount | 7,600,000 | |||
Fixed Rate Mortgage Loans [Member] | Consolidated Entities [Member] | Hilltop Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Mortgage loans assumed for the acquisition of real estate | $7,500,000 |
Dispositions_Details
Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Current Fiscal Year End Date | -19 | |||||||
Investments in real estate partnerships (note 4) | $358,849,000 | $333,167,000 | $358,849,000 | |||||
Proceeds from sale of real estate investments | 118,787,000 | 212,632,000 | 352,707,000 | |||||
Provision for impairment | 1,257,000 | 6,000,000 | 74,816,000 | |||||
Gain (Loss) on Sale of Properties | 55,077,000 | 59,656,000 | 24,013,000 | |||||
Revenues included in Discontinued Operations | 133,280,000 | 126,005,000 | 120,317,000 | 122,307,000 | 120,378,000 | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 600,000 | |||||
Discontinued operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Provision for impairment | 0 | 54,500,000 | ||||||
Revenues included in Discontinued Operations | 14,924,000 | 26,413,000 | ||||||
Operating Expenses | 7,592,000 | 15,514,000 | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | -18,000 | ||||||
Parent Company [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Investments in real estate partnerships (note 4) | 358,849,000 | 333,167,000 | 358,849,000 | |||||
Proceeds from sale of real estate investments | 118,787,000 | 212,632,000 | 352,707,000 | |||||
Provision for impairment | 1,257,000 | 6,000,000 | 20,316,000 | |||||
Gain (Loss) on Sale of Properties | 55,077,000 | 1,703,000 | 2,158,000 | |||||
Revenues included in Discontinued Operations | 537,898,000 | 489,007,000 | 473,929,000 | |||||
Operating Expenses | 353,348,000 | 324,687,000 | 307,493,000 | |||||
Operating income (loss) | 0 | 7,332,000 | -43,583,000 | |||||
Operating Segments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Real Estate Properties Sold | 11 | 12 | 20 | |||||
Operating Segments [Member] | Discontinued operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Real Estate Properties Sold | 5 | |||||||
Operating Segments [Member] | Continuing operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Real Estate Properties Sold | 15 | |||||||
Land [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Real Estate Properties Sold | 6 | 10 | 7 | |||||
BRE Throne Holdings LLC (BRET) [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Investments in real estate partnerships (note 4) | 0 | 0 | ||||||
Proceeds from Sale of Real Estate | 321,000,000 | |||||||
Provision for impairment | $18,100,000 |
Investments_in_Real_Estate_Par2
Investments in Real Estate Partnerships - Schedule of Investments in Real Estate Partnerships (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 20, 2013 | |
property | property | |||
Schedule of Equity Method Investments [Line Items] | ||||
Current Fiscal Year End Date | -19 | |||
Document Fiscal Year Focus | 2014 | |||
Provision for impairment | $1,257,000 | $6,000,000 | $74,816,000 | |
Real Estate Partnerships, Number of Properties | 120 | 126 | ||
Investments in real estate partnerships | 333,167,000 | 358,849,000 | ||
Revenue from Related Parties | 23,000,000 | 24,200,000 | 25,400,000 | |
Total Assets of the Partnership | 2,807,502,000 | 2,939,599,000 | ||
Net Income (Loss) of the Partnership | 79,466,000 | 71,050,000 | 79,264,000 | |
Income (Loss) from Equity Method Investments | 31,270,000 | 31,718,000 | 23,807,000 | |
GRI - Regency, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 74 | 75 | ||
Investments in real estate partnerships | 247,175,000 | 250,118,000 | ||
Total Assets of the Partnership | 1,829,116,000 | 1,870,660,000 | ||
Net Income (Loss) of the Partnership | 33,032,000 | 31,705,000 | ||
Income (Loss) from Equity Method Investments | 13,727,000 | 12,789,000 | ||
Macquarie Country Wide - Regency III, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | 24.95% | |
Real Estate Partnerships, Number of Properties | 0 | |||
Investments in real estate partnerships | 0 | |||
Total Assets of the Partnership | 0 | |||
Net Income (Loss) of the Partnership | 213,000 | |||
Income (Loss) from Equity Method Investments | 53,000 | |||
Columbia Regency Retail Partners, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 10 | 10 | ||
Investments in real estate partnerships | 15,916,000 | 16,735,000 | ||
Total Assets of the Partnership | 199,427,000 | 204,759,000 | ||
Net Income (Loss) of the Partnership | 7,173,000 | 8,605,000 | ||
Income (Loss) from Equity Method Investments | 1,431,000 | 1,727,000 | ||
Columbia Regency Partners II, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 14 | 15 | ||
Investments in real estate partnerships | 9,343,000 | 8,797,000 | ||
Total Assets of the Partnership | 300,028,000 | 295,829,000 | ||
Net Income (Loss) of the Partnership | 1,211,000 | 6,290,000 | ||
Income (Loss) from Equity Method Investments | 233,000 | 1,274,000 | ||
Cameron Village, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 1 | 1 | ||
Investments in real estate partnerships | 12,114,000 | 16,678,000 | ||
Total Assets of the Partnership | 100,625,000 | 103,805,000 | ||
Net Income (Loss) of the Partnership | 3,393,000 | 2,198,000 | ||
Income (Loss) from Equity Method Investments | 1,008,000 | 662,000 | ||
RegCal, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 7 | 8 | ||
Investments in real estate partnerships | 13,354,000 | 15,576,000 | ||
Total Assets of the Partnership | 149,457,000 | 159,255,000 | ||
Net Income (Loss) of the Partnership | 4,012,000 | 1,300,000 | ||
Income (Loss) from Equity Method Investments | 966,000 | 332,000 | ||
Regency Retail Partners, LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 0 | 0 | ||
Investments in real estate partnerships | 0 | 1,793,000 | ||
Total Assets of the Partnership | 0 | 9,325,000 | ||
Net Income (Loss) of the Partnership | 171,000 | 9,234,000 | ||
Income (Loss) from Equity Method Investments | 27,000 | 7,749,000 | ||
US Regency Retail I, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Real Estate Partnerships, Number of Properties | 8 | 8 | ||
Investments in real estate partnerships | 806,000 | 1,391,000 | ||
Total Assets of the Partnership | 115,660,000 | 118,865,000 | ||
Net Income (Loss) of the Partnership | 2,872,000 | 2,387,000 | ||
Income (Loss) from Equity Method Investments | 567,000 | 487,000 | ||
BRE Throne Holdings LLC (BRET) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Real Estate | 321,000,000 | |||
Provision for impairment | 18,100,000 | |||
Ownership Percentage | 0.00% | |||
Real Estate Partnerships, Number of Properties | 0 | |||
Proceeds from Limited Partnership Investments | 47,500,000 | |||
Investments in real estate partnerships | 0 | |||
Total Assets of the Partnership | 0 | |||
Net Income (Loss) of the Partnership | 4,499,000 | |||
Income (Loss) from Equity Method Investments | 4,499,000 | |||
Other Investments in Real Estate Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage | 0.00% | 0.00% | ||
Investments in real estate partnerships | 34,459,000 | 47,761,000 | ||
Total Assets of the Partnership | 113,189,000 | 177,101,000 | ||
Net Income (Loss) of the Partnership | 27,602,000 | 4,619,000 | ||
Income (Loss) from Equity Method Investments | 13,311,000 | 2,146,000 | ||
Other Investments in Real Estate Partnership [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Real Estate Partnerships, Number of Properties | 6 | 9 | ||
Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Notes payable (note 9) | 506,800,000 | |||
Corporate Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 43,000,000 | 13,600,000 | ||
Mortgage loans assumed for the acquisition of real estate | 0 | 7,496,000 | ||
Finite-lived Intangible Assets Acquired | 7,604,000 | 8,438,000 | ||
Acquired Finite Lived Intangible Liability Amount | $3,487,000 | $332,000 |
Investments_in_Real_Estate_Par3
Investments in Real Estate Partnerships - Balance Sheet Summarized Financial Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||
Document Fiscal Year Focus | 2014 | |
Investment in real estate, net | $2,620,583 | $2,742,591 |
Acquired lease intangible assets, net | 50,763 | 52,350 |
Other assets | 136,156 | 144,658 |
Total assets | 2,807,502 | 2,939,599 |
Notes payable | 1,462,790 | 1,519,943 |
Acquired lease intangible liabilities, net | 28,991 | 31,148 |
Other liabilities | 67,093 | 66,829 |
Capital - Regency | 442,050 | 468,099 |
Capital - Third parties | 806,578 | 853,580 |
Total liabilities and capital | 2,807,502 | 2,939,599 |
Impairment Losses Related to Real Estate Partnerships | -1,300 | -5,880 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | -29,380 | -29,261 |
Equity Method Summarized Financial Information, Net Book Equity in Excess of Purchase Price | -78,203 | -78,203 |
Investments in real estate partnerships (note 4) | 333,167 | 358,849 |
BRE Throne Holdings LLC (BRET) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 0 | |
Investments in real estate partnerships (note 4) | 0 | |
Indian Springs at Woodlands, Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate partnerships (note 4) | $0 | $4,094 |
Investments_in_Real_Estate_Par4
Investments in Real Estate Partnerships - Investment Reconciliation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||
Document Fiscal Year Focus | 2014 | |
Capital - Regency | $442,050 | $468,099 |
less: Impairment | 1,300 | 5,880 |
less: Ownership percentage or Restricted Gain Method deferral | 29,380 | 29,261 |
less: Net book equity in excess of purchase price | 78,203 | 78,203 |
Investments in real estate partnerships | 333,167 | 358,849 |
BRE Throne Holdings LLC (BRET) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 0.00% | |
Investments in real estate partnerships | 0 | |
Indian Springs [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $18,300 |
Investments_in_Real_Estate_Par5
Investments in Real Estate Partnerships - Schedule of Acquisitions by Real Estate Partnerships (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||
Proceeds from sale of real estate investments | $118,787,000 | $212,632,000 | $352,707,000 |
Gain on sale of real estate | 28,856,000 | 15,695,000 | 40,437,000 |
Equity in income of investments in real estate partnerships (note 4) | 31,270,000 | 31,718,000 | 23,807,000 |
Investments in real estate partnerships (note 4) | 333,167,000 | 358,849,000 | |
Columbia Regency Partners II, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | 233,000 | 1,274,000 | |
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | |
Investments in real estate partnerships (note 4) | 9,343,000 | 8,797,000 | |
BRE Throne Holdings LLC (BRET) [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | 4,499,000 | ||
Equity Method Investment, Ownership Percentage | 0.00% | ||
Proceeds from Sale of Real Estate | 321,000,000 | ||
Investments in real estate partnerships (note 4) | 0 | ||
GRI - Regency, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | 13,727,000 | 12,789,000 | |
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | |
Investments in real estate partnerships (note 4) | 247,175,000 | 250,118,000 | |
Other Investments in Real Estate Partnerships [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | 13,311,000 | 2,146,000 | |
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | |
Investments in real estate partnerships (note 4) | 34,459,000 | 47,761,000 | |
RegCal, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | 966,000 | 332,000 | |
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | |
Investments in real estate partnerships (note 4) | 13,354,000 | 15,576,000 | |
Unconsolidated Properties [Member] | |||
Business Acquisition [Line Items] | |||
Proceeds from sale of real estate investments | 88,106,000 | 145,295,000 | 119,275,000 |
Corporate Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Mortgage loans assumed for the acquisition of real estate | 0 | 7,496,000 | |
Acquired Finite-lived Intangible Asset, Amount | 7,604,000 | 8,438,000 | |
Acquired Finite Lived Intangible Liability Amount | 3,487,000 | 332,000 | |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 43,000,000 | 13,600,000 | |
Corporate Joint Venture [Member] | Shoppes of Burnt Mills [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | 23-Jul-13 | ||
Business Acquisition, Name of Acquired Entity | Shoppes of Burnt Mills | ||
Business Acquisition Location, City and State | Silver Spring, MD | ||
Business Acquisition, Property type | Operating | ||
Equity Method Investment, Ownership Percentage | 0.00% | ||
Mortgage loans assumed for the acquisition of real estate | 7,496,000 | ||
Acquired Finite-lived Intangible Asset, Amount | 8,438,000 | ||
Acquired Finite Lived Intangible Liability Amount | 332,000 | ||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 13,600,000 | ||
Corporate Joint Venture [Member] | Broadway [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | 30-Dec-14 | ||
Business Acquisition, Name of Acquired Entity | Broadway | ||
Business Acquisition Location, City and State | Seattle, WA | ||
Business Acquisition, Property type | Operating | ||
Equity Method Investment, Ownership Percentage | 0.00% | ||
Mortgage loans assumed for the acquisition of real estate | 0 | ||
Acquired Finite-lived Intangible Asset, Amount | 7,604,000 | ||
Acquired Finite Lived Intangible Liability Amount | 3,487,000 | ||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 43,000,000 | ||
Corporate Joint Venture [Member] | Columbia Regency Partners II, LLC [Member] | Shoppes of Burnt Mills [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Description of Acquired Entity | Columbia II | ||
Corporate Joint Venture [Member] | GRI - Regency, LLC [Member] | Broadway [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Description of Acquired Entity | Columbia II | ||
Partnership Interest [Member] | |||
Business Acquisition [Line Items] | |||
Proceeds from sale of real estate investments | 118,787,000 | 212,632,000 | 352,707,000 |
Equity in income of investments in real estate partnerships (note 4) | 31,270,000 | 31,718,000 | 23,807,000 |
Mortgage loans assumed for the acquisition of real estate | 103,187,000 | 0 | 30,467,000 |
Investments in real estate partnerships (note 4) | 333,167,000 | 358,849,000 | |
Gain on sale of real estate investments [Member] | |||
Business Acquisition [Line Items] | |||
Equity in income of investments in real estate partnerships (note 4) | $13,615,000 | $3,847,000 | $8,962,000 |
Operating Segments [Member] | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties Sold | 11 | 12 | 20 |
Operating Segments [Member] | Unconsolidated Properties [Member] | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties Sold | 6 | 15 | 7 |
Land [Member] | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties Sold | 6 | 10 | 7 |
Land [Member] | Unconsolidated Properties [Member] | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties Sold | 2 | 3 | 1 |
Investments_in_Real_Estate_Par6
Investments in Real Estate Partnerships - Scheduled Principal Payments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $79,488 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Two | 322,211 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Three | 116,362 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Four | 85,717 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Five | 83,873 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal After Year Five | 776,449 | |
Unamortized debt premiums, net | -1,310 | |
Equity Method Investment, Summarized Financial Information, Notes Payable | 1,462,790 | 1,519,943 |
2013 | 432,483 | |
2014 | 47,577 | |
2015 | 521,606 | |
2016 | 61,810 | |
2017 | 184,443 | |
Beyond 5 Years | 768,686 | |
Unamortized debt discounts (premiums) | 4,752 | |
Long-term Debt | 2,021,357 | 1,854,697 |
Scheduled Principal Payments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 19,685 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Two | 17,135 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Three | 17,517 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Four | 18,696 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Five | 17,934 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal After Year Five | 34,827 | |
Unamortized debt premiums, net | 0 | |
Equity Method Investment, Summarized Financial Information, Notes Payable | 125,794 | |
2013 | 6,587 | |
2014 | 6,135 | |
2015 | 5,399 | |
2016 | 4,452 | |
2017 | 3,443 | |
Beyond 5 Years | 22,647 | |
Unamortized debt discounts (premiums) | 0 | |
Long-term Debt | 48,663 | |
Mortgage Loan Maturities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 59,803 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Two | 305,076 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Three | 77,385 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Four | 67,021 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Five | 65,939 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal After Year Five | 741,622 | |
Unamortized debt premiums, net | -1,310 | |
Equity Method Investment, Summarized Financial Information, Notes Payable | 1,315,536 | |
2013 | 75,896 | |
2014 | 41,442 | |
2015 | 116,207 | |
2016 | 57,358 | |
2017 | 106,000 | |
Beyond 5 Years | 96,039 | |
Unamortized debt discounts (premiums) | 7,227 | |
Long-term Debt | 500,169 | |
Unsecured Maturities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Three | 21,460 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Equity Method Investment, Summarized Financial Information, Long-term Debt, Maturities, Repayments of Principal After Year Five | 0 | |
Unamortized debt premiums, net | 0 | |
Equity Method Investment, Summarized Financial Information, Notes Payable | 21,460 | |
2013 | 350,000 | |
2014 | 0 | |
2015 | 400,000 | |
2016 | 0 | |
2017 | 75,000 | |
Beyond 5 Years | 650,000 | |
Unamortized debt discounts (premiums) | -2,475 | |
Long-term Debt | 1,472,525 | |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Notes payable (note 9) | 506,800 | |
2013 | 24,292 | |
2014 | 113,155 | |
2015 | 26,214 | |
2016 | 27,655 | |
2017 | 21,618 | |
Beyond 5 Years | 294,463 | |
Unamortized debt discounts (premiums) | -617 | |
Long-term Debt | $506,780 |
Investments_in_Real_Estate_Par7
Investments in Real Estate Partnerships - Income Statment Summarized Financial Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Proceeds from sale of real estate investments | $118,787 | $212,632 | $352,707 |
Revenues and expenses for the investments in real estate partnerships on a combined basis | |||
Total revenues | 361,103 | 378,670 | 387,908 |
Operating expenses: | |||
Depreciation and amortization | 117,780 | 125,363 | 128,946 |
Operating and maintenance | 55,216 | 55,423 | 55,394 |
General and administrative | 5,503 | 7,385 | 7,549 |
Real estate taxes | 42,380 | 45,451 | 46,395 |
Other expenses | 2,234 | 1,725 | 3,521 |
Total operating expenses | 223,113 | 235,347 | 241,805 |
Other expense (income): | |||
Interest expense, net | 84,155 | 95,505 | 104,694 |
Gain on sale of real estate | 28,856 | 15,695 | 40,437 |
Loss (gain) on extinguishment of debt | 114 | -1,780 | 967 |
Provision for impairment | 2,123 | 0 | 3,775 |
Preferred return on equity investment | 0 | -4,499 | -2,211 |
Other expense (income) | 988 | -1,258 | 51 |
Total other expense | 58,524 | 72,273 | 66,839 |
Net income (loss) | 79,466 | 71,050 | 79,264 |
Income (Loss) from Equity Method Investments | 31,270 | 31,718 | 23,807 |
Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sale of real estate investments | 88,106 | 145,295 | 119,275 |
Gain on sale of real estate investments [Member] | |||
Other expense (income): | |||
Income (Loss) from Equity Method Investments | $13,615 | $3,847 | $8,962 |
Operating Segments [Member] | |||
Other expense (income): | |||
Number of Real Estate Properties Sold | 11 | 12 | 20 |
Operating Segments [Member] | Unconsolidated Properties [Member] | |||
Other expense (income): | |||
Number of Real Estate Properties Sold | 6 | 15 | 7 |
Land [Member] | |||
Other expense (income): | |||
Number of Real Estate Properties Sold | 6 | 10 | 7 |
Land [Member] | Unconsolidated Properties [Member] | |||
Other expense (income): | |||
Number of Real Estate Properties Sold | 2 | 3 | 1 |
Notes_Receivable_Details
Notes Receivable (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Current Fiscal Year End Date | -19 |
Fixed interest rates on notes receivable | 7.00% |
Acquired_Leases_Intangibles_De
Acquired Leases Intangibles (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired lease intangible assets, net of amortization | $52,365 | $44,805 | ||||
Finite-Lived Intangible Assets, Amortization Expense | 12,183 | 8,709 | 5,069 | |||
