Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 184,580,981 | |
Entity File Number | 1-12298 | |
Entity Tax Identification Number | 59-3191743 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | FL | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REG | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NASDAQ | |
6.250% Series A Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REGCP | |
Title of 12(b) Security | 6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
5.875% Series B Cumulative Redeemable Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | REGCO | |
Title of 12(b) Security | 5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Partnership Interest [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS, L.P. | |
Entity Central Index Key | 0001066247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 0-24763 | |
Entity Tax Identification Number | 59-3429602 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Net real estate investments: | ||
Real estate assets, at cost | $ 13,361,194 | $ 11,858,064 |
Less: accumulated depreciation | 2,619,345 | 2,415,860 |
Real estate assets, net | 10,741,849 | 9,442,204 |
Investments in sales-type lease, net | 8,558 | |
Investments in real estate partnerships | 382,300 | 350,377 |
Net real estate investments | 11,132,707 | 9,792,581 |
Cash, cash equivalents, and restricted cash, including $6,710 and $2,310 of restricted cash at September 30, 2023 and December 31, 2022, respectively | 81,070 | 68,776 |
Tenant and other receivables | 199,439 | 188,863 |
Deferred leasing costs, less accumulated amortization of $122,530 and $117,137 at September 30, 2023 and December 31,2022, respectively | 71,551 | 68,945 |
Acquired lease intangible assets, less accumulated amortization of $351,118 and $338,053 at September 30, 2023 and December 31, 2022 respectively | 295,347 | 197,745 |
Right of use assets, net | 301,821 | 275,513 |
Other assets | 299,479 | 267,797 |
Total assets | 12,381,414 | 10,860,220 |
Liabilities: | ||
Notes payable, net | 3,992,093 | 3,726,754 |
Unsecured credit facility | 77,000 | |
Accounts payable and other liabilities | 360,102 | 317,259 |
Acquired lease intangible liabilities, less accumulated amortization of $205,096 and $193,315 at September 30, 2023 and December 31, 2022, respectively | 396,423 | 354,204 |
Lease liabilities | 242,394 | 213,722 |
Tenants' security, escrow deposits and prepaid rent | 81,875 | 70,242 |
Total liabilities | 5,149,887 | 4,682,181 |
Shareholders' equity/Partners' capital: | ||
Series A and Series B preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued at September 30, 2023 with liquidation preferences of $25 per share and no shares authorized or issued at December 30, 2022 | 225,000 | |
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 184,576,090 and 171,124,593 shares issued at September 30, 2023 and December 31, 2022, respectively | 1,846 | 1,711 |
Treasury stock at cost; 443,809 and 465,415 shares held at September 30, 2023 and December 31, 2022, respectively | (25,081) | (24,461) |
Additional paid-in-capital | 8,684,012 | 7,877,152 |
Accumulated other comprehensive income | 9,435 | 7,560 |
Distributions in excess of net income | (1,834,298) | (1,764,977) |
Total shareholders' equity | 7,060,914 | 6,096,985 |
Noncontrolling interests: | ||
Exchangeable operating partnership units, aggregate redemption value of $64,005 and $46,340 at September 30, 2023 and December 31, 2022, respectively | 53,914 | 34,489 |
Limited partners' interests in consolidated partnerships | 116,699 | 46,565 |
Total noncontrolling interests | 170,613 | 81,054 |
Total equity | 7,231,527 | 6,178,039 |
Total liabilities and equity | 12,381,414 | 10,860,220 |
Partnership Interest [Member] | ||
Net real estate investments: | ||
Real estate assets, at cost | 13,361,194 | 11,858,064 |
Less: accumulated depreciation | 2,619,345 | 2,415,860 |
Real estate assets, net | 10,741,849 | 9,442,204 |
Investments in sales-type lease, net | 8,558 | |
Investments in real estate partnerships | 382,300 | 350,377 |
Net real estate investments | 11,132,707 | 9,792,581 |
Cash, cash equivalents, and restricted cash, including $6,710 and $2,310 of restricted cash at September 30, 2023 and December 31, 2022, respectively | 81,070 | 68,776 |
Tenant and other receivables | 199,439 | 188,863 |
Deferred leasing costs, less accumulated amortization of $122,530 and $117,137 at September 30, 2023 and December 31,2022, respectively | 71,551 | 68,945 |
Acquired lease intangible assets, less accumulated amortization of $351,118 and $338,053 at September 30, 2023 and December 31, 2022 respectively | 295,347 | 197,745 |
Right of use assets, net | 301,821 | 275,513 |
Other assets | 299,479 | 267,797 |
Total assets | 12,381,414 | 10,860,220 |
Liabilities: | ||
Notes payable, net | 3,992,093 | 3,726,754 |
Unsecured credit facility | 77,000 | |
Accounts payable and other liabilities | 360,102 | 317,259 |
Acquired lease intangible liabilities, less accumulated amortization of $205,096 and $193,315 at September 30, 2023 and December 31, 2022, respectively | 396,423 | 354,204 |
Lease liabilities | 242,394 | 213,722 |
Tenants' security, escrow deposits and prepaid rent | 81,875 | 70,242 |
Total liabilities | 5,149,887 | 4,682,181 |
Shareholders' equity/Partners' capital: | ||
Series A and Series B preferred units, $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued as September 30, 2023 with liquidation preferences of $25 per unit and no units authorized or issued at December 30, 2022 | 225,000 | |
General partner; 184,576,090 and 171,124,593 units outstanding at September 30, 2023 and December 31, 2022, respectively | 6,826,479 | 6,089,425 |
Limited partners; 1,076,797 and 741,433 units outstanding at September 30, 2023 and December 31, 2022 respectively | 53,914 | 34,489 |
Accumulated other comprehensive income | 9,435 | 7,560 |
Total partners' capital | 7,114,828 | 6,131,474 |
Noncontrolling interests: | ||
Limited partners' interests in consolidated partnerships | 116,699 | 46,565 |
Total capital | 7,231,527 | 6,178,039 |
Total liabilities and equity | $ 12,381,414 | $ 10,860,220 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted cash and cash equivalent | $ 6,710 | $ 2,310 |
Deferred costs accumulated amortization | 122,530 | 117,137 |
Accumulated amortization of acquired lease intangible assets | 351,118 | 338,053 |
Accumulated accretion of acquired lease intangible liabilities | $ 205,096 | $ 193,315 |
Preferred stock, par value per share | $ 0.01 | |
Preferred stock, shares authorized | 30,000,000 | 0 |
Preferred stock, shares issued | 9,000,000 | 0 |
Preferred stock, liquidation preferences | $ 25 | |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 184,576,090 | 171,124,593 |
Treasury stock, shares held at cost | 443,809 | 465,415 |
Exchangeable operating partnership units aggregate redemption value | $ 64,005 | $ 46,340 |
Partnership Interest [Member] | ||
Restricted cash and cash equivalent | 6,710 | 2,310 |
Deferred costs accumulated amortization | 122,530 | 117,137 |
Accumulated amortization of acquired lease intangible assets | 351,118 | 338,053 |
Accumulated accretion of acquired lease intangible liabilities | $ 205,096 | $ 193,315 |
Preferred stock, par value per units | $ 0.01 | |
Preferred units, authorized | 30,000,000 | 0 |
Preferred units, issued | 9,000,000 | 0 |
Preferred units of general partner units, liquidation preferences | $ 25 | |
General partner units, outstanding | 184,576,090 | 171,124,593 |
