Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 910,606 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 170,110,464 | |
Partnership Interest [Member] | ||
Entity Registrant Name | REGENCY CENTERS LP | |
Entity Central Index Key | 1,066,247 | |
Entity Filer Category | Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Real estate investments at cost: | ||
Notes receivable | $ 13,984 | $ 10,481 |
Liabilities: | ||
Notes payable | 2,943,986 | 1,363,925 |
Unsecured credit facilities | 578,144 | 278,495 |
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,624,502) | |
Parent Company [Member] | ||
Real estate investments at cost: | ||
Land | 4,578,145 | 1,660,424 |
Buildings and improvements | 5,834,405 | 3,092,197 |
Properties in development | 433,707 | 180,878 |
Gross real estate investments at cost | 10,846,257 | 4,933,499 |
Less: accumulated depreciation | 1,281,510 | 1,124,391 |
Total Cost Net of Accumulated Depreciation | 9,564,747 | 3,809,108 |
Properties held for sale | 27,802 | 0 |
Investments in real estate partnerships | 380,930 | 296,699 |
Net real estate investments | 9,973,479 | 4,105,807 |
Cash and cash equivalents | 23,543 | 13,256 |
Restricted cash | 7,098 | 4,623 |
Tenant and other receivables, net of allowance for doubtful accounts and straight-line rent reserves of $12,279 and $9,021 at September 30, 2017 and December 31, 2016, respectively | 143,153 | 111,722 |
Deferred Costs, Leasing, Net | 71,826 | 69,000 |
Acquired lease intangible assets, less accumulated amortization of $123,662 and $56,695 at September 30, 2017 and December 31, 2016, respectively | 508,868 | 118,831 |
Other assets | 390,778 | 65,667 |
Total assets | 11,118,745 | 4,488,906 |
Liabilities: | ||
Notes payable | 2,943,986 | 1,363,925 |
Unsecured credit facilities | 578,144 | 278,495 |
Accounts payable and other liabilities | 276,363 | 138,936 |
Acquired lease intangible liabilities, less accumulated amortization of $49,968 and $23,538 at September 30, 2017 and December 31, 2016, respectively | 637,217 | 54,180 |
Tenants’ security, escrow deposits and prepaid rent | 46,351 | 28,868 |
Total liabilities | 4,482,061 | 1,864,404 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity/Partners' capital: | ||
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at December 31, 2016, with liquidation preferences of $25 per share | 0 | 325,000 |
Common stock, $0.01 par value per share, 220,000,000 and 150,000,000 shares authorized; 170,109,043 and 104,497,286 shares issued at September 30, 2017 and December 31, 2016, respectively | 1,701 | 1,045 |
Treasury stock at cost, 362,764 and 347,903 shares held at September 30, 2017 and December 31, 2016, respectively | (18,048) | (17,062) |
Additional paid in capital | 7,779,103 | 3,294,923 |
Accumulated other comprehensive loss | (14,141) | (18,346) |
Distributions in excess of net income | (1,153,153) | (994,259) |
Total stockholders’ equity | 6,595,462 | 2,591,301 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $21,708 and $10,630 at September 30, 2017 and December 31, 2016, respectively | 10,906 | (1,967) |
Limited partners’ interests in consolidated partnerships | 30,316 | 35,168 |
Stockholders' Equity Attributable to Noncontrolling Interest | 41,222 | 33,201 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,636,684) | (2,624,502) |
Total liabilities and equity | 11,118,745 | 4,488,906 |
Partnership Interest [Member] | ||
Real estate investments at cost: | ||
Land | 4,578,145 | 1,660,424 |
Buildings and improvements | 5,834,405 | 3,092,197 |
Properties in development | 433,707 | 180,878 |
Gross real estate investments at cost | 10,846,257 | 4,933,499 |
Less: accumulated depreciation | 1,281,510 | 1,124,391 |
Total Cost Net of Accumulated Depreciation | 9,564,747 | 3,809,108 |
Properties held for sale | 27,802 | 0 |
Investments in real estate partnerships | 380,930 | 296,699 |
Net real estate investments | 9,973,479 | 4,105,807 |
Cash and cash equivalents | 23,543 | 13,256 |
Restricted cash | 7,098 | 4,623 |
Tenant and other receivables, net of allowance for doubtful accounts and straight-line rent reserves of $12,279 and $9,021 at September 30, 2017 and December 31, 2016, respectively | 143,153 | 111,722 |
Deferred Costs, Leasing, Net | 71,826 | 69,000 |
Acquired lease intangible assets, less accumulated amortization of $123,662 and $56,695 at September 30, 2017 and December 31, 2016, respectively | 508,868 | 118,831 |
Trading securities held in trust | 0 | 0 |
Other assets | 390,778 | 65,667 |
Total assets | 11,118,745 | 4,488,906 |
Liabilities: | ||
Notes payable | 2,943,986 | 1,363,925 |
Unsecured credit facilities | 578,144 | 278,495 |
Accounts payable and other liabilities | 276,363 | 138,936 |
Acquired lease intangible liabilities, less accumulated amortization of $49,968 and $23,538 at September 30, 2017 and December 31, 2016, respectively | 637,217 | 54,180 |
Tenants’ security, escrow deposits and prepaid rent | 46,351 | 28,868 |
Total liabilities | 4,482,061 | 1,864,404 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity/Partners' capital: | ||
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at December 31, 2016, liquidation preference of $25 per unit | 0 | 325,000 |
General partner; 170,109,043 and 104,497,286 units outstanding at September 30, 2017 and December 31, 2016, respectively | 6,609,603 | 2,284,647 |
Limited partners; 349,902 and 154,170 units outstanding at September 30, 2017 and December 31, 2016, respectively | 10,906 | (1,967) |
Accumulated other comprehensive loss | (14,141) | (18,346) |
Total partners’ capital | 6,606,368 | 2,589,334 |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | 30,316 | 35,168 |
Total noncontrolling interests | 30,316 | 35,168 |
Total equity | 6,636,684 | 2,624,502 |
Total liabilities and equity | 11,118,745 | 4,488,906 |
Preferred Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | (325,000) |
Common Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,701) | (1,045) |
Treasury Stock [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 18,048 | 17,062 |
Additional Paid-in Capital [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,779,103) | (3,294,923) |
AOCI Attributable to Parent [Member] | ||
Stockholders’ equity/Partners' capital: | ||
Accumulated other comprehensive loss | (14,141) | (18,346) |
AOCI Attributable to Parent [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,141 | 18,346 |
Accumulated Distributions in Excess of Net Income [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,153,153 | 994,259 |
Total Stockholders' Equity [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (6,595,462) | (2,591,301) |
Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (10,906) | 1,967 |
Noncontrolling Interests in Limited Partners Interest in Consolidated Partnerships [Member] | Parent Company [Member] | ||
Noncontrolling interests: | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (30,316) | $ (35,168) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Parent Company [Member] | ||
Allowance for doubtful accounts receivable | $ 12,279 | $ 9,021 |
Deferred costs accumulated amortization | 91,213 | 83,529 |
Accumulated amortization of acquired lease intangible assets | 123,662 | 56,695 |
Accumulated accretion of acquired lease intangible liabilities | $ 49,968 | $ 23,538 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred units of Series 6-7, units issued | 0 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 0 | 13,000,000 |
Preferred stock, liquidation preferences per share | $ 0 | $ 25 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 150,000,000 |
Common stock, shares issued | 170,109,043 | 104,497,286 |
Exchangeable operating partnership units aggregate redemption value | $ 21,708 | $ 10,630 |
Treasury stock, shares held at cost | 359,784 | 347,903 |
Partnership Interest [Member] | ||
Allowance for doubtful accounts receivable | $ 13,412 | $ 9,021 |
Deferred costs accumulated amortization | 91,213 | 83,529 |
Accumulated amortization of acquired lease intangible assets | 123,662 | 56,695 |
Accumulated accretion of acquired lease intangible liabilities | $ 49,968 | $ 23,538 |
Preferred units of general partner par value per unit | $ 0.01 | $ 0.01 |
Preferred units of Series 6-7, units issued | 0 | 13,000,000 |
Preferred units of Series 6-7, units outstanding | 0 | 13,000,000 |
Preferred stock, liquidation preferences per share | $ 0 | $ 25 |
General partner units, outstanding | 170,109,043 | 104,497,286 |
Limited partner units, outstanding | 349,902 | 154,170 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 131 | $ 9,580 | $ 4,913 | $ 22,997 |
Document Fiscal Year Focus | 2,017 | |||
Other expense (income): | ||||
Provision for impairment | 0 | 0 | $ 0 | 1,666 |
Discontinued operations, net: | ||||
Net income | 93,039 | 105,334 | ||
Parent Company [Member] | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 131 | 9,580 | 4,913 | 22,997 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | 132 | 16 | 217 | 165 |
Revenues: | ||||
Minimum rent | 195,393 | 111,886 | 532,625 | 329,506 |
Percentage rent | 1,147 | 495 | 5,509 | 2,651 |
Recoveries from tenants and other income | 59,554 | 34,532 | 162,089 | 103,894 |
Management Fees Revenue | 6,047 | 5,855 | 19,353 | 18,759 |
Total revenues | 262,141 | 152,768 | 719,576 | 454,810 |
Operating expenses: | ||||
Depreciation and amortization | 91,474 | 40,705 | 243,757 | 119,721 |
Operating and maintenance | 38,020 | 23,373 | 103,888 | 69,767 |
General and administrative | 15,199 | 16,046 | 49,618 | 48,695 |
Real estate taxes | 29,315 | 17,058 | 79,636 | 49,697 |
Other operating expenses (note 2) | 3,195 | 1,046 | 81,621 | 5,795 |
Total operating expenses | 177,203 | 98,228 | 558,520 | 293,675 |
Other expense (income): | ||||
Interest expense, net | 34,679 | 21,945 | 97,285 | 70,489 |
Provision for impairment | 0 | 0 | 0 | 1,666 |
Gain (Loss) on Extinguishment of Debt | 0 | (13,943) | (12,404) | (13,943) |
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 971 | 821 | 2,955 | 1,268 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | (40,586) | 0 | (40,586) |
Nonoperating Income (Expense) | 33,708 | 75,653 | 106,734 | 125,416 |
Income from operations before equity in income of investments in real estate partnerships | 51,230 | (21,113) | 54,322 | 35,719 |
Equity in income of investments in real estate partnerships | 12,221 | 22,647 | 33,804 | 46,618 |
Income from operations | 63,451 | 1,534 | 88,126 | 82,337 |
Discontinued operations, net: | ||||
Net income | 63,582 | 11,114 | 93,039 | 105,334 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (637) | (527) | (1,884) | (1,380) |
Income attributable to noncontrolling interests | (769) | (543) | (2,101) | (1,545) |
Net income attributable to the Company | 62,813 | 10,571 | 90,938 | 103,789 |
Preferred stock dividends and issuance costs | (3,147) | (5,266) | (16,128) | (15,797) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 59,666 | $ 5,305 | $ 74,810 | $ 87,992 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Partnership Interest [Member] | ||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 131 | $ 9,580 | $ 4,913 | $ 22,997 |
Revenues: | ||||
Minimum rent | 195,393 | 111,886 | 532,625 | 329,506 |
Percentage rent | 1,147 | 495 | 5,509 | 2,651 |
Recoveries from tenants and other income | 59,554 | 34,532 | 162,089 | 103,894 |
Management Fees Revenue | 6,047 | 5,855 | 19,353 | 18,759 |
Total revenues | 262,141 | 152,768 | 719,576 | 454,810 |
Operating expenses: | ||||
Depreciation and amortization | 91,474 | 40,705 | 243,757 | 119,721 |
Operating and maintenance | 38,020 | 23,373 | 103,888 | 69,767 |
General and administrative | 15,199 | 16,046 | 49,618 | 48,695 |
Real estate taxes | 29,315 | 17,058 | 79,636 | 49,697 |
Other operating expenses (note 2) | 3,195 | 1,046 | 81,621 | 5,795 |
Total operating expenses | 177,203 | 98,228 | 558,520 | 293,675 |
Other expense (income): | ||||
Interest expense, net | 34,679 | 21,945 | 97,285 | 70,489 |
Provision for impairment | 0 | 0 | 0 | 1,666 |
Gain (Loss) on Extinguishment of Debt | 0 | (13,943) | (12,404) | (13,943) |
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 971 | 821 | 2,955 | 1,268 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | (40,586) | 0 | (40,586) |
Nonoperating Income (Expense) | 33,708 | 75,653 | 106,734 | 125,416 |
Income from operations before equity in income of investments in real estate partnerships | 51,230 | (21,113) | 54,322 | 35,719 |
Equity in income of investments in real estate partnerships | 12,221 | 22,647 | 33,804 | 46,618 |
Income from operations | 63,451 | 1,534 | 88,126 | 82,337 |
Discontinued operations, net: | ||||
Net income | 63,582 | 11,114 | 93,039 | 105,334 |
Noncontrolling interests: | ||||
Limited partners’ interests in consolidated partnerships | (637) | (527) | (1,884) | (1,380) |
Income attributable to noncontrolling interests | (637) | (527) | (1,884) | (1,380) |
Net income attributable to the Company | 62,945 | 10,587 | 91,155 | 103,954 |
Distributions Paid To Preferred Unit Holders | 3,147 | 5,266 | 16,128 | 15,797 |
Net income attributable to common unit holders | $ 59,798 | $ 5,321 | $ 75,027 | $ 88,157 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Parent Company [Member] | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (11) | $ (275) | $ (863) | $ 892 |
Partnership Interest [Member] | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ (11) | $ (275) | $ (863) | $ 892 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |||
Net income | $ (93,039) | $ (105,334) | ||
Other comprehensive income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (39) | $ 1,294 | (3,911) | (25,338) |
Other comprehensive income | 4,194 | 22,815 | ||
Parent Company [Member] | ||||
Net income | (63,582) | (11,114) | (93,039) | (105,334) |
Other comprehensive income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (39) | 1,294 | (3,911) | (25,338) |
Reclassification adjustment of derivative instruments included in net income | 2,329 | 43,111 | 8,054 | 48,063 |
Available-for-sale Securities, Gross Unrealized Gain | 8 | 53 | 51 | 90 |
Other comprehensive income | 2,298 | 44,458 | 4,194 | 22,815 |
Comprehensive income | 65,880 | 55,572 | 97,233 | 128,149 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (769) | (543) | (2,101) | (1,545) |
Other comprehensive income (loss) attributable to noncontrolling interests | 5 | 158 | (11) | (139) |
Comprehensive income attributable to noncontrolling interests | 774 | 701 | 2,090 | 1,406 |
Comprehensive income attributable to the Company | 65,106 | 54,871 | 95,143 | 126,743 |
Partnership Interest [Member] | ||||
Net income | (63,582) | (11,114) | (93,039) | (105,334) |
Other comprehensive income: | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (39) | 1,294 | (3,911) | (25,338) |
Reclassification adjustment of derivative instruments included in net income | 2,329 | 43,111 | 8,054 | 48,063 |
Available-for-sale Securities, Gross Unrealized Gain | 8 | 53 | 51 | 90 |
Other comprehensive income | 2,298 | 44,458 | 4,194 | 22,815 |
Comprehensive income | 65,880 | 55,572 | 97,233 | 128,149 |
Less: comprehensive income (loss) attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | (637) | (527) | (1,884) | (1,380) |
Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 91 | (17) | (172) |
Comprehensive income attributable to noncontrolling interests | 637 | 618 | 1,867 | 1,208 |
Comprehensive income attributable to the Company | $ 65,243 | $ 54,954 | $ 95,366 | $ 126,941 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Parent Company [Member] | Partnership Interest [Member] | Preferred Stock [Member]Parent Company [Member] | Common Stock [Member]Parent Company [Member] | Treasury Stock [Member]Parent Company [Member] | Additional Paid-in Capital [Member]Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Distributions in Excess of Net Income [Member]Parent Company [Member] | Total Stockholders' Equity [Member]Parent Company [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Total Noncontrolling Interests [Member]Parent Company [Member] | Noncontrolling Interest [Member]Parent Company [Member] | Common Stock [Member]Parent Company [Member] | Common Stock [Member]Preferred Stock [Member]Parent Company [Member] | Common Stock [Member]Common Stock [Member]Parent Company [Member] | Common Stock [Member]Treasury Stock [Member]Parent Company [Member] | Common Stock [Member]Additional Paid-in Capital [Member]Parent Company [Member] | Common Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]Parent Company [Member] | Common Stock [Member]Distributions in Excess of Net Income [Member]Parent Company [Member] | Common Stock [Member]Total Stockholders' Equity [Member]Parent Company [Member] | Common Stock [Member]Noncontrolling Interest Exchangeable Operating Partnership Units [Member]Parent Company [Member] | Common Stock [Member]Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]Parent Company [Member] | Common Stock [Member]Noncontrolling Interest [Member]Parent Company [Member] | Partners Capital Total [Member] | Partners Capital Total [Member]Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Preferred Stock [Member] | Limited Partner [Member] | Limited Partner [Member]Preferred Stock [Member] | General Partner [Member] | General Partner [Member]Preferred Stock [Member] | Equity One Inc. [Member] | Equity One Inc. [Member]Parent Company [Member] | Equity One Inc. [Member]Preferred Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Common Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Treasury Stock [Member]Parent Company [Member] | Equity One Inc. [Member]Additional Paid-in Capital [Member]Parent Company [Member] | Equity One Inc. [Member]Distributions in Excess of Net Income [Member]Parent Company [Member] | Equity One Inc. [Member]Noncontrolling Interest [Member]Parent Company [Member] | Equity One Inc. [Member]Partners Capital Total [Member] | Equity One Inc. [Member]Noncontrolling Interest [Member] | Equity One Inc. [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Equity One Inc. [Member]Limited Partner [Member] | Equity One Inc. [Member]General Partner [Member] |