Weighted Average Accretion Period of Intangible Liabilities (in years) | 12 years 6 months | |||||
Acquired lease intangible liability accretion | 4,590 | 3,726 | 1,950 | |||
In-place leases, net | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired lease intangible assets, net of amortization | 40,145 | 33,049 | ||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 5 years 10 months 24 days | |||||
Finite-Lived Intangible Assets, Amortization Expense | 10,365 | 7,441 | 4,307 | |||
Above-market leases, net | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired lease intangible assets, net of amortization | 10,549 | 10,074 | ||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 7 years 4 months 24 days | [1] | ||||
Finite-Lived Intangible Assets, Amortization Expense | 1,795 | [1] | 1,246 | [1] | 739 | [1] |
Above-market ground leases, net | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Acquired lease intangible assets, net of amortization | 1,671 | 1,682 | ||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 82 years 2 months 12 days | [1] | ||||
Finite-Lived Intangible Assets, Amortization Expense | $23 | [1] | $22 | [1] | $23 | [1] |
[1] | Amounts are recorded as a reduction to minimum rent. |
Acquired_Leases_Intangibles_Fu
Acquired Leases Intangibles - Future Amorization and Minimum Rent, net (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Amortization Expense [Abstract] | |
2013 | $10,603 |
2014 | 8,569 |
2015 | 6,589 |
2016 | 5,354 |
2017 | 4,374 |
Net Accretion [Abstract] | |
2013 | 3,888 |
2014 | 3,393 |
2015 | 3,088 |
2016 | 2,609 |
2017 | $2,417 |
Income_Taxes_Textuals_Details
Income Taxes - Textuals (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Amounts attributable to discontinued operations | $0 | $0 | $600,000 |
Total income tax expense (benefit) | 1,152,000 | 0 | 13,824,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ||
Net change in total valuation allowancee | ($3,300,000) | ($1,500,000) |
Income_Taxes_Tax_Status_of_Div
Income Taxes - Tax Status of Dividends (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Document Fiscal Year Focus | 2014 | ||
Dividend per share | $1.88 | $1.85 | $1.85 |
Ordinary income | 70.00% | 70.00% | 71.00% |
Capital gain | 16.00% | 6.00% | 1.00% |
Return of capital | 14.00% | 0.00% | 28.00% |
Allocation of Dividends, Qualified Dividend Income | 0.00% | 24.00% | 0.00% |
Income_Taxes_Current_and_Defer
Income Taxes - Current and Deferred Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Document Fiscal Year Focus | 2014 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ||
Current | $1,152 | $0 | $97 |
Deferred | 0 | 0 | 13,727 |
Total income tax expense (benefit) | $1,152 | $0 | $13,824 |
Income_Taxes_Continuing_and_Di
Income Taxes - Continuing and Discontinuing Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Income Tax Expense (Benefit), Continuing Operations | $1,152 | $0 | $13,224 |
Amounts attributable to discontinued operations | 0 | 0 | 600 |
Total income tax expense (benefit) | 1,152 | 0 | 13,824 |
Discontinued operations | |||
Amounts attributable to discontinued operations | $0 | ($18) |
Income_Taxes_Tax_Reconciliatio
Income Taxes - Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Document Fiscal Year Focus | 2014 | ||
Federal Income Tax Expense (Benefit), Continuing Operations | $1,152 | $0 | $13,224 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ||
Computed expected tax expense (benefit) | 5,140 | 1,677 | -2,099 |
Increase (decrease) in income tax resulting from state taxes | -629 | 98 | -122 |
Valuation allowance | -3,301 | -1,511 | 15,635 |
All other items | -58 | -264 | 410 |
Total income tax expense (benefit) | 1,152 | 0 | 13,824 |
Amounts attributable to discontinued operations | $0 | $0 | $600 |
Income_Taxes_Deferred_Taxes_De
Income Taxes - Deferred Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Document Fiscal Year Focus | 2014 | |
Deferred Tax Assets, Net [Abstract] | ||
Investments in real estate partnerships | $8,427 | $8,314 |
Provision for impairment | 3,299 | 3,273 |
Deferred interest expense | 2,538 | 4,295 |
Capitalized costs under Section 263A | 1,832 | 2,184 |
Net operating loss carryforward | 0 | 2,019 |
Employee benefits | 385 | 488 |
Other | 1,370 | 887 |
Deferred tax assets | 17,851 | 21,460 |
Valuation allowance | -17,302 | -20,603 |
Deferred tax assets, net | 549 | 857 |
Deferred Tax Liabilities, Net [Abstract] | ||
Straight line rent | 549 | 537 |
Depreciation | 0 | 320 |
Deferred tax liabilities | 549 | 857 |
Net deferred tax assets | $0 | $0 |
Notes_Payable_and_Unsecured_Cr2
Notes Payable and Unsecured Credit Facilities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Long-term Debt | $2,021,357,000 | $1,854,697,000 | |
Maturities of Long-term Debt [Abstract] | |||
2013 | 432,483,000 | ||
2014 | 47,577,000 | ||
2015 | 521,606,000 | ||
2016 | 61,810,000 | ||
2017 | 184,443,000 | ||
Beyond 5 Years | 768,686,000 | ||
Unamortized debt discounts (premiums) | 4,752,000 | ||
Scheduled Principal Payments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 48,663,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2013 | 6,587,000 | ||
2014 | 6,135,000 | ||
2015 | 5,399,000 | ||
2016 | 4,452,000 | ||
2017 | 3,443,000 | ||
Beyond 5 Years | 22,647,000 | ||
Unamortized debt discounts (premiums) | 0 | ||
Mortgage Loan Maturities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 500,169,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2013 | 75,896,000 | ||
2014 | 41,442,000 | ||
2015 | 116,207,000 | ||
2016 | 57,358,000 | ||
2017 | 106,000,000 | ||
Beyond 5 Years | 96,039,000 | ||
Unamortized debt discounts (premiums) | 7,227,000 | ||
Unsecured Maturities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,472,525,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2013 | 350,000,000 | ||
2014 | 0 | ||
2015 | 400,000,000 | ||
2016 | 0 | ||
2017 | 75,000,000 | ||
Beyond 5 Years | 650,000,000 | ||
Unamortized debt discounts (premiums) | -2,475,000 | ||
Partnership Interest [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | 1,946,357,000 | 1,779,697,000 | |
Mortgage loans assumed for the acquisition of real estate | 103,187,000 | 0 | 30,467,000 |
Proceeds from unsecured credit facilities | 255,000,000 | 82,000,000 | 750,000,000 |
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 518,993,000 | 444,245,000 | |
Fixed Rate Mortgage Loans [Member] | Consolidated Entities [Member] | Hilltop Village [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage loans assumed for the acquisition of real estate | 7,500,000 | ||
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,946,357,000 | 1,779,697,000 | |
Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 29,839,000 | 37,100,000 | |
Fixed Rate Unsecured Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,397,525,000 | 1,298,352,000 | |
Unsecured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 75,000,000 | 75,000,000 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date Range, End | 1-Jan-32 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.30% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.40% | ||
Debt, Weighted Average Interest Rate | 5.57% | ||
Secured Debt [Member] | Partnership Interest [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt, Percent Guaranteed by Parent Company | 15.50% | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 800,000,000 | ||
Debt Instrument, Maturity Date | 4-Sep-16 | ||
Long-term Debt | 0 | 0 | |
Maturities of Long-term Debt [Abstract] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 794,096,000 | ||
Line of Credit Facility, Annual Fee Description | 0.00225 | ||
Line of Credit [Member] | Line of Credit Facility - Unsecured [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.18% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.23% | ||
Line of Credit Facility, Maximum Increase Allowed to Borrowing Capacity | 1,000,000,000 | ||
Variable Income Interest Rate [Member] | Construction Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate Terms | 1 month LIBOR plus 150 basis points | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Term Loan - Unsecured [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate Terms | LIBOR plus 115 basis points | ||
Debt Instrument, Maturity Date | 27-Jun-19 | ||
Long-term Debt | 75,000,000 | 75,000,000 | |
Maturities of Long-term Debt [Abstract] | |||
Unsecured credit facilities - maximum borrowing capacity | 165,000,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 90,000,000 | ||
Line of Credit Facility, Annual Fee Description | 0.002 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date Range, End | 1-Jan-24 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.75% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.00% | ||
Debt, Weighted Average Interest Rate | 5.17% | ||
Unsecured Debt [Member] | Construction Loans [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 29,839,000 | ||
Debt Instrument, Maturity Date | 16-Oct-20 | ||
Unsecured Debt [Member] | General Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate Terms | |||
Debt Instrument, Basis Spread on Variable Rate | 3.80% | ||
Unsecured Debt [Member] | Term Loan - Unsecured [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||
Debt Instrument, maximum increase allowed to borrowing capacity | 90,000,000 | ||
Equity Method Investments [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | 506,800,000 | ||
Long-term Debt | 506,780,000 | ||
Maturities of Long-term Debt [Abstract] | |||
2013 | 24,292,000 | ||
2014 | 113,155,000 | ||
2015 | 26,214,000 | ||
2016 | 27,655,000 | ||
2017 | 21,618,000 | ||
Beyond 5 Years | 294,463,000 | ||
Unamortized debt discounts (premiums) | ($617,000) |
Notes_Payable_and_Unsecured_Cr3
Notes Payable and Unsecured Credit Facilities Notes Payable Phantom (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Variable Income Interest Rate [Member] | Construction Loans [Member] | |
Debt Instrument, Interest Rate Terms | 1 month LIBOR plus 150 basis points |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Unsecured Debt [Member] | General Loan [Member] | |
Debt Instrument, Interest Rate Terms | |
Debt Instrument, Basis Spread on Variable Rate | 3.80% |
Unsecured Debt [Member] | Term Loan - Unsecured [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
Line of Credit [Member] | |
Line of Credit Facility, Unsecured, Interest Rate Description | LIBOR plus 117.5 basis points |
Line of Credit Facility, Unsecured, Annual Facility Fee | 0.00225 |
Line of Credit [Member] | Line of Credit Facility - Unsecured [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.18% |
Line of Credit Facility, Commitment Fee Percentage | 0.23% |
Term Loan - Unsecured [Member] | |
Debt Instrument, Interest Rate Terms | LIBOR plus 115 basis points |
Line of Credit Facility, Unsecured, Annual Facility Fee | 0.002 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Fair Value of Derivatives (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 26-May-14 | |
Derivatives, Fair Value [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Current Fiscal Year End Date | -19 | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $432,483,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 47,577,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 521,606,000 | ||
Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 220,000,000 | ||
Derivative @ 2.087% 75K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Apr-14 | ||
Derivative, Maturity Date | 15-Apr-24 | ||
Derivative, Early Termination Date | 15-Oct-14 | ||
Derivative, Notional Amount | 75,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.09% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 7,476,000 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative @ 2.088% 50K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Apr-14 | ||
Derivative, Maturity Date | 15-Apr-24 | ||
Derivative, Early Termination Date | 15-Oct-14 | ||
Derivative, Notional Amount | 50,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.09% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 4,978,000 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative @ 2.873% 35K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Apr-14 | ||
Derivative, Maturity Date | 15-Apr-24 | ||
Derivative, Early Termination Date | 15-Oct-14 | ||
Derivative, Notional Amount | 35,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.87% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | -1,036,000 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative @ 2.864% 60K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Apr-14 | ||
Derivative, Maturity Date | 15-Apr-24 | ||
Derivative, Early Termination Date | 15-Oct-14 | ||
Derivative, Notional Amount | 60,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.86% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | -1,821,000 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Derivative @ 2.479% 75K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 1-Aug-15 | ||
Derivative, Maturity Date | 1-Aug-25 | ||
Derivative, Early Termination Date | 1-Feb-16 | ||
Derivative, Notional Amount | 75,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.48% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 8,516,000 | |
Derivative Liability, Fair Value, Gross Liability | -289,000 | 0 | |
Derivative A @ 2.479% 50K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 1-Aug-15 | ||
Derivative, Maturity Date | 1-Aug-25 | ||
Derivative, Early Termination Date | 1-Feb-16 | ||
Derivative, Notional Amount | 50,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.48% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 5,670,000 | |
Derivative Liability, Fair Value, Gross Liability | -193,000 | 0 | |
Derivative B @ 2.479% 50K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 1-Aug-15 | ||
Derivative, Maturity Date | 1-Aug-25 | ||
Derivative, Early Termination Date | 1-Feb-16 | ||
Derivative, Notional Amount | 50,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.48% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 5,658,000 | |
Derivative Liability, Fair Value, Gross Liability | -193,000 | 0 | |
Derivative @ 2.196% 28.1K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 16-Oct-13 | ||
Derivative, Maturity Date | 16-Oct-20 | ||
Derivative, Notional Amount | 28,100,000 | ||
Derivative, Underlying Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 2.20% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 82,000 | |
Derivative Liability, Fair Value, Gross Liability | -764,000 | 0 | |
Derivative @ 3.41% 45K [Member] [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 1-Aug-15 | ||
Derivative, Maturity Date | 1-Aug-25 | ||
Derivative, Early Termination Date | 1-Feb-16 | ||
Derivative, Notional Amount | 45,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 3.41% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | -3,964,000 | 0 | |
.76% Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 1-Oct-11 | ||
Derivative, Maturity Date | 1-Sep-14 | ||
Derivative, Notional Amount | 9,000,000 | ||
Derivative, Underlying Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 0.76% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 34,000 | |
Derivative @ 3.488% 20K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Jun-17 | ||
Derivative, Maturity Date | 15-Jun-27 | ||
Derivative, Early Termination Date | 15-Dec-17 | ||
Derivative, Notional Amount | 20,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 3.49% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | -1,227,000 | 0 | |
Derivative @ 3.48% 100K [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Jun-17 | ||
Derivative, Maturity Date | 15-Jun-27 | ||
Derivative, Early Termination Date | 15-Dec-17 | ||
Derivative, Notional Amount | 100,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 3.48% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | -6,080,000 | 0 | |
Derivative @ 3.48% 100K 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Inception Date | 15-Jun-17 | ||
Derivative, Maturity Date | 15-Jun-27 | ||
Derivative, Early Termination Date | 15-Dec-17 | ||
Derivative, Notional Amount | 100,000,000 | ||
Derivative, Underlying Basis | 3 Month LIBOR | ||
Derivative, Fixed Interest Rate | 3.48% | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | -6,084,000 | 0 | |
Unsecured Maturities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 350,000,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 400,000,000 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 35,237,000 | |
Derivative Liability, Fair Value, Gross Liability | 18,794,000 | 34,000 | |
3.75% unsecured maturing 6/15/24 [Member] | Unsecured Debt [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Net cash proceeds from settlement of derivatives | 4,600,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
Debt Instrument, Face Amount | $250,000,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Gains (Losses) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $8,700,000 | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -49,968,000 | 30,985,000 | 4,220,000 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -9,353,000 | -9,433,000 | -9,491,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $8,000,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Additional Information (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative [Line Items] | |
Current Fiscal Year End Date | -19 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $8,700,000 |
Assets [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $220,000,000 |
2015 Debt Issuance [Member] | Derivative [Member] | |
Derivative [Line Items] | |
Derivative, weighted average fixed interest rate | 2.67% |
2017 Debt issuance [Member] | Derivative [Member] | |
Derivative [Line Items] | |
Derivative, weighted average fixed interest rate | 3.48% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Document Fiscal Year Focus | 2014 | |
Unsecured Credit Facilities [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.30% | 1.40% |
Unsecured Credit Facilities [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.30% | 1.40% |
Notes Receivable [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 7.38% | 7.75% |
Notes Receivable [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 7.38% | 7.75% |
Notes Payable to Banks [Member] | Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 0.90% | 3.00% |
Notes Payable to Banks [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 3.40% | 3.50% |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable, Fair Value | 11,980 | 11,600 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value | 2,116,000 | 1,936,400 |
Fair Value, Inputs, Level 2 [Member] | Unsecured Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 75,000 | 75,400 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring and Nonrecurring Basis (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Current Fiscal Year End Date | -19 | ||
Investments in real estate partnerships | $333,167 | $358,849 | |
Provision for impairment | 1,257 | 6,000 | 74,816 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 28,134 | 61,918 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading Securities, Fair Value Disclosure | 28,134 | 26,681 | |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Total | 28,134 | 26,681 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading Securities, Fair Value Disclosure | 0 | 0 | |
Interest Rate Derivative Assets, at Fair Value | 0 | 35,237 | |
Total | 0 | 35,237 | |
Derivative Liabilities | 18,794 | 34 | |
Derivative Liability, Fair Value, Gross Liability | -18,794 | -34 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading Securities, Fair Value Disclosure | 0 | 0 | |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Total | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Lived Assets | 397 | 4,686 | |
Fair Value, Measurements, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | -175 | -6,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Lived Assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Lived Assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Lived Assets | $397 | $4,686 | |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Long-term Revenue Growth Rate | 0.00% | ||
Fair Value Inputs, Discount Rate | 9.00% | ||
Minimum [Member] | Overall Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Cap Rate | 8.00% | ||
Minimum [Member] | Terminal Cap Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Cap Rate | 8.50% | ||
Land [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of impaired land parcels | 2 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Inputs (Details) (Minimum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 0.00% |