Limited partner units, outstanding | 1,076,797 | 741,433 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Lease income | $ 320,921 | $ 295,756 | $ 934,180 | $ 882,265 |
Other property income | 2,638 | 2,466 | 8,459 | 8,290 |
Management, transaction, and other fees | 7,079 | 5,767 | 20,223 | 18,950 |
Total revenues | 330,638 | 303,989 | 962,862 | 909,505 |
Operating expenses: | ||||
Depreciation and amortization | 87,505 | 80,270 | 253,373 | 237,462 |
Property operating expense | 59,227 | 49,577 | 164,643 | 143,788 |
Real estate taxes | 40,171 | 37,926 | 117,157 | 111,495 |
General and administrative | 20,903 | 20,273 | 71,248 | 56,710 |
Other operating expenses | 3,533 | 949 | 4,718 | 3,739 |
Total operating expenses | 211,339 | 188,995 | 611,139 | 553,194 |
Other expense (income): | ||||
Interest expense, net | 38,807 | 36,361 | 112,156 | 109,798 |
Gain on sale of real estate, net of tax | (184) | (220) | (515) | (106,459) |
Net investment loss (income) | 1,020 | 1,215 | (2,449) | 9,177 |
Total other expense | 39,643 | 37,356 | 109,192 | 12,516 |
Income from operations before equity in income of investments in real estate partnerships | 79,656 | 77,638 | 242,531 | 343,795 |
Equity in income of investments in real estate partnerships | 12,517 | 11,209 | 36,302 | 47,855 |
Net income | 92,173 | 88,847 | 278,833 | 391,650 |
Noncontrolling interests: | ||||
Exchangeable operating partnership units | (520) | (379) | (1,490) | (1,694) |
Limited partners' interests in consolidated partnerships | (933) | (890) | (2,560) | (2,354) |
Income attributable to noncontrolling interests | (1,453) | (1,269) | (4,050) | (4,048) |
Net income attributable to the Company/ Partnership | 90,720 | 87,578 | 274,783 | 387,602 |
Preferred stock dividends | (1,644) | (1,644) | ||
Net income attributable to common shareholders | $ 89,076 | $ 87,578 | $ 273,139 | $ 387,602 |
Income per common share - basic | $ 0.50 | $ 0.51 | $ 1.58 | $ 2.26 |
Income per common share - diluted | $ 0.5 | $ 0.51 | $ 1.57 | $ 2.26 |
Partnership Interest [Member] | ||||
Revenues: | ||||
Lease income | $ 320,921 | $ 295,756 | $ 934,180 | $ 882,265 |
Other property income | 2,638 | 2,466 | 8,459 | 8,290 |
Management, transaction, and other fees | 7,079 | 5,767 | 20,223 | 18,950 |
Total revenues | 330,638 | 303,989 | 962,862 | 909,505 |
Operating expenses: | ||||
Depreciation and amortization | 87,505 | 80,270 | 253,373 | 237,462 |
Property operating expense | 59,227 | 49,577 | 164,643 | 143,788 |
Real estate taxes | 40,171 | 37,926 | 117,157 | 111,495 |
General and administrative | 20,903 | 20,273 | 71,248 | 56,710 |
Other operating expenses | 3,533 | 949 | 4,718 | 3,739 |
Total operating expenses | 211,339 | 188,995 | 611,139 | 553,194 |
Other expense (income): | ||||
Interest expense, net | 38,807 | 36,361 | 112,156 | 109,798 |
Gain on sale of real estate, net of tax | (184) | (220) | (515) | (106,459) |
Net investment loss (income) | 1,020 | 1,215 | (2,449) | 9,177 |
Total other expense | 39,643 | 37,356 | 109,192 | (12,516) |
Income from operations before equity in income of investments in real estate partnerships | 79,656 | 77,638 | 242,531 | 343,795 |
Equity in income of investments in real estate partnerships | 12,517 | 11,209 | 36,302 | 47,855 |
Net income | 92,173 | 88,847 | 278,833 | 391,650 |
Noncontrolling interests: | ||||
Limited partners' interests in consolidated partnerships | (933) | (890) | (2,560) | (2,354) |
Income attributable to noncontrolling interests | (933) | (890) | (2,560) | (2,354) |
Net income attributable to the Company/ Partnership | 91,240 | 87,957 | 276,273 | 389,296 |
Preferred unit distributions | 1,644 | 1,644 | ||
Net income attributable to common unit holders | $ 89,596 | $ 87,957 | $ 274,629 | $ 389,296 |
Income per common share - basic | $ 0.50 | $ 0.51 | $ 1.58 | $ 2.26 |
Income per common share - diluted | $ 0.50 | $ 0.51 | $ 1.57 | $ 2.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 92,173 | $ 88,847 | $ 278,833 | $ 391,650 |
Other comprehensive income: | ||||
Effective portion of change in fair value of derivative instruments | 4,606 | 7,069 | 7,327 | 20,473 |
Reclassification adjustment of derivative instruments included in net income | (2,161) | 72 | (5,302) | 1,563 |
Unrealized loss on available-for-sale debt securities | (292) | (659) | (215) | (1,636) |
Other comprehensive income | 2,153 | 6,482 | 1,810 | 20,400 |
Comprehensive income | 94,326 | 95,329 | 280,643 | 412,050 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 1,453 | 1,269 | 4,050 | 4,048 |
Other comprehensive income (loss) attributable to noncontrolling interests | 54 | 617 | (65) | 1,920 |
Comprehensive income attributable to noncontrolling interests | 1,507 | 1,886 | 3,985 | 5,968 |
Comprehensive income attributable to the Company | 92,819 | 93,443 | 276,658 | 406,082 |
Partnership Interest [Member] | ||||
Net income | 92,173 | 88,847 | 278,833 | 391,650 |
Other comprehensive income: | ||||
Effective portion of change in fair value of derivative instruments | 4,606 | 7,069 | 7,327 | 20,473 |
Reclassification adjustment of derivative instruments included in net income | (2,161) | 72 | (5,302) | 1,563 |
Unrealized loss on available-for-sale debt securities | (292) | (659) | (215) | (1,636) |
Other comprehensive income | 2,153 | 6,482 | 1,810 | 20,400 |
Comprehensive income | 94,326 | 95,329 | 280,643 | 412,050 |
Less: comprehensive income attributable to noncontrolling interests: | ||||
Net income attributable to noncontrolling interests | 933 | 890 | 2,560 | 2,354 |
Other comprehensive income (loss) attributable to noncontrolling interests | 40 | 589 | (85) | 1,831 |
Comprehensive income attributable to noncontrolling interests | 973 | 1,479 | 2,475 | 4,185 |
Comprehensive income attributable to the Company | $ 93,353 | $ 93,850 | $ 278,168 | $ 407,865 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Shareholder's Equity [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | Total Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2021 | $ 6,109,932 | $ 1,712 | $ (22,758) | $ 7,883,458 | $ (10,227) | $ (1,814,814) | $ 6,037,371 | $ 35,447 | $ 37,114 | $ 72,561 | |
Net income | 391,650 | 387,602 | 387,602 | 1,694 | 2,354 | 4,048 | |||||
Other comprehensive income | |||||||||||
Other comprehensive income before reclassification | 18,837 | 17,067 | 17,067 | 81 | 1,689 | 1,770 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,563 | 1,413 | 1,413 | 8 | 142 | 150 | |||||
Deferred compensation plan, net | (1,303) | 1,303 | |||||||||
Restricted stock issued, net of amortization | 12,699 | 2 | 12,697 | 12,699 | |||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (5,996) | (5,996) | (5,996) | ||||||||
Common stock repurchased and retired | (75,419) | (13) | (75,406) | (75,419) | |||||||
Common stock issued under dividend reinvestment plan | 388 | 388 | 388 | ||||||||
Common stock issued for partnership units exchanged | 1,275 | 1,275 | (1,275) | (1,275) | |||||||
Common stock issued, net of issuance costs | 61,284 | 10 | 61,274 | 61,284 | |||||||
Contributions from partners | 11,903 | 11,903 | 11,903 | ||||||||
Distributions to partners | (4,899) | (4,899) | (4,899) | ||||||||
Cash dividends declared - common stock/unit | (323,202) | (321,801) | (321,801) | (1,401) | (1,401) | ||||||
Ending Balance at Sep. 30, 2022 | 6,198,740 | 1,711 | (24,061) | 7,878,993 | 8,253 | (1,749,013) | 6,115,883 | 34,554 | 48,303 | 82,857 | |
Beginning Balance at Jun. 30, 2022 | 6,206,135 | 1,711 | (23,882) | 7,874,461 | 2,388 | (1,729,645) | 6,125,033 | 34,611 | 46,491 | 81,102 | |
Net income | 88,847 | 87,578 | 87,578 | 379 | 890 | 1,269 | |||||
Other comprehensive income | |||||||||||