Beginning balance at Dec. 31, 2015 | $ 2,082,620 | $ 2,082,620 | $ 325,000 | $ 972 | $ (19,658) | $ 2,742,508 | $ (58,693) | $ (936,020) | $ 2,054,109 | $ (1,975) | $ 30,486 | $ 28,511 | $ 2,052,134 | $ 30,486 | $ (58,693) | $ (1,975) | $ 2,112,802 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 103,789 | $ 103,954 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 105,334 | 105,334 | 105,334 | 0 | 0 | 0 | 0 | 0 | 103,789 | 165 | 1,380 | 1,545 | 103,954 | 1,380 | 0 | 165 | 103,789 | ||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 22,815 | 22,815 | 22,815 | 0 | 0 | 0 | 0 | $ 22,954 | 22,954 | 0 | 22,954 | 33 | (172) | 22,987 | 22,954 | 33 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (139) | (172) | (172) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 0 | 0 | 0 | 2,776 | (2,776) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 9,967 | 9,967 | 0 | 2 | 0 | 9,965 | 0 | 0 | 9,967 | 0 | 0 | 0 | 9,967 | 0 | 0 | 0 | 9,967 | ||||||||||||||||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | $ 7,835 | $ 0 | $ 0 | $ 0 | $ 7,835 | $ 0 | $ 0 | $ 7,835 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | 804 | 804 | 0 | 0 | 0 | 804 | 0 | 0 | 804 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock issued, net of issuance costs | 549,545 | 0 | 71 | 0 | 549,474 | 0 | 0 | 549,545 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Contributions from partners | 8,675 | 8,675 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,675 | 8,675 | 0 | 8,675 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Distributions to partners | (155,844) | (5,762) | 0 | 0 | 0 | (538) | 0 | 0 | (538) | 0 | (5,224) | (5,224) | (150,620) | (5,224) | 0 | (229) | 150,391 | ||||||||||||||||||||||||||||||||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (542,514) | (542,514) | 0 | 0 | 0 | (542,514) | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | 15,797 | 15,797 | 0 | 0 | 0 | 0 | 0 | 15,797 | 15,797 | 0 | 0 | 0 | 15,797 | 0 | 0 | 0 | 15,797 | ||||||||||||||||||||||||||||||||
Preferred stock | (15,797) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 150,082 | 0 | 0 | 0 | 0 | 0 | 149,853 | 149,853 | 229 | 0 | 229 | ||||||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2016 | 2,600,284 | 2,600,284 | 325,000 | 1,045 | (16,882) | 3,291,602 | (35,739) | (997,881) | 2,567,145 | (2,006) | 35,145 | 33,139 | 2,565,139 | 35,145 | (35,739) | (2,006) | 2,602,884 | ||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2016 | 2,624,502 | 2,624,502 | 325,000 | 1,045 | (17,062) | 3,294,923 | (18,346) | (994,259) | 2,591,301 | (1,967) | 35,168 | 33,201 | 2,589,334 | 35,168 | (18,346) | (1,967) | 2,609,647 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Parent | 90,938 | 91,155 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 93,039 | 93,039 | 93,039 | 0 | 0 | 0 | 0 | 0 | 90,938 | 217 | 1,884 | 2,101 | 91,155 | 1,884 | 0 | 217 | 90,938 | ||||||||||||||||||||||||||||||||
Current period other comprehensive income, net | 4,194 | 4,194 | 4,194 | 0 | 0 | 0 | 0 | $ 4,205 | 4,205 | 0 | 4,205 | 6 | (17) | 4,211 | 4,205 | 6 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | (11) | (17) | (17) | ||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | 4,194 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | (9) | 0 | 0 | (986) | 977 | 0 | 0 | (9) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of amortization | 10,920 | 10,920 | 0 | 2 | 0 | 10,918 | 0 | 0 | 10,920 | 0 | 0 | 0 | 10,920 | 0 | 0 | 0 | 10,920 | $ 7,951 | $ 7,951 | $ 0 | $ 1 | $ 0 | $ 7,950 | $ 0 | $ 0 | $ 7,951 | $ 0 | $ 0 | $ 0 | $ 7,951 | |||||||||||||||||||
Common stock redeemed for taxes withheld for stock based compensation, net | 18,432 | 0 | 1 | 0 | 18,431 | 0 | 0 | 18,432 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | 908 | $ 908 | 0 | 0 | 0 | 908 | 0 | 0 | 908 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock issued, net of issuance costs | $ 4,471,413 | $ 0 | $ 654 | $ 0 | $ 4,470,759 | $ 0 | $ 0 | $ 4,471,413 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock Redemption Premium | 325,000 | $ 325,000 | $ 0 | $ 0 | $ 0 | $ 325,000 | |||||||||||||||||||||||||||||||||||||||||||
Contributions from partners | 13,467 | 13,467 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13,100 | 367 | 13,467 | 13,100 | 367 | 0 | 13,100 | 0 | ||||||||||||||||||||||||||||||||
Distributions to partners | (241,240) | (7,086) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7,086) | (7,086) | (234,154) | (7,086) | 0 | (450) | (233,704) | ||||||||||||||||||||||||||||||||
Common units redeemed as a result of common stock redeemed by Parent Company, net of issuances | (4,453,889) | (4,453,889) | 0 | 0 | 0 | (4,453,889) | |||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: preferred stock/unit | $ 5,029 | 5,029 | 0 | 0 | 0 | 0 | 0 | 5,029 | 0 | 0 | 0 | 5,029 | 0 | 0 | 0 | 5,029 | |||||||||||||||||||||||||||||||||
Redemption of preferred stock | 325,000 | 325,000 | 0 | 0 | 11,099 | 0 | 11,099 | 325,000 | 0 | 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||
Preferred stock | (16,128) | (5,029) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared - common stock/unit | 234,154 | 0 | 0 | 0 | 0 | 0 | 233,704 | 233,704 | 450 | 0 | 450 | ||||||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2017 | $ 6,636,684 | $ 0 | $ 1,701 | $ (18,048) | $ 7,779,103 | $ (14,141) | $ (1,153,153) | $ 6,595,462 | $ 10,906 | $ 30,316 | $ 41,222 | $ 6,606,368 | $ 30,316 | $ (14,141) | $ 10,906 | $ 6,609,603 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Common stock/unit per share | $ 1.04 | $ 1 |
Consolidated Statement of Chan9
Consolidated Statement of Changes in Partner Capital Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends, Preferred Stock, Cash | $ 5,029 | $ 15,797 | ||||
Shareholders' Equity | $ 2,600,284 | 2,600,284 | $ 2,624,502 | $ 2,082,620 | ||
Net income | 93,039 | 105,334 | ||||
Other comprehensive income (loss) | 4,194 | 22,815 | ||||
Deferred Compensation Plan | (9) | |||||
Partners' Capital Account, Contributions | 13,467 | 8,675 | ||||
Partners' Capital Account, Distributions | 241,240 | 155,844 | ||||
Preferred Stock Redemption Premium | (325,000) | |||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 4,453,889 | 542,514 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 10,920 | 9,967 | ||||
Stockholders Equity including noncontrolling interest | $ 6,636,684 | 6,636,684 | ||||
Noncontrolling Interest [Member] | ||||||
Dividends, Preferred Stock, Cash | 0 | 0 | ||||
Shareholders' Equity | 30,316 | 35,145 | 30,316 | 35,145 | 35,168 | 30,486 |
Net income | 1,884 | 1,380 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (17) | (172) | ||||
Deferred Compensation Plan | 0 | |||||
Partners' Capital Account, Contributions | 367 | 8,675 | ||||
Partners' Capital Account, Distributions | 7,086 | 5,224 | ||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | 0 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||||
Partners Capital Total [Member] | ||||||
Dividends, Preferred Stock, Cash | 5,029 | 15,797 | ||||
Shareholders' Equity | 6,606,368 | 2,565,139 | 6,606,368 | 2,565,139 | 2,589,334 | 2,052,134 |
Net income | 91,155 | 103,954 | ||||
Other comprehensive income (loss) | 4,211 | 22,987 | ||||
Deferred Compensation Plan | (9) | |||||
Partners' Capital Account, Contributions | 13,100 | 0 | ||||
Partners' Capital Account, Distributions | 234,154 | 150,620 | ||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 4,453,889 | 542,514 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 10,920 | 9,967 | ||||
AOCI Attributable to Parent [Member] | ||||||
Dividends, Preferred Stock, Cash | 0 | 0 | ||||
Shareholders' Equity | (14,141) | (35,739) | (14,141) | (35,739) | (18,346) | (58,693) |
Net income | 0 | 0 | ||||
Other comprehensive income (loss) | 4,205 | 22,954 | ||||
Deferred Compensation Plan | 0 | |||||
Partners' Capital Account, Contributions | 0 | 0 | ||||
Partners' Capital Account, Distributions | 0 | 0 | ||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | 0 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||||
Limited Partner [Member] | ||||||
Dividends, Preferred Stock, Cash | 0 | 0 | ||||
Shareholders' Equity | 10,906 | (2,006) | 10,906 | (2,006) | (1,967) | (1,975) |
Net income | 217 | 165 | ||||
Other comprehensive income (loss) | 6 | 33 | ||||
Deferred Compensation Plan | 0 | |||||
Partners' Capital Account, Contributions | 13,100 | 0 | ||||
Partners' Capital Account, Distributions | 450 | 229 | ||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 0 | 0 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | ||||
General Partner [Member] | ||||||
Dividends, Preferred Stock, Cash | 5,029 | 15,797 | ||||
Shareholders' Equity | 6,609,603 | 2,602,884 | 6,609,603 | 2,602,884 | $ 2,609,647 | $ 2,112,802 |
Net income | 90,938 | 103,789 | ||||
Other comprehensive income (loss) | 0 | 0 | ||||
Deferred Compensation Plan | (9) | |||||
Partners' Capital Account, Contributions | 0 | 0 | ||||
Partners' Capital Account, Distributions | 233,704 | (150,391) | ||||
Common unit issued as a result of common stock issued by Parent Company, net of purchases | 4,453,889 | 542,514 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 10,920 | 9,967 | ||||
Preferred Stock [Member] | Noncontrolling Interest [Member] | ||||||
Preferred Stock Redemption Premium | 0 | |||||
Preferred Stock [Member] | Partners Capital Total [Member] | ||||||
Preferred Stock Redemption Premium | (325,000) | |||||
Preferred Stock [Member] | AOCI Attributable to Parent [Member] | ||||||
Preferred Stock Redemption Premium | 0 | |||||
Preferred Stock [Member] | Limited Partner [Member] | ||||||
Preferred Stock Redemption Premium | 0 | |||||
Preferred Stock [Member] | General Partner [Member] | ||||||
Preferred Stock Redemption Premium | (325,000) | |||||
Partnership Interest [Member] | ||||||
Net income | 63,582 | 11,114 | 93,039 | 105,334 | ||
Other comprehensive income (loss) | 2,298 | 44,458 | 4,194 | 22,815 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 91 | (17) | (172) | ||
AOCI Attributable to Parent [Member] | ||||||
Other comprehensive income (loss) | 4,205 | $ 22,954 | ||||
Equity One Inc. [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7,951 | |||||
Equity One Inc. [Member] | Noncontrolling Interest [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||||
Equity One Inc. [Member] | Partners Capital Total [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7,951 | |||||
Equity One Inc. [Member] | AOCI Attributable to Parent [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||||
Equity One Inc. [Member] | Limited Partner [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||||
Equity One Inc. [Member] | General Partner [Member] | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 7,951 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ (93,039) | $ (105,334) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for impairment | 0 | (1,666) |
Cash flows from investing activities: | ||
Proceeds from sale of real estate investments | 15,397 | 85,885 |
Parent Company [Member] | ||
Partnership units issued for acquisition of real estate | 13,100 | 0 |
Proceeds from Issuance of Unsecured Debt | 953,115 | 0 |
Cash flows from operating activities: | ||
Net income | (93,039) | (105,334) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 243,757 | 119,721 |
Amortization of deferred loan cost and debt premium | 7,144 | 7,242 |
Amortization of above and below Market Leases | (18,784) | (2,296) |
Share-based Compensation | 16,836 | 7,554 |
Stock-based compensation, net of capitalization | 2,459 | 2,561 |
Equity in income of investments in real estate partnerships | (33,804) | (46,618) |
Gain on sale of real estate, net of tax | (4,913) | (22,997) |
Provision for impairment | 0 | (1,666) |
Gain (Loss) on Extinguishment of Debt | (12,404) | (13,943) |
Distribution of earnings from operations of investments in real estate partnerships | (40,817) | (39,765) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | (51) | 0 |
Deferred compensation expense | 2,885 | 1,249 |
Realized and unrealized (gain) loss on investments | (2,878) | (1,268) |
Increase (Decrease) in Restricted Cash for Operating Activities | 1,569 | 84 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 2,574 | 3,715 |
Straight-line rent receivables, net | (13,901) | (4,894) |
Deferred leasing costs | (10,294) | (7,841) |
Other assets | 8,075 | (59) |
Accounts payable and other liabilities | 4,908 | 12,607 |
Tenants’ security, escrow deposits and prepaid rent | (2,490) | (1,406) |
Net cash provided by operating activities | 343,857 | 225,333 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (2,109) | (333,220) |
Payments for Deposits on Real Estate Acquisitions | (350) | 1,250 |
Payments for Merger Related Costs | (648,763) | 0 |
Real estate development and capital improvements | (241,834) | (146,773) |
Proceeds from sale of real estate investments | 15,397 | 83,675 |
Payments for (Proceeds from) Loans Receivable | 3,460 | 0 |
Investments in real estate partnerships | (12,296) | (13,127) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 36,603 | 52,536 |
Dividends on investment securities | 200 | 189 |
Acquisition of securities | (14,011) | (53,290) |
Proceeds from sale of securities | 11,974 | 54,176 |
Net cash used in investing activities | (858,649) | (354,584) |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 0 | 549,545 |
Proceeds from sale of treasury stock | 100 | 957 |
Distributions to limited partners in consolidated partnerships, net | (7,031) | (3,126) |
Distributions to exchangeable operating partnership unit holders | (450) | (229) |
Dividends paid to common stockholders | (232,796) | (149,049) |
Dividends paid to preferred stockholders | (5,029) | (15,797) |
Proceeds from unsecured credit facilities | 950,000 | 395,000 |
Repayment of unsecured credit facilities | (650,000) | (295,000) |
Proceeds from notes payable | 126,999 | 20,223 |
Repayments of Notes Payable | (232,839) | (41,584) |
Scheduled principal payments | (7,452) | (4,462) |
Payment of loan costs | (12,868) | (1,954) |
Payments of Debt Extinguishment Costs | (12,419) | (13,214) |
Net cash provided by financing activities | 525,079 | 133,297 |
Payments Related to Tax Withholding for Share-based Compensation | (19,251) | (8,013) |
Repayments of Unsecured Debt | 0 | 300,000 |
Payments for Repurchase of Preferred Units | 325,000 | 0 |
Cash and cash equivalents at beginning of the period | 13,256 | 36,856 |
Cash and cash equivalents at end of the period | 23,543 | 40,902 |
Net increase in cash and cash equivalents | 10,287 | 4,046 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $5,778 and $2,622 in 2017 and 2016, respectively) | 73,273 | 54,904 |
Income Taxes Paid | 670 | 0 |
Supplemental disclosure of non-cash transactions: | ||
Common stock issued under dividend reinvestment plan | 908 | 804 |
Contributions from limited partners in consolidated partnerships, net | 311 | 8,674 |
Common stock issued for dividend reinvestment in trust | 557 | 556 |
Contribution of stock awards into trust | 1,372 | 1,513 |
Distribution of stock held in trust | 677 | 4,096 |
Unrealized Gain (Loss) on Securities | 51 | 90 |
Deconsolidation of previously consolidated partnership [Abstract] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 757,399 | 0 |
Common stock exchanged for Equity One shares | (4,471,808) | 0 |
Deconsolidation of consolidated partnership, Real estate, net | 0 | 14,075 |
Deconsolidation of consolidated partnership, Return of capital | 0 | (3,355) |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | 0 | (9,415) |
Deconsolidation of consolidated partnership, Other assets and liabilities | 0 | 640 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | 0 | (2,099) |
Partnership Interest [Member] | ||
Partnership units issued for acquisition of real estate | 13,100 | 0 |
Proceeds from Issuance of Unsecured Debt | 953,115 | 0 |
Cash flows from operating activities: | ||
Net income | (93,039) | (105,334) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 243,757 | 119,721 |
Amortization of deferred loan cost and debt premium | 7,144 | 7,242 |
Amortization of above and below Market Leases | (18,784) | (2,296) |
Share-based Compensation | 16,836 | 7,554 |
Stock-based compensation, net of capitalization | 2,459 | 2,561 |
Equity in income of investments in real estate partnerships | (33,804) | (46,618) |
Gain on sale of real estate, net of tax | (4,913) | (22,997) |
Provision for impairment | 0 | (1,666) |
Gain (Loss) on Extinguishment of Debt | (12,404) | (13,943) |
Distribution of earnings from operations of investments in real estate partnerships | (40,817) | (39,765) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | (51) | 0 |
Deferred compensation expense | 2,885 | 1,249 |
Realized and unrealized (gain) loss on investments | (2,878) | (1,268) |
Increase (Decrease) in Restricted Cash for Operating Activities | 1,569 | 84 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 2,574 | 3,715 |
Straight-line rent receivables, net | (13,901) | (4,894) |
Deferred leasing costs | (10,294) | (7,841) |
Other assets | 8,075 | (59) |
Accounts payable and other liabilities | 4,908 | 12,607 |