Fair Value Inputs, Discount Rate | 9.00% |
Overall Cap Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Cap Rate | 8.00% |
Terminal Cap Rate [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Cap Rate | 8.50% |
Equity_and_Capital_Terms_and_C
Equity and Capital - Terms and Conditions of Preferred and Common Stock (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Aug. 10, 2013 | Jan. 15, 2015 | |
Class of Stock [Line Items] | ||||||
Document Fiscal Year Focus | 2014 | |||||
Current Fiscal Year End Date | -19 | |||||
Weighted Average Limited Partnership Units Outstanding, Basic | 157,950 | 171,886 | 177,164 | |||
General Partners' Capital Account, Units Outstanding | 94,108,061 | 92,333,000 | ||||
Partners' Capital Account, Units | 94,262,231 | 92,499,000 | ||||
Amount avaiable for issuance | $96,000,000 | $198,400,000 | ||||
Net proceeds from common stock issuance | 103,821,000 | 101,342,000 | ||||
Payments for Commissions | 1,369,000 | 1,521,000 | ||||
Payments of stock issuance costs | 0 | 68,000 | ||||
Liquidation preference | 325,000,000 | 325,000,000 | ||||
Weighted Average Price Per Share | $60 | $53.35 | ||||
Limited Partners' Capital Account, Units Outstanding | 154,170 | 165,796 | ||||
Series 6 and Series 7 | ||||||
Class of Stock [Line Items] | ||||||
Award vesting period | 5 years | |||||
Parent Company [Member] | ||||||
Class of Stock [Line Items] | ||||||
Parent Company, Ownership Percentage of Outstanding Common Partnership Units of Operating Partnership | 99.80% | 99.80% | ||||
Preferred Stock, Shares Issued | 13,000,000 | |||||
Net proceeds from issuance of preferred stock | 0 | 0 | 313,900,000 | |||
Parent Company [Member] | Series 6 | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.63% | 6.63% | ||||
Preferred Stock, Callable Date | 16-Feb-17 | 16-Feb-17 | ||||
Preferred Stock, Shares Issued | 10,000,000 | |||||
Liquidation preference | 250,000,000 | 250,000,000 | ||||
Parent Company [Member] | Series 7 | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | ||||
Preferred Stock, Callable Date | 23-Aug-17 | 23-Aug-17 | ||||
Preferred Stock, Shares Issued | 3,000,000 | |||||
Liquidation preference | 75,000,000 | 75,000,000 | ||||
Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Amount avaiable for issuance | 200,000,000 | 200,000,000 | ||||
Maximum [Member] | Parent Company [Member] | ||||||
Class of Stock [Line Items] | ||||||
Award vesting period | 5 years | |||||
Equity Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Equity Offering, Common Shares available for issue | 2,875,000 | |||||
Sale of Stock, Price Per Share | $67.40 | |||||
Equity Offering, Net Proceeds | $193,800,000 |
Equity_and_Capital_Repayment_o
Equity and Capital - Repayment of Debt (Details) (Parent Company [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Parent Company [Member] | |||
Extinguishment of Debt [Line Items] | |||
Repayment of fixed rate unsecured notes | $150,000 | $0 | $192,377 |
Equity_and_Capital_Noncontroll
Equity and Capital - Noncontrolling Interest of Limited Partners (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 1,730,000 | 1,899,000 |
Preferred Stock, Liquidation Preference, Value | $325,000,000 | $325,000,000 |
Limited Partners' Capital Account, Units Outstanding | 154,170 | 165,796 |
Partners' Capital Account, Units | 94,262,231 | 92,499,000 |
General Partners' Capital Account, Units Outstanding | 94,108,061 | 92,333,000 |
Noncontrolling Interest in Operating Partnerships | 31,800,000 | 19,200,000 |
Parent Company [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 13,000,000 | |
Parent Company, Ownership Percentage of Outstanding Common Partnership Units of Operating Partnership | 99.80% | 99.80% |
Series 7 | Parent Company [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 3,000,000 | |
Preferred Stock, Liquidation Preference, Value | 75,000,000 | 75,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% |
Preferred Stock, Callable Date | 23-Aug-17 | 23-Aug-17 |
Series 6 | Parent Company [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 10,000,000 | |
Preferred Stock, Liquidation Preference, Value | $250,000,000 | $250,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.63% | 6.63% |
Preferred Stock, Callable Date | 16-Feb-17 | 16-Feb-17 |
Equity_and_Capital_Accumulated
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Document Fiscal Year Focus | 2014 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $9,353 | $9,433 | $9,491 |
Weighted Average Limited Partnership Units Outstanding, Basic | 157,950 | 171,886 | 177,164 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9,353 | 9,433 | 9,491 |
Accumulated Net Realized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -7,765 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -42,203 | 30,985 | 4,220 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,588 | 9,433 | 9,491 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -17,883 | -58,301 | -72,012 |
Current period other comprehensive income, net | -40,615 | 40,418 | 13,711 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -58,498 | -17,883 | -58,301 |
Parent Company [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 7,765 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -17,404 | ||
Current period other comprehensive income, net | -40,615 | 40,418 | 13,711 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -57,748 | -17,404 | |
Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Current period other comprehensive income, net | -40,344 | 40,311 | 13,714 |
Noncontrolling Interest [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -444 | 106 | -34 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 173 | 1 | 31 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -479 | -586 | -583 |
Current period other comprehensive income, net | -271 | 107 | -3 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -750 | -479 | -586 |
Noncontrolling Interest [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 13 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -13 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | 0 | 0 | 0 |
Current period other comprehensive income, net | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | 0 | 0 | 0 |
Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -431 | 106 | -34 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 160 | 1 | 31 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -479 | -586 | -583 |
Current period other comprehensive income, net | -271 | 107 | -3 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -750 | -479 | -586 |
Controlling [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -49,524 | 30,879 | 4,254 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 9,180 | 9,432 | 9,460 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -17,404 | -57,715 | -71,429 |
Current period other comprehensive income, net | -40,344 | 40,311 | 13,714 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | -57,748 | -17,404 | -57,715 |
Controlling [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 7,752 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -7,752 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | 0 | 0 | 0 |
Current period other comprehensive income, net | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | 0 | 0 | 0 |
Controlling [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -41,772 | 30,879 | 4,254 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,428 | 9,432 | 9,460 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | -17,404 | -57,715 | -71,429 |
Current period other comprehensive income, net | -40,344 | 40,311 | 13,714 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period | ($57,748) | ($17,404) | ($57,715) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Current Fiscal Year End Date | -19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 |
Less: Amount capitalized | ($2,707,000) | ($2,188,000) | ($1,979,000) |
Number of shares authorized | 4,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock Options, Outstanding, Beginning Balance | 295,924 | ||
Stock Options, Exercised | 287,183 | ||
Stock Options, Forfeited | 0 | ||
Stock Options, Expired | 0 | ||
Stock Options, Outstanding, Ending Balance | 8,741 | 295,924 | |
Stock Options, Vested and Expected to Vest | 8,741 | ||
Stock Options, Exercisable | 8,741 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Stock Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $52.46 | ||
Stock Options, Exercised, Weighted Average Exercise Price | $51.36 | ||
Stock Options, Forfeited, Weighted Average Exercise Price | $0 | ||
Stock Options, Expired, Weighted Average Exercise Price | $0 | ||
Stock Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $88.45 | $52.46 | |
Stock Options, Vested and Expected to Vest, Weighted Average Exercise Price | $88.45 | ||
Stock Options, Exercisable, Weighted Average Exercise Price | $88.45 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Stock Options, Outstanding, Weighted Average Remaining Contractual Term in Years, Beginning Balance | 2 years 1 month 6 days | 1 year 1 month 6 days | |
Stock Options, Outstanding, Weighted Average Remaining Contractual Term in Years, Ending Balance | 2 years 1 month 6 days | 1 year 1 month 6 days | |
Stock Options, Vested and Expected to Vest, Weighted Average Remaining Contractual Term in Years | 2 years 1 month 6 days | ||
Stock Options, Exercisable, Weighted Average Remaining Contractual Term in Years | 2 years 1 month 6 days | ||
Stock Options, Outstanding, Aggregate Intrinsic Value, Beginning Balance | -1,822,000 | ||
Stock Options, Outstanding, Aggregate Intrinsic Value, Ending Balance | -216,000 | -1,822,000 | |
Stock Options, Vested and Expected to Vest, Aggregate Intrinsic Value | -216,000 | ||
Stock Options, Exercisable, Aggregate Intrinsic Value | -216,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 1,300,000 | 141,000 | 92,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Number of shares available for grant | 2,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.60% | 27.80% | 48.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.64% | 0.42% | 0.32% |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 12,161,000 | 14,141,000 | 11,526,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Stock Options, Vested and Expected to Vest, Aggregate Intrinsic Value | 12,400,000 | 11,500,000 | 6,600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Stock, Non-Vested, Shares Outstanding, Beginning Balance | 685,697 | ||
Restricted Stock, Shares Vested and Distributed | 255,962 | ||
Restricted Stock, Shares Forfeited | 12,310 | ||
Restricted Stock, Non-Vested, Shares Outstanding, Ending Balance | 676,366 | 685,697 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Restricted Stock, Non-Vested, Intrinsic Value | 43,139,000 | ||
Restricted Stock, Shares Vested and Distributed, Weighted Average Grant Price | $48.38 | ||
Restricted Stock, Shares Forfeited, Weighted Average Grant Price | $46.50 | ||
Restricted Stock, Shares Granted, Total Weighted Average Grant Price | $48.18 | $52.80 | $39.44 |
Time Based Awards Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Stock, Shares Granted | 143,055 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Restricted Stock, Shares Granted, Weighted Average Grant Price | $47.62 | ||
Performance Based Awards Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Stock, Shares Granted | 12,828 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Restricted Stock, Shares Granted, Weighted Average Grant Price | $46.77 | ||
Market Based Awards Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Restricted Stock, Shares Granted | 103,058 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Restricted Stock, Shares Granted, Weighted Average Grant Price | $49.14 | ||
Award vesting period | 3 years | ||
Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Stock-Based Compensation | 9,662,000 | 12,191,000 | 9,806,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Restricted Stock, Non-Vested, Unrecognized Compensation Cost | 11,500,000 | ||
Awards granted, lives | 10 years | ||
Period for recognition for compensation costs | 3 years | ||
Partnership Interest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Stock-Based Compensation | 9,662,000 | 12,191,000 | 9,806,000 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $208,000 | $238,000 | $259,000 |
Minimum [Member] | Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Award vesting period | 1 year | ||
Maximum [Member] | Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Award vesting period | 5 years |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation Phantom (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 |
Saving_and_Retirement_Plans_40
Saving and Retirement Plans - 401(K) Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount | $5,000 | ||
Current Fiscal Year End Date | -19 | ||
Profit Sharing Contribution, Vesting Period | 3 years | ||
Profit Sharing Contributions, Cost Recognized | 1,300,000 | 1,200,000 | 1,100,000 |
Defined Contribution Plan, Cost Recognized | $1,500,000 | $1,500,000 | $1,400,000 |
Saving_and_Retirement_Plans_No
Saving and Retirement Plans - Non-Qualified Deferred Compensation Plan (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Deferred Compensation Liability, Current and Noncurrent | $27.60 | $26.10 |
Earnings_per_Share_and_Unit_De
Earnings per Share and Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Document Fiscal Year Focus | 2014 | ||||||||||
Current Fiscal Year End Date | -19 | ||||||||||
Weighted Average Limited Partnership Units Outstanding, Basic | 157,950 | 171,886 | 177,164 | ||||||||
Numerator [Abstract] | |||||||||||
Net income (loss) attributable to common stockholders | $73,515 | $47,942 | $25,482 | $19,389 | $46,326 | $34,998 | $31,864 | $15,554 | |||
Income (loss) per common share - basic (note 15): | |||||||||||
Net income attributable to common stockholders (in dollars per share) | $0.79 | $0.52 | $0.28 | $0.21 | $0.50 | $0.38 | $0.35 | $0.17 | |||
Income (loss) per common share - diluted (note 15): | |||||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $0.79 | $0.52 | $0.28 | $0.21 | $0.50 | $0.38 | $0.35 | $0.17 | |||
Parent Company [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 121 | -43 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 65,164 | -21,685 | ||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 1,457 | 1,360 | 385 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 187,390 | 84,640 | 47,552 | ||||||||
Less: preferred stock dividends | 21,062 | 21,062 | 32,531 | ||||||||
Net income attributable to noncontrolling interests | 1,457 | 1,481 | 342 | ||||||||
Net income (loss) attributable to common stockholders | 165,875 | 128,294 | -7,236 | ||||||||
Less: dividends paid on unvested restricted stock | 453 | 448 | 572 | ||||||||
Add: dividends paid on Treasury Method restricted stock | 63 | 45 | 71 | ||||||||
Net (loss) income for common stockholders - diluted | 165,938 | 128,339 | -7,165 | ||||||||
Denominator [Abstract] | |||||||||||
Weighted average common shares/units outstanding for basic EPS/EPU | 92,370,000 | 91,383,000 | 89,630,000 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 2,000 | 0 | ||||||||
Incremental shares to be issued under unvested restricted stock | 34,000 | 24,000 | 39,000 | ||||||||
Weighted average common shares/units outstanding for diluted EPS/EPU | 92,404,000 | 91,409,000 | 89,669,000 | ||||||||
Income (loss) per common share - basic (note 15): | |||||||||||
Continuing operations (in dollars per share) | 1.8 | 0.69 | 0.16 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.71 | -0.24 | ||||||||
Net income attributable to common stockholders (in dollars per share) | 1.8 | 1.4 | -0.08 | ||||||||
Income (loss) per common share - diluted (note 15): | |||||||||||
Continuing operations (in dollars per share) | 1.8 | 0.69 | 0.16 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.71 | -0.24 | ||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | 1.8 | 1.4 | -0.08 | ||||||||
Earnings Per Common Unit - Diluted [Abstract] | |||||||||||
Income from continuing operations | 133,770 | 84,297 | 45,779 | ||||||||
Partnership Interest [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 121 | -43 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 65,164 | -21,685 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 187,709 | 84,916 | 47,029 | ||||||||
Less: preferred unit distributions | 21,062 | 21,062 | 31,902 | ||||||||
Net income attributable to noncontrolling interests | 1,138 | 1,205 | 865 | ||||||||
Net income (loss) attributable to common stockholders | 166,194 | 128,570 | -7,130 | ||||||||
Net (loss) income attributable to common unit holders | 166,647 | 129,018 | -6,558 | ||||||||
Less: dividends paid on unvested restricted stock | 453 | 448 | 572 | ||||||||
Add: dividends paid on Treasury Method restricted stock | 63 | 45 | 71 | ||||||||
Net (loss) income for common stockholders - diluted | 166,257 | 128,615 | -7,059 | ||||||||
Denominator [Abstract] | |||||||||||
Weighted average common shares/units outstanding for basic EPS/EPU | 92,528,000 | 91,555,000 | 89,808,000 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 2,000 | 0 | ||||||||
Incremental shares to be issued under unvested restricted stock | 34,000 | 24,000 | 39,000 | ||||||||
Weighted average common shares/units outstanding for diluted EPS/EPU | 92,562,000 | 91,581,000 | 89,847,000 | ||||||||
Earnings Per Common Unit, Basic [Abstract] | |||||||||||
Continuing operations (in dollars per share) | 1.8 | 0.69 | 0.16 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.71 | -0.24 | ||||||||
Net income attributable to common unit holders (in dollars per share) | 1.8 | 1.4 | -0.08 | ||||||||
Earnings Per Common Unit - Diluted [Abstract] | |||||||||||
Continuing operations (in dollars per share) | 1.8 | 0.69 | 0.16 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.71 | -0.24 | ||||||||
Net Income (Loss), Net of Tax, Per Outstanding Limited Partnership Unit, Diluted | 1.8 | 1.4 | -0.08 | ||||||||
Income from continuing operations | 133,770 | 84,297 | 45,779 | ||||||||
Continuing operations | Parent Company [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Net income (loss) attributable to common stockholders | 165,875 | 63,130 | 14,449 | ||||||||
Net (loss) income for common stockholders - diluted | 165,938 | 63,175 | 14,520 | ||||||||
Continuing operations | Partnership Interest [Member] | |||||||||||
Numerator [Abstract] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 1,138 | 1,084 | 908 | ||||||||
Net income (loss) attributable to common stockholders | 166,194 | 63,406 | 14,555 | ||||||||
Net (loss) income for common stockholders - diluted | 166,257 | 63,451 | 14,626 |
Earnings_per_Share_and_Unit_EP
Earnings per Share and Unit EPS and Unit Phantom (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||
Limited Partners' Capital Account, Units Outstanding | 154,170 | 165,796 |
Operating_Leases_Lessor_Detail
Operating Leases - Lessor (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
employees | |
Operating Leased Assets [Line Items] | |
Current Fiscal Year End Date | -19 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $384,955 |
2016 | 354,968 |
2017 | 310,255 |
2018 | 262,123 |
2019 | 217,686 |
Thereafter | 1,077,629 |
Total | $2,607,616 |
Customer Concentration Risk - Number | 0 |
Concentration Risk, Percentage | 5.00% |
Under 5,000 sqft [Member] | |
Operating Leased Assets [Line Items] | |
Operating leases, tenant space terms | 5,000 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Operating leases, lease year range | 3 years |
Operating leases, lease year range for tenant space greater than 10,000 sq ft | 5 years |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating leases, lease year range | 5 years |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Concentration Risk, Percentage | 5.00% |
Leases greater then 10,000sqft [Member] | |
Operating Leased Assets [Line Items] | |
Operating leases, tenant space terms | 10,000 |
Operating_Leases_Lessee_Detail
Operating Leases - Lessee (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases [Abstract] | |||
Deferred Compensation Liability, Current and Noncurrent | $27,600,000 | $26,100,000 | |
Operating leases expenses | 8,900,000 | 8,500,000 | 9,100,000 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2015 | 8,234 | ||
2016 | 7,793 | ||
2017 | 6,074 | ||
2018 | 5,006 | ||
2019 | 4,754 | ||
Thereafter | 194,992 | ||