Other comprehensive income before reclassification | 6,410 | 5,787 | 5,787 | 27 | 596 | 623 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 72 | 78 | 78 | 1 | (7) | (6) | |||||
Deferred compensation plan, net | (179) | 179 | |||||||||
Restricted stock issued, net of amortization | 4,125 | 4,125 | 4,125 | ||||||||
Common stock repurchased for taxes withheld for stock based compensation, net | 92 | 92 | 92 | ||||||||
Common stock issued under dividend reinvestment plan | 136 | 136 | 136 | ||||||||
Contributions from partners | 1,457 | 1,457 | 1,457 | ||||||||
Distributions to partners | (1,124) | (1,124) | (1,124) | ||||||||
Cash dividends declared - common stock/unit | (107,410) | (106,946) | (106,946) | (464) | (464) | ||||||
Ending Balance at Sep. 30, 2022 | 6,198,740 | 1,711 | (24,061) | 7,878,993 | 8,253 | (1,749,013) | 6,115,883 | 34,554 | 48,303 | 82,857 | |
Beginning Balance at Dec. 31, 2022 | 6,178,039 | 1,711 | (24,461) | 7,877,152 | 7,560 | (1,764,977) | 6,096,985 | 34,489 | 46,565 | 81,054 | |
Net income | 278,833 | 274,783 | 274,783 | 1,490 | 2,560 | 4,050 | |||||
Other comprehensive income | |||||||||||
Other comprehensive income before reclassification | 7,112 | 6,596 | 6,596 | 46 | 470 | 516 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | (5,302) | (4,721) | (4,721) | (26) | (555) | (581) | |||||
Deferred compensation plan, net | (620) | 620 | |||||||||
Restricted stock issued, net of amortization | 14,389 | 2 | 14,387 | 14,389 | |||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (7,201) | (7,201) | (7,201) | ||||||||
Common stock repurchased and retired | (20,006) | (3) | (20,003) | (20,006) | |||||||
Common stock issued under dividend reinvestment plan | 461 | 461 | 461 | ||||||||
Common stock issued for partnership units exchanged | 198 | 198 | (198) | (198) | |||||||
Common stock issued, net of issuance costs | 818,534 | 136 | 818,398 | 818,534 | |||||||
Issuance of exchangeable operating partnership units | 20,000 | 20,000 | 20,000 | ||||||||
Issuance of preferred stock | 225,000 | $ 225,000 | 225,000 | ||||||||
Contributions from partners | 72,830 | 72,830 | 72,830 | ||||||||
Distributions to partners | (5,171) | (5,171) | (5,171) | ||||||||
Cash dividends declared - preferred stock/unit | (1,644) | (1,644) | (1,644) | ||||||||
Cash dividends declared - common stock/unit | (344,347) | (342,460) | (342,460) | (1,887) | (1,887) | ||||||
Ending Balance at Sep. 30, 2023 | 7,231,527 | 225,000 | 1,846 | (25,081) | 8,684,012 | 9,435 | (1,834,298) | 7,060,914 | 53,914 | 116,699 | 170,613 |
Beginning Balance at Jun. 30, 2023 | 6,143,786 | 1,710 | (24,676) | 7,859,249 | 7,336 | (1,803,406) | 6,040,213 | 54,281 | 49,292 | 103,573 | |
Net income | 92,173 | 90,720 | 90,720 | 520 | 933 | 1,453 | |||||
Other comprehensive income | |||||||||||
Other comprehensive income before reclassification | 4,314 | 4,026 | 4,026 | 25 | 263 | 288 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2,161 | (1,927) | (1,927) | (11) | (223) | (234) | |||||
Deferred compensation plan, net | (405) | 405 | |||||||||
Restricted stock issued, net of amortization | 5,465 | 5,465 | 5,465 | ||||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (125) | 125 | 125 | ||||||||
Common stock issued under dividend reinvestment plan | 162 | 162 | 162 | ||||||||
Common stock issued for partnership units exchanged | 198 | 198 | (198) | (198) | |||||||
Common stock issued, net of issuance costs | 818,544 | 136 | 818,408 | 818,544 | |||||||
Issuance of preferred stock | 225,000 | 225,000 | 225,000 | ||||||||
Contributions from partners | 69,625 | 69,625 | 69,625 | ||||||||
Distributions to partners | (3,191) | (3,191) | (3,191) | ||||||||
Cash dividends declared - preferred stock/unit | (1,644) | (1,644) | (1,644) | ||||||||
Cash dividends declared - common stock/unit | (120,671) | (119,968) | (119,968) | (703) | (703) | ||||||
Ending Balance at Sep. 30, 2023 | $ 7,231,527 | $ 225,000 | $ 1,846 | $ (25,081) | $ 8,684,012 | $ 9,435 | $ (1,834,298) | $ 7,060,914 | $ 53,914 | $ 116,699 | $ 170,613 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock/unit per share | $ 0.65 | $ 0.625 | $ 1.95 | $ 1.875 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 278,833 | $ 391,650 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 253,373 | 237,462 |
Amortization of deferred loan costs and debt premiums | 5,124 | 4,297 |
(Accretion) and amortization of above and below market lease intangibles, net | (21,573) | (15,625) |
Stock-based compensation, net of capitalization | 14,203 | 12,592 |
Equity in income of investments in real estate partnerships | (36,302) | (47,855) |
Gain on sale of real estate, net of tax | (515) | (106,459) |
Distribution of earnings from investments in real estate partnerships | 48,451 | 45,238 |
Deferred compensation expense (income) | 2,148 | (8,016) |
Realized and unrealized (gain) loss on investments | (2,252) | 9,253 |
Changes in assets and liabilities: | ||
Tenant and other receivables | (3,094) | (18,544) |
Deferred leasing costs | (7,705) | (7,022) |
Other assets | (7,577) | (4,312) |
Accounts payable and other liabilities | 20,875 | 21,656 |
Tenants' security, escrow deposits and prepaid rent | 3,696 | 13,927 |
Net cash provided by operating activities | 547,685 | 528,242 |
Cash flows from investing activities: | ||
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 | (2,033) | (141,275) |
Real estate development and capital improvements | (158,982) | (143,724) |
Proceeds from sale of real estate and FF&E | 10,338 | 137,280 |
Issuance of notes receivable | (4,000) | |
Investments in real estate partnerships | (9,118) | (13,573) |
Return of capital from investments in real estate partnerships | 3,644 | 48,473 |
Dividends on investment securities | 571 | 336 |
Acquisition of investment securities | (5,206) | (15,205) |
Proceeds from sale of investment securities | 13,747 | 15,821 |
Net cash used in investing activities | (231,527) | (111,867) |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 4 | 61,284 |
Repurchase of common shares in conjunction with equity award plans | (7,653) | (6,438) |
Common shares repurchased through share repurchase program | (20,006) | (75,419) |
Proceeds from sale of treasury stock | 62 | 64 |
Contributions from limited partners in consolidated partnerships, net | 3,167 | 1,568 |
Distributions to exchangeable operating partnership unit holders | (1,666) | (1,413) |
Distributions to partners | (332,627) | (321,484) |
Proceeds from unsecured credit facilities | 442,000 | 95,000 |
Repayment of unsecured credit facilities | (365,000) | (95,000) |
Proceeds from notes payable | 46,500 | |
Repayment of notes payable | (60,257) | (5,995) |
Scheduled principal payments | (7,977) | (8,503) |
Payment of loan costs | (411) | (82) |
Net cash used in financing activities | (303,864) | (356,418) |
Net increase in cash and cash equivalents and restricted cash | 12,294 | 59,957 |
Cash and cash equivalents and restricted cash at beginning of the period | 68,776 | 95,027 |
Cash and cash equivalents and restricted cash at end of the period | 81,070 | 154,984 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $4,026 and $2,985 in 2023 and 2022, respectively) | 116,686 | 115,011 |
Cash paid for income taxes, net of refunds | 728 | 488 |
Supplemental disclosure of non-cash transactions: | ||
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | 122,946 | 107,410 |
Acquisition of real estate previously held within investments in real estate partnerships | 17,179 | |
Mortgage loans assumed by Company with the acquisition of real estate | 22,779 | |