Tenants’ security, escrow deposits and prepaid rent | (2,490) | (1,406) |
Net cash provided by operating activities | 343,857 | 225,333 |
Cash flows from investing activities: | ||
Acquisition of operating real estate | (2,109) | (333,220) |
Payments for Deposits on Real Estate Acquisitions | (350) | 1,250 |
Payments for Merger Related Costs | (648,763) | 0 |
Real estate development and capital improvements | (241,834) | (146,773) |
Proceeds from sale of real estate investments | 15,397 | 83,675 |
Payments for (Proceeds from) Loans Receivable | 3,460 | 0 |
Investments in real estate partnerships | (12,296) | (13,127) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 36,603 | 52,536 |
Dividends on investment securities | 200 | 189 |
Acquisition of securities | (14,011) | (53,290) |
Proceeds from sale of securities | 11,974 | 54,176 |
Net cash used in investing activities | (858,649) | (354,584) |
Cash flows from financing activities: | ||
Net proceeds from common units issued as a result of common stock issued by Parent Company | 0 | 549,545 |
Proceeds from sale of treasury stock | 100 | 957 |
Distributions to limited partners in consolidated partnerships, net | (7,031) | (3,126) |
Dividends paid to common stockholders | (233,246) | (149,278) |
Dividends paid to preferred stockholders | (5,029) | (15,797) |
Proceeds from unsecured credit facilities | 950,000 | 395,000 |
Repayment of unsecured credit facilities | (650,000) | (295,000) |
Proceeds from notes payable | 126,999 | 20,223 |
Repayments of Notes Payable | (232,839) | (41,584) |
Scheduled principal payments | (7,452) | (4,462) |
Payment of loan costs | (12,868) | (1,954) |
Payments of Debt Extinguishment Costs | (12,419) | (13,214) |
Net cash provided by financing activities | 525,079 | 133,297 |
Payments for Repurchase of Common Stock | 19,251 | 8,013 |
Repayments of Unsecured Debt | 0 | 300,000 |
Payments for Repurchase of Preferred Units | 325,000 | 0 |
Cash and cash equivalents at beginning of the period | 13,256 | 36,856 |
Cash and cash equivalents at end of the period | 23,543 | 40,902 |
Net increase in cash and cash equivalents | 10,287 | 4,046 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $5,778 and $2,622 in 2017 and 2016, respectively) | 73,273 | 54,904 |
Proceeds from Income Tax Refunds | 670 | |
Income Taxes Paid | 0 | |
Supplemental disclosure of non-cash transactions: | ||
Common stock issued under dividend reinvestment plan | 908 | 804 |
Contributions from limited partners in consolidated partnerships, net | 311 | 8,674 |
Common stock issued for dividend reinvestment in trust | 557 | 556 |
Contribution of stock awards into trust | 1,372 | 1,513 |
Distribution of stock held in trust | 677 | 4,096 |
Unrealized Gain (Loss) on Securities | 51 | 90 |
Deconsolidation of previously consolidated partnership [Abstract] | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 757,399 | 0 |
Units Issued to Parent Company for common stock exchanged for Equity One shares | (4,471,808) | 0 |
Deconsolidation of consolidated partnership, Real estate, net | 0 | 14,075 |
Deconsolidation of consolidated partnership, Return of capital | 0 | (3,355) |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | 0 | (9,415) |
Deconsolidation of consolidated partnership, Other assets and liabilities | 0 | 640 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | $ 0 | $ (2,099) |
Consolidated Statements of Ca11
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Parent Company [Member] | ||
Capitalized interest | $ 3,290 | $ 1,766 |
Partnership Interest [Member] | ||
Capitalized interest | $ 3,290 | $ 1,766 |
Organization and Principles of
Organization and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | Organization and Significant Accounting Policies General Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership. The Parent Company has no other assets other than through its investment in the Operating Partnership, and its only liabilities are the unsecured notes assumed from the merger with Equity One, Inc. ("Equity One"), which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. On March 1, 2017, Regency completed its merger with Equity One, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock owned immediately prior to the effective time of the merger, resulting in the issuance of approximately 65.5 million shares of Regency common stock to effect the merger. As of September 30, 2017 , the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 313 retail shopping centers and held partial interests in an additional 114 retail shopping centers through unconsolidated investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. Consolidation The Company consolidates properties that are wholly owned and properties where it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIEs"). For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company's determination of the primary beneficiary considers all relationships between it and the VIE, including management agreements and other contractual arrangements. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2017 , the Parent Company owned approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership with the remaining limited Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company’s only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. 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 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. 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. Goodwill Goodwill, which is included within Other assets in the accompanying Consolidated Balance Sheets, represents the excess of the purchase price consideration for the Equity One merger over the fair value of the assets acquired and liabilities assumed, and reflects expected synergies from combining Regency's and Equity One's operations. The Company accounts for goodwill in accordance with the Intangibles - Goodwill and Other Topic of the FASB ASC, and allocates its goodwill to the reporting units, which have been determined to be at the individual property level. The Company will perform an impairment evaluation of its goodwill at least annually, in November of each year. The goodwill impairment evaluation may be completed through a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the property’s fair value is less than its carrying value. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a property exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any property, the Company will perform the quantitative approach described below. The first step of the quantitative approach consists of estimating the fair value of each property using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an implied fair value of goodwill. The determination of each property’s implied fair value of goodwill requires allocation of the estimated fair value of the property to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying value. Real Estate Partnerships As of September 30, 2017 , Regency has an ownership interest in 125 properties through partnerships, of which 11 are consolidated. Our partners in these ventures include institutional investors, other real estate developers and/or operators, and individual parties who help Regency source transactions for development and investment (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property management to the partnerships. The partners’ level of involvement varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to involvement in approving leases, operating budgets, and capital budgets. • Those partnerships for which the Partners only have protective rights are considered VIEs under ASC 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests. The operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. Regency does not provide financial support to the VIEs beyond the terms stipulated in the partnership operating agreements. • Those partnerships for which the partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. ◦ Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. ◦ Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method, and its ownership interest is recognized through single-line presentation as Investments in real estate partnerships in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships in the Consolidated Statements of Operations. Cash distributions of earnings from operations of 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 net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is either (1) 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 (2) recognized upon sale of the underlying asset(s) or settlement of underlying liabilities, or (3) 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. The assets of the partnerships are restricted to the use of the partnerships and cannot be used as security by general creditors of the Company. And similarly, the obligations of the partnerships can only be settled by the assets of the partnerships. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) September 30, 2017 December 31, 2016 Assets Real estate assets, net $ 93,821 86,440 Cash and cash equivalents 4,053 3,444 Liabilities Notes payable 12,691 8,175 Equity Limited partners’ interests in consolidated partnerships 17,604 17,565 |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments Acquisitions The following table details the shopping centers acquired or land acquired or leased for development: (in thousands) Nine months ended September 30, 2017 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 3/6/17 The Field at Commonwealth Chantilly, VA Development 100% $9,500 — — — 3/8/17 Pinecrest Place (1) Miami, FL Development 100% — — — — 4/13/17 Mellody Farm (2) Chicago, IL Development 100% 26,200 — — 6/28/17 Concord outparcel (3) Miami, FL Operating 100% 350 — — — 7/20/17 Aventura Square outparcel (4) Miami, FL Operating 100% 1,750 — 90 9 Total property acquisitions $37,800 — 90 9 (1) The Company leased 10.67 acres for a ground up development. (2) The Operating Partnership issued 195,732 partnership units valued at $13.1 million as partial consideration for the purchase price. (3) The Company purchased a 0.67 acre vacant outparcel adjacent to the Company's existing operating Concord Shopping Plaza. (4) The Company purchased a 0.06 acre outparcel improved with a leased building adjacent to the Company's existing operating Aventura Square. (in thousands) Nine months ended September 30, 2016 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 2/22/16 Garden City Park Garden City Park, NY Operating 100% $17,300 — 10,171 2,940 3/4/16 The Market at Springwoods Village (1) Houston, TX Development 53% $17,994 — — — 5/16/16 Market Common Clarendon Arlington, VA Operating 100% $280,500 — 15,428 15,662 7/15/16 Klahanie Shopping Center Sammamish, WA Operating 100% $35,988 — 2,264 539 8/4/16 The Village at Tustin Legacy Tustin, CA Development 100% $18,800 — — — Total property acquisitions $370,582 — 27,863 19,141 (1) Regency acquired a 53% controlling interest in the Market at Springwoods Village partnership to develop a shopping center on land contributed by the partner. As a result of consolidation, the Company recorded the partner's non-controlling interest of $8.4 million in Limited partners' interests in consolidated partnerships in the accompanying Consolidated Balance Sheets. Equity One Merger General On March 1, 2017, Regency completed its merger with Equity One, a NYSE listed shopping center company, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock owned immediately prior to the effective time of the merger resulting in approximately 65.5 million Regency common shares being issued to effect the merger. The following table provides the components that make up the total purchase price for the Equity One merger: (in thousands, except stock price) Purchase Price Shares of common stock issued for merger 65,379 Closing stock price on March 1, 2017 $ 68.40 Value of common stock issued for merger $ 4,471,808 Debt repaid 716,278 Other cash payments 5,019 Total purchase price $ 5,193,105 As part of the merger, Regency acquired 121 properties, including 8 properties held through co-investment partnerships. The consolidated net assets and results of operations of Equity One are included in the consolidated financial statements from the closing date, March 1, 2017, going forward and resulted in the following impact to Revenues and Net income attributable to common stockholders for the three and nine months ended September 30, 2017 : September 30, 2017 (in thousands) Three months ended Nine months ended Increase in total revenues $ 102,437 238,250 Increase in net income attributable to common stockholders 23,517 52,981 The Company incurred $1.2 million and $75.6 million of merger-related transaction costs during the three and nine months ended September 30, 2017 , respectively, which are recorded in Other operating expenses in the accompanying Consolidated Statements of Operations. There were no such merger costs incurred during the same periods of 2016 . Provisional Purchase Price Allocation of Merger The Equity One merger has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values. The acquired assets and assumed liabilities of an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases. This methodology requires estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determining the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The excess of the purchase price consideration over the fair value of assets acquired and liabilities assumed results in goodwill in the business combination, which reflects expected synergies from combining Regency's and Equity One's operations. The goodwill is not expected to be deductible for tax purposes. The provisional fair market value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third party valuation specialist. The third party used stabilized NOI and market specific capitalization and discount rates as the primary inputs in determining the fair value of the real estate assets. Management reviewed the inputs used by the third party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures were performed in accordance with management's policy. Management and the third party valuation specialist have prepared their provisional fair value estimates for each of the operating properties acquired, but are still in process of reviewing all of the underlying inputs and assumptions; therefore, the purchase price and its allocation, in their entirety, are not yet complete as of the date of this filing but have been updated to reflect management's current best estimates of fair values as of the acquisition date . Once the purchase price and allocation are complete, an additional adjustment to the purchase price or allocation may occur. The following table summarizes the current provisional purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: (in thousands) Provisional Purchase Price Allocation Land $ 2,914,790 Building and improvements 2,699,937 Properties in development 68,744 Properties held for sale 19,600 Investments in unconsolidated real estate partnerships 103,566 Real estate assets 5,806,637 Cash, accounts receivable and other assets 112,271 Intangible assets 460,541 Goodwill 302,303 Total assets acquired 6,681,752 Notes payable 757,399 Accounts payable, accrued expenses, and other liabilities 121,441 Lease intangible liabilities 609,807 Total liabilities assumed 1,488,647 Total purchase price $ 5,193,105 During the three months ended September 30, 2017 , the Company adjusted the provisional purchase price allocation to reflect current best estimates of fair values of the acquired operating properties, based on the valuation process described above. These adjustments resulted in the following increases (decreases) to earnings during the three months ended September 30, 2017 that would have been recognized in previous periods if the adjustments to provisional amounts were recognized as of the acquisition date: (in thousands) Three months ended September 30, 2017 decrease in Minimum rent $ (567 ) decrease in Depreciation and amortization 1,645 decrease in Operating and maintenance 142 Net increase to earnings of provisional purchase price allocation adjustments $ 1,220 The allocation of the purchase price is based on management’s assessment, which may change in the future as more information becomes available. Subsequent adjustments made to the purchase price allocation upon completion of the Company's fair value assessment process will not exceed one year from the acquisition date. The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date. The following table details the provisional weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Equity One merger: (in years) Weighted Average Amortization Period Assets: In-place leases 11.0 Above-market leases 8.9 Below-market ground leases 54.6 Liabilities: Acquired lease intangible liabilities 24.8 Pro forma Information (unaudited) The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Total revenues $ 262,708 251,823 788,345 752,121 Income (loss) from operations (1) 63,537 3,358 190,112 (4,560 ) Net income (loss) attributable to common stockholders (1) 59,621 (1,907 ) 171,795 (21,744 ) Income (loss) per common share - basic $ 0.35 (0.01 ) 1.01 (0.13 ) Income (loss) per common share - diluted 0.35 (0.01 ) 1.01 (0.13 ) (1) The pro forma earnings for the three and nine months ended September 30, 2017, were adjusted to exclude $1.2 million and $98.5 million of merger costs, respectively, while 2016 pro forma earnings were adjusted to include all merger costs during the first quarter of 2016. The pro forma financial data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the results of operations for future periods. |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions Dispositions The following table provides a summary of shopping centers and land parcels disposed of: Three months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Net proceeds from sale of real estate investments $ 167 $ 47,180 $ 15,397 $ 85,885 (1) Gain on sale of real estate, net of tax $ 131 $ 9,580 $ 4,913 $ 22,997 Provision for impairment of real estate sold $ — $ — $ — $ (1,666 ) Number of operating properties sold — 3 1 7 Number of land parcels sold — 2 7 12 Percent interest sold — % 100 % 100 % 100 % (1) Includes cash deposits received in the previous year. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate September 30, 2017 December 31, 2016 Notes payable: Fixed rate mortgage loans 5.0% 4.3% $ 496,869 384,786 Variable rate mortgage loans 2.4% 2.6% 122,036 (1) 86,969 Fixed rate unsecured public and private debt 3.8% 4.2% 2,325,081 892,170 Total notes payable 2,943,986 1,363,925 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.1% 2.2% 15,000 15,000 Term loans 2.4% 2.5% 563,144 263,495 Total unsecured credit facilities 578,144 278,495 Total debt outstanding $ 3,522,130 1,642,420 (1) Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.07% (2) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. During January 2017, the Company issued $650.0 million of senior unsecured public notes as follows: • $300.0 million of 4.4% senior unsecured public notes due in 2047, which priced at 99.110% . The Company used the net proceeds to redeem all of the outstanding shares of its $250 million 6.625% Series 6 preferred stock on February 16, 2017 and to pay down the balance of the Line. • $350.0 million of 3.6% senior unsecured public notes due in 2027, which priced at 99.741% . The Company used the net proceeds to repay a $250.0 million Equity One term loan upon the effective date of the merger and to pay merger related transaction costs. During June 2017, the Company issued an additional $300.0 million of senior unsecured public notes under the same terms as the January offering noted above as follows: • $125.0 million of 4.4% senior unsecured public notes due in 2047, which priced at 100.784% , with proceeds used to redeem all of the outstanding shares of its $75.0 million 6.000% Series 7 preferred stock on August 23, 2017, with the balance used to pay down the Line. • $175.0 million of 3.6% senior unsecured public notes due in 2027, which priced at 100.379% , with proceeds used to retire $112.0 million of mortgage loans with interest rates ranging from 7.0% to 7.8% on various properties, with the balance used to pay down the Line. The Company completed the following additional debt transactions in connection with the Equity One merger: • Increased the size of its Line commitment to $1.0 billion with an accordion feature permitting the Company to request an increase in the facility of up to an additional $500 million . • Completed a $300 million unsecured term loan that matures on December 2, 2020 with the option to prepay at par anytime prior to maturity without penalty. The interest rate on the term loan is equal to LIBOR plus a ratings based margin; however, the Company entered into interest rate swaps to fix the interest rate on the entire $300 million with a weighted average interest rate of 1.824% (see note 5). The proceeds of the term loan were used to repay a $300 million Equity One term loan that came due as a result of the merger. • Assumed $300 million of senior unsecured public notes with an interest rate of 3.75% maturing in 2022. • Assumed $200 million of the senior unsecured private placement notes issued in two $100 million tranches with interest rates of 3.81% and 3.91% , respectively, maturing in 2026. • Assumed $226.3 million of fixed rate mortgage loans with interest rates ranging from 3.76% to 7.94% , and assumed a $27.8 million variable rate mortgage loan whose interest rate varies with LIBOR. The public and private unsecured notes assumed from Equity One have covenants that are similar to the Company's existing debt covenants described in Regency's latest Form 10-K. As of September 30, 2017 , scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2017 $ 2,708 — — 2,708 2018 10,641 139,976 — 150,617 2019 13,860 13,216 15,000 42,076 2020 11,122 51,580 450,000 512,702 2021 11,426 39,001 250,000 300,427 Beyond 5 Years 48,674 266,179 2,215,000 2,529,853 Unamortized debt premium/(discount) and issuance costs — 10,522 (26,775 ) (16,253 ) Total $ 98,431 520,474 2,903,225 3,522,130 (1) Includes unsecured public debt and unsecured credit facilities. The Company has $140.0 million of mortgage loans maturing through 2018 , which it currently intends to refinance if held within a co-investment partnership or pay off if wholly owned. The Company has sufficient capacity on its Line to repay this maturing debt, all of which is in the form of non-recourse mortgage loans. The Company was in compliance as of September 30, 2017 with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
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: Fair Value (in thousands) Assets (Liabilities) (1) Effective Date Maturity Date Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2017 December 31, 2016 4/3/17 12/2/20 $ 300,000 1 Month LIBOR with Floor 1.824% $ (687 ) — 8/1/16 1/5/22 265,000 1 Month LIBOR with Floor 1.053% 8,722 9,889 4/7/16 4/1/23 20,000 1 Month LIBOR 1.303% 622 720 12/1/16 11/1/23 33,000 1 Month LIBOR 1.490% 857 1,013 6/2/17 6/2/27 37,500 1 Month LIBOR with Floor 2.366% (495 ) (580 ) Total derivative financial instruments $ 9,019 11,042 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities. These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of September 30, 2017 , 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 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, in the accompanying Consolidated Statements of Operations. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Three months ended September 30, Three months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ (39 ) 1,294 Interest expense $ (2,329 ) (43,111 ) Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Nine months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ (3,911 ) (25,338 ) Interest expense $ (8,054 ) (48,063 ) As of September 30, 2017 , the Company expects $9.1 million of net deferred losses on derivative instruments in Accumulated other comprehensive loss, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. Included in the reclassification is $8.4 million which is related to previously settled swaps on the Company's ten year fixed rate unsecured loans. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 13,984 13,869 $ 10,481 10,380 Financial liabilities: Notes payable $ 2,943,986 3,027,557 $ 1,363,925 1,435,000 Unsecured credit facilities $ 578,144 580,000 $ 278,495 279,700 The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2017 and December 31, 2016 , respectively. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. 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 collateral risk of the underlying property securing the note receivable. Notes Payable The fair value of the Company's unsecured debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities. The fair value of the unsecured debt was determined using Level 2 inputs of the fair value hierarchy. The fair value of the Company's mortgage notes payable is estimated by discounting future cash flows of each instrument at rates that reflect the current market rates available to the Company for debt of the same terms and maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired. The fair value of the mortgage 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 rate ranges were used by the Company to estimate the fair value of its financial instruments: September 30, 2017 December 31, 2016 Low High Low High Notes receivable 3.5% 7.4% 7.2% 7.2% Notes payable 3.1% 3.7% 2.9% 3.9% Unsecured credit facilities 1.7% 2.2% 1.5% 1.6% (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Trading Securities Held in Trust The Company has investments in marketable securities, which are assets of the non-qualified deferred compensation plan ("NQDCP"), that are classified as trading securities and included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of trading securities are recorded within net investment (income) loss from deferred compensation plan in the accompanying Consolidated Statements of Operations. Available-for-Sale Securities Available-for-sale securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these securities are recognized through Other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2017 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 30,720 30,720 — — Available-for-sale securities 10,054 — 10,054 — Interest rate derivatives 10,201 — 10,201 — Total $ 50,975 30,720 20,255 — Liabilities: Interest rate derivatives $ (1,182 ) — (1,182 ) — Fair Value Measurements as of December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,588 28,588 — — Available-for-sale securities 7,420 — 7,420 — Interest rate derivatives 11,622 — 11,622 — Total $ 47,630 28,588 19,042 — Liabilities: Interest rate derivatives $ (580 ) — (580 ) — |
Equity and Capital
Equity and Capital | 9 Months Ended |
Sep. 30, 2017 | |
Equity and Capital [Abstract] | |
Equity and Capital | Equity and Capital Preferred Stock of the Parent Company Redemption: The Parent Company redeemed all of the issued and outstanding shares of its $250 million 6.625% Series 6 cumulative redeemable preferred stock on February 16, 2017. The redemption price of $25.21 per share included accrued and unpaid dividends, resulting in an aggregate amount being paid of $252.0 million . The funds used to redeem the Series 6 preferred stock were provided by the $300 million 30 year senior unsecured debt offering completed in January 2017, as discussed in note 4. On August 23, 2017, the Parent Company also redeemed all of the issued and outstanding shares of its $75 million 6% Series 7 cumulative redeemable preferred stock. The redemption price of $25.22 per share included accrued and unpaid dividends resulting in an aggregate amount being paid of $75.7 million . The Company used proceeds from its senior unsecured notes issued in June 2017 to fund the redemption, as discussed in note 4. Common Stock of the Parent Company Issuances: At the Market ("ATM") Program The Company's ATM equity offering program authorizes the Parent Company to sell up to $500 million of common stock at prices determined by the market at the time of sale. As of September 30, 2017 , $500 million of common stock remained available for issuance under this ATM equity program. There were no shares issued under the ATM equity program during the three months ended September 30, 2017 or 2016 , or during the nine months ended September 30, 2017 . The following table presents the shares that were issued under the ATM equity program during the nine months ended September 30, 2016 : Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2017 2016 Shares issued (1) — 182,787 Weighted average price per share $ — $ 68.85 Gross proceeds $ — $ 12,584 Commissions $ — $ 157 Issuance costs (2) $ 349 $ 80 (1) Reflects shares traded in December and settled in January. (2) Includes legal and accounting costs associated with maintaining the ATM program. Forward Equity Offering In March 2016, the Parent Company entered into a forward sale agreement (the "Forward Equity Offering") to issue 3.10 million shares of its common stock at an offering price of $75.25 per share before any underwriting discount and offering expenses. In June 2016, the Parent Company partially settled its forward equity offering by delivering 1.85 million shares of newly issued common stock thereby receiving $137.5 million of net proceeds which were used to repay the Line. The remaining 1.25 million shares must be settled under the forward sale agreement prior to December 27, 2017 . Equity One merger On March 1, 2017, Regency completed its merger with Equity One, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock that they owned immediately prior to the effective time of the Merger resulting in approximately 65.5 million shares being issued to effect the merger. 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. In April 2017, the Operating Partnership issued 195,732 limited partner units, valued at $13.1 million , as partial purchase price consideration for the acquisition of land to be developed. Accumulated Other Comprehensive Loss ("AOCI") The following tables present changes in the balances of each component of AOCI: Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2015 $ (58,650 ) (43 ) (58,693 ) (785 ) — (785 ) (59,478 ) Other comprehensive income before reclassifications (25,015 ) 89 (24,926 ) (322 ) — (322 ) (25,248 ) Amounts reclassified from accumulated other comprehensive income 47,880 — 47,880 183 — 183 48,063 Current period other comprehensive income, net 22,865 89 22,954 (139 ) — (139 ) 22,815 Balance as of September 30, 2016 $ (35,785 ) 46 (35,739 ) (924 ) — (924 ) (36,663 ) Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2016 $ (18,327 ) (19 ) (18,346 ) (301 ) — (301 ) (18,647 ) Other comprehensive income before reclassifications (3,768 ) 51 (3,717 ) (143 ) — (143 ) (3,860 ) Amounts reclassified from accumulated other comprehensive income 7,922 — 7,922 132 — 132 8,054 Current period other comprehensive income, net 4,154 51 4,205 (11 ) — (11 ) 4,194 Balance as of September 30, 2017 $ (14,173 ) 32 (14,141 ) (312 ) — (312 ) (14,453 ) The following represents amounts reclassified out of AOCI into income: AOCI Component Amount Reclassified from AOCI into income Affected Line Item(s) Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ 2,329 43,111 $ 8,054 48,063 Interest expense and Loss on derivative instruments |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation During nine months ended September 30, 2017 , the Company granted 231,065 shares of restricted stock with a weighted-average grant-date fair value of $71.93 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Non-Qualified Deferred Compensation Plan | Non-Qualified Deferred Compensation Plan ("NQDCP") The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The following table reflects the balances of the assets held in the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2017 December 31, 2016 Assets: Trading securities held in trust (1) $ 30,720 28,588 Liabilities: Accounts payable and other liabilities $ 30,423 28,214 (1) Included within Other assets in the accompanying Consolidated Balance Sheets. |
Earnings per Share and Unit
Earnings per Share and Unit | 9 Months Ended |
Sep. 30, 2017 | |
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: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Income from operations attributable to common stockholders - basic $ 59,666 5,305 $ 74,810 87,992 Income from operations attributable to common stockholders - diluted $ 59,666 5,305 $ 74,810 87,992 Denominator: Weighted average common shares outstanding for basic EPS 170,105 103,675 155,881 99,639 Weighted average common shares outstanding for diluted EPS (1) 170,466 104,255 156,190 100,128 Income per common share – basic $ 0.35 0.05 $ 0.48 0.88 Income per common share – diluted $ 0.35 0.05 $ 0.48 0.88 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering using the treasury stock method. Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average exchangeable Operating Partnership units outstanding for the three and nine months ended September 30, 2017 were 349,902 and 276,503 , respectively, while they were 154,170 during the same periods of 2016 . Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Income from operations attributable to common unit holders - basic $ 59,798 5,321 $ 75,027 88,157 Income from operations attributable to common unit holders - diluted $ 59,798 5,321 $ 75,027 88,157 Denominator: Weighted average common units outstanding for basic EPU 170,455 103,829 156,158 99,793 Weighted average common units outstanding for diluted EPU (1) 170,816 104,409 156,467 100,282 Income per common unit – basic $ 0.35 0.05 $ 0.48 0.88 Income per common unit – diluted $ 0.35 0.05 $ 0.48 0.88 (1) Includes the dilutive impact of unvested restricted stock and the forward equity offering using the treasury stock method. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. After the announcement of the merger agreement with Equity One on November 14, 2016, a putative class action was filed on behalf of a purported stockholder in the Circuit Court for Duval County, Florida, under the following caption: Robert Garfield on Behalf of Himself and All Others Similarly Situated vs. Regency Centers Corporation, Martin E. Stein, Jr., John C. Schweitzer, Raymond L. Bank, Bryce Blair, C. Ronald Blankenship, J. Dix Druce, Jr., Mary Lou Fiala, David P. O'Connor, and Thomas G. Wattles, No. 16-2017-CA-000688-XXXX-MA, filed February 3, 2017. The class action alleged, among other matters, that the definitive joint proxy statement/prospectus filed by Regency and Equity One with the Securities and Exchange Commission (the “SEC”) on January 24, 2017 (the “Joint Proxy Statement/Prospectus”) omitted certain material information in connection with the merger. The complainant sought various remedies, including injunctive relief to prevent the consummation of the merger unless certain allegedly material information was disclosed and sought compensatory and rescissory damages in the event the merger was consummated without such disclosures. On February 17, 2017, the defendants entered into a stipulation of settlement with respect to the class action, pursuant to which the parties agreed, among other things, that Regency would make certain supplemental disclosures. The supplemental disclosures were made by Regency in the Current Report on Form 8-K filed by Regency with the SEC on February 17, 2017. The stipulation of settlement remains subject to court approval. Environmental 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. The Company can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental contaminants or 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. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million , which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of September 30, 2017 and December 31, 2016 , the Company had $5.9 million and $5.8 million , respectively, in letters of credit outstanding. |