Total | $226,853 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $5,900,000 | $19,300,000 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $80,000,000 |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial Data (Details) (USD $) | 3 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Revenues included in Discontinued Operations | $133,280 | $126,005 | $120,317 | $122,307 | $120,378 | |||
Net income (loss) attributable to common stockholders | 73,515 | 47,942 | 25,482 | 19,389 | 46,326 | 34,998 | 31,864 | 15,554 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable | 134 | 90 | 53 | 42 | 94 | 73 | 70 | 39 |
Net Income (Loss) Attributable to Common Unit Holders | 73,649 | 48,032 | 25,535 | 19,431 | 46,420 | 35,071 | 31,934 | 15,593 |
Earnings Per Share, Basic | $0.79 | $0.52 | $0.28 | $0.21 | $0.50 | $0.38 | $0.35 | $0.17 |
Earnings Per Share, Diluted | $0.79 | $0.52 | $0.28 | $0.21 | $0.50 | $0.38 | $0.35 | $0.17 |
Scenario, Previously Reported [Member] | ||||||||
Revenues included in Discontinued Operations | 136,167 | 133,559 | 134,892 | 126,005 | 122,110 | 125,842 | 126,088 | |
Restatement Adjustment [Member] | ||||||||
Revenues included in Discontinued Operations | $0 | ($1,793) | ($3,535) | ($5,710) |
AvailableforSale_Securities_De
Available-for-Sale Securities (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |
Current Fiscal Year End Date | -19 |
available-for-sale securities, cost basis | $14.30 |
Proceeds from Sale of Available-for-sale Securities | 22.1 |
Partnership Interest [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, pursuit costs | $1.80 |
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Initial Cost | |||
Land | $1,370,286,000 | ||
Building & Improvements | 2,572,774,000 | ||
Costs Capitalized Subsequent to Acquisition | 463,537,000 | ||
Total Cost | |||
Land | 1,404,454,000 | ||
Building & Improvements | 3,005,432,000 | ||
Total | 4,409,886,000 | 4,026,531,000 | 3,909,912,000 |
Accumulated Depreciation | 933,708,000 | 844,873,000 | 782,749,000 |
Total Cost, Net of Accumulated Depreciation | 3,476,178,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 541,605,000 | ||
Aggregate cost for Federal income tax purposes | 4,600,000,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 4,409,886,000 | 4,026,531,000 | 3,909,912,000 |
Acquired properties | 274,091,000 | 143,992,000 | 220,340,000 |
Developments and improvements | 191,250,000 | 180,374,000 | 141,807,000 |
Sale of properties | -81,811,000 | -200,393,000 | -491,438,000 |
SEC Schedule III, Real Estate, Write-down or Reserve, Amount | 175,000 | 7,354,000 | 62,709,000 |
Ending balance | 4,026,531,000 | 3,909,912,000 | 4,101,912,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning balance | 844,873,000 | 782,749,000 | 791,619,000 |
Depreciation expense | 108,692,000 | 99,883,000 | 104,087,000 |
Sale of properties | -19,857,000 | -36,405,000 | -104,748,000 |
Provision for impairment | 0 | -1,354,000 | -8,209,000 |
Ending balance | 933,708,000 | 844,873,000 | 782,749,000 |
4S Commons Town Center [Member] | |||
Initial Cost | |||
Land | 30,760,000 | ||
Building & Improvements | 35,830,000 | ||
Costs Capitalized Subsequent to Acquisition | 560,000 | ||
Total Cost | |||
Land | 30,812,000 | ||
Building & Improvements | 36,338,000 | ||
Total | 67,150,000 | ||
Accumulated Depreciation | 16,340,000 | ||
Total Cost, Net of Accumulated Depreciation | 50,810,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 62,500,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 67,150,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,340,000 | ||
Airport Crossing [Member] | |||
Initial Cost | |||
Land | 1,748,000 | ||
Building & Improvements | 1,690,000 | ||
Costs Capitalized Subsequent to Acquisition | 88,000 | ||
Total Cost | |||
Land | 1,744,000 | ||
Building & Improvements | 1,782,000 | ||
Total | 3,526,000 | ||
Accumulated Depreciation | 746,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,780,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 3,526,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 746,000 | ||
Amerige Heights Town Center [Member] | |||
Initial Cost | |||
Land | 10,109,000 | ||
Building & Improvements | 11,288,000 | ||
Costs Capitalized Subsequent to Acquisition | 358,000 | ||
Total Cost | |||
Land | 10,109,000 | ||
Building & Improvements | 11,647,000 | ||
Total | 21,756,000 | ||
Accumulated Depreciation | 2,840,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,916,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,580,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 21,756,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,840,000 | ||
Anastasia Plaza [Member] | |||
Initial Cost | |||
Land | 9,065,000 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 412,000 | ||
Total Cost | |||
Land | 3,338,000 | ||
Building & Improvements | 6,139,000 | ||
Total | 9,477,000 | ||
Accumulated Depreciation | 1,326,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,151,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,477,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,326,000 | ||
Ashburn Farm Market Center [Member] | |||
Initial Cost | |||
Land | 9,835,000 | ||
Building & Improvements | 4,812,000 | ||
Costs Capitalized Subsequent to Acquisition | 130,000 | ||
Total Cost | |||
Land | 9,835,000 | ||
Building & Improvements | 4,942,000 | ||
Total | 14,777,000 | ||
Accumulated Depreciation | 3,521,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,256,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,777,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,521,000 | ||
Ashford Perimeter [Member] | |||
Initial Cost | |||
Land | 2,584,000 | ||
Building & Improvements | 9,865,000 | ||
Costs Capitalized Subsequent to Acquisition | 631,000 | ||
Total Cost | |||
Land | 2,584,000 | ||
Building & Improvements | 10,496,000 | ||
Total | 13,080,000 | ||
Accumulated Depreciation | 6,020,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,060,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,080,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,020,000 | ||
Aventura Shopping Center [Member] | |||
Initial Cost | |||
Land | 2,751,000 | ||
Building & Improvements | 10,459,000 | ||
Costs Capitalized Subsequent to Acquisition | 17,000 | ||
Total Cost | |||
Land | 2,751,000 | ||
Building & Improvements | 10,476,000 | ||
Total | 13,227,000 | ||
Accumulated Depreciation | 10,298,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,929,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,227,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,298,000 | ||
Augusta Center [Member] | |||
Initial Cost | |||
Land | 5,142,000 | ||
Building & Improvements | 2,720,000 | ||
Costs Capitalized Subsequent to Acquisition | -5,635,000 | ||
Total Cost | |||
Land | 1,366,000 | ||
Building & Improvements | 861,000 | ||
Total | 2,227,000 | ||
Accumulated Depreciation | 334,000 | ||
Total Cost, Net of Accumulated Depreciation | 1,893,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 2,227,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 334,000 | ||
Balboa Mesa Shopping Center [Member] | |||
Initial Cost | |||
Land | 23,074,000 | ||
Building & Improvements | 33,838,000 | ||
Costs Capitalized Subsequent to Acquisition | 13,215,000 | ||
Total Cost | |||
Land | 27,715,000 | ||
Building & Improvements | 42,869,000 | ||
Total | 70,584,000 | ||
Accumulated Depreciation | 3,378,000 | ||
Total Cost, Net of Accumulated Depreciation | 67,206,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 70,584,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,378,000 | ||
Belleview Square [Member] | |||
Initial Cost | |||
Land | 8,132,000 | ||
Building & Improvements | 9,756,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,324,000 | ||
Total Cost | |||
Land | 8,323,000 | ||
Building & Improvements | 11,889,000 | ||
Total | 20,212,000 | ||
Accumulated Depreciation | 5,506,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,706,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,212,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,506,000 | ||
Berkshire Commons [Member] | |||
Initial Cost | |||
Land | 2,295,000 | ||
Building & Improvements | 9,551,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,867,000 | ||
Total Cost | |||
Land | 2,965,000 | ||
Building & Improvements | 10,749,000 | ||
Total | 13,714,000 | ||
Accumulated Depreciation | 6,397,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,317,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,500,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,714,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,397,000 | ||
Blackrock [Member] [Domain] | |||
Initial Cost | |||
Land | 22,251,000 | ||
Building & Improvements | 20,815,000 | ||
Costs Capitalized Subsequent to Acquisition | -103,000 | ||
Total Cost | |||
Land | 22,251,000 | ||
Building & Improvements | 20,711,000 | ||
Total | 42,962,000 | ||
Accumulated Depreciation | 882,000 | ||
Total Cost, Net of Accumulated Depreciation | 42,080,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,124,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 42,962,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 882,000 | ||
Bloomingdale Square [Member] | |||
Initial Cost | |||
Land | 3,940,000 | ||
Building & Improvements | 14,912,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,053,000 | ||
Total Cost | |||
Land | 3,940,000 | ||
Building & Improvements | 16,965,000 | ||
Total | 20,905,000 | ||
Accumulated Depreciation | 7,377,000 | ||
Total Cost, Net of Accumulated Depreciation | 13,528,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,905,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,377,000 | ||
Boulevard Center [Member] | |||
Initial Cost | |||
Land | 3,659,000 | ||
Building & Improvements | 10,787,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,125,000 | ||
Total Cost | |||
Land | 3,659,000 | ||
Building & Improvements | 11,912,000 | ||
Total | 15,571,000 | ||
Accumulated Depreciation | 5,475,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,096,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,571,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,475,000 | ||
Boynton Lakes Plaza [Member] | |||
Initial Cost | |||
Land | 2,628,000 | ||
Building & Improvements | 11,236,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,452,000 | ||
Total Cost | |||
Land | 3,606,000 | ||
Building & Improvements | 14,710,000 | ||
Total | 18,316,000 | ||
Accumulated Depreciation | 5,144,000 | ||
Total Cost, Net of Accumulated Depreciation | 13,172,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 18,316,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,144,000 | ||
Brentwood Plaza [Member] | |||
Initial Cost | |||
Land | 2,788,000 | ||
Building & Improvements | 3,473,000 | ||
Costs Capitalized Subsequent to Acquisition | 238,000 | ||
Total Cost | |||
Land | 2,788,000 | ||
Building & Improvements | 3,711,000 | ||
Total | 6,499,000 | ||
Accumulated Depreciation | 637,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,862,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,499,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 637,000 | ||
Briarcliff La Vista [Member] | |||
Initial Cost | |||
Land | 694,000 | ||
Building & Improvements | 3,292,000 | ||
Costs Capitalized Subsequent to Acquisition | 297,000 | ||
Total Cost | |||
Land | 694,000 | ||
Building & Improvements | 3,589,000 | ||
Total | 4,283,000 | ||
Accumulated Depreciation | 2,305,000 | ||
Total Cost, Net of Accumulated Depreciation | 1,978,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 4,283,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,305,000 | ||
Briarcliff Village [Member] | |||
Initial Cost | |||
Land | 4,597,000 | ||
Building & Improvements | 24,836,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,190,000 | ||
Total Cost | |||
Land | 4,597,000 | ||
Building & Improvements | 26,026,000 | ||
Total | 30,623,000 | ||
Accumulated Depreciation | 14,935,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,688,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 30,623,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 14,935,000 | ||
Brickwalk [Member] | |||
Initial Cost | |||
Land | 25,299,000 | ||
Building & Improvements | 41,995,000 | ||
Costs Capitalized Subsequent to Acquisition | 237,000 | ||
Total Cost | |||
Land | 25,299,000 | ||
Building & Improvements | 42,232,000 | ||
Total | 67,531,000 | ||
Accumulated Depreciation | 1,240,000 | ||
Total Cost, Net of Accumulated Depreciation | 66,291,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 31,823,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 67,531,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,240,000 | ||
Bridgeton [Member] | |||
Initial Cost | |||
Land | 3,033,000 | ||
Building & Improvements | 8,137,000 | ||
Costs Capitalized Subsequent to Acquisition | 107,000 | ||
Total Cost | |||
Land | 3,067,000 | ||
Building & Improvements | 8,210,000 | ||
Total | 11,277,000 | ||
Accumulated Depreciation | 1,196,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,081,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,277,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,196,000 | ||
Brighten Park [Member] | |||
Initial Cost | |||
Land | 3,983,000 | ||
Building & Improvements | 18,687,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,275,000 | ||
Total Cost | |||
Land | 3,926,000 | ||
Building & Improvements | 20,019,000 | ||
Total | 23,945,000 | ||
Accumulated Depreciation | 10,368,000 | ||
Total Cost, Net of Accumulated Depreciation | 13,577,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 23,945,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,368,000 | ||
Buckhead Court [Member] | |||
Initial Cost | |||
Land | 1,417,000 | ||
Building & Improvements | 7,432,000 | ||
Costs Capitalized Subsequent to Acquisition | 500,000 | ||
Total Cost | |||
Land | 1,417,000 | ||
Building & Improvements | 7,932,000 | ||
Total | 9,349,000 | ||
Accumulated Depreciation | 4,960,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,389,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,349,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,960,000 | ||
Buckley Square [Member] | |||
Initial Cost | |||
Land | 2,970,000 | ||
Building & Improvements | 5,978,000 | ||
Costs Capitalized Subsequent to Acquisition | 749,000 | ||
Total Cost | |||
Land | 2,970,000 | ||
Building & Improvements | 6,727,000 | ||
Total | 9,697,000 | ||
Accumulated Depreciation | 3,295,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,402,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,697,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,295,000 | ||
Buckwalter Place Shopping Ctr [Member] | |||
Initial Cost | |||
Land | 6,563,000 | ||
Building & Improvements | 6,590,000 | ||
Costs Capitalized Subsequent to Acquisition | 264,000 | ||
Total Cost | |||
Land | 6,592,000 | ||
Building & Improvements | 6,825,000 | ||
Total | 13,417,000 | ||
Accumulated Depreciation | 2,620,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,797,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,417,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,620,000 | ||
Caligo Crossing [Member] | |||
Initial Cost | |||
Land | 2,459,000 | ||
Building & Improvements | 4,897,000 | ||
Costs Capitalized Subsequent to Acquisition | 124,000 | ||
Total Cost | |||
Land | 2,546,000 | ||
Building & Improvements | 4,934,000 | ||
Total | 7,480,000 | ||
Accumulated Depreciation | 1,775,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,705,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 7,480,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,775,000 | ||
Cambridge Square [Member] | |||
Initial Cost | |||
Land | 774,000 | ||
Building & Improvements | 4,347,000 | ||
Costs Capitalized Subsequent to Acquisition | 687,000 | ||
Total Cost | |||
Land | 774,000 | ||
Building & Improvements | 5,034,000 | ||
Total | 5,808,000 | ||
Accumulated Depreciation | 2,578,000 | ||
Total Cost, Net of Accumulated Depreciation | 3,230,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 5,808,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,578,000 | ||
Carmel commons [Member] | |||
Initial Cost | |||
Land | 2,466,000 | ||
Building & Improvements | 12,548,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,412,000 | ||
Total Cost | |||
Land | 3,422,000 | ||
Building & Improvements | 16,004,000 | ||
Total | 19,426,000 | ||
Accumulated Depreciation | 6,896,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,530,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,426,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,896,000 | ||
Carriage Gate [Member] | |||
Initial Cost | |||
Land | 833,000 | ||
Building & Improvements | 4,974,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,424,000 | ||
Total Cost | |||
Land | 1,302,000 | ||
Building & Improvements | 6,928,000 | ||
Total | 8,230,000 | ||
Accumulated Depreciation | 4,297,000 | ||
Total Cost, Net of Accumulated Depreciation | 3,933,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 8,230,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,297,000 | ||
Centerplace of Greeley III [Member] | |||
Initial Cost | |||
Land | 6,661,000 | ||
Building & Improvements | 11,502,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,423,000 | ||
Total Cost | |||
Land | 5,690,000 | ||
Building & Improvements | 13,896,000 | ||
Total | 19,586,000 | ||
Accumulated Depreciation | 3,550,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,036,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,586,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,550,000 | ||
Chasewood Plaza [Member] | |||
Initial Cost | |||
Land | 4,612,000 | ||
Building & Improvements | 20,829,000 | ||
Costs Capitalized Subsequent to Acquisition | -400,000 | ||
Total Cost | |||
Land | 4,688,000 | ||
Building & Improvements | 20,353,000 | ||
Total | 25,041,000 | ||
Accumulated Depreciation | 12,296,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,745,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,041,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,296,000 | ||
Cherry Grove [Member] | |||
Initial Cost | |||
Land | 3,533,000 | ||
Building & Improvements | 15,862,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,949,000 | ||
Total Cost | |||
Land | 3,533,000 | ||
Building & Improvements | 17,810,000 | ||
Total | 21,343,000 | ||
Accumulated Depreciation | 7,625,000 | ||
Total Cost, Net of Accumulated Depreciation | 13,718,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 21,343,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,625,000 | ||
Clayton Valley Shopping Center [Member] | |||
Initial Cost | |||
Land | 24,189,000 | ||
Building & Improvements | 35,422,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,187,000 | ||
Total Cost | |||
Land | 24,538,000 | ||
Building & Improvements | 37,260,000 | ||
Total | 61,798,000 | ||
Accumulated Depreciation | 16,662,000 | ||
Total Cost, Net of Accumulated Depreciation | 45,136,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 61,798,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 16,662,000 | ||
Clybourn Commons [Member] | |||
Initial Cost | |||
Land | 15,056,000 | ||
Building & Improvements | 5,594,000 | ||
Costs Capitalized Subsequent to Acquisition | 40,000 | ||
Total Cost | |||
Land | 15,056,000 | ||
Building & Improvements | 5,634,000 | ||
Total | 20,690,000 | ||
Accumulated Depreciation | 161,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,529,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,690,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 161,000 | ||
Cochran's Crossing [Member] | |||
Initial Cost | |||
Land | 13,154,000 | ||
Building & Improvements | 12,315,000 | ||
Costs Capitalized Subsequent to Acquisition | 739,000 | ||
Total Cost | |||
Land | 13,154,000 | ||
Building & Improvements | 13,054,000 | ||
Total | 26,208,000 | ||
Accumulated Depreciation | 7,540,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,668,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 26,208,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,540,000 | ||
Corkscrew Village [Member] | |||
Initial Cost | |||
Land | 8,407,000 | ||
Building & Improvements | 8,004,000 | ||
Costs Capitalized Subsequent to Acquisition | 118,000 | ||
Total Cost | |||
Land | 8,407,000 | ||
Building & Improvements | 8,122,000 | ||
Total | 16,529,000 | ||
Accumulated Depreciation | 2,401,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,128,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,923,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,529,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,401,000 | ||