Right of use assets obtained in exchange for new operating lease liabilities | 32,002 | |
Sale of leased asset in exchange for net investment in sales-type lease | 8,510 | |
Common stock issued for partnership units exchanged | 199 | 1,275 |
Exchangeable operating partnership units issued for acquisition of real estate | 20,000 | |
Change in accrued capital expenditures | 20,967 | 10,230 |
Common stock issued under dividend reinvestment plan | 461 | 388 |
Stock-based compensation capitalized | 638 | 550 |
Contributions from limited partners in consolidated partnerships | 5,434 | |
Common stock issued for dividend reinvestment in trust | 905 | 840 |
Contribution of stock awards into trust | 1,961 | 2,136 |
Distribution of stock held in trust | 2,245 | 786 |
Change in fair value of securities | 215 | 1,896 |
UBP Acquisition [Member] | ||
Cash flows from investing activities: | ||
Acquisition of UBP, net of cash acquired of $14,143 | (80,488) | |
Supplemental disclosure of non-cash transactions: | ||
Notes payable assumed in acquisition, at fair value | 284,706 | |
Non controlling interest assumed in acquisition fair value | 64,492 | |
Common Stock [Member] | UBP Acquisition [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Stock exchanged | 818,530 | |
Preferred Stock [Member] | UBP Acquisition [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Stock exchanged | 225,000 | |
Partnership Interest [Member] | ||
Cash flows from operating activities: | ||
Net income | 278,833 | 391,650 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 253,373 | 237,462 |
Amortization of deferred loan costs and debt premiums | 5,124 | 4,297 |
(Accretion) and amortization of above and below market lease intangibles, net | (21,573) | (15,625) |
Stock-based compensation, net of capitalization | 14,203 | 12,592 |
Equity in income of investments in real estate partnerships | (36,302) | (47,855) |
Gain on sale of real estate, net of tax | (515) | (106,459) |
Distribution of earnings from investments in real estate partnerships | 48,451 | 45,238 |
Deferred compensation expense (income) | 2,148 | (8,016) |
Realized and unrealized (gain) loss on investments | (2,252) | 9,253 |
Changes in assets and liabilities: | ||
Tenant and other receivables | (3,094) | (18,544) |
Deferred leasing costs | (7,705) | (7,022) |
Other assets | (7,577) | (4,312) |
Accounts payable and other liabilities | 20,875 | 21,656 |
Tenants' security, escrow deposits and prepaid rent | 3,696 | 13,927 |
Net cash provided by operating activities | 547,685 | 528,242 |
Cash flows from investing activities: | ||
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022 | (2,033) | (141,275) |
Real estate development and capital improvements | (158,982) | (143,724) |
Proceeds from sale of real estate and FF&E | 10,338 | 137,280 |
Issuance of notes receivable | (4,000) | |
Investments in real estate partnerships | (9,118) | (13,573) |
Return of capital from investments in real estate partnerships | 3,644 | 48,473 |
Dividends on investment securities | 571 | 336 |
Acquisition of investment securities | (5,206) | (15,205) |
Proceeds from sale of investment securities | 13,747 | 15,821 |
Net cash used in investing activities | (231,527) | (111,867) |
Cash flows from financing activities: | ||
Net proceeds from common stock issuance | 4 | 61,284 |
Repurchase of common shares in conjunction with equity award plans | (7,653) | (6,438) |
Common shares repurchased through share repurchase program | (20,006) | (75,419) |
Proceeds from sale of treasury stock | 62 | 64 |
Contributions from limited partners in consolidated partnerships, net | 3,167 | 1,568 |
Distributions to partners | (334,293) | (322,897) |
Proceeds from unsecured credit facilities | 442,000 | 95,000 |
Repayment of unsecured credit facilities | (365,000) | (95,000) |
Proceeds from notes payable | 46,500 | |
Repayment of notes payable | (60,257) | (5,995) |
Scheduled principal payments | (7,977) | (8,503) |
Payment of loan costs | (411) | (82) |
Net cash used in financing activities | (303,864) | (356,418) |
Net increase in cash and cash equivalents and restricted cash | 12,294 | 59,957 |
Cash and cash equivalents and restricted cash at beginning of the period | 68,776 | 95,027 |
Cash and cash equivalents and restricted cash at end of the period | 81,070 | 154,984 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of capitalized interest of $4,026 and $2,985 in 2023 and 2022, respectively) | 116,686 | 115,011 |
Cash paid for income taxes, net of refunds | 728 | 488 |
Supplemental disclosure of non-cash transactions: | ||
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid | 122,946 | 107,410 |
Acquisition of real estate previously held within investments in real estate partnerships | 17,179 | |
Mortgage loans assumed by Company with the acquisition of real estate | 22,779 | |
Right of use assets obtained in exchange for new operating lease liabilities | 32,002 | |
Sale of leased asset in exchange for net investment in sales-type lease | 8,510 | |
Notes payable assumed in acquisition, at fair value | 284,706 | |
Non controlling interest assumed in acquisition fair value | 64,492 | |
Common stock issued by Parent Company for partnership units exchanged | 199 | 1,275 |
Exchangeable operating partnership units issued for acquisition of real estate | 20,000 | |
Change in accrued capital expenditures | 20,967 | 10,230 |
Common stock issued under dividend reinvestment plan | 461 | 388 |
Stock-based compensation capitalized | 638 | 550 |
Contributions from limited partners in consolidated partnerships | 5,434 | |
Common stock issued for dividend reinvestment in trust | 905 | 840 |
Contribution of stock awards into trust | 1,961 | 2,136 |
Distribution of stock held in trust | 2,245 | 786 |
Change in fair value of securities | 215 | $ 1,896 |
Partnership Interest [Member] | UBP Acquisition [Member] | ||
Cash flows from investing activities: | ||
Acquisition of UBP, net of cash acquired of $14,143 | (80,488) | |
Partnership Interest [Member] | Common Stock [Member] | UBP Acquisition [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Stock exchanged | 818,530 | |
Partnership Interest [Member] | Preferred Stock [Member] | UBP Acquisition [Member] | ||
Supplemental disclosure of non-cash transactions: | ||
Stock exchanged | $ 225,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capitalized interest | $ 4,026 | $ 2,985 |
Net of cash acquired | 3,061 | |
UBP Acquisition [Member] | ||
Net of cash acquired | 14,143 | |
Partnership Interest [Member] | ||
Capitalized interest | 4,026 | 2,985 |
Net of cash acquired | $ 3,061 | |
Partnership Interest [Member] | UBP Acquisition [Member] | ||
Net of cash acquired | $ 14,143 |
Consolidated Statement of Capit
Consolidated Statement of Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 92,173 | $ 88,847 | $ 278,833 | $ 391,650 |
Other comprehensive income | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2,161 | 72 | (5,302) | 1,563 |
Contributions from partners | 69,625 | 1,457 | 72,830 | 11,903 |
Issuance of exchangeable operating partnership units | 20,000 | |||
Distributions to partners | (3,191) | (1,124) | (5,171) | (4,899) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 5,465 | 4,125 | 14,389 | 12,699 |
Total Partners' Capital [Member] | ||||
Net income | 90,720 | 87,578 | 274,783 | 387,602 |
Other comprehensive income | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1,927) | 78 | (4,721) | 1,413 |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 5,465 | 4,125 | 14,389 | 12,699 |
Partnership Interest [Member] | ||||