Organization and Principles o23
Organization and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill Goodwill, which is included within Other assets in the accompanying Consolidated Balance Sheets, represents the excess of the purchase price consideration for the Equity One merger over the fair value of the assets acquired and liabilities assumed, and reflects expected synergies from combining Regency's and Equity One's operations. The Company accounts for goodwill in accordance with the Intangibles - Goodwill and Other Topic of the FASB ASC, and allocates its goodwill to the reporting units, which have been determined to be at the individual property level. The Company will perform an impairment evaluation of its goodwill at least annually, in November of each year. The goodwill impairment evaluation may be completed through a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the property’s fair value is less than its carrying value. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a property exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any property, the Company will perform the quantitative approach described below. The first step of the quantitative approach consists of estimating the fair value of each property using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an implied fair value of goodwill. The determination of each property’s implied fair value of goodwill requires allocation of the estimated fair value of the property to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying value. |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities, an option to recognize stock compensation forfeitures as they occur, and changes to classification on the statement of cash flows. January 2017 The adoption of this standard resulted in the reclassification of income taxes withheld on share-based awards out of operating activities into financing activities on the Statement of Cash Flows. As retrospective application was required for this component of the ASU, $8.0 million was reclassified on the Statements of Cash Flows for the nine months ended September 30, 2016. ASU 2017-01 This ASU amends and provides a screen to determine when an integrated set of assets and activities, collectively referred to as a "set", is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. July 2017 This standard changed the treatment of individual operating properties from being considered a business to being considered an asset. Not yet adopted: ASU 2017-04, January 2017, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This ASU simplifies how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. Instead, under this update, the Company will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company would then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. October 2017 The Company plans to early adopt this ASU on October 1, 2017. The adoption of this ASU will not have a material impact on the Company's financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2017-12, August 2017, Targeted Improvements to Accounting for Hedging Activities This ASU provides updated guidance to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. January 2018 The Company plans to early adopt this ASU on January 1, 2018. While the Company continues to assess all potential impacts of the standard, it currently does not expect the adoption and implementation of this standard to have a material impact on the consolidated financial statements. ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 The Company does not expect the adoption and implementation of this standard to have a material impact on its results of operations, financial condition or cash flows. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. Early adoption is permitted on a retrospective basis. January 2018 The ASU is consistent with the Company's current treatment and the Company does not expect the adoption and implementation of this standard to have an impact on its cash flow statement. ASU 2016-18, November 2016, Statement of Cash Flows (Topic 230): Restricted Cash This ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendments in this ASU should be applied using a retrospective transition method to each period presented. January 2018 The Company expects the adoption of this ASU to result in a change to the classification and presentation of changes in restricted cash on its cash flow statement, which is not expected to be material. There should be no change to the Company's financial condition or results of operations. Standard Description Date of adoption Effect on the financial statements or other significant matters Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers (Topic 606) ASU 2016-08, March 2016, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ASU 2016-19, December 2016, Technical Corrections and Improvements ASU 2016-20, December 2016, Technical Corrections and Improvements to Topic 606 Revenue from Contracts With Customers ASU 2017-05, February 2017, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (Subtopic 610-20) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("Topic 606"). The objective of Topic 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. It will supersede most of the existing revenue guidance, including industry-specific guidance. The core principal of this new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying Topic 606, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset. Once an entity transfers control of the nonfinancial asset, the entity is required to measure any noncontrolling interest it receives or retains at fair value. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest resulting in only partial gain recognition by the entity, however, the new guidance eliminates the use of carryover basis and generally requires the full gain be recognized. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. January 2018 The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. Beyond revenue from lease contracts, the Company's other main revenue streams, include: - Management, transaction and other fees from the Company's real estate partnerships, primarily in the form of property management fees, asset management fees, and leasing commission fees. The Company evaluated all partnership fee relationships and does not currently expect any changes in the timing of revenue recognition from these revenue streams. - Sales of real estate assets will be accounted for under Subtopic 610-20, which provides for revenue recognition based on transfer of control. For property sales where Regency has no continuing involvement, there should be no change to the Company's timing of recognition. For property sales in which Regency has continuing involvement, full gain recognition may be required, where gains may have been deferred under existing GAAP. Upon adoption of ASU 2017-05, some of the Company's $33 million of previously deferred gains from property sales to entities in which Regency had continuing involvement will remain deferred and be recognized in the future, while some will be recognized through opening retained earnings. The Company is still analyzing the disclosure requirements and intends to follow the modified retrospective method of adoption, applying the standard to only 2018, and not restating prior periods presented in future financial statements. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-02, February 2016, Leases (Topic 842) This ASU amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting, including a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Early adoption of this standard is permitted to coincide with adoption of ASU 2014-09. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 The Company is evaluating the impact this standard will have on its financial statements and related disclosures. Upon adoption, the Company will recognize right of use assets and corresponding lease obligations for its office and ground leases. Capitalization of internal leasing costs and legal costs will no longer be permitted upon the adoption of this standard, which will result in an increase in Total operating expenses in the Consolidated Statements of Operations in the period of adoption and prospectively. Historic capitalization of internal leasing costs was $7.5 million and $10.5 million during the nine months ended September 30, 2017 and the year ended December 31, 2016, respectively. Historic capitalization of legal costs was $0.9 million and $0.7 million during the nine months ended September 30, 2017 and the year ended December 31, 2016, respectively, including our pro rata share recognized through Equity in income of investments in real estate partnerships. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also applies to how the Company determines its allowance for doubtful accounts on tenant receivables. January 2020 The Company is evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. |
Consolidation, Variable Interest Entity, Policy | Real Estate Partnerships As of September 30, 2017 , Regency has an ownership interest in 125 properties through partnerships, of which 11 are consolidated. Our partners in these ventures include institutional investors, other real estate developers and/or operators, and individual parties who help Regency source transactions for development and investment (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property management to the partnerships. The partners’ level of involvement varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to involvement in approving leases, operating budgets, and capital budgets. • Those partnerships for which the Partners only have protective rights are considered VIEs under ASC 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests. The operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. Regency does not provide financial support to the VIEs beyond the terms stipulated in the partnership operating agreements. • Those partnerships for which the partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. ◦ Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. ◦ Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method, and its ownership interest is recognized through single-line presentation as Investments in real estate partnerships in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships in the Consolidated Statements of Operations. Cash distributions of earnings from operations of 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 net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is either (1) 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 (2) recognized upon sale of the underlying asset(s) or settlement of underlying liabilities, or (3) 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. The assets of the partnerships are restricted to the use of the partnerships and cannot be used as security by general creditors of the Company. And similarly, the obligations of the partnerships can only be settled by the assets of the partnerships. |
Consolidation, Policy | Consolidation The Company consolidates properties that are wholly owned and properties where it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIEs"). For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company's determination of the primary beneficiary considers all relationships between it and the VIE, including management agreements and other contractual arrangements. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of September 30, 2017 , the Parent Company owned approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership with the remaining limited Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company’s only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. |
Organization and Principles o24
Organization and Principles of Consolidation Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) September 30, 2017 December 31, 2016 Assets Real estate assets, net $ 93,821 86,440 Cash and cash equivalents 4,053 3,444 Liabilities Notes payable 12,691 8,175 Equity Limited partners’ interests in consolidated partnerships 17,604 17,565 |
Organization and Principles o25
Organization and Principles of Consolidation Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2016-09, March 2016, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions including income tax consequences, classification of awards as either equity or liabilities, an option to recognize stock compensation forfeitures as they occur, and changes to classification on the statement of cash flows. January 2017 The adoption of this standard resulted in the reclassification of income taxes withheld on share-based awards out of operating activities into financing activities on the Statement of Cash Flows. As retrospective application was required for this component of the ASU, $8.0 million was reclassified on the Statements of Cash Flows for the nine months ended September 30, 2016. ASU 2017-01 This ASU amends and provides a screen to determine when an integrated set of assets and activities, collectively referred to as a "set", is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. July 2017 This standard changed the treatment of individual operating properties from being considered a business to being considered an asset. Not yet adopted: ASU 2017-04, January 2017, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This ASU simplifies how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. Instead, under this update, the Company will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company would then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. October 2017 The Company plans to early adopt this ASU on October 1, 2017. The adoption of this ASU will not have a material impact on the Company's financial statements and related disclosures. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2017-12, August 2017, Targeted Improvements to Accounting for Hedging Activities This ASU provides updated guidance to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. January 2018 The Company plans to early adopt this ASU on January 1, 2018. While the Company continues to assess all potential impacts of the standard, it currently does not expect the adoption and implementation of this standard to have a material impact on the consolidated financial statements. ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. January 2018 The Company does not expect the adoption and implementation of this standard to have a material impact on its results of operations, financial condition or cash flows. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments This ASU makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. Early adoption is permitted on a retrospective basis. January 2018 The ASU is consistent with the Company's current treatment and the Company does not expect the adoption and implementation of this standard to have an impact on its cash flow statement. ASU 2016-18, November 2016, Statement of Cash Flows (Topic 230): Restricted Cash This ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendments in this ASU should be applied using a retrospective transition method to each period presented. January 2018 The Company expects the adoption of this ASU to result in a change to the classification and presentation of changes in restricted cash on its cash flow statement, which is not expected to be material. There should be no change to the Company's financial condition or results of operations. Standard Description Date of adoption Effect on the financial statements or other significant matters Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers (Topic 606) ASU 2016-08, March 2016, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ASU 2016-19, December 2016, Technical Corrections and Improvements ASU 2016-20, December 2016, Technical Corrections and Improvements to Topic 606 Revenue from Contracts With Customers ASU 2017-05, February 2017, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (Subtopic 610-20) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("Topic 606"). The objective of Topic 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. It will supersede most of the existing revenue guidance, including industry-specific guidance. The core principal of this new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying Topic 606, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset. Once an entity transfers control of the nonfinancial asset, the entity is required to measure any noncontrolling interest it receives or retains at fair value. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest resulting in only partial gain recognition by the entity, however, the new guidance eliminates the use of carryover basis and generally requires the full gain be recognized. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. January 2018 The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. Beyond revenue from lease contracts, the Company's other main revenue streams, include: - Management, transaction and other fees from the Company's real estate partnerships, primarily in the form of property management fees, asset management fees, and leasing commission fees. The Company evaluated all partnership fee relationships and does not currently expect any changes in the timing of revenue recognition from these revenue streams. - Sales of real estate assets will be accounted for under Subtopic 610-20, which provides for revenue recognition based on transfer of control. For property sales where Regency has no continuing involvement, there should be no change to the Company's timing of recognition. For property sales in which Regency has continuing involvement, full gain recognition may be required, where gains may have been deferred under existing GAAP. Upon adoption of ASU 2017-05, some of the Company's $33 million of previously deferred gains from property sales to entities in which Regency had continuing involvement will remain deferred and be recognized in the future, while some will be recognized through opening retained earnings. The Company is still analyzing the disclosure requirements and intends to follow the modified retrospective method of adoption, applying the standard to only 2018, and not restating prior periods presented in future financial statements. Standard Description Date of adoption Effect on the financial statements or other significant matters ASU 2016-02, February 2016, Leases (Topic 842) This ASU amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting, including a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Early adoption of this standard is permitted to coincide with adoption of ASU 2014-09. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. January 2019 The Company is evaluating the impact this standard will have on its financial statements and related disclosures. Upon adoption, the Company will recognize right of use assets and corresponding lease obligations for its office and ground leases. Capitalization of internal leasing costs and legal costs will no longer be permitted upon the adoption of this standard, which will result in an increase in Total operating expenses in the Consolidated Statements of Operations in the period of adoption and prospectively. Historic capitalization of internal leasing costs was $7.5 million and $10.5 million during the nine months ended September 30, 2017 and the year ended December 31, 2016, respectively. Historic capitalization of legal costs was $0.9 million and $0.7 million during the nine months ended September 30, 2017 and the year ended December 31, 2016, respectively, including our pro rata share recognized through Equity in income of investments in real estate partnerships. ASU 2016-13, June 2016 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also applies to how the Company determines its allowance for doubtful accounts on tenant receivables. January 2020 The Company is evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions | The following table details the shopping centers acquired or land acquired or leased for development: (in thousands) Nine months ended September 30, 2017 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 3/6/17 The Field at Commonwealth Chantilly, VA Development 100% $9,500 — — — 3/8/17 Pinecrest Place (1) Miami, FL Development 100% — — — — 4/13/17 Mellody Farm (2) Chicago, IL Development 100% 26,200 — — 6/28/17 Concord outparcel (3) Miami, FL Operating 100% 350 — — — 7/20/17 Aventura Square outparcel (4) Miami, FL Operating 100% 1,750 — 90 9 Total property acquisitions $37,800 — 90 9 (1) The Company leased 10.67 acres for a ground up development. (2) The Operating Partnership issued 195,732 partnership units valued at $13.1 million as partial consideration for the purchase price. (3) The Company purchased a 0.67 acre vacant outparcel adjacent to the Company's existing operating Concord Shopping Plaza. (4) The Company purchased a 0.06 acre outparcel improved with a leased building adjacent to the Company's existing operating Aventura Square. (in thousands) Nine months ended September 30, 2016 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 2/22/16 Garden City Park Garden City Park, NY Operating 100% $17,300 — 10,171 2,940 3/4/16 The Market at Springwoods Village (1) Houston, TX Development 53% $17,994 — — — 5/16/16 Market Common Clarendon Arlington, VA Operating 100% $280,500 — 15,428 15,662 7/15/16 Klahanie Shopping Center Sammamish, WA Operating 100% $35,988 — 2,264 539 8/4/16 The Village at Tustin Legacy Tustin, CA Development 100% $18,800 — — — Total property acquisitions $370,582 — 27,863 19,141 (1) Regency acquired a 53% controlling interest in the Market at Springwoods Village partnership to develop a shopping center on land contributed by the partner. As a result of consolidation, the Company recorded the partner's non-controlling interest of $8.4 million in Limited partners' interests in consolidated partnerships in the accompanying Consolidated Balance Sheets. |
Equity One Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of business acquisitions | The following table provides the components that make up the total purchase price for the Equity One merger: (in thousands, except stock price) Purchase Price Shares of common stock issued for merger 65,379 Closing stock price on March 1, 2017 $ 68.40 Value of common stock issued for merger $ 4,471,808 Debt repaid 716,278 Other cash payments 5,019 Total purchase price $ 5,193,105 The following table summarizes the current provisional purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: (in thousands) Provisional Purchase Price Allocation Land $ 2,914,790 Building and improvements 2,699,937 Properties in development 68,744 Properties held for sale 19,600 Investments in unconsolidated real estate partnerships 103,566 Real estate assets 5,806,637 Cash, accounts receivable and other assets 112,271 Intangible assets 460,541 Goodwill 302,303 Total assets acquired 6,681,752 Notes payable 757,399 Accounts payable, accrued expenses, and other liabilities 121,441 Lease intangible liabilities 609,807 Total liabilities assumed 1,488,647 Total purchase price $ 5,193,105 During the three months ended September 30, 2017 , the Company adjusted the provisional purchase price allocation to reflect current best estimates of fair values of the acquired operating properties, based on the valuation process described above. These adjustments resulted in the following increases (decreases) to earnings during the three months ended September 30, 2017 that would have been recognized in previous periods if the adjustments to provisional amounts were recognized as of the acquisition date: (in thousands) Three months ended September 30, 2017 decrease in Minimum rent $ (567 ) decrease in Depreciation and amortization 1,645 decrease in Operating and maintenance 142 Net increase to earnings of provisional purchase price allocation adjustments $ 1,220 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table details the provisional weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Equity One merger: (in years) Weighted Average Amortization Period Assets: In-place leases 11.0 Above-market leases 8.9 Below-market ground leases 54.6 Liabilities: Acquired lease intangible liabilities 24.8 |
Business Acquisition, Pro Forma Information | The consolidated net assets and results of operations of Equity One are included in the consolidated financial statements from the closing date, March 1, 2017, going forward and resulted in the following impact to Revenues and Net income attributable to common stockholders for the three and nine months ended September 30, 2017 : September 30, 2017 (in thousands) Three months ended Nine months ended Increase in total revenues $ 102,437 238,250 Increase in net income attributable to common stockholders 23,517 52,981 The Company incurred $1.2 million and $75.6 million of merger-related transaction costs during the three and nine months ended September 30, 2017 , respectively, which are recorded in Other operating expenses in the accompanying Consolidated Statements of Operations. Pro forma Information (unaudited) The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Total revenues $ 262,708 251,823 788,345 752,121 Income (loss) from operations (1) 63,537 3,358 190,112 (4,560 ) Net income (loss) attributable to common stockholders (1) 59,621 (1,907 ) 171,795 (21,744 ) Income (loss) per common share - basic $ 0.35 (0.01 ) 1.01 (0.13 ) Income (loss) per common share - diluted 0.35 (0.01 ) 1.01 (0.13 ) (1) The pro forma earnings for the three and nine months ended September 30, 2017, were adjusted to exclude $1.2 million and $98.5 million of merger costs, respectively, while 2016 pro forma earnings were adjusted to include all merger costs during the first quarter of 2016. |
Property Dispositions (Tables)
Property Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties disposed of | The following table provides a summary of shopping centers and land parcels disposed of: Three months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Net proceeds from sale of real estate investments $ 167 $ 47,180 $ 15,397 $ 85,885 (1) Gain on sale of real estate, net of tax $ 131 $ 9,580 $ 4,913 $ 22,997 Provision for impairment of real estate sold $ — $ — $ — $ (1,666 ) Number of operating properties sold — 3 1 7 Number of land parcels sold — 2 7 12 Percent interest sold — % 100 % 100 % 100 % (1) Includes cash deposits received in the previous year. |
Notes Payable and Unsecured C28
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s outstanding debt consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate September 30, 2017 December 31, 2016 Notes payable: Fixed rate mortgage loans 5.0% 4.3% $ 496,869 384,786 Variable rate mortgage loans 2.4% 2.6% 122,036 (1) 86,969 Fixed rate unsecured public and private debt 3.8% 4.2% 2,325,081 892,170 Total notes payable 2,943,986 1,363,925 Unsecured credit facilities: Line of Credit (the "Line") (2) 2.1% 2.2% 15,000 15,000 Term loans 2.4% 2.5% 563,144 263,495 Total unsecured credit facilities 578,144 278,495 Total debt outstanding $ 3,522,130 1,642,420 (1) Includes five mortgages whose interest rates vary on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.07% (2) Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance. |
Schedule of maturities of long-term debt | As of September 30, 2017 , scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2017 $ 2,708 — — 2,708 2018 10,641 139,976 — 150,617 2019 13,860 13,216 15,000 42,076 2020 11,122 51,580 450,000 512,702 2021 11,426 39,001 250,000 300,427 Beyond 5 Years 48,674 266,179 2,215,000 2,529,853 Unamortized debt premium/(discount) and issuance costs — 10,522 (26,775 ) (16,253 ) Total $ 98,431 520,474 2,903,225 3,522,130 (1) Includes unsecured public debt and unsecured credit facilities. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Three months ended September 30, Three months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ (39 ) 1,294 Interest expense $ (2,329 ) (43,111 ) Derivatives in FASB Amount of Gain (Loss) Location and Amount of Gain Nine months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ (3,911 ) (25,338 ) Interest expense $ (8,054 ) (48,063 ) |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Date Maturity Date Notional Amount Bank Pays Variable Rate of Regency Pays Fixed Rate of September 30, 2017 December 31, 2016 4/3/17 12/2/20 $ 300,000 1 Month LIBOR with Floor 1.824% $ (687 ) — 8/1/16 1/5/22 265,000 1 Month LIBOR with Floor 1.053% 8,722 9,889 4/7/16 4/1/23 20,000 1 Month LIBOR 1.303% 622 720 12/1/16 11/1/23 33,000 1 Month LIBOR 1.490% 857 1,013 6/2/17 6/2/27 37,500 1 Month LIBOR with Floor 2.366% (495 ) (580 ) Total derivative financial instruments $ 9,019 11,042 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of balance sheet fair values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2017 December 31, 2016 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Notes receivable $ 13,984 13,869 $ 10,481 10,380 Financial liabilities: Notes payable $ 2,943,986 3,027,557 $ 1,363,925 1,435,000 Unsecured credit facilities $ 578,144 580,000 $ 278,495 279,700 |
Fair Value, Interest rate ranges | The following interest rate ranges were used by the Company to estimate the fair value of its financial instruments: September 30, 2017 December 31, 2016 Low High Low High Notes receivable 3.5% 7.4% 7.2% 7.2% Notes payable 3.1% 3.7% 2.9% 3.9% Unsecured credit facilities 1.7% 2.2% 1.5% 1.6% |
Summary of assets measured on recurring basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2017 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 30,720 30,720 — — Available-for-sale securities 10,054 — 10,054 — Interest rate derivatives 10,201 — 10,201 — Total $ 50,975 30,720 20,255 — Liabilities: Interest rate derivatives $ (1,182 ) — (1,182 ) — Fair Value Measurements as of December 31, 2016 (in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Balance (Level 1) (Level 2) (Level 3) Trading securities held in trust $ 28,588 28,588 — — Available-for-sale securities 7,420 — 7,420 — Interest rate derivatives 11,622 — 11,622 — Total $ 47,630 28,588 19,042 — Liabilities: Interest rate derivatives $ (580 ) — (580 ) — |
Equity and Capital (Tables)
Equity and Capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity and Capital [Abstract] | |
Summary of shares issued under ATM equity programs | The following table presents the shares that were issued under the ATM equity program during the nine months ended September 30, 2016 : Nine months ended September 30, (dollar amounts are in thousands, except price per share data) 2017 2016 Shares issued (1) — 182,787 Weighted average price per share $ — $ 68.85 Gross proceeds $ — $ 12,584 Commissions $ — $ 157 Issuance costs (2) $ 349 $ 80 (1) Reflects shares traded in December and settled in January. (2) Includes legal and accounting costs associated with maintaining the ATM program. |
Summary of accumulated other comprehensive loss | The following tables present changes in the balances of each component of AOCI: Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2015 $ (58,650 ) (43 ) (58,693 ) (785 ) — (785 ) (59,478 ) Other comprehensive income before reclassifications (25,015 ) 89 (24,926 ) (322 ) — (322 ) (25,248 ) Amounts reclassified from accumulated other comprehensive income 47,880 — 47,880 183 — 183 48,063 Current period other comprehensive income, net 22,865 89 22,954 (139 ) — (139 ) 22,815 Balance as of September 30, 2016 $ (35,785 ) 46 (35,739 ) (924 ) — (924 ) (36,663 ) Controlling Interest Noncontrolling Interest Total (in thousands) Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI Cash Flow Hedges Unrealized gain (loss) on Available-For-Sale Securities AOCI AOCI Balance as of December 31, 2016 $ (18,327 ) (19 ) (18,346 ) (301 ) — (301 ) (18,647 ) Other comprehensive income before reclassifications (3,768 ) 51 (3,717 ) (143 ) — (143 ) (3,860 ) Amounts reclassified from accumulated other comprehensive income 7,922 — 7,922 132 — 132 8,054 Current period other comprehensive income, net 4,154 51 4,205 (11 ) — (11 ) 4,194 Balance as of September 30, 2017 $ (14,173 ) 32 (14,141 ) (312 ) — (312 ) (14,453 ) |
Schedule of amounts reclassified out of accumulated other comprehensive loss | The following represents amounts reclassified out of AOCI into income: AOCI Component Amount Reclassified from AOCI into income Affected Line Item(s) Where Net Income is Presented Three months ended September 30, Nine months ended September 30, (in thousands) 2017 2016 2017 2016 Interest rate swaps $ 2,329 43,111 $ 8,054 48,063 Interest expense and Loss on derivative instruments |
Non-Qualified Deferred Compen32
Non-Qualified Deferred Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block] | The following table reflects the balances of the assets held in the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) September 30, 2017 December 31, 2016 Assets: Trading securities held in trust (1) $ 30,720 28,588 Liabilities: Accounts payable and other liabilities $ 30,423 28,214 (1) Included within Other assets in the accompanying Consolidated Balance Sheets. |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Parent Company [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Income from operations attributable to common stockholders - basic $ 59,666 5,305 $ 74,810 87,992 Income from operations attributable to common stockholders - diluted $ 59,666 5,305 $ 74,810 87,992 Denominator: Weighted average common shares outstanding for basic EPS 170,105 103,675 155,881 99,639 Weighted average common shares outstanding for diluted EPS (1) 170,466 104,255 156,190 100,128 Income per common share – basic $ 0.35 0.05 $ 0.48 0.88 Income per common share – diluted $ 0.35 0.05 $ 0.48 0.88 (1) Includes the dilutive impact of unvested restricted stock and shares issuable under the forward equity offering using the treasury stock method. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Income from operations attributable to common unit holders - basic $ 59,798 5,321 $ 75,027 88,157 Income from operations attributable to common unit holders - diluted $ 59,798 5,321 $ 75,027 88,157 Denominator: Weighted average common units outstanding for basic EPU 170,455 103,829 156,158 99,793 Weighted average common units outstanding for diluted EPU (1) 170,816 104,409 156,467 100,282 Income per common unit – basic $ 0.35 0.05 $ 0.48 0.88 Income per common unit – diluted $ 0.35 0.05 $ 0.48 0.88 (1) Includes the dilutive impact of unvested restricted stock and the forward equity offering using the treasury stock method. |