Cornerstone Square [Member] | |||
Initial Cost | |||
Land | 1,772,000 | ||
Building & Improvements | 6,944,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,054,000 | ||
Total Cost | |||
Land | 1,772,000 | ||
Building & Improvements | 7,998,000 | ||
Total | 9,770,000 | ||
Accumulated Depreciation | 4,250,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,520,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,770,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,250,000 | ||
Corvallis Market Center [Member] | |||
Initial Cost | |||
Land | 6,674,000 | ||
Building & Improvements | 12,244,000 | ||
Costs Capitalized Subsequent to Acquisition | 357,000 | ||
Total Cost | |||
Land | 6,696,000 | ||
Building & Improvements | 12,580,000 | ||
Total | 19,276,000 | ||
Accumulated Depreciation | 3,566,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,710,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,276,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,566,000 | ||
Costa Verde Center [Member] | |||
Initial Cost | |||
Land | 12,740,000 | ||
Building & Improvements | 26,868,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,236,000 | ||
Total Cost | |||
Land | 12,798,000 | ||
Building & Improvements | 28,046,000 | ||
Total | 40,844,000 | ||
Accumulated Depreciation | 13,044,000 | ||
Total Cost, Net of Accumulated Depreciation | 27,800,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 40,844,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,044,000 | ||
Courtyard Landcom [Member] | |||
Initial Cost | |||
Land | 5,867,000 | ||
Building & Improvements | 4,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,000 | ||
Total Cost | |||
Land | 5,867,000 | ||
Building & Improvements | 7,000 | ||
Total | 5,874,000 | ||
Accumulated Depreciation | 1,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,873,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 5,874,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,000 | ||
Culpeper Colonnade [Member] | |||
Initial Cost | |||
Land | 15,944,000 | ||
Building & Improvements | 10,601,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,772,000 | ||
Total Cost | |||
Land | 16,258,000 | ||
Building & Improvements | 15,184,000 | ||
Total | 31,442,000 | ||
Accumulated Depreciation | 5,853,000 | ||
Total Cost, Net of Accumulated Depreciation | 25,589,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 31,442,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,853,000 | ||
Dardenne Crossing [Member] | |||
Initial Cost | |||
Land | 4,194,000 | ||
Building & Improvements | 4,005,000 | ||
Costs Capitalized Subsequent to Acquisition | 482,000 | ||
Total Cost | |||
Land | 4,583,000 | ||
Building & Improvements | 4,098,000 | ||
Total | 8,681,000 | ||
Accumulated Depreciation | 840,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,841,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 8,681,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 840,000 | ||
Delk Spectrum [Member] | |||
Initial Cost | |||
Land | 2,985,000 | ||
Building & Improvements | 12,001,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,327,000 | ||
Total Cost | |||
Land | 3,000,000 | ||
Building & Improvements | 13,313,000 | ||
Total | 16,313,000 | ||
Accumulated Depreciation | 5,867,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,446,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,313,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,867,000 | ||
Diablo Plaza [Member] | |||
Initial Cost | |||
Land | 5,300,000 | ||
Building & Improvements | 8,181,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,079,000 | ||
Total Cost | |||
Land | 5,300,000 | ||
Building & Improvements | 9,260,000 | ||
Total | 14,560,000 | ||
Accumulated Depreciation | 3,922,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,638,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,560,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,922,000 | ||
Dunwoody Village [Member] | |||
Initial Cost | |||
Land | 3,342,000 | ||
Building & Improvements | 15,934,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,232,000 | ||
Total Cost | |||
Land | 3,342,000 | ||
Building & Improvements | 19,166,000 | ||
Total | 22,508,000 | ||
Accumulated Depreciation | 10,600,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,908,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 22,508,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,600,000 | ||
East Pointe [Member] | |||
Initial Cost | |||
Land | 1,730,000 | ||
Building & Improvements | 7,189,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,726,000 | ||
Total Cost | |||
Land | 1,771,000 | ||
Building & Improvements | 8,874,000 | ||
Total | 10,645,000 | ||
Accumulated Depreciation | 3,917,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,728,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,645,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,917,000 | ||
East Washington Place [Member] | |||
Initial Cost | |||
Land | 15,993,000 | ||
Building & Improvements | 40,151,000 | ||
Costs Capitalized Subsequent to Acquisition | 677,000 | ||
Total Cost | |||
Land | 15,509,000 | ||
Building & Improvements | 41,311,000 | ||
Total | 56,820,000 | ||
Accumulated Depreciation | 2,987,000 | ||
Total Cost, Net of Accumulated Depreciation | 53,833,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 56,820,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,987,000 | ||
El Camino Shopping Center [Member] | |||
Initial Cost | |||
Land | 7,600,000 | ||
Building & Improvements | 11,538,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,258,000 | ||
Total Cost | |||
Land | 7,600,000 | ||
Building & Improvements | 12,796,000 | ||
Total | 20,396,000 | ||
Accumulated Depreciation | 4,983,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,413,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,396,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,983,000 | ||
El Cerrito Plaza [Member] | |||
Initial Cost | |||
Land | 11,025,000 | ||
Building & Improvements | 27,371,000 | ||
Costs Capitalized Subsequent to Acquisition | 679,000 | ||
Total Cost | |||
Land | 11,025,000 | ||
Building & Improvements | 28,050,000 | ||
Total | 39,075,000 | ||
Accumulated Depreciation | 6,192,000 | ||
Total Cost, Net of Accumulated Depreciation | 32,883,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 38,694,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 39,075,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,192,000 | ||
El Norte Parkway Plaza [Member] | |||
Initial Cost | |||
Land | 2,834,000 | ||
Building & Improvements | 7,370,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,243,000 | ||
Total Cost | |||
Land | 3,263,000 | ||
Building & Improvements | 10,185,000 | ||
Total | 13,448,000 | ||
Accumulated Depreciation | 3,693,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,755,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,448,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,693,000 | ||
Encina Grande [Member] | |||
Initial Cost | |||
Land | 5,040,000 | ||
Building & Improvements | 11,572,000 | ||
Costs Capitalized Subsequent to Acquisition | -25,000 | ||
Total Cost | |||
Land | 5,040,000 | ||
Building & Improvements | 11,547,000 | ||
Total | 16,587,000 | ||
Accumulated Depreciation | 6,343,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,244,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,587,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,343,000 | ||
Fairfax Shopping Center [Member] | |||
Initial Cost | |||
Land | 15,239,000 | ||
Building & Improvements | 11,367,000 | ||
Costs Capitalized Subsequent to Acquisition | -5,548,000 | ||
Total Cost | |||
Land | 13,175,000 | ||
Building & Improvements | 7,882,000 | ||
Total | 21,057,000 | ||
Accumulated Depreciation | 1,766,000 | ||
Total Cost, Net of Accumulated Depreciation | 19,291,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 21,057,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,766,000 | ||
Fairfield [Member] | |||
Initial Cost | |||
Land | 6,731,000 | ||
Building & Improvements | 29,420,000 | ||
Costs Capitalized Subsequent to Acquisition | 128,000 | ||
Total Cost | |||
Land | 6,731,000 | ||
Building & Improvements | 29,548,000 | ||
Total | 36,279,000 | ||
Accumulated Depreciation | 809,000 | ||
Total Cost, Net of Accumulated Depreciation | 35,470,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,250,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 36,279,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 809,000 | ||
Falcon [Member] | |||
Initial Cost | |||
Land | 1,340,000 | ||
Building & Improvements | 4,168,000 | ||
Costs Capitalized Subsequent to Acquisition | 157,000 | ||
Total Cost | |||
Land | 1,350,000 | ||
Building & Improvements | 4,315,000 | ||
Total | 5,665,000 | ||
Accumulated Depreciation | 1,401,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,264,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 5,665,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,401,000 | ||
Fellsway Plaza [Member] | |||
Initial Cost | |||
Land | 30,712,000 | ||
Building & Improvements | 7,327,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,347,000 | ||
Total Cost | |||
Land | 32,736,000 | ||
Building & Improvements | 7,650,000 | ||
Total | 40,386,000 | ||
Accumulated Depreciation | 861,000 | ||
Total Cost, Net of Accumulated Depreciation | 39,525,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,839,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 40,386,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 861,000 | ||
Fenton Marketplace [Member] | |||
Initial Cost | |||
Land | 2,298,000 | ||
Building & Improvements | 8,510,000 | ||
Costs Capitalized Subsequent to Acquisition | -8,326,000 | ||
Total Cost | |||
Land | 512,000 | ||
Building & Improvements | 1,971,000 | ||
Total | 2,483,000 | ||
Accumulated Depreciation | 281,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,202,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 2,483,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 281,000 | ||
Fleming Island [Member] | |||
Initial Cost | |||
Land | 3,077,000 | ||
Building & Improvements | 11,587,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,686,000 | ||
Total Cost | |||
Land | 3,111,000 | ||
Building & Improvements | 14,239,000 | ||
Total | 17,350,000 | ||
Accumulated Depreciation | 5,371,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,979,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,350,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,371,000 | ||
French Valley Village Center [Member] | |||
Initial Cost | |||
Land | 11,924,000 | ||
Building & Improvements | 16,856,000 | ||
Costs Capitalized Subsequent to Acquisition | 33,000 | ||
Total Cost | |||
Land | 11,822,000 | ||
Building & Improvements | 16,992,000 | ||
Total | 28,814,000 | ||
Accumulated Depreciation | 8,210,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,604,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 28,814,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,210,000 | ||
Friars Mission Center [Member] | |||
Initial Cost | |||
Land | 6,660,000 | ||
Building & Improvements | 28,021,000 | ||
Costs Capitalized Subsequent to Acquisition | 970,000 | ||
Total Cost | |||
Land | 6,660,000 | ||
Building & Improvements | 28,991,000 | ||
Total | 35,651,000 | ||
Accumulated Depreciation | 11,642,000 | ||
Total Cost, Net of Accumulated Depreciation | 24,009,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 141,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 35,651,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,642,000 | ||
Gardens Square [Member] | |||
Initial Cost | |||
Land | 2,136,000 | ||
Building & Improvements | 8,273,000 | ||
Costs Capitalized Subsequent to Acquisition | 399,000 | ||
Total Cost | |||
Land | 2,136,000 | ||
Building & Improvements | 8,672,000 | ||
Total | 10,808,000 | ||
Accumulated Depreciation | 3,973,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,835,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,808,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,973,000 | ||
Gateway 101 [Member] | |||
Initial Cost | |||
Land | 24,971,000 | ||
Building & Improvements | 9,113,000 | ||
Costs Capitalized Subsequent to Acquisition | 24,000 | ||
Total Cost | |||
Land | 24,971,000 | ||
Building & Improvements | 9,137,000 | ||
Total | 34,108,000 | ||
Accumulated Depreciation | 2,684,000 | ||
Total Cost, Net of Accumulated Depreciation | 31,424,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 34,108,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,684,000 | ||
Gateway Shopping Center [Member] | |||
Initial Cost | |||
Land | 52,665,000 | ||
Building & Improvements | 7,134,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,883,000 | ||
Total Cost | |||
Land | 52,671,000 | ||
Building & Improvements | 9,011,000 | ||
Total | 61,682,000 | ||
Accumulated Depreciation | 9,648,000 | ||
Total Cost, Net of Accumulated Depreciation | 52,034,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 61,682,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,648,000 | ||
Gelson's Westlake Market Plaza [Member] | |||
Initial Cost | |||
Land | 3,157,000 | ||
Building & Improvements | 11,153,000 | ||
Costs Capitalized Subsequent to Acquisition | 372,000 | ||
Total Cost | |||
Land | 3,157,000 | ||
Building & Improvements | 11,525,000 | ||
Total | 14,682,000 | ||
Accumulated Depreciation | 4,506,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,176,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,682,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,506,000 | ||
Glen Gate [Member] | |||
Initial Cost | |||
Land | 13,241,000 | ||
Building & Improvements | 11,968,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,717,000 | ||
Total Cost | |||
Land | 13,241,000 | ||
Building & Improvements | 14,685,000 | ||
Total | 27,926,000 | ||
Accumulated Depreciation | 71,000 | ||
Total Cost, Net of Accumulated Depreciation | 27,855,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 27,926,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 71,000 | ||
Glen Oak Plaza [Member] | |||
Initial Cost | |||
Land | 4,103,000 | ||
Building & Improvements | 12,951,000 | ||
Costs Capitalized Subsequent to Acquisition | 327,000 | ||
Total Cost | |||
Land | 4,103,000 | ||
Building & Improvements | 13,278,000 | ||
Total | 17,381,000 | ||
Accumulated Depreciation | 2,036,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,345,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,381,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,036,000 | ||
Glenwood Village [Member] | |||
Initial Cost | |||
Land | 1,194,000 | ||
Building & Improvements | 5,381,000 | ||
Costs Capitalized Subsequent to Acquisition | 220,000 | ||
Total Cost | |||
Land | 1,194,000 | ||
Building & Improvements | 5,601,000 | ||
Total | 6,795,000 | ||
Accumulated Depreciation | 3,505,000 | ||
Total Cost, Net of Accumulated Depreciation | 3,290,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,795,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,505,000 | ||
Golden Hills Plaza [Member] | |||
Initial Cost | |||
Land | 12,699,000 | ||
Building & Improvements | 18,482,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,375,000 | ||
Total Cost | |||
Land | 12,693,000 | ||
Building & Improvements | 21,863,000 | ||
Total | 34,556,000 | ||
Accumulated Depreciation | 4,765,000 | ||
Total Cost, Net of Accumulated Depreciation | 29,791,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 34,556,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,765,000 | ||
Grand Ridge Plaza [Member] | |||
Initial Cost | |||
Land | 24,208,000 | ||
Building & Improvements | 61,033,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,643,000 | ||
Total Cost | |||
Land | 24,843,000 | ||
Building & Improvements | 63,041,000 | ||
Total | 87,884,000 | ||
Accumulated Depreciation | 4,525,000 | ||
Total Cost, Net of Accumulated Depreciation | 83,359,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,309,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 87,884,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,525,000 | ||
Hancock [Member] | |||
Initial Cost | |||
Land | 8,232,000 | ||
Building & Improvements | 28,260,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,148,000 | ||
Total Cost | |||
Land | 8,232,000 | ||
Building & Improvements | 29,408,000 | ||
Total | 37,640,000 | ||
Accumulated Depreciation | 13,091,000 | ||
Total Cost, Net of Accumulated Depreciation | 24,549,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 37,640,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,091,000 | ||
Harpeth Village Fieldstone [Member] | |||
Initial Cost | |||
Land | 2,284,000 | ||
Building & Improvements | 9,443,000 | ||
Costs Capitalized Subsequent to Acquisition | 166,000 | ||
Total Cost | |||
Land | 2,284,000 | ||
Building & Improvements | 9,609,000 | ||
Total | 11,893,000 | ||
Accumulated Depreciation | 4,129,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,764,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,893,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,129,000 | ||
Harris Crossing [Member] | |||
Initial Cost | |||
Land | 7,199,000 | ||
Building & Improvements | 3,677,000 | ||
Costs Capitalized Subsequent to Acquisition | 8,000 | ||
Total Cost | |||
Land | 7,162,000 | ||
Building & Improvements | 3,722,000 | ||
Total | 10,884,000 | ||
Accumulated Depreciation | 1,454,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,430,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,884,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,454,000 | ||
Heritage Land [Member] | |||
Initial Cost | |||
Land | 12,390,000 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | -453,000 | ||
Total Cost | |||
Land | 11,937,000 | ||
Building & Improvements | 0 | ||
Total | 11,937,000 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 11,937,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,937,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 0 | ||
Heritage Plaza [Member] | |||
Initial Cost | |||
Land | 0 | ||
Building & Improvements | 26,097,000 | ||
Costs Capitalized Subsequent to Acquisition | 13,366,000 | ||
Total Cost | |||
Land | 278,000 | ||
Building & Improvements | 39,185,000 | ||
Total | 39,463,000 | ||
Accumulated Depreciation | 13,048,000 | ||
Total Cost, Net of Accumulated Depreciation | 26,415,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 39,463,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 13,048,000 | ||
Hershey [Member] | |||
Initial Cost | |||
Land | 7,000 | ||
Building & Improvements | 808,000 | ||
Costs Capitalized Subsequent to Acquisition | 6,000 | ||
Total Cost | |||
Land | 7,000 | ||
Building & Improvements | 815,000 | ||
Total | 822,000 | ||
Accumulated Depreciation | 293,000 | ||
Total Cost, Net of Accumulated Depreciation | 529,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 822,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 293,000 | ||
Hibernia Pavilion [Member] | |||
Initial Cost | |||
Land | 4,929,000 | ||
Building & Improvements | 5,065,000 | ||
Costs Capitalized Subsequent to Acquisition | -1,000 | ||
Total Cost | |||
Land | 4,929,000 | ||
Building & Improvements | 5,064,000 | ||
Total | 9,993,000 | ||
Accumulated Depreciation | 1,800,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,193,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,993,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,800,000 | ||
Hibernia Plaza [Member] | |||
Initial Cost | |||
Land | 267,000 | ||
Building & Improvements | 230,000 | ||
Costs Capitalized Subsequent to Acquisition | -8,000 | ||
Total Cost | |||
Land | 267,000 | ||
Building & Improvements | 222,000 | ||
Total | 489,000 | ||
Accumulated Depreciation | 51,000 | ||
Total Cost, Net of Accumulated Depreciation | 438,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 489,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 51,000 | ||
Hickory Creek Plaza [Member] | |||
Initial Cost | |||
Land | 5,629,000 | ||
Building & Improvements | 4,564,000 | ||
Costs Capitalized Subsequent to Acquisition | 275,000 | ||
Total Cost | |||
Land | 5,629,000 | ||
Building & Improvements | 4,839,000 | ||
Total | 10,468,000 | ||
Accumulated Depreciation | 2,552,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,916,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,468,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,552,000 | ||
Hillcrest Village [Member] | |||
Initial Cost | |||
Land | 1,600,000 | ||
Building & Improvements | 1,909,000 | ||
Costs Capitalized Subsequent to Acquisition | 51,000 | ||
Total Cost | |||
Land | 1,600,000 | ||