Beginning Balance | 6,143,786 | 6,206,135 | 6,178,039 | 6,109,932 |
Net income | 92,173 | 88,847 | 278,833 | 391,650 |
Other comprehensive income | ||||
Other comprehensive income before reclassification | 4,314 | 6,410 | 7,112 | 18,837 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,161) | 72 | (5,302) | 1,563 |
Contributions from partners | 69,625 | 1,457 | 72,830 | 11,903 |
Issuance of exchangeable operating partnership units | 20,000 | |||
Distributions to partners | (123,862) | (108,534) | (349,518) | (328,101) |
Preferred unit distributions | (1,644) | (1,644) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 5,465 | 4,125 | 14,389 | 12,699 |
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs | 225,000 | 225,000 | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 818,544 | 818,534 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 287 | 228 | (6,740) | (5,608) |
Ending Balance | 7,231,527 | 6,198,740 | 7,231,527 | 6,198,740 |
Partnership Interest [Member] | Total Partners' Capital [Member] | ||||
Beginning Balance | 6,094,494 | 6,159,644 | 6,131,474 | 6,072,818 |
Net income | 91,240 | 87,957 | 276,273 | 389,296 |
Other comprehensive income | ||||
Other comprehensive income before reclassification | 4,051 | 5,814 | 6,642 | 17,148 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,938) | 79 | (4,747) | 1,421 |
Issuance of exchangeable operating partnership units | 20,000 | |||
Distributions to partners | (120,671) | (107,410) | (344,347) | (323,202) |
Preferred unit distributions | (1,644) | (1,644) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 5,465 | 4,125 | 14,389 | 12,699 |
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs | 225,000 | 225,000 | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 818,544 | 818,534 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 287 | 228 | (6,740) | (5,608) |
Ending Balance | 7,114,828 | 6,150,437 | 7,114,828 | 6,150,437 |
Partnership Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | 7,336 | 2,388 | 7,560 | (10,227) |
Other comprehensive income | ||||
Other comprehensive income before reclassification | 4,026 | 5,787 | 6,596 | 17,067 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,927) | 78 | (4,721) | 1,413 |
Ending Balance | 9,435 | 8,253 | 9,435 | 8,253 |
Partnership Interest [Member] | Noncontrolling Interests In Limited Partners Interest In Consolidated Partnerships [Member] | ||||
Beginning Balance | 49,292 | 46,491 | 46,565 | 37,114 |
Net income | 933 | 890 | 2,560 | 2,354 |
Other comprehensive income | ||||
Other comprehensive income before reclassification | 263 | 596 | 470 | 1,689 |
Amounts reclassified from accumulated other comprehensive income (loss) | (223) | (7) | (555) | 142 |
Contributions from partners | 69,625 | 1,457 | 72,830 | 11,903 |
Distributions to partners | (3,191) | (1,124) | (5,171) | (4,899) |
Ending Balance | 116,699 | 48,303 | 116,699 | 48,303 |
Partnership Interest [Member] | General Partner Preferred and Common Units [Member] | ||||
Beginning Balance | 6,032,877 | 6,122,645 | 6,089,425 | 6,047,598 |
Net income | 90,720 | 87,578 | 274,783 | 387,602 |
Other comprehensive income | ||||
Distributions to partners | (119,968) | (106,946) | (342,460) | (321,801) |
Preferred unit distributions | (1,644) | (1,644) | ||
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 5,465 | 4,125 | 14,389 | 12,699 |
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs | 225,000 | 225,000 | ||
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company | (20,006) | (75,419) | ||
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 818,544 | 818,534 | 61,284 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | 287 | 228 | (6,740) | (5,608) |
Common units exchanged for common stock of Parent Company | 198 | 198 | 1,275 | |
Ending Balance | 7,051,479 | 6,107,630 | 7,051,479 | 6,107,630 |
Partnership Interest [Member] | Limited Partner [Member] | ||||
Beginning Balance | 54,281 | 34,611 | 34,489 | 35,447 |
Net income | 520 | 379 | 1,490 | 1,694 |
Other comprehensive income | ||||
Other comprehensive income before reclassification | 25 | 27 | 46 | 81 |
Amounts reclassified from accumulated other comprehensive income (loss) | (11) | 1 | (26) | 8 |
Issuance of exchangeable operating partnership units | 20,000 | |||
Distributions to partners | (703) | (464) | (1,887) | (1,401) |
Common units exchanged for common stock of Parent Company | (198) | (198) | (1,275) | |
Ending Balance | $ 53,914 | $ 34,554 | $ 53,914 | $ 34,554 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 90,720 | $ 87,578 | $ 274,783 | $ 387,602 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 5. Other Information Rule 10b5-1 Trading Plans On September 13, 2023, Martin E. Stein Jr ., the Company’s Executive Chairman of the Board of the Company, took the following actions: (i) Mr. Stein terminated a trading arrangement he had previously adopted with respect to the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Mr. Stein’s Rule 10b5-1 Trading Plan was adopted on February 23, 2023 and, prior to its termination by Mr. Stein, was to expire by its terms on March 31, 2024 . This Rule 10b5-1 Trading Plan provided for the sale of up to 100,000 shares of common stock pursuant to multiple limit orders. As of the date of termination of this plan, Mr. Stein had not sold any shares of common stock under its terms. (ii) Mr. Stein adopted a new Rule 10b5-1 Trading Plan that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Stein’s Rule 10b5-1 Trading Plan, which expires on February 15, 2025 , provides for the sale of up to 50,000 shares of common stock pursuant to multiple limit orders. Since adoption of this plan, Mr. Stein has not sold any shares of common stock under its terms. Entry into Material Definitive Agreements Indemnification Agreements On November 2, 2023, the Company entered into an indemnification agreement (an “Indemnification Agreement”) with each current member of its Board of Directors and each of its executive officers (each being referred to as an “Indemnified Party” and collectively as the “Indemnified Parties”). These Indemnification Agreements require the Company, among other things, to indemnify and hold harmless its directors and executive officers against claims, lawsuits, proceedings and liabilities (collectively, “Claims”) that may arise by reason of their status or capacity with, or service to, the Company and its subsidiaries, to the fullest extent permitted by the Company’s Articles of Incorporation, Bylaws and the Florida Business Corporation Act. These Indemnification Agreements also require the Company to advance expenses incurred by the Indemnified Parties in investigating or defending any such Claims, and sets forth various procedures in respect of such advancement and indemnification. The Indemnification Agreements also require the Company to procure customary directors and officers liability insurance, subject to certain conditions. The Company believes that these agreements are appropriate and necessary to attract and retain qualified individuals to serve as directors and executive officers. The foregoing summary of the terms of the Indemnification Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the “form of” Indemnification Agreement, a copy of which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q, and is incorporated herein by reference. |
Name | Martin E. Stein Jr |
Title | Executive Chairman |
Rule10 B51 Trading Plan [Member] | |
Trading Arrangements, by Individual | |
Adoption Date | February 23, 2023 |
Termination Date | March 31, 2024 |