Organization and Principles o34
Organization and Principles of Consolidation (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2017retail_shopping_centershares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Document Period End Date | Sep. 30, 2017 |
Operations commenced date | Dec. 31, 1993 |
Wholly Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 313 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 114 |
Partially Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 125 |
Consolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 11 |
Parent Company [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Conversion of Stock, Conversion Ratio | 0.45 |
Shares of common stock issued for merger (in shares) | shares | 65.5 |
Ownership percentage of outstanding common partnership units | 99.80% |
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 |
Organization and Principles o35
Organization and Principles of Consolidation Variable Interest Entities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Document Period End Date | Sep. 30, 2017 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 12,691 | $ 8,175 |
Noncontrolling Interest in Variable Interest Entity | 17,604 | 17,565 |
Real Estate [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 93,821 | 86,440 |
Cash and Cash Equivalents [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 4,053 | $ 3,444 |
Organization and Principles o36
Organization and Principles of Consolidation Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Accounting Standards Update 2016-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 8,000 | |
Salaries expense [Member] | Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 7,500 | 10,500 |
Legal expense [Member] | Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 900 | $ 700 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) shares in Thousands | Mar. 01, 2017USD ($)propertyshares | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Purchase Price | $ 37,800,000 | $ 370,582,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | $ 0 | |
Concord Outparcel [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Jun. 28, 2017 | |||
Property Name | Concord outparcel (3) | |||
City/State | Miami, FL | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||
Purchase Price | $ 350,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | 0 | ||
Intangible assets | $ 0 | $ 0 | ||
Mellody Farm [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Apr. 13, 2017 | |||
Property Name | Mellody Farm (2) | |||
City/State | Chicago, IL | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||
Purchase Price | $ 26,200,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | 0 | ||
Market Common Clarendon [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | May 16, 2016 | |||
Property Name | Market Common Clarendon | |||
City/State | Arlington, VA | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Purchase Price | $ 280,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | |||
Klahanie Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Jul. 15, 2016 | |||
Property Name | Klahanie Shopping Center | |||
City/State | Sammamish, WA | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Purchase Price | $ 35,988,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | |||
The Village at Tustin Legacy [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Aug. 4, 2016 | |||
Property Name | The Village at Tustin Legacy | |||
City/State | Tustin, CA | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Purchase Price | $ 18,800,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | |||
Equity One Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | 1,220 | |||
Number of real estate properties acquired | property | 121 | |||
Shares of common stock issued for merger (in shares) | shares | 65,379 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,488,647,000 | |||
Intangible assets | $ 460,541,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 102,437,000 | $ 238,250,000 | ||
Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Mar. 6, 2017 | |||
Property Name | The Field at Commonwealth | |||
City/State | Chantilly, VA | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||
Purchase Price | $ 9,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | ||
The Market at Springwoods Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Mar. 4, 2016 | |||
Property Name | The Market at Springwoods Village (1) | |||
City/State | Houston, TX | |||
Business Acquisition, Percentage of Voting Interests Acquired | 53.00% | |||
Purchase Price | $ 17,994,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | |||
Pinecrest Place [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Mar. 8, 2017 | |||
Property Name | Pinecrest Place (1) | |||
City/State | Miami, FL | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||
Purchase Price | $ 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | ||
Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Feb. 22, 2016 | |||
Property Name | Garden City Park | |||
City/State | Garden City Park, NY | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Purchase Price | $ 17,300,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||
Aventura Square [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Purchased | Jul. 20, 2017 | |||
Property Name | Aventura Square outparcel (4) | |||
City/State | Miami, FL | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||
Purchase Price | $ 1,750,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 0 | ||
Parent Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Conversion of Stock, Conversion Ratio | 0.45 | |||
Shares of common stock issued for merger (in shares) | shares | 65,500 | |||
Partially Owned Properties [Member] | Equity One Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of real estate properties acquired | property | 8 | |||
Off-Market Favorable Lease [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 90,000 | $ 90,000 | 27,863,000 | |
Off-Market Favorable Lease [Member] | Mellody Farm [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | 0 | ||
Off-Market Favorable Lease [Member] | Market Common Clarendon [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 15,428,000 | |||
Off-Market Favorable Lease [Member] | Klahanie Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 2,264,000 | |||
Off-Market Favorable Lease [Member] | The Village at Tustin Legacy [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | |||
Off-Market Favorable Lease [Member] | Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | 0 | ||
Off-Market Favorable Lease [Member] | The Market at Springwoods Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | |||
Off-Market Favorable Lease [Member] | Pinecrest Place [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | 0 | ||
Off-Market Favorable Lease [Member] | Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 10,171,000 | |||
Off-Market Favorable Lease [Member] | Aventura Square [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 90,000 | 90,000 | ||
Off-Market Lease, Unfavorable [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 9,000 | 9,000 | 19,141,000 | |
Off-Market Lease, Unfavorable [Member] | Mellody Farm [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | ||||
Off-Market Lease, Unfavorable [Member] | Market Common Clarendon [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 15,662,000 | |||
Off-Market Lease, Unfavorable [Member] | Klahanie Shopping Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 539,000 | |||
Off-Market Lease, Unfavorable [Member] | The Village at Tustin Legacy [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | |||
Off-Market Lease, Unfavorable [Member] | Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | 0 | ||
Off-Market Lease, Unfavorable [Member] | The Market at Springwoods Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | |||
Off-Market Lease, Unfavorable [Member] | Pinecrest Place [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 0 | 0 | ||
Off-Market Lease, Unfavorable [Member] | Garden City [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 2,940,000 | |||
Off-Market Lease, Unfavorable [Member] | Aventura Square [Member] [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 9,000 | $ 9,000 | ||
Operating Income (Loss) [Member] | Equity One Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | (567) | |||
Depreciation and Amortization [Member] | Equity One Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | 1,645 | |||
Operating Expense [Member] | Equity One Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | $ 142 |
Real Estate Investments Total P
Real Estate Investments Total Purchase Price (Details) - Equity One Inc. [Member] $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 01, 2017USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Shares of common stock issued for merger (in shares) | shares | 65,379 |
Closing stock price (in usd per share) | $ / shares | $ 68.40 |
Value of common stock issued for merger | $ 4,471,808 |
Debt repaid | 716,278 |
Other cash payments | 5,019 |
Total purchase price | $ 5,193,105 |
Real Estate Investments Acquire
Real Estate Investments Acquired Finite-Lived Intangibles Acquired as Part of a Business Combination (Details) | Mar. 01, 2017 |
Acquired Lease Intangible Liabilities [Member] | Equity One Inc. [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Accretion Period of Intangible Liabilities | 24 years 9 months 15 days |
Real Estate Investments Busin40
Real Estate Investments Business Acquisitions, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 01, 2017 | |
Business Acquisition, Pro Forma Information [Line Items] | |||||
Business Combination, Transaction Costs | $ 1,200 | $ 75,600 | |||
Business Acquisition, Pro Forma Revenue | 262,708 | $ 251,823 | 788,345 | $ 752,121 | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 63,537 | 3,358 | 190,112 | (4,560) | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 59,621 | $ (1,907) | $ 171,795 | $ (21,744) | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.0035 | $ (0.0001) | $ 0.0101 | $ (0.0013) | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.0035 | $ (0.0001) | $ 0.0101 | $ (0.0013) | |
Equity One Inc. [Member] | |||||
Business Acquisition, Pro Forma Information [Line Items] | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 102,437 | $ 238,250 | |||
Business Combination, Pro Forma Information, Expenses of Acquiree since Acquisition Date, Actual | $ 23,517 | ||||
Land | $ 2,914,790 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 52,981 |
Real Estate Investments Assets
Real Estate Investments Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 01, 2017 | Sep. 30, 2016 |
Business Acquisition [Line Items] | |||
Total liabilities assumed | $ 0 | $ 0 | |
Equity One Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 2,914,790 | ||
Building and improvements | 2,699,937 | ||
Properties in development | 68,744 | ||
Properties held for sale | 19,600 | ||
Investments in unconsolidated real estate partnerships | 103,566 | ||
Real estate assets | 5,806,637 | ||
Cash, accounts receivable and other assets | 112,271 | ||
Intangible assets | 460,541 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 302,303 | ||
Total assets acquired | 6,681,752 | ||
Notes payable | 757,399 | ||
Accounts payable, accrued expenses, and other liabilities | 121,441 | ||
Lease intangible liabilities | 609,807 | ||
Total liabilities assumed | 1,488,647 | ||
Total purchase price | $ 5,193,105 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate investments | $ 167 | $ 47,180 | $ 15,397 | $ 85,885 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 131 | 9,580 | 4,913 | 22,997 |
Provision for impairment | $ 0 | $ 0 | $ 0 | $ (1,666) |
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.00% | 100.00% | 100.00% | 100.00% |
Parent Company [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate investments | $ 15,397 | $ 83,675 | ||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | $ 131 | $ 9,580 | 4,913 | 22,997 |
Revenues | 262,141 | 152,768 | 719,576 | 454,810 |
Operating expenses | 177,203 | 98,228 | 558,520 | 293,675 |
Provision for impairment | $ 0 | $ 0 | $ 0 | $ (1,666) |
Operating Segments [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties Sold | property | 0 | 3 | 1 | 7 |
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties Sold | property | 0 | 2 | 7 | 12 |
Notes Payable and Unsecured C43
Notes Payable and Unsecured Credit Facilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Maturities of Long-term Debt [Abstract] | |||
2,017 | $ 2,708 | ||
2,018 | 150,617 | ||
2,019 | 42,076 | ||
2,020 | 512,702 | ||
2,021 | 300,427 | ||
Beyond 5 Years | 2,529,853 | ||
Unamortized debt premium/(discount) and issuance costs | (16,253) | ||
Long-term Debt | 3,522,130 | $ 1,642,420 | |
Fixed Rate Mortgage Loans [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 496,869 | 384,786 | |
Notes Payable to Banks [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 2,943,986 | 1,363,925 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | 578,144 | 278,495 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 2,325,081 | 892,170 | |
Line of Credit [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | 15,000 | 15,000 | |
Term Loan [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total credit facilities | $ 563,144 | 263,495 | |
Minimum [Member] | Mortgages [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Maximum [Member] | Mortgages [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | ||
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 232,839 | $ 41,584 | |
Debt repaid | 0 | $ 300,000 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
2,017 | 2,708 | ||
2,018 | 10,641 | ||
2,019 | 13,860 | ||
2,020 | 11,122 | ||
2,021 | 11,426 | ||
Beyond 5 Years | 48,674 | ||
Unamortized debt premium/(discount) and issuance costs | 0 | ||
Long-term Debt | 98,431 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
2,017 | 0 | ||
2,018 | 139,976 | ||
2,019 | 13,216 | ||
2,020 | 51,580 | ||
2,021 | 39,001 | ||
Beyond 5 Years | 266,179 | ||
Unamortized debt premium/(discount) and issuance costs | 10,522 | ||
Long-term Debt | 520,474 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
2,017 | 0 | ||
2,018 | 0 | ||
2,019 | 15,000 | ||
2,020 | 450,000 | ||
2,021 | 250,000 | ||
Beyond 5 Years | 2,215,000 | ||
Unamortized debt premium/(discount) and issuance costs | (26,775) | ||
Long-term Debt | 2,903,225 | ||
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 122,036 | $ 86,969 | |
Derivative @ 1.30250% 20.0M [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 20,000 | ||
Contractual Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.10% | ||
Contractual Rate [Member] | Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.00% | ||
Contractual Rate [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.40% | ||
Contractual Rate [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 3.80% | ||
Contractual Rate [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.40% | ||
Effective Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.20% | ||
Effective Rate [Member] | Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 4.30% | ||
Effective Rate [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.60% | ||
Effective Rate [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 4.20% | ||
Effective Rate [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 2.50% |
Notes Payable and Unsecured C44
Notes Payable and Unsecured Credit Facilities Weighted Average Debt Rates (Details) | Sep. 30, 2017 |
Effective Rate [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.20% |
Effective Rate [Member] | Variable Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.60% |
Effective Rate [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 4.20% |
Effective Rate [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.50% |
Contractual Rate [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.10% |
Contractual Rate [Member] | Variable Rate Mortgage Loans [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.40% |
Contractual Rate [Member] | Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 3.80% |
Contractual Rate [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.40% |
Notes Payable and Unsecured C45
Notes Payable and Unsecured Credit Facilities Narrative (Details) | Mar. 01, 2017USD ($)tranche | Feb. 16, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jan. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 150,617,000 | $ 150,617,000 | ||||
2,017 | 2,708,000 | 2,708,000 | ||||
Senior Notes [Member] | Total notes issued in January [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 650,000,000 | |||||
Senior Notes [Member] | Notes Due February 1, 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | 300,000,000 | |||||
Senior Notes [Member] | Total notes issued in June [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | 300,000,000 | 300,000,000 | ||||
Term Loans [Member] | Notes Due December 2, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 300,000,000 | |||||
Interest rate floor | 1.824% | |||||
Series 6 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Preferred Stock, Redemption Value | $ 250,000,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 6.625% | |||||