Building & Improvements | 1,960,000 | ||
Total | 3,560,000 | ||
Accumulated Depreciation | 795,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,765,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 3,560,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 795,000 | ||
Hilltop Village [Member] | |||
Initial Cost | |||
Land | 2,995,000 | ||
Building & Improvements | 4,581,000 | ||
Costs Capitalized Subsequent to Acquisition | 907,000 | ||
Total Cost | |||
Land | 3,089,000 | ||
Building & Improvements | 5,394,000 | ||
Total | 8,483,000 | ||
Accumulated Depreciation | 619,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,864,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,500,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 8,483,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 619,000 | ||
Hinsdale [Member] | |||
Initial Cost | |||
Land | 5,734,000 | ||
Building & Improvements | 16,709,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,812,000 | ||
Total Cost | |||
Land | 5,734,000 | ||
Building & Improvements | 18,521,000 | ||
Total | 24,255,000 | ||
Accumulated Depreciation | 8,198,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,057,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 24,255,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,198,000 | ||
Holly Park [Member] | |||
Initial Cost | |||
Land | 8,975,000 | ||
Building & Improvements | 23,799,000 | ||
Costs Capitalized Subsequent to Acquisition | -181,000 | ||
Total Cost | |||
Land | 8,828,000 | ||
Building & Improvements | 23,765,000 | ||
Total | 32,593,000 | ||
Accumulated Depreciation | 962,000 | ||
Total Cost, Net of Accumulated Depreciation | 31,631,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 32,593,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 962,000 | ||
Howell Mill Village [Member] | |||
Initial Cost | |||
Land | 5,157,000 | ||
Building & Improvements | 14,279,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,983,000 | ||
Total Cost | |||
Land | 5,157,000 | ||
Building & Improvements | 16,261,000 | ||
Total | 21,418,000 | ||
Accumulated Depreciation | 3,358,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,060,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 21,418,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,358,000 | ||
Hyde Park [Member] | |||
Initial Cost | |||
Land | 9,809,000 | ||
Building & Improvements | 39,905,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,032,000 | ||
Total Cost | |||
Land | 9,809,000 | ||
Building & Improvements | 41,937,000 | ||
Total | 51,746,000 | ||
Accumulated Depreciation | 19,836,000 | ||
Total Cost, Net of Accumulated Depreciation | 31,910,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 51,746,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 19,836,000 | ||
Indian Springs [Member] | |||
Initial Cost | |||
Land | 24,974,000 | ||
Building & Improvements | 25,903,000 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Total Cost | |||
Land | 24,958,000 | ||
Building & Improvements | 25,919,000 | ||
Total | 50,877,000 | ||
Accumulated Depreciation | 81,000 | ||
Total Cost, Net of Accumulated Depreciation | 50,796,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 50,877,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 81,000 | ||
Indio Towne Center [Member] | |||
Initial Cost | |||
Land | 17,946,000 | ||
Building & Improvements | 31,985,000 | ||
Costs Capitalized Subsequent to Acquisition | 28,000 | ||
Total Cost | |||
Land | 17,317,000 | ||
Building & Improvements | 32,642,000 | ||
Total | 49,959,000 | ||
Accumulated Depreciation | 9,611,000 | ||
Total Cost, Net of Accumulated Depreciation | 40,348,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 49,959,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,611,000 | ||
Inglewood Plaza [Member] | |||
Initial Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 2,159,000 | ||
Costs Capitalized Subsequent to Acquisition | 226,000 | ||
Total Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 2,385,000 | ||
Total | 3,685,000 | ||
Accumulated Depreciation | 1,029,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,656,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 3,685,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,029,000 | ||
Jefferson Square [Member] | |||
Initial Cost | |||
Land | 5,167,000 | ||
Building & Improvements | 6,445,000 | ||
Costs Capitalized Subsequent to Acquisition | -7,340,000 | ||
Total Cost | |||
Land | 1,775,000 | ||
Building & Improvements | 2,497,000 | ||
Total | 4,272,000 | ||
Accumulated Depreciation | 254,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,018,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 4,272,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 254,000 | ||
Juanita Tate Marketplace [Member] | |||
Initial Cost | |||
Land | 3,886,000 | ||
Building & Improvements | 11,315,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,263,000 | ||
Total Cost | |||
Land | 4,563,000 | ||
Building & Improvements | 13,903,000 | ||
Total | 18,466,000 | ||
Accumulated Depreciation | 425,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,041,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 18,466,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 425,000 | ||
Keller Town Center [Member] | |||
Initial Cost | |||
Land | 2,294,000 | ||
Building & Improvements | 12,841,000 | ||
Costs Capitalized Subsequent to Acquisition | 298,000 | ||
Total Cost | |||
Land | 2,404,000 | ||
Building & Improvements | 13,030,000 | ||
Total | 15,434,000 | ||
Accumulated Depreciation | 5,255,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,179,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,434,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,255,000 | ||
Kent Place [Member] | |||
Initial Cost | |||
Land | 4,855,000 | ||
Building & Improvements | 3,544,000 | ||
Costs Capitalized Subsequent to Acquisition | 793,000 | ||
Total Cost | |||
Land | 5,228,000 | ||
Building & Improvements | 3,964,000 | ||
Total | 9,192,000 | ||
Accumulated Depreciation | 299,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,893,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,250,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,192,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 299,000 | ||
Kirkwood Commons [Member] | |||
Initial Cost | |||
Land | 6,772,000 | ||
Building & Improvements | 16,224,000 | ||
Costs Capitalized Subsequent to Acquisition | 478,000 | ||
Total Cost | |||
Land | 6,802,000 | ||
Building & Improvements | 16,672,000 | ||
Total | 23,474,000 | ||
Accumulated Depreciation | 2,211,000 | ||
Total Cost, Net of Accumulated Depreciation | 21,263,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,038,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 23,474,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,211,000 | ||
Kroger New Albany Center [Member] | |||
Initial Cost | |||
Land | 3,844,000 | ||
Building & Improvements | 6,599,000 | ||
Costs Capitalized Subsequent to Acquisition | 593,000 | ||
Total Cost | |||
Land | 3,844,000 | ||
Building & Improvements | 7,192,000 | ||
Total | 11,036,000 | ||
Accumulated Depreciation | 4,530,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,506,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,036,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,530,000 | ||
Kulpsville [Member] | |||
Initial Cost | |||
Land | 5,518,000 | ||
Building & Improvements | 3,756,000 | ||
Costs Capitalized Subsequent to Acquisition | 152,000 | ||
Total Cost | |||
Land | 5,600,000 | ||
Building & Improvements | 3,826,000 | ||
Total | 9,426,000 | ||
Accumulated Depreciation | 1,246,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,180,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,426,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,246,000 | ||
Lake Pine Plaza [Member] | |||
Initial Cost | |||
Land | 2,008,000 | ||
Building & Improvements | 7,632,000 | ||
Costs Capitalized Subsequent to Acquisition | 448,000 | ||
Total Cost | |||
Land | 2,029,000 | ||
Building & Improvements | 8,058,000 | ||
Total | 10,087,000 | ||
Accumulated Depreciation | 3,431,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,656,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,087,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,431,000 | ||
Lebanon Center [Member] | |||
Initial Cost | |||
Land | 3,913,000 | ||
Building & Improvements | 7,874,000 | ||
Costs Capitalized Subsequent to Acquisition | 90,000 | ||
Total Cost | |||
Land | 3,913,000 | ||
Building & Improvements | 7,964,000 | ||
Total | 11,877,000 | ||
Accumulated Depreciation | 4,597,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,280,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,877,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,597,000 | ||
Littleton Square [Member] | |||
Initial Cost | |||
Land | 2,030,000 | ||
Building & Improvements | 8,859,000 | ||
Costs Capitalized Subsequent to Acquisition | -4,950,000 | ||
Total Cost | |||
Land | 1,949,000 | ||
Building & Improvements | 3,990,000 | ||
Total | 5,939,000 | ||
Accumulated Depreciation | 1,299,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,640,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 5,939,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,299,000 | ||
Lloyd King Center [Member] | |||
Initial Cost | |||
Land | 1,779,000 | ||
Building & Improvements | 10,060,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,070,000 | ||
Total Cost | |||
Land | 1,779,000 | ||
Building & Improvements | 11,130,000 | ||
Total | 12,909,000 | ||
Accumulated Depreciation | 4,747,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,162,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,909,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,747,000 | ||
Loehmanns Plaza California [Member] | |||
Initial Cost | |||
Land | 5,420,000 | ||
Building & Improvements | 9,450,000 | ||
Costs Capitalized Subsequent to Acquisition | 696,000 | ||
Total Cost | |||
Land | 5,420,000 | ||
Building & Improvements | 10,146,000 | ||
Total | 15,566,000 | ||
Accumulated Depreciation | 4,462,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,104,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,566,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,462,000 | ||
Lower Nazareth Commons [Member] | |||
Initial Cost | |||
Land | 15,992,000 | ||
Building & Improvements | 12,964,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,248,000 | ||
Total Cost | |||
Land | 16,343,000 | ||
Building & Improvements | 15,861,000 | ||
Total | 32,204,000 | ||
Accumulated Depreciation | 5,257,000 | ||
Total Cost, Net of Accumulated Depreciation | 26,947,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 32,204,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,257,000 | ||
Market at Colonnade Center [Member] | |||
Initial Cost | |||
Land | 6,455,000 | ||
Building & Improvements | 9,839,000 | ||
Costs Capitalized Subsequent to Acquisition | -18,000 | ||
Total Cost | |||
Land | 6,160,000 | ||
Building & Improvements | 10,115,000 | ||
Total | 16,275,000 | ||
Accumulated Depreciation | 1,812,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,463,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,275,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,812,000 | ||
Market at Preston Forest [Member] | |||
Initial Cost | |||
Land | 4,400,000 | ||
Building & Improvements | 11,445,000 | ||
Costs Capitalized Subsequent to Acquisition | 995,000 | ||
Total Cost | |||
Land | 4,400,000 | ||
Building & Improvements | 12,440,000 | ||
Total | 16,840,000 | ||
Accumulated Depreciation | 5,241,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,599,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,840,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,241,000 | ||
Market at Round Rock [Member] | |||
Initial Cost | |||
Land | 2,000,000 | ||
Building & Improvements | 9,676,000 | ||
Costs Capitalized Subsequent to Acquisition | 5,699,000 | ||
Total Cost | |||
Land | 2,000,000 | ||
Building & Improvements | 15,375,000 | ||
Total | 17,375,000 | ||
Accumulated Depreciation | 6,172,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,203,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,375,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,172,000 | ||
Marketplace Shopping Center [Member] | |||
Initial Cost | |||
Land | 1,287,000 | ||
Building & Improvements | 5,509,000 | ||
Costs Capitalized Subsequent to Acquisition | 5,036,000 | ||
Total Cost | |||
Land | 1,330,000 | ||
Building & Improvements | 10,502,000 | ||
Total | 11,832,000 | ||
Accumulated Depreciation | 4,362,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,470,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,832,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,362,000 | ||
Marketplace at Briargate [Member] | |||
Initial Cost | |||
Land | 1,706,000 | ||
Building & Improvements | 4,885,000 | ||
Costs Capitalized Subsequent to Acquisition | 48,000 | ||
Total Cost | |||
Land | 1,727,000 | ||
Building & Improvements | 4,912,000 | ||
Total | 6,639,000 | ||
Accumulated Depreciation | 1,884,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,755,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,639,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,884,000 | ||
Millhopper Shopping Center [Member] | |||
Initial Cost | |||
Land | 1,073,000 | ||
Building & Improvements | 5,358,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,890,000 | ||
Total Cost | |||
Land | 1,796,000 | ||
Building & Improvements | 9,524,000 | ||
Total | 11,320,000 | ||
Accumulated Depreciation | 5,742,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,578,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,320,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,742,000 | ||
Mockingbird Common [Member] | |||
Initial Cost | |||
Land | 3,000,000 | ||
Building & Improvements | 10,728,000 | ||
Costs Capitalized Subsequent to Acquisition | 665,000 | ||
Total Cost | |||
Land | 3,000,000 | ||
Building & Improvements | 11,393,000 | ||
Total | 14,393,000 | ||
Accumulated Depreciation | 5,043,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,350,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,300,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,393,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,043,000 | ||
Monument Jackson Creek [Member] | |||
Initial Cost | |||
Land | 2,999,000 | ||
Building & Improvements | 6,765,000 | ||
Costs Capitalized Subsequent to Acquisition | 660,000 | ||
Total Cost | |||
Land | 2,999,000 | ||
Building & Improvements | 7,425,000 | ||
Total | 10,424,000 | ||
Accumulated Depreciation | 4,634,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,790,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,424,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,634,000 | ||
Morningside Plaza [Member] | |||
Initial Cost | |||
Land | 4,300,000 | ||
Building & Improvements | 13,951,000 | ||
Costs Capitalized Subsequent to Acquisition | 547,000 | ||
Total Cost | |||
Land | 4,300,000 | ||
Building & Improvements | 14,498,000 | ||
Total | 18,798,000 | ||
Accumulated Depreciation | 6,251,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,547,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 18,798,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,251,000 | ||
Murrayhill Marketplace [Member] | |||
Initial Cost | |||
Land | 2,670,000 | ||
Building & Improvements | 18,401,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,729,000 | ||
Total Cost | |||
Land | 2,670,000 | ||
Building & Improvements | 20,130,000 | ||
Total | 22,800,000 | ||
Accumulated Depreciation | 8,360,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,440,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 22,800,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,360,000 | ||
Naples Walk [Member] | |||
Initial Cost | |||
Land | 18,173,000 | ||
Building & Improvements | 13,554,000 | ||
Costs Capitalized Subsequent to Acquisition | 387,000 | ||
Total Cost | |||
Land | 18,173,000 | ||
Building & Improvements | 13,941,000 | ||
Total | 32,114,000 | ||
Accumulated Depreciation | 3,914,000 | ||
Total Cost, Net of Accumulated Depreciation | 28,200,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,022,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 32,114,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,914,000 | ||
Newberry Square [Member] | |||
Initial Cost | |||
Land | 2,412,000 | ||
Building & Improvements | 10,150,000 | ||
Costs Capitalized Subsequent to Acquisition | 238,000 | ||
Total Cost | |||
Land | 2,412,000 | ||
Building & Improvements | 10,388,000 | ||
Total | 12,800,000 | ||
Accumulated Depreciation | 6,942,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,858,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,800,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,942,000 | ||
Newland Center [Member] | |||
Initial Cost | |||
Land | 12,500,000 | ||
Building & Improvements | 10,697,000 | ||
Costs Capitalized Subsequent to Acquisition | 684,000 | ||
Total Cost | |||
Land | 12,500,000 | ||
Building & Improvements | 11,381,000 | ||
Total | 23,881,000 | ||
Accumulated Depreciation | 5,387,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,494,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 23,881,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,387,000 | ||
Nocatee Town Center [Member] | |||
Initial Cost | |||
Land | 10,124,000 | ||
Building & Improvements | 8,691,000 | ||
Costs Capitalized Subsequent to Acquisition | -1,505,000 | ||
Total Cost | |||
Land | 8,386,000 | ||
Building & Improvements | 8,924,000 | ||
Total | 17,310,000 | ||
Accumulated Depreciation | 2,256,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,054,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,310,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,256,000 | ||
North Hills [Member] | |||
Initial Cost | |||
Land | 4,900,000 | ||
Building & Improvements | 19,774,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,056,000 | ||
Total Cost | |||
Land | 4,900,000 | ||
Building & Improvements | 20,830,000 | ||
Total | 25,730,000 | ||
Accumulated Depreciation | 8,765,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,965,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,730,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,765,000 | ||
Northgate Marketplace [Member] | |||
Initial Cost | |||
Land | 5,668,000 | ||
Building & Improvements | 13,727,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,104,000 | ||
Total Cost | |||
Land | 6,232,000 | ||
Building & Improvements | 14,267,000 | ||
Total | 20,499,000 | ||
Accumulated Depreciation | 1,861,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,638,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,499,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,861,000 | ||
Northgate Plaza (Maxtown Road) [Member] | |||
Initial Cost | |||
Land | 1,769,000 | ||
Building & Improvements | 6,652,000 | ||
Costs Capitalized Subsequent to Acquisition | 196,000 | ||
Total Cost | |||
Land | 1,769,000 | ||
Building & Improvements | 6,849,000 | ||
Total | 8,618,000 | ||
Accumulated Depreciation | 3,218,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,400,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 8,618,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,218,000 | ||
Northgate Square [Member] | |||
Initial Cost | |||
Land | 5,011,000 | ||
Building & Improvements | 8,692,000 | ||
Costs Capitalized Subsequent to Acquisition | 389,000 | ||
Total Cost | |||
Land | 5,011,000 | ||
Building & Improvements | 9,081,000 | ||
Total | 14,092,000 | ||
Accumulated Depreciation | 2,538,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,554,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,092,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,538,000 | ||
Northlake Village [Member] | |||
Initial Cost | |||
Land | 2,662,000 | ||
Building & Improvements | 11,284,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,202,000 | ||
Total Cost | |||
Land | 2,686,000 | ||
Building & Improvements | 12,462,000 | ||
Total | 15,148,000 | ||
Accumulated Depreciation | 4,932,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,216,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,148,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,932,000 | ||
Oak Shade Town Center [Member] | |||
Initial Cost | |||
Land | 6,591,000 | ||
Building & Improvements | 28,966,000 | ||
Costs Capitalized Subsequent to Acquisition | 391,000 | ||
Total Cost | |||
Land | 6,591,000 | ||
Building & Improvements | 29,357,000 | ||
Total | 35,948,000 | ||