Aggregate Available | 100,000 |
New Rule 10B51 Trading Plan [Member] | |
Trading Arrangements, by Individual | |
Termination Date | February 15, 2025 |
Aggregate Available | 50,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. O rganization and Significant Accounting Policies General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $ 200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of September 30, 2023, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis ow ned 379 properties and held partial interests in an additional 102 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships"). The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. 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. Acquisition of Urstadt Biddle Properties Inc. On May 17, 2023 , the Parent Company entered into an Agreement and Plan of Merger (the “merger agreement”) by and among the Parent Company, Hercules Merger Sub, LLC, a wholly owned subsidiary of the Parent Company (“Merger Sub”), Urstadt Biddle Properties Inc. (“UBP” or “Urstadt Biddle”), UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (“UB Sub I”), and UB Maryland II, Inc., a wholly owned subsidiary of UB Sub I (“UB Sub II”), pursuant to which, (a) UB Sub II merged with and into Urstadt Biddle (the “first merger”), with Urstadt Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I, and (b) following the first merger, UB Sub I merged with and into Merger Sub (the “second merger” and together with the first merger, the “mergers”), with Merger Sub being the surviving entity in the second merger. The combined company continues to trade under the ticker symbol “REG” on the National Association of Securities Dealers Automated Quotations (the “NASDAQ”). The closing of the mergers completed on August 18, 2023 and each share of Urstadt Biddle’s common stock, par value $ 0.01 per share (“Urstadt Biddle common stock”), class A common stock, par value $ 0.01 per share (“Urstadt Biddle Class A common stock” and, together with Urstadt Biddle common stock, the “Urstadt Biddle common shares”), 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock converted into one equivalent share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, on August 18, 2023, each share of UB Sub I’s common stock, par value $ 0.01 per share, and class A common stock, par value $ 0.01 per share, converted into 0.347 of a share of common stock, par value $ 0.01 per share, of common stock of the Parent Company, without interest and subject to certain adjustments, subject to limited exceptions set forth in the merger agreement, and each share of UB Sub I’s 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock converted into one share of newly issued Parent Company 6.25 % Series A Cumulative Redeemable Preferred Stock (“Parent Company Series A preferred stock”) and 5.875 % Series B Cumulative Redeemable Preferred Stock (“Parent Company Series B preferred stock”), respectively ( collectively referred to as the “Preferred Stock”) . Risks and Uncertainties The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, macroeconomic and geopolitical risks, including the current wars in Ukraine, and involving Israel and Gaza, create challenges that may exacerbate current market conditions in the United States of America ("U.S.", "USA" or "United States"). The policies implemented by the U.S. government to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current economic challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. Consolidation The Company consolidates properties that are wholly-owned, and properties where it owns less than 100% but has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Parent Company The Parent Company has a single class of common stock outstanding and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes the Common Units and the Preferred Units. As of September 30, 2023, the Parent Company owned approximately 99.4 % of the outstanding Common Units, with the remaining limited Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units. Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships As of September 30, 2023, Regency held partial ownership interests in 120 properties through partnerships, of which 18 are consolidated. Regency's partners include institutional investors and real estate developers and/or operators (the "Partners" or "Limited Partners"). Regency has a variable interest in these entities through its equity interests, with Regency being the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) September 30, 2023 December 31, 2022 Assets Net real estate investments $ 256,750 107,725 Cash, cash equivalents and restricted cash 7,240 2,420 Liabilities Notes payable 33,733 4,188 Equity Limited partners' interests in consolidated partnerships 89,594 24,364 Revenues and Other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2023 2022 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,591 3,224 $ 10,536 10,152 Asset management services Over time 1,623 1,680 4,900 5,105 Leasing services Point in time 889 729 2,703 2,895 Other fees Point in time 976 134 2,084 798 Total management, transaction, and other fees $ 7,079 5,767 $ 20,223 18,950 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 15.9 million and $ 16.4 million , as of September 30, 2023 and December 31, 2022 , respectively. Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. January 1, 2023 The adoption of this ASU did no t have a material impact on the Company’s financial position and/or results of operations. |
Real Estate Investments
Real Estate Investments | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments UBP Acquisition General With respect to the acquisition of UBP discussed in Note 1 - Acquisition of Urstadt Biddle Properties Inc, the following table provides the components that make up the total purchase price for the UBP acquisition: (in thousands, except stock price) Purchase Price Shares of common stock issued for acquisition 13,568 Closing stock price on August 17, 2023 $ 61.03 Value of common stock issued for acquisition $ 828,025 Other adjustments ( 9,495 ) Total value of common stock issued $ 818,530 Debt repaid 39,266 Preferred stock issuance 225,000 Transaction costs 57,197 Other cash payments 68 Total purchase price $ 1,140,061 Purchase Price Allocation The acquisition has been accounted for using the asset acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, that the total cost or total consideration exchanged be allocated to the real estate properties and related lease intangibles on a relative fair value basis. All the other assets acquired, and liabilities assumed, including notes payable, are recorded at fair value. The total purchase price, including direct transaction costs capitalized, was allocated as follows: (in thousands) Purchase Price Allocation Real estate assets $ 1,379,835 Investments in unconsolidated real estate partnerships 35,942 Real estate assets 1,415,777 Cash, accounts receivable and other assets 51,902 Lease intangible assets 128,663 Total assets acquired 1,596,342 Notes payable 284,706 Accounts payable, accrued expenses, and other liabilities 37,500 Lease intangible liabilities 69,583 Total liabilities assumed 391,789 Non-controlling interest 64,492 Total purchase price $ 1,140,061 The acquired assets and assumed liabilities for 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 includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determines 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 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 specialist utilized stabilized NOI and market specific capitalization rates as the primary valuation inputs in determining the fair value of the real estate assets. Management reviews the inputs used by the third-party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures are performed in accordance with management's policy. Management and the third-party valuation specialist prepared their fair value estimates for each of the operating properties acquired. 