Equity One Inc. [Member] | Senior Notes [Member] | Notes Maturing 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 3.75% | |||||
Debt assumed in acquisition | $ 300,000,000 | |||||
Equity One Inc. [Member] | Senior Notes [Member] | Private Placement Notes Maturing 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt assumed in acquisition | $ 200,000,000 | |||||
Number of tranches | tranche | 2 | |||||
Tranche value | $ 100,000,000 | |||||
Equity One Inc. [Member] | Term Loans [Member] | Equity One Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt repaid | 250,000,000 | |||||
Equity One Inc. [Member] | Term Loans [Member] | Equity One Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt repaid | 300,000,000 | |||||
Equity One Inc. [Member] | Mortgages [Member] | Fixed Rate Mortgage Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt assumed in acquisition | 226,300,000 | |||||
Equity One Inc. [Member] | Mortgages [Member] | Variable Rate Mortgage Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt assumed in acquisition | $ 27,800,000 | |||||
Accordion Feature [Member] | Equity One Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Increase in borrowing capacity | 1,000,000,000 | |||||
Maximum borrowing capacity | 500,000,000 | 500,000,000 | ||||
Tranche One [Member] | Senior Notes [Member] | Notes Due February 1, 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 300,000,000 | |||||
Stated rate | 4.40% | |||||
Discount percent | 0.9911 | |||||
Tranche One [Member] | Senior Notes [Member] | Notes Due 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 350,000,000 | |||||
Stated rate | 3.60% | |||||
Discount percent | 0.99741 | |||||
Tranche One [Member] | Equity One Inc. [Member] | Senior Notes [Member] | Private Placement Notes Maturing 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 3.81% | |||||
Tranche Two [Member] | Senior Notes [Member] | Notes Due February 1, 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 125,000,000 | $ 125,000,000 | ||||
Stated rate | 4.40% | 4.40% | ||||
Discount percent | 1.00784 | 1.00784 | ||||
Tranche Two [Member] | Senior Notes [Member] | Notes Due 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 175,000,000 | $ 175,000,000 | ||||
Stated rate | 3.60% | 3.60% | ||||
Discount percent | 1.00379 | 1.00379 | ||||
Tranche Two [Member] | Equity One Inc. [Member] | Senior Notes [Member] | Private Placement Notes Maturing 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 3.91% | |||||
Mortgage Loan Maturities [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 139,976,000 | $ 139,976,000 | ||||
2,017 | 0 | 0 | ||||
Minimum [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 112,000,000 | $ 112,000,000 | ||||
Stated rate | 7.00% | 7.00% | ||||
Minimum [Member] | Equity One Inc. [Member] | Mortgages [Member] | Fixed Rate Mortgage Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 3.76% | |||||
Maximum [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 7.80% | 7.80% | ||||
Maximum [Member] | Equity One Inc. [Member] | Mortgages [Member] | Fixed Rate Mortgage Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 7.94% | |||||
Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt repaid | $ 0 | $ 300,000,000 | ||||
Debt assumed in acquisition | 757,399,000 | $ 0 | ||||
Parent Company [Member] | Series 6 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Preferred Stock, Liquidation Preference, Value | $ 250,000,000 | 250,000,000 | ||||
Preferred Stock, Redemption Value | 252,000,000 | $ 252,000,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.625% | |||||
Parent Company [Member] | Series 7 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Preferred Stock, Liquidation Preference, Value | 75,000,000 | $ 75,000,000 | ||||
Preferred Stock, Redemption Value | $ 75,700,000 | $ 75,700,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (39) | $ 1,294 | $ (3,911) | $ (25,338) | |
Amount reclassified from accumulated other comprehensive loss | (2,329) | $ (43,111) | $ (8,054) | $ (48,063) | |
Document Fiscal Year Focus | 2,017 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 9,100 | ||||
Derivative @ 2.36600% 37.5K [Member] [Domain] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Jun. 2, 2017 | ||||
Derivative, Maturity Date | Jun. 2, 2027 | ||||
Derivative, Notional Amount | $ 37,500 | $ 37,500 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 2.366% | 2.366% | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (495) | $ (495) | $ (580) | ||
Derivative $33M Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Dec. 1, 2016 | ||||
Derivative, Maturity Date | Nov. 1, 2023 | ||||
Derivative, Notional Amount | $ 33,000 | $ 33,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.49% | 1.49% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (857) | $ (857) | (1,013) | ||
Derivatives 200K @ 1.04770% and 65K @ 1.07000% [Member] [Domain] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Aug. 1, 2016 | ||||
Derivative, Maturity Date | Jan. 5, 2022 | ||||
Derivative, Notional Amount | $ 265,000 | $ 265,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 1.053% | 1.053% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (8,722) | $ (8,722) | (9,889) | ||
Derivative $300M Term [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Apr. 3, 2017 | ||||
Derivative, Maturity Date | Dec. 2, 2020 | ||||
Derivative, Notional Amount | $ 300,000 | $ 300,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||||
Derivative, Fixed Interest Rate | 1.824% | 1.824% | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (687) | $ (687) | 0 | ||
Swap [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 8,400 | ||||
Derivative @ 1.30250% 20.0M [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Inception Date | Apr. 7, 2016 | ||||
Derivative, Maturity Date | Apr. 1, 2023 | ||||
Derivative, Notional Amount | $ 20,000 | $ 20,000 | |||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||||
Derivative, Fixed Interest Rate | 1.3025% | 1.3025% | |||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ (622) | $ (622) | (720) | ||
Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | (10,201) | (10,201) | (11,622) | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,182) | (1,182) | (580) | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Asset at Fair Value | (10,201) | (10,201) | (11,622) | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (1,182) | (1,182) | (580) | ||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | $ 9,019 | $ 9,019 | $ 11,042 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes receivable | $ 13,984 | $ 13,984 | $ 10,481 | ||
Notes payable | 2,943,986 | 2,943,986 | 1,363,925 | ||
Unsecured credit facilities | 578,144 | 578,144 | 278,495 | ||
Provision for impairment | 0 | $ 0 | 0 | $ (1,666) | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | 30,720 | 30,720 | 28,588 | ||
Available-for-sale Securities | 10,054 | 10,054 | 7,420 | ||
Interest Rate Derivative Assets, at Fair Value | 10,201 | 10,201 | 11,622 | ||
Total | 50,975 | 50,975 | 47,630 | ||
Derivative instruments, at fair value | (1,182) | (1,182) | (580) | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | 30,720 | 30,720 | 28,588 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 0 | ||
Total | 30,720 | 30,720 | 28,588 | ||
Derivative instruments, at fair value | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Payable, Fair Value | 3,027,557 | 3,027,557 | 1,435,000 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | 0 | 0 | 0 | ||
Available-for-sale Securities | 10,054 | 10,054 | 7,420 | ||
Interest Rate Derivative Assets, at Fair Value | 10,201 | 10,201 | 11,622 | ||
Total | 20,255 | 20,255 | 19,042 | ||
Derivative instruments, at fair value | (1,182) | (1,182) | (580) | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes Receivable, Fair Value | 13,869 | 13,869 | 10,380 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Trading Securities | 0 | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Derivative instruments, at fair value | 0 | $ 0 | $ 0 | ||
Unsecured Credit Facilities [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 1.70% | 1.50% | |||
Unsecured Credit Facilities [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 2.20% | 1.60% | |||
Unsecured Credit Facilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unsecured credit facilities, Fair Value | $ 580,000 | $ 580,000 | $ 279,700 | ||
Notes Payable, Other Payables [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 3.10% | 2.90% | |||
Notes Payable, Other Payables [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 3.70% | 3.90% | |||
Notes Receivable [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 3.50% | 7.20% | |||
Notes Receivable [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Risk Free Interest Rate | 7.40% | 7.20% |
Equity and Capital Equity and C
Equity and Capital Equity and Capital - Common Stock (Details) | Feb. 16, 2017USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Class of Stock [Line Items] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 150,617,000 | $ 150,617,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 42,076,000 | 42,076,000 | ||||||
Partners' Capital Account, Contributions | 13,467,000 | $ 8,675,000 | ||||||
Payments of Stock Issuance Costs | $ 349,000 | 80,000 | ||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Equity Issuances, Common Shares Authorized for Issuance | shares | 500,000,000 | 500,000,000 | ||||||
Equity Offering, Common Shares Authorized for Issuance | shares | 3,100,000 | 3,100,000 | ||||||
Forward Equity Offering, Common Shares available for issue | shares | 1,250,000 | 1,250,000 | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 2,329,000 | $ 43,111,000 | $ 8,054,000 | 48,063,000 | ||||
Accumulated other comprehensive loss | $ (14,453,000) | (36,663,000) | $ (14,453,000) | (36,663,000) | $ (18,647,000) | $ (59,478,000) | ||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Forward Equity Offering, Agreement Price Per Share, Common Stock | $ / shares | $ 75.25 | $ 75.25 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 7,922,000 | 47,880,000 | ||||||
Accumulated other comprehensive loss | $ (14,141,000) | $ (35,739,000) | $ (14,141,000) | $ (35,739,000) | (18,346,000) | $ (58,693,000) | ||
ATM Equity Offering Program [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | shares | 0 | 182,787 | ||||||
Weighted Average Price Per Share | $ / shares | $ 0 | $ 68.85 | ||||||
Net proceeds from common stock issuance | $ 0 | $ 12,584,000 | ||||||
Payments for Commissions | $ 0 | 157,000 | ||||||
Forward Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | shares | 1,850,000 | |||||||
Net proceeds from common stock issuance | $ 137,500,000 | |||||||
Parent Company [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Accumulated other comprehensive loss | (14,141,000) | (14,141,000) | $ (18,346,000) | |||||
Net proceeds from common stock issuance | $ 0 | 549,545,000 | ||||||
Conversion of Stock, Conversion Ratio | 0.45 | |||||||
Shares of common stock issued for merger (in shares) | shares | 65,500,000 | |||||||
Partners' Capital Account, Contributions | $ 13,467,000 | 8,675,000 | ||||||
Parent Company [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Contributions | 0 | 0 | ||||||
Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Contributions | $ 0 | 0 | ||||||
Parent Company [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Units, Contributed | shares | 195,732 | |||||||
Partners' Capital Account, Contributions | $ 13,100,000 | $ 0 | ||||||
Series 6 [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stated rate on preferred stock | 6.625% | |||||||
Redemption value | $ 250,000,000 | |||||||
Series 6 [Member] | Parent Company [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Liquidation Preference, Value | $ 250,000,000 | $ 250,000,000 | ||||||
Stated rate on preferred stock | 6.625% | |||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25.21 | $ 25.21 | ||||||
Redemption value | $ 252,000,000 | $ 252,000,000 | ||||||
Series 7 [Member] | Parent Company [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Liquidation Preference, Value | $ 75,000,000 | $ 75,000,000 | ||||||
Stated rate on preferred stock | 6.00% | |||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25.22 | $ 25.22 | ||||||
Redemption value | $ 75,700,000 | $ 75,700,000 | ||||||
Notes Due February 1, 2047 [Member] | Senior Notes [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Term of debt | 30 years | |||||||
Face amount | $ 300,000,000 |
Equity and Capital - Accumulate
Equity and Capital - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Current period other comprehensive income, net | $ 4,194 | $ 22,815 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,768) | (25,015) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (18,327) | (58,650) | ||
Current period other comprehensive income, net | 4,154 | 22,865 | ||
Ending balance | $ (14,173) | $ (35,785) | (14,173) | (35,785) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,922 | 47,880 | ||
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Current period other comprehensive income, net | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (143) | (322) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (301) | (785) | ||
Current period other comprehensive income, net | (11) | (139) | ||
Ending balance | (312) | (924) | (312) | (924) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 132 | 183 | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,860) | (25,248) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (18,647) | (59,478) | ||
Current period other comprehensive income, net | 4,194 | 22,815 | ||
Ending balance | (14,453) | (36,663) | (14,453) | (36,663) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,329 | 43,111 | 8,054 | 48,063 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 51 | 89 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (19) | (43) | ||
Current period other comprehensive income, net | 51 | 89 | ||
Ending balance | 32 | 46 | 32 | 46 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,717) | (24,926) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (18,346) | (58,693) | ||
Current period other comprehensive income, net | 4,205 | 22,954 | ||
Ending balance | (14,141) | (35,739) | (14,141) | (35,739) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,922 | 47,880 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (143) | (322) | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (301) | (785) | ||
Current period other comprehensive income, net | (11) | (139) | ||
Ending balance | (312) | (924) | (312) | (924) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 132 | 183 | ||
Partnership Interest [Member] | ||||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||||
Beginning balance | (18,346) | |||
Current period other comprehensive income, net | 2,298 | $ 44,458 | 4,194 | $ 22,815 |
Ending balance | $ (14,141) | $ (14,141) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 231,065 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 71.93 |
Non-Qualified Deferred Compen51
Non-Qualified Deferred Compensation Plan (Details) - Parent Company [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred Compensation Plan Assets | $ 30,720 | $ 28,588 |
Deferred Compensation Liability, Current and Noncurrent | $ 30,423 | $ 28,214 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income per common unit - diluted | ||||
Weighted Average Limited Partnership Units Outstanding, Basic | 349,902 | 276,503 | 154,170 | |
Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 59,666 | $ 5,305 | $ 74,810 | $ 87,992 |
Weighted average common units outstanding for basic EPU (in shares) | 170,105,000 | 103,675,000 | 155,881,000 | 99,639,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 170,466,000 | 104,255,000 | 156,190,000 | 100,128,000 |
Income per common share/unit - basic: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Income per common share/unit - diluted: | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Weighted average common units outstanding for basic EPU (in shares) | 170,455,000 | 103,829,000 | 156,158,000 | 99,793,000 |
Weighted average common units outstanding for diluted EPU (in shares) | 170,816,000 | 104,409,000 | 156,467,000 | 100,282,000 |
Income per common unit - basic | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Income per common unit - diluted | ||||
Continuing operations (in dollars per share) | $ 0.35 | $ 0.05 | $ 0.48 | $ 0.88 |
Continuing Operations [Member] | Parent Company [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | $ 59,666 | $ 5,305 | $ 74,810 | $ 87,992 |
Net income for common stock unit/holders - diluted | 59,666 | 5,305 | 74,810 | 87,992 |
Continuing Operations [Member] | Partnership Interest [Member] | ||||
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders | 59,798 | 5,321 | 75,027 | 88,157 |
Net income for common stock unit/holders - diluted | $ 59,798 | $ 5,321 | $ 75,027 | $ 88,157 |
Commitments and Contingencies,
Commitments and Contingencies, Letters of Credit (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |
Letters of Credit Outstanding, Amount | $ 5,900,000 | $ 5,800,000 |
Uncategorized Items - reg-20170
Label | Element | Value |
Equity One Inc. [Member] | Leases, Acquired-in-Place [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife | 11 years |
Equity One Inc. [Member] | Above Market Leases [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife | 8 years 10 months 17 days |
Equity One Inc. [Member] | Below Market Ground Rent Lease [Member] [Member] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife | 54 years 7 months 24 days |