Accumulated Depreciation | 3,573,000 | ||
Total Cost, Net of Accumulated Depreciation | 32,375,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,692,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 35,948,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,573,000 | ||
Oakbrook Plaza [Member] | |||
Initial Cost | |||
Land | 4,000,000 | ||
Building & Improvements | 6,668,000 | ||
Costs Capitalized Subsequent to Acquisition | 306,000 | ||
Total Cost | |||
Land | 4,000,000 | ||
Building & Improvements | 6,974,000 | ||
Total | 10,974,000 | ||
Accumulated Depreciation | 3,023,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,951,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,974,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,023,000 | ||
Oakleaf Commons [Member] | |||
Initial Cost | |||
Land | 3,503,000 | ||
Building & Improvements | 11,671,000 | ||
Costs Capitalized Subsequent to Acquisition | 288,000 | ||
Total Cost | |||
Land | 3,510,000 | ||
Building & Improvements | 11,952,000 | ||
Total | 15,462,000 | ||
Accumulated Depreciation | 3,804,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,658,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,462,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,804,000 | ||
Ocala Corners [Member] | |||
Initial Cost | |||
Land | 1,816,000 | ||
Building & Improvements | 10,515,000 | ||
Costs Capitalized Subsequent to Acquisition | 206,000 | ||
Total Cost | |||
Land | 1,816,000 | ||
Building & Improvements | 10,721,000 | ||
Total | 12,537,000 | ||
Accumulated Depreciation | 1,679,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,858,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,025,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,537,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,679,000 | ||
Old St Augustine Plaza [Member] | |||
Initial Cost | |||
Land | 2,368,000 | ||
Building & Improvements | 11,405,000 | ||
Costs Capitalized Subsequent to Acquisition | 201,000 | ||
Total Cost | |||
Land | 2,368,000 | ||
Building & Improvements | 11,606,000 | ||
Total | 13,974,000 | ||
Accumulated Depreciation | 5,649,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,325,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,974,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,649,000 | ||
Paces Ferry Plaza [Member] | |||
Initial Cost | |||
Land | 2,812,000 | ||
Building & Improvements | 12,639,000 | ||
Costs Capitalized Subsequent to Acquisition | 334,000 | ||
Total Cost | |||
Land | 2,812,000 | ||
Building & Improvements | 12,974,000 | ||
Total | 15,786,000 | ||
Accumulated Depreciation | 7,562,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,224,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,786,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,562,000 | ||
Panther Creek [Member] | |||
Initial Cost | |||
Land | 14,414,000 | ||
Building & Improvements | 14,748,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,872,000 | ||
Total Cost | |||
Land | 15,212,000 | ||
Building & Improvements | 16,822,000 | ||
Total | 32,034,000 | ||
Accumulated Depreciation | 9,370,000 | ||
Total Cost, Net of Accumulated Depreciation | 22,664,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 32,034,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,370,000 | ||
Peartree Village [Member] | |||
Initial Cost | |||
Land | 5,197,000 | ||
Building & Improvements | 19,746,000 | ||
Costs Capitalized Subsequent to Acquisition | 796,000 | ||
Total Cost | |||
Land | 5,197,000 | ||
Building & Improvements | 20,542,000 | ||
Total | 25,739,000 | ||
Accumulated Depreciation | 9,761,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,978,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,465,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,739,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,761,000 | ||
Pike Creek [Member] | |||
Initial Cost | |||
Land | 5,153,000 | ||
Building & Improvements | 20,652,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,583,000 | ||
Total Cost | |||
Land | 5,251,000 | ||
Building & Improvements | 22,137,000 | ||
Total | 27,388,000 | ||
Accumulated Depreciation | 9,772,000 | ||
Total Cost, Net of Accumulated Depreciation | 17,616,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 27,388,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,772,000 | ||
Pima Crossing [Member] | |||
Initial Cost | |||
Land | 5,800,000 | ||
Building & Improvements | 28,143,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,197,000 | ||
Total Cost | |||
Land | 5,800,000 | ||
Building & Improvements | 29,340,000 | ||
Total | 35,140,000 | ||
Accumulated Depreciation | 12,957,000 | ||
Total Cost, Net of Accumulated Depreciation | 22,183,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 35,140,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,957,000 | ||
Pine Lake Village [Member] | |||
Initial Cost | |||
Land | 6,300,000 | ||
Building & Improvements | 10,991,000 | ||
Costs Capitalized Subsequent to Acquisition | 717,000 | ||
Total Cost | |||
Land | 6,300,000 | ||
Building & Improvements | 11,708,000 | ||
Total | 18,008,000 | ||
Accumulated Depreciation | 5,058,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,950,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 18,008,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,058,000 | ||
Pine Tree Plaza [Member] | |||
Initial Cost | |||
Land | 668,000 | ||
Building & Improvements | 6,220,000 | ||
Costs Capitalized Subsequent to Acquisition | 364,000 | ||
Total Cost | |||
Land | 668,000 | ||
Building & Improvements | 6,584,000 | ||
Total | 7,252,000 | ||
Accumulated Depreciation | 2,849,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,403,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 7,252,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,849,000 | ||
Plaza Hermosa [Member] | |||
Initial Cost | |||
Land | 4,200,000 | ||
Building & Improvements | 10,109,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,434,000 | ||
Total Cost | |||
Land | 4,202,000 | ||
Building & Improvements | 12,541,000 | ||
Total | 16,743,000 | ||
Accumulated Depreciation | 4,331,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,412,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,800,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,743,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,331,000 | ||
Powell Street Plaza [Member] | |||
Initial Cost | |||
Land | 8,248,000 | ||
Building & Improvements | 30,716,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,821,000 | ||
Total Cost | |||
Land | 8,248,000 | ||
Building & Improvements | 32,537,000 | ||
Total | 40,785,000 | ||
Accumulated Depreciation | 11,408,000 | ||
Total Cost, Net of Accumulated Depreciation | 29,377,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 40,785,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,408,000 | ||
Powers Ferry Square [Member] | |||
Initial Cost | |||
Land | 3,687,000 | ||
Building & Improvements | 17,965,000 | ||
Costs Capitalized Subsequent to Acquisition | 6,118,000 | ||
Total Cost | |||
Land | 5,289,000 | ||
Building & Improvements | 22,481,000 | ||
Total | 27,770,000 | ||
Accumulated Depreciation | 11,597,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,173,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 27,770,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,597,000 | ||
Powers Ferry Village [Member] | |||
Initial Cost | |||
Land | 1,191,000 | ||
Building & Improvements | 4,672,000 | ||
Costs Capitalized Subsequent to Acquisition | 438,000 | ||
Total Cost | |||
Land | 1,191,000 | ||
Building & Improvements | 5,110,000 | ||
Total | 6,301,000 | ||
Accumulated Depreciation | 2,971,000 | ||
Total Cost, Net of Accumulated Depreciation | 3,330,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,301,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,971,000 | ||
Prairie City Crossing [Member] | |||
Initial Cost | |||
Land | 4,164,000 | ||
Building & Improvements | 13,032,000 | ||
Costs Capitalized Subsequent to Acquisition | 393,000 | ||
Total Cost | |||
Land | 4,164,000 | ||
Building & Improvements | 13,425,000 | ||
Total | 17,589,000 | ||
Accumulated Depreciation | 4,782,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,807,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,589,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,782,000 | ||
Prestonbrook [Member] | |||
Initial Cost | |||
Land | 7,069,000 | ||
Building & Improvements | 8,622,000 | ||
Costs Capitalized Subsequent to Acquisition | 232,000 | ||
Total Cost | |||
Land | 7,069,000 | ||
Building & Improvements | 8,854,000 | ||
Total | 15,923,000 | ||
Accumulated Depreciation | 5,712,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,211,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,800,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,923,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,712,000 | ||
Preston Park [Member] | |||
Initial Cost | |||
Land | 763,000 | ||
Building & Improvements | 30,438,000 | ||
Costs Capitalized Subsequent to Acquisition | 129,000 | ||
Total Cost | |||
Land | 763,000 | ||
Building & Improvements | 30,567,000 | ||
Total | 31,330,000 | ||
Accumulated Depreciation | 1,504,000 | ||
Total Cost, Net of Accumulated Depreciation | 29,826,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 31,330,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,504,000 | ||
Red Bank [Member] | |||
Initial Cost | |||
Land | 10,336,000 | ||
Building & Improvements | 9,505,000 | ||
Costs Capitalized Subsequent to Acquisition | -115,000 | ||
Total Cost | |||
Land | 10,110,000 | ||
Building & Improvements | 9,616,000 | ||
Total | 19,726,000 | ||
Accumulated Depreciation | 1,635,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,091,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,726,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,635,000 | ||
Regency Commons [Member] | |||
Initial Cost | |||
Land | 3,917,000 | ||
Building & Improvements | 3,616,000 | ||
Costs Capitalized Subsequent to Acquisition | 210,000 | ||
Total Cost | |||
Land | 3,917,000 | ||
Building & Improvements | 3,826,000 | ||
Total | 7,743,000 | ||
Accumulated Depreciation | 1,790,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,953,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 7,743,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,790,000 | ||
Regency Solar (Saugus) [Member] | |||
Initial Cost | |||
Land | 0 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 758,000 | ||
Total Cost | |||
Land | 6,000 | ||
Building & Improvements | 752,000 | ||
Total | 758,000 | ||
Accumulated Depreciation | 59,000 | ||
Total Cost, Net of Accumulated Depreciation | 699,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 758,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 59,000 | ||
Regency Square [Member] | |||
Initial Cost | |||
Land | 4,770,000 | ||
Building & Improvements | 25,191,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,391,000 | ||
Total Cost | |||
Land | 5,060,000 | ||
Building & Improvements | 29,292,000 | ||
Total | 34,352,000 | ||
Accumulated Depreciation | 19,735,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,617,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 34,352,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 19,735,000 | ||
Rona Plaza [Member] | |||
Initial Cost | |||
Land | 1,500,000 | ||
Building & Improvements | 4,917,000 | ||
Costs Capitalized Subsequent to Acquisition | 217,000 | ||
Total Cost | |||
Land | 1,500,000 | ||
Building & Improvements | 5,134,000 | ||
Total | 6,634,000 | ||
Accumulated Depreciation | 2,476,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,158,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,634,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,476,000 | ||
San Leandro Plaza [Member] | |||
Initial Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 8,226,000 | ||
Costs Capitalized Subsequent to Acquisition | 472,000 | ||
Total Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 8,698,000 | ||
Total | 9,998,000 | ||
Accumulated Depreciation | 3,519,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,479,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,998,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,519,000 | ||
Sandy Springs [Member] | |||
Initial Cost | |||
Land | 6,889,000 | ||
Building & Improvements | 28,056,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,195,000 | ||
Total Cost | |||
Land | 6,889,000 | ||
Building & Improvements | 29,251,000 | ||
Total | 36,140,000 | ||
Accumulated Depreciation | 2,176,000 | ||
Total Cost, Net of Accumulated Depreciation | 33,964,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,079,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 36,140,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,176,000 | ||
Saugus [Member] | |||
Initial Cost | |||
Land | 19,201,000 | ||
Building & Improvements | 17,984,000 | ||
Costs Capitalized Subsequent to Acquisition | -1,120,000 | ||
Total Cost | |||
Land | 18,805,000 | ||
Building & Improvements | 17,260,000 | ||
Total | 36,065,000 | ||
Accumulated Depreciation | 5,552,000 | ||
Total Cost, Net of Accumulated Depreciation | 30,513,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 36,065,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,552,000 | ||
Seminole Shoppes [Member] | |||
Initial Cost | |||
Land | 8,593,000 | ||
Building & Improvements | 7,523,000 | ||
Costs Capitalized Subsequent to Acquisition | 94,000 | ||
Total Cost | |||
Land | 8,629,000 | ||
Building & Improvements | 7,581,000 | ||
Total | 16,210,000 | ||
Accumulated Depreciation | 1,561,000 | ||
Total Cost, Net of Accumulated Depreciation | 14,649,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,958,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,210,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,561,000 | ||
Sequoia Station [Member] | |||
Initial Cost | |||
Land | 9,100,000 | ||
Building & Improvements | 18,356,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,394,000 | ||
Total Cost | |||
Land | 9,100,000 | ||
Building & Improvements | 19,750,000 | ||
Total | 28,850,000 | ||
Accumulated Depreciation | 7,949,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,901,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 21,100,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 28,850,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,949,000 | ||
Sherwood Market Center [Member] | |||
Initial Cost | |||
Land | 2,731,000 | ||
Building & Improvements | 6,360,000 | ||
Costs Capitalized Subsequent to Acquisition | 492,000 | ||
Total Cost | |||
Land | 2,731,000 | ||
Building & Improvements | 6,852,000 | ||
Total | 9,583,000 | ||
Accumulated Depreciation | 2,183,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,400,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,583,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,183,000 | ||
Shoppes at Fairhope Village [Member] | |||
Initial Cost | |||
Land | 6,920,000 | ||
Building & Improvements | 11,198,000 | ||
Costs Capitalized Subsequent to Acquisition | 276,000 | ||
Total Cost | |||
Land | 6,920,000 | ||
Building & Improvements | 11,473,000 | ||
Total | 18,393,000 | ||
Accumulated Depreciation | 3,019,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,374,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 18,393,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,019,000 | ||
Shoppes @ 104 [Member] | |||
Initial Cost | |||
Land | 11,193,000 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 574,000 | ||
Total Cost | |||
Land | 6,652,000 | ||
Building & Improvements | 5,115,000 | ||
Total | 11,767,000 | ||
Accumulated Depreciation | 1,256,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,511,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,767,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,256,000 | ||
Shoppes of Grande Oak [Member] | |||
Initial Cost | |||
Land | 5,091,000 | ||
Building & Improvements | 5,985,000 | ||
Costs Capitalized Subsequent to Acquisition | 218,000 | ||
Total Cost | |||
Land | 5,091,000 | ||
Building & Improvements | 6,203,000 | ||
Total | 11,294,000 | ||
Accumulated Depreciation | 3,944,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,350,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 11,294,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,944,000 | ||
Shops at Arizona [Member] | |||
Initial Cost | |||
Land | 3,063,000 | ||
Building & Improvements | 3,243,000 | ||
Costs Capitalized Subsequent to Acquisition | 153,000 | ||
Total Cost | |||
Land | 3,063,000 | ||
Building & Improvements | 3,396,000 | ||
Total | 6,459,000 | ||
Accumulated Depreciation | 1,794,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,665,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,459,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,794,000 | ||
Shops at County Center [Member] | |||
Initial Cost | |||
Land | 9,957,000 | ||
Building & Improvements | 11,269,000 | ||
Costs Capitalized Subsequent to Acquisition | 740,000 | ||
Total Cost | |||
Land | 10,209,000 | ||
Building & Improvements | 11,757,000 | ||
Total | 21,966,000 | ||
Accumulated Depreciation | 5,455,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,511,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 21,966,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,455,000 | ||
Shops at Erwin Mill [Member] | |||
Initial Cost | |||
Land | 236,000 | ||
Building & Improvements | 131,000 | ||
Costs Capitalized Subsequent to Acquisition | 15,087,000 | ||
Total Cost | |||
Land | 9,171,000 | ||
Building & Improvements | 6,283,000 | ||
Total | 15,454,000 | ||
Accumulated Depreciation | 378,000 | ||
Total Cost, Net of Accumulated Depreciation | 15,076,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,000,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 15,454,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 378,000 | ||
Shops at Johns Creek [Member] | |||
Initial Cost | |||
Land | 1,863,000 | ||
Building & Improvements | 2,014,000 | ||
Costs Capitalized Subsequent to Acquisition | -349,000 | ||
Total Cost | |||
Land | 1,501,000 | ||
Building & Improvements | 2,028,000 | ||
Total | 3,529,000 | ||
Accumulated Depreciation | 938,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,591,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 3,529,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 938,000 | ||
Shops at Mira Vista [Member] | |||
Initial Cost | |||
Land | 11,691,000 | ||
Building & Improvements | 9,026,000 | ||
Costs Capitalized Subsequent to Acquisition | 6,000 | ||
Total Cost | |||
Land | 11,691,000 | ||
Building & Improvements | 9,032,000 | ||
Total | 20,723,000 | ||
Accumulated Depreciation | 345,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,378,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 257,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 20,723,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 345,000 | ||
Shops at Quail Creek [Member] | |||
Initial Cost | |||
Land | 1,487,000 | ||
Building & Improvements | 7,717,000 | ||
Costs Capitalized Subsequent to Acquisition | 438,000 | ||
Total Cost | |||
Land | 1,499,000 | ||
Building & Improvements | 8,143,000 | ||
Total | 9,642,000 | ||
Accumulated Depreciation | 2,061,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,581,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,642,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,061,000 | ||
Shops on Main [Member] | |||
Initial Cost | |||
Land | 15,211,000 | ||
Building & Improvements | 23,030,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,203,000 | ||
Total Cost | |||
Land | 15,211,000 | ||
Building & Improvements | 25,589,000 | ||
Total | 40,800,000 | ||
Accumulated Depreciation | 1,548,000 | ||
Total Cost, Net of Accumulated Depreciation | 39,252,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 40,800,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,548,000 | ||
Signature Plaza [Member] | |||
Initial Cost | |||
Land | 2,396,000 | ||
Building & Improvements | 3,898,000 | ||
Costs Capitalized Subsequent to Acquisition | -13,000 | ||
Total Cost | |||
Land | 2,396,000 | ||
Building & Improvements | 3,885,000 | ||
Total | 6,281,000 | ||
Accumulated Depreciation | 2,025,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,256,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 6,281,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,025,000 | ||
South Bay Village [Member] | |||
Initial Cost | |||
Land | 11,714,000 | ||
Building & Improvements | 15,580,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,385,000 | ||
Total Cost | |||
Land | 11,776,000 | ||