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 weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the UBP acquisition: (in years) Weighted Average Amortization Period Assets: In-place leases 8.0 Above-market leases 7.0 Liabilities: Below-market leases 18.5 Other Acquisitions The following tables detail the other properties acquired for the periods set forth below: (in thousands) Nine months ended September 30, 2023 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 5/1/2023 Sienna Phase 1 Houston, TX Development 75 % $ 2,695 — — — 5/18/2023 SunVet Holbrook, NY Development 99 % 24,140 — — — Total consolidated $ 26,835 — — — Unconsolidated 9/19/2023 Old Town Square Chicago, IL Operating 20 % 27,510 — 3,625 503 Total unconsolidated $ 27,510 — 3,625 503 Total property acquisitions $ 54,345 — 3,625 503 (in thousands) Nine months ended September 30, 2022 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 3/1/2022 Glenwood Green Old Bridge, NJ Development 70 % $ 11,000 — — — 3/31/2022 Island Village Bainbridge Island, WA Operating 100 % 30,650 — 2,900 6,839 4/1/2022 Apple Valley (2) Apple Valley, MN Operating 100 % 34,070 — 4,773 490 4/1/2022 Cedar Commons (2) Minneapolis, MN Operating 100 % 29,330 — 4,369 58 4/1/2022 Corral Hollow (2) Tracy, CA Operating 100 % 40,600 — 3,410 74 4/1/2022 Shops at the Columbia (2) Washington, DC Operating 100 % 14,000 — 889 181 5/6/2022 Baederwood Shoppes Jenkintown, PA Operating 80 % 51,603 22,779 5,796 1,062 Total consolidated $ 211,253 22,779 22,137 8,704 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 6/24/2022 Baybrook East 1B Houston, TX Development 50 % 5,540 — — — Total unconsolidated $ 57,920 22,074 4,336 814 Total property acquisitions $ 269,173 44,853 26,473 9,518 (1) Amounts for purchase price and allocation are reflected at 100 %. (2) These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest. The basis allocated to Real estate assets was $ 93.2 million on a combined basis, including the Company's carry over basis related to its 25 % previously owned equity investment in the partnership. |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | 3. Property Dispositions The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended September 30, Nine months ended September 30, (in thousands, except number sold data) 2023 2022 2023 2022 Net proceeds from sale of real estate investments $ 6,593 859 $ 9,658 137,280 Gain on sale of real estate, net of tax 184 220 515 106,459 Number of operating properties sold — — — 1 Number of land parcels sold 2 1 3 4 Percent interest sold 100 % 100 % 100 % 100 % |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Other Assets | 4. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) September 30, 2023 December 31, 2022 Goodwill $ 167,062 167,062 Investments 48,304 54,581 Prepaid and other 54,476 28,615 Derivative assets 21,328 6,575 Furniture, fixtures, and equipment, net ("FF&E") 4,871 5,808 Deferred financing costs, net 3,438 5,156 Total other assets $ 299,479 267,797 |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | 5. Notes Payable and Unsecured Credit Facilities The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Weighted Weighted September 30, 2023 December 31, 2022 Notes payable: Fixed rate mortgage loans 3.9 % 4.1 % $ 452,512 342,135 Variable rate mortgage loans (1) 4.1 % 4.1 % 287,922 136,246 Fixed rate unsecured debt 3.8 % 4.0 % 3,251,659 3,248,373 Total notes payable, net 3,992,093 3,726,754 Unsecured credit facilities: $ 1.25 Billion Line of Credit (the "Line") (2) 6.3 % 6.6 % 77,000 — Total unsecured credit facilities 77,000 — Total debt outstanding $ 4,069,093 3,726,754 (1) As of September 30, 2023, 14 of these 16 variable rate loans, representing $ 283.0 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 16 loans range from 2.5 % to 6.7 %. (2) The Line is scheduled to mature on March 23, 2025 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2023 (2) $ 4,154 — — 4,154 2024 12,934 133,809 250,000 396,743 2025 11,094 52,369 327,000 390,463 2026 11,426 134,850 200,000 346,276 2027 8,612 222,429 525,000 756,041 Beyond 5 Years 14,762 142,893 2,050,000 2,207,655 Unamortized debt premium/(discount) and issuance costs — ( 8,898 ) ( 23,341 ) ( 32,239 ) Total $ 62,982 677,452 3,328,659 4,069,093 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. In connection with the acquisition of UBP on August 18, 2023, the Company completed the following debt transactions: • Assumed fixed rate debt of $ 130.0 million in the aggregate (including a mark to market debt discount of $ 13.6 million) that collectively encumbers 11 operating properties, and includes one unsecured note. This indebtedness has scheduled maturity dates ranging from November 2023 to June 2037 , and accrue interest at rates ranging from 3.5 % to 5.6 % per annum. • Assumed variable rate debt of $ 154.7 million in the aggregate (including a mark to market debt premium of $ 1.1 million) that collectively encumbers 9 operating properties. This indebtedness has interest rate swaps in place to mitigate rate fluctuation risk. Based on these swap agreements, the effective fixed rates range from 3.1 % to 4.8 % per annum. The scheduled maturity dates range from August 2024 to January 2032 . The Company was in compliance as of September 30, 2023 , with all financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities and expects to remain in compliance thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 6. Derivative Financial Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with quality credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Bank Pays Regency Pays September 30, 2023 December 31, 2022 12/1/22 3/17/25 24,000 SOFR 1.443 % 1,250 1,443 12/16/22 6/2/27 35,016 SOFR 2.261 % 2,485 2,158 1/17/23 (2) 8/15/24 13,134 SOFR 3.995 % 316 - 7/17/17 (2) 7/1/27 43,446 SOFR 1.498 % 4,341 - 9/21/16 (2) 10/1/26 8,856 SOFR 1.475 % 752 - 8/16/18 (2) 8/15/28 8,830 SOFR 4.830 % 505 - 3/18/19 (2) 4/1/29 23,193 SOFR 3.165 % 1,325 - 2/1/22 (2) 2/1/32 33,854 SOFR 3.053 % 6,508 - 1/3/23 (2) 7/1/29 11,008 SOFR 3.633 % 1,289 - 1/3/23 (2) 11/1/24 5,000 SOFR 3.705 % 163 - 2/24/23 12/31/26 15,390 SOFR 4.229 % 131 152 2/21/23 12/21/26 24,365 SOFR 1.684 % 2,061 1,939 9/19/23 9/19/28 31,000 SOFR 4.314 % 15 883 10/31/17 (2) 10/1/24 6,025 SOFR 2.334 % 187 - $ 21,328 6,575 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . (2) Derivative instruments assumed as part of the UBP acquisitions. 