Building & Improvements | 16,903,000 | ||
Total | 28,679,000 | ||
Accumulated Depreciation | 1,567,000 | ||
Total Cost, Net of Accumulated Depreciation | 27,112,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 28,679,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,567,000 | ||
South Lowry square [Member] | |||
Initial Cost | |||
Land | 3,434,000 | ||
Building & Improvements | 10,445,000 | ||
Costs Capitalized Subsequent to Acquisition | 789,000 | ||
Total Cost | |||
Land | 3,434,000 | ||
Building & Improvements | 11,234,000 | ||
Total | 14,668,000 | ||
Accumulated Depreciation | 4,781,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,887,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,668,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,781,000 | ||
Southcenter [Member] | |||
Initial Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 12,750,000 | ||
Costs Capitalized Subsequent to Acquisition | 848,000 | ||
Total Cost | |||
Land | 1,300,000 | ||
Building & Improvements | 13,598,000 | ||
Total | 14,898,000 | ||
Accumulated Depreciation | 5,559,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,339,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,898,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,559,000 | ||
Southpark at Cinco Ranch [Member] | |||
Initial Cost | |||
Land | 18,395,000 | ||
Building & Improvements | 11,306,000 | ||
Costs Capitalized Subsequent to Acquisition | 702,000 | ||
Total Cost | |||
Land | 18,685,000 | ||
Building & Improvements | 11,718,000 | ||
Total | 30,403,000 | ||
Accumulated Depreciation | 1,325,000 | ||
Total Cost, Net of Accumulated Depreciation | 29,078,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 30,403,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 1,325,000 | ||
SouthPoint Crossing [Member] | |||
Initial Cost | |||
Land | 4,412,000 | ||
Building & Improvements | 12,235,000 | ||
Costs Capitalized Subsequent to Acquisition | 657,000 | ||
Total Cost | |||
Land | 4,412,000 | ||
Building & Improvements | 12,892,000 | ||
Total | 17,304,000 | ||
Accumulated Depreciation | 5,034,000 | ||
Total Cost, Net of Accumulated Depreciation | 12,270,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 17,304,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,034,000 | ||
Starke [Member] | |||
Initial Cost | |||
Land | 71,000 | ||
Building & Improvements | 1,683,000 | ||
Costs Capitalized Subsequent to Acquisition | 4,000 | ||
Total Cost | |||
Land | 71,000 | ||
Building & Improvements | 1,686,000 | ||
Total | 1,757,000 | ||
Accumulated Depreciation | 599,000 | ||
Total Cost, Net of Accumulated Depreciation | 1,158,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 1,757,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 599,000 | ||
State Street Crossing [Member] | |||
Initial Cost | |||
Land | 1,283,000 | ||
Building & Improvements | 1,970,000 | ||
Costs Capitalized Subsequent to Acquisition | 107,000 | ||
Total Cost | |||
Land | 1,283,000 | ||
Building & Improvements | 2,077,000 | ||
Total | 3,360,000 | ||
Accumulated Depreciation | 473,000 | ||
Total Cost, Net of Accumulated Depreciation | 2,887,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 3,360,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 473,000 | ||
Sterling Ridge [Member] | |||
Initial Cost | |||
Land | 12,846,000 | ||
Building & Improvements | 12,162,000 | ||
Costs Capitalized Subsequent to Acquisition | 490,000 | ||
Total Cost | |||
Land | 12,846,000 | ||
Building & Improvements | 12,652,000 | ||
Total | 25,498,000 | ||
Accumulated Depreciation | 7,431,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,067,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,900,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,498,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,431,000 | ||
Stonewall [Member] | |||
Initial Cost | |||
Land | 27,511,000 | ||
Building & Improvements | 22,123,000 | ||
Costs Capitalized Subsequent to Acquisition | 6,886,000 | ||
Total Cost | |||
Land | 28,429,000 | ||
Building & Improvements | 28,091,000 | ||
Total | 56,520,000 | ||
Accumulated Depreciation | 10,146,000 | ||
Total Cost, Net of Accumulated Depreciation | 46,374,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 56,520,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,146,000 | ||
Strawflower Village [Member] | |||
Initial Cost | |||
Land | 4,060,000 | ||
Building & Improvements | 8,084,000 | ||
Costs Capitalized Subsequent to Acquisition | 394,000 | ||
Total Cost | |||
Land | 4,060,000 | ||
Building & Improvements | 8,478,000 | ||
Total | 12,538,000 | ||
Accumulated Depreciation | 3,767,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,771,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,538,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,767,000 | ||
Stroh Ranch [Member] | |||
Initial Cost | |||
Land | 4,280,000 | ||
Building & Improvements | 8,189,000 | ||
Costs Capitalized Subsequent to Acquisition | 503,000 | ||
Total Cost | |||
Land | 4,280,000 | ||
Building & Improvements | 8,692,000 | ||
Total | 12,972,000 | ||
Accumulated Depreciation | 5,246,000 | ||
Total Cost, Net of Accumulated Depreciation | 7,726,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,972,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,246,000 | ||
Suncoast Crossing [Member] | |||
Initial Cost | |||
Land | 4,057,000 | ||
Building & Improvements | 5,545,000 | ||
Costs Capitalized Subsequent to Acquisition | 10,253,000 | ||
Total Cost | |||
Land | 9,030,000 | ||
Building & Improvements | 10,825,000 | ||
Total | 19,855,000 | ||
Accumulated Depreciation | 3,575,000 | ||
Total Cost, Net of Accumulated Depreciation | 16,280,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,855,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,575,000 | ||
Tanasbourne Market [Member] | |||
Initial Cost | |||
Land | 3,269,000 | ||
Building & Improvements | 10,861,000 | ||
Costs Capitalized Subsequent to Acquisition | -296,000 | ||
Total Cost | |||
Land | 3,269,000 | ||
Building & Improvements | 10,565,000 | ||
Total | 13,834,000 | ||
Accumulated Depreciation | 3,142,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,692,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,834,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,142,000 | ||
Tassajara Crossing [Member] | |||
Initial Cost | |||
Land | 8,560,000 | ||
Building & Improvements | 15,464,000 | ||
Costs Capitalized Subsequent to Acquisition | 781,000 | ||
Total Cost | |||
Land | 8,560,000 | ||
Building & Improvements | 16,245,000 | ||
Total | 24,805,000 | ||
Accumulated Depreciation | 6,747,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,058,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,800,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 24,805,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,747,000 | ||
Tech Ridge [Member] | |||
Initial Cost | |||
Land | 12,945,000 | ||
Building & Improvements | 37,169,000 | ||
Costs Capitalized Subsequent to Acquisition | 375,000 | ||
Total Cost | |||
Land | 12,945,000 | ||
Building & Improvements | 37,544,000 | ||
Total | 50,489,000 | ||
Accumulated Depreciation | 5,244,000 | ||
Total Cost, Net of Accumulated Depreciation | 45,245,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,644,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 50,489,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,244,000 | ||
The Hub Hillcrest Market [Member] | |||
Initial Cost | |||
Land | 18,773,000 | ||
Building & Improvements | 61,906,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,789,000 | ||
Total Cost | |||
Land | 19,355,000 | ||
Building & Improvements | 64,114,000 | ||
Total | 83,469,000 | ||
Accumulated Depreciation | 3,744,000 | ||
Total Cost, Net of Accumulated Depreciation | 79,725,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 83,469,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,744,000 | ||
Town Square [Member] | |||
Initial Cost | |||
Land | 883,000 | ||
Building & Improvements | 8,132,000 | ||
Costs Capitalized Subsequent to Acquisition | 356,000 | ||
Total Cost | |||
Land | 883,000 | ||
Building & Improvements | 8,488,000 | ||
Total | 9,371,000 | ||
Accumulated Depreciation | 4,050,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,321,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,371,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,050,000 | ||
Twin City Plaza [Member] | |||
Initial Cost | |||
Land | 17,245,000 | ||
Building & Improvements | 44,225,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,379,000 | ||
Total Cost | |||
Land | 17,263,000 | ||
Building & Improvements | 45,586,000 | ||
Total | 62,849,000 | ||
Accumulated Depreciation | 11,606,000 | ||
Total Cost, Net of Accumulated Depreciation | 51,243,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 39,745,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 62,849,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 11,606,000 | ||
Twin Peaks [Member] | |||
Initial Cost | |||
Land | 5,200,000 | ||
Building & Improvements | 25,827,000 | ||
Costs Capitalized Subsequent to Acquisition | 695,000 | ||
Total Cost | |||
Land | 5,200,000 | ||
Building & Improvements | 26,522,000 | ||
Total | 31,722,000 | ||
Accumulated Depreciation | 10,823,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,899,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 31,722,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 10,823,000 | ||
Valencia Crossroads [Member] | |||
Initial Cost | |||
Land | 17,921,000 | ||
Building & Improvements | 17,659,000 | ||
Costs Capitalized Subsequent to Acquisition | 559,000 | ||
Total Cost | |||
Land | 17,921,000 | ||
Building & Improvements | 18,219,000 | ||
Total | 36,140,000 | ||
Accumulated Depreciation | 12,972,000 | ||
Total Cost, Net of Accumulated Depreciation | 23,168,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 36,140,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,972,000 | ||
Village at Lee Airpark [Member] | |||
Initial Cost | |||
Land | 11,099,000 | ||
Building & Improvements | 12,955,000 | ||
Costs Capitalized Subsequent to Acquisition | 2,292,000 | ||
Total Cost | |||
Land | 11,352,000 | ||
Building & Improvements | 15,320,000 | ||
Total | 26,672,000 | ||
Accumulated Depreciation | 4,126,000 | ||
Total Cost, Net of Accumulated Depreciation | 22,546,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 26,672,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,126,000 | ||
Village Center [Member] | |||
Initial Cost | |||
Land | 3,885,000 | ||
Building & Improvements | 14,131,000 | ||
Costs Capitalized Subsequent to Acquisition | 6,847,000 | ||
Total Cost | |||
Land | 4,829,000 | ||
Building & Improvements | 20,159,000 | ||
Total | 24,988,000 | ||
Accumulated Depreciation | 6,463,000 | ||
Total Cost, Net of Accumulated Depreciation | 18,525,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 24,988,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,463,000 | ||
Walker Center [Member] | |||
Initial Cost | |||
Land | 3,840,000 | ||
Building & Improvements | 7,232,000 | ||
Costs Capitalized Subsequent to Acquisition | 3,170,000 | ||
Total Cost | |||
Land | 3,878,000 | ||
Building & Improvements | 10,364,000 | ||
Total | 14,242,000 | ||
Accumulated Depreciation | 4,081,000 | ||
Total Cost, Net of Accumulated Depreciation | 10,161,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,242,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,081,000 | ||
Welleby Plaza [Member] | |||
Initial Cost | |||
Land | 1,496,000 | ||
Building & Improvements | 7,787,000 | ||
Costs Capitalized Subsequent to Acquisition | 806,000 | ||
Total Cost | |||
Land | 1,496,000 | ||
Building & Improvements | 8,593,000 | ||
Total | 10,089,000 | ||
Accumulated Depreciation | 5,802,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,287,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,089,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,802,000 | ||
Wellington Town Square [Member] | |||
Initial Cost | |||
Land | 2,041,000 | ||
Building & Improvements | 12,131,000 | ||
Costs Capitalized Subsequent to Acquisition | 307,000 | ||
Total Cost | |||
Land | 2,041,000 | ||
Building & Improvements | 12,438,000 | ||
Total | 14,479,000 | ||
Accumulated Depreciation | 5,627,000 | ||
Total Cost, Net of Accumulated Depreciation | 8,852,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,800,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 14,479,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 5,627,000 | ||
West Park Plaza [Member] | |||
Initial Cost | |||
Land | 5,840,000 | ||
Building & Improvements | 5,759,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,170,000 | ||
Total Cost | |||
Land | 5,840,000 | ||
Building & Improvements | 6,929,000 | ||
Total | 12,769,000 | ||
Accumulated Depreciation | 2,969,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,800,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,769,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,969,000 | ||
Westchase [Member] | |||
Initial Cost | |||
Land | 5,302,000 | ||
Building & Improvements | 8,273,000 | ||
Costs Capitalized Subsequent to Acquisition | 244,000 | ||
Total Cost | |||
Land | 5,302,000 | ||
Building & Improvements | 8,517,000 | ||
Total | 13,819,000 | ||
Accumulated Depreciation | 2,294,000 | ||
Total Cost, Net of Accumulated Depreciation | 11,525,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,242,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,819,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 2,294,000 | ||
Westchester Plaza [Member] | |||
Initial Cost | |||
Land | 3,366,000 | ||
Building & Improvements | 11,751,000 | ||
Costs Capitalized Subsequent to Acquisition | 9,452,000 | ||
Total Cost | |||
Land | 4,655,000 | ||
Building & Improvements | 20,815,000 | ||
Total | 25,470,000 | ||
Accumulated Depreciation | 3,911,000 | ||
Total Cost, Net of Accumulated Depreciation | 21,559,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,470,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,911,000 | ||
Westchester Plaza [Member] | |||
Initial Cost | |||
Land | 1,857,000 | ||
Building & Improvements | 7,572,000 | ||
Costs Capitalized Subsequent to Acquisition | 269,000 | ||
Total Cost | |||
Land | 1,857,000 | ||
Building & Improvements | 7,841,000 | ||
Total | 9,698,000 | ||
Accumulated Depreciation | 4,421,000 | ||
Total Cost, Net of Accumulated Depreciation | 5,277,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 9,698,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,421,000 | ||
Westlake Plaza and Center [Member] | |||
Initial Cost | |||
Land | 7,043,000 | ||
Building & Improvements | 27,195,000 | ||
Costs Capitalized Subsequent to Acquisition | 1,491,000 | ||
Total Cost | |||
Land | 7,043,000 | ||
Building & Improvements | 28,687,000 | ||
Total | 35,730,000 | ||
Accumulated Depreciation | 12,432,000 | ||
Total Cost, Net of Accumulated Depreciation | 23,298,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 35,730,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 12,432,000 | ||
Westwood Village [Member] | |||
Initial Cost | |||
Land | 19,933,000 | ||
Building & Improvements | 25,301,000 | ||
Costs Capitalized Subsequent to Acquisition | -1,196,000 | ||
Total Cost | |||
Land | 19,553,000 | ||
Building & Improvements | 24,485,000 | ||
Total | 44,038,000 | ||
Accumulated Depreciation | 8,586,000 | ||
Total Cost, Net of Accumulated Depreciation | 35,452,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 44,038,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 8,586,000 | ||
Willow Festival [Member] | |||
Initial Cost | |||
Land | 1,954,000 | ||
Building & Improvements | 56,501,000 | ||
Costs Capitalized Subsequent to Acquisition | 436,000 | ||
Total Cost | |||
Land | 1,954,000 | ||
Building & Improvements | 56,937,000 | ||
Total | 58,891,000 | ||
Accumulated Depreciation | 7,373,000 | ||
Total Cost, Net of Accumulated Depreciation | 51,518,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 39,505,000 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 58,891,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 7,373,000 | ||
Windmiller Plaza Phase 1 [Member] | |||
Initial Cost | |||
Land | 2,638,000 | ||
Building & Improvements | 13,241,000 | ||
Costs Capitalized Subsequent to Acquisition | 158,000 | ||
Total Cost | |||
Land | 2,638,000 | ||
Building & Improvements | 13,399,000 | ||
Total | 16,037,000 | ||
Accumulated Depreciation | 6,161,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,876,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 16,037,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 6,161,000 | ||
Woodcroft Shopping Center [Member] | |||
Initial Cost | |||
Land | 1,419,000 | ||
Building & Improvements | 6,284,000 | ||
Costs Capitalized Subsequent to Acquisition | 523,000 | ||
Total Cost | |||
Land | 1,421,000 | ||
Building & Improvements | 6,805,000 | ||
Total | 8,226,000 | ||
Accumulated Depreciation | 3,463,000 | ||
Total Cost, Net of Accumulated Depreciation | 4,763,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 8,226,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,463,000 | ||
Woodman Van Nuys [Member] | |||
Initial Cost | |||
Land | 5,500,000 | ||
Building & Improvements | 7,195,000 | ||
Costs Capitalized Subsequent to Acquisition | 197,000 | ||
Total Cost | |||
Land | 5,500,000 | ||
Building & Improvements | 7,392,000 | ||
Total | 12,892,000 | ||
Accumulated Depreciation | 3,127,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,765,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 12,892,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,127,000 | ||
Woodmen Plaza [Member] | |||
Initial Cost | |||
Land | 7,621,000 | ||
Building & Improvements | 11,018,000 | ||
Costs Capitalized Subsequent to Acquisition | 477,000 | ||
Total Cost | |||
Land | 7,617,000 | ||
Building & Improvements | 11,493,000 | ||
Total | 19,110,000 | ||
Accumulated Depreciation | 9,125,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,985,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 19,110,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 9,125,000 | ||
Properties in Development [Member] | |||
Initial Cost | |||
Land | 0 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 239,538,000 | ||
Total Cost | |||
Land | 24,243,000 | ||
Building & Improvements | 215,295,000 | ||
Total | 239,538,000 | ||
Accumulated Depreciation | 472,000 | ||
Total Cost, Net of Accumulated Depreciation | 239,066,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 239,538,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 472,000 | ||
Russell Ridge [Member] | |||
Initial Cost | |||
Land | 2,234,000 | ||
Building & Improvements | 6,903,000 | ||
Costs Capitalized Subsequent to Acquisition | 920,000 | ||
Total Cost | |||
Land | 2,234,000 | ||
Building & Improvements | 7,823,000 | ||
Total | 10,057,000 | ||
Accumulated Depreciation | 3,912,000 | ||
Total Cost, Net of Accumulated Depreciation | 6,145,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 10,057,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 3,912,000 | ||
Sammamish-Highlands [Member] | |||
Initial Cost | |||
Land | 9,300,000 | ||
Building & Improvements | 8,075,000 | ||
Costs Capitalized Subsequent to Acquisition | 7,777,000 | ||
Total Cost | |||
Land | 9,592,000 | ||
Building & Improvements | 15,560,000 | ||
Total | 25,152,000 | ||
Accumulated Depreciation | 4,412,000 | ||
Total Cost, Net of Accumulated Depreciation | 20,740,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 25,152,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,412,000 | ||
Woodside Central [Member] | |||
Initial Cost | |||
Land | 3,500,000 | ||
Building & Improvements | 9,288,000 | ||
Costs Capitalized Subsequent to Acquisition | 548,000 | ||
Total Cost | |||
Land | 3,500,000 | ||
Building & Improvements | 9,836,000 | ||
Total | 13,336,000 | ||
Accumulated Depreciation | 4,008,000 | ||
Total Cost, Net of Accumulated Depreciation | 9,328,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 13,336,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | 4,008,000 | ||
Corporately Held Assets [Member] | |||
Initial Cost | |||
Land | 0 | ||
Building & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition | 1,547,000 | ||
Total Cost | |||
Land | 0 | ||
Building & Improvements | 1,547,000 | ||
Total | 1,547,000 | ||
Accumulated Depreciation | 1,085,000 | ||
Total Cost, Net of Accumulated Depreciation | 462,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | 1,547,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Ending balance | $1,085,000 | ||
Building and Improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years |