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, 2023, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 4,606 7,069 Interest expense $ ( 2,161 ) 72 Interest expense, net $ 38,807 36,361 Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 7,327 20,473 Interest expense $ ( 5,302 ) 1,563 Interest expense, net $ 112,156 109,798 As of September 30, 2023, the Company expects approximately $ 7.8 million of accumulated comprehensive income on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: • Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property. • Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Operating lease income Fixed and in-substance fixed lease income $ 235,489 215,077 $ 675,320 634,416 Variable lease income 77,901 70,473 233,019 210,390 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 8,118 5,484 22,734 16,786 Uncollectible straight-line rent (1) 49 3,612 2,149 8,517 Uncollectible amounts billable in lease income ( 636 ) 1,110 958 12,156 Total lease income $ 320,921 295,756 $ 934,180 882,265 (1) The amounts include straight-line rent adjustments associated with converting cash basis to accrual basis accounting for certain leases. The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) September 30, 2023 December 31, 2022 Tenant receivables $ 28,792 31,486 Straight-line rent receivables 136,334 128,214 Other receivables (1) 34,313 29,163 Total tenant and other receivables $ 199,439 188,863 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2023 December 31, 2022 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable, net $ 3,992,093 3,588,977 3,726,754 3,333,378 Unsecured credit facilities $ 77,000 77,000 — — The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of September 30, 2023, and December 31, 2022, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment loss (income) in the accompanying Consolidated Statements of Operations, and include unrealized losses of $ 1.0 million during the three months ended September 30, 2023 and 2022, and unrealized gains of $ 2.4 million and unrealized losses of $ 9.5 million during the nine months ended September 30, 2023 and 2022, respectively. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating, and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through Other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of September 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 33,881 33,881 — — Available-for-sale debt securities 14,423 — 14,423 — Interest rate derivatives 21,328 — 21,328 — Total $ 69,632 33,881 35,751 — Fair Value Measurements as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 40,089 40,089 — — Available-for-sale debt securities 14,492 — 14,492 — Interest rate derivatives 6,575 — 6,575 — Total $ 61,156 40,089 21,067 — |
Equity and Capital
Equity and Capital | 9 Months Ended |
Sep. 30, 2023 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital UBP Acquisition See Note 1 — Acquisition of Urstadt Biddle Properties Inc, for discussion regarding UBP acquisition. Preferred Stock of the Parent Company Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of September 30, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 Both series of Preferred Stock are non-voting, have no stated maturity and are redeemable for cash at $ 25.00 per share at the Company's option, except that the Parent Company Series B preferred stock is not redeemable until on or after October 1, 2024. The holders of the Preferred Stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of the Preferred Stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of Common Stock. Dividends Declared On September 25, 2023 , the Board of Directors (the “Board”) of the Company: • Declared a dividend on the Series A Preferred Stock, which was paid at a rate of $ 0.390625 per share on October 31, 2023 . The dividend was payable to holders of record of the Series A Preferred Stock as of the close of business on October 16, 2023 ; and • Declared a dividend on the Series B Preferred Stock, which was paid at a rate of $ 0.367200 per share on October 31, 2023 . The dividend was payable to holders of record of the Series B Preferred Stock as of the close of business on October 16, 2023 . On November 2, 2023 , the Board: • Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $ 0.390625 per share on January 31, 2024 . The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on January 16, 2024 ; and • Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $ 0.367200 per share on January 31, 2024 . The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on January 16, 2024 . Common Stock of the Parent Company Dividends Declared On November 2, 2023 , the Board declared a common stock dividend of $ 0.67 per share, payable on January 3, 2024 , to shareholders of record as of December 14, 2023 . At the Market ("ATM") Program Under the Parent Company's ATM program, as authorized by the Board, the Parent Company may sell up to $ 500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors. No sales occurred under the ATM program during 2023. As of September 30, 2023, $ 500 million of common stock remained available for issuance under this ATM program. Stock Repurchase Program The Board has authorized a common stock repurchase program under which the Company may purchase, from time to time, up to a maximum of $ 250 million of its outstanding common stock through open market purchases, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any will be dependent upon market conditions and other factors. The stock repurchased, if not retired, would be treated as treasury stock. The Board's authorization for this repurchase program will expire on February 7, 2025 , unless modified, extended or earlier terminated by the Board. During the nine months ended September 30, 2023 , the Company executed multiple trades to repurchase 349,519 common shares under the Repurchase Program for a total of $ 20.0 million at a weighted average price of $ 57.22 per share. All repurchased shares were retired on the respective settlement dates. At September 30, 2023 , $ 230.0 million remained available under the Repurchase Program. Preferred Units of the Operating Partnership The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by RCLP is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Company. Common Units of the Operating Partnership Common Units are issued, or redeemed and retired, for each share of Parent Company stock issued or redeemed, or retired, as described above. During the nine months ended September 30, 2023, the Operating Partnership issued 338,704 exchangeable operating partnership units, valued at $ 20.0 million, as partial purchase price consideration for the acquisition of a property to be developed. In addition, 3,340 Partnership Units were converted to Parent Company common stock. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the nine months ended September 30, 2023 , the Company granted 301,099 shares of restricted stock with a weighted-average grant-date fair value of $ 68.29 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur. |
Earnings per Share and Unit
Earnings per Share and Unit | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 11. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per shar e: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Income attributable to common shareholders - basic $ 89,076 87,578 $ 273,139 387,602 Income attributable to common shareholders - diluted $ 89,076 87,578 $ 273,139 387,602 Denominator: Weighted average common shares outstanding for basic EPS 177,344 171,121 173,212 171,499 Weighted average common shares outstanding for diluted EPS (1) 178,231 171,525 173,711 171,870 Income per common share – basic $ 0.50 0.51 $ 1.58 2.26 Income per common share – diluted $ 0.50 0.51 $ 1.57 2.26 (1) Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. Income attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and EOP units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average EOP units outstanding were 1,080,101 and 741,433 for the three months ended September 30, 2023 and 2022, respectively, and were 909,527 and 750,671 for the nine months ended September 30, 2023 and 2022, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Income attributable to common unit holders - basic $ 89,596 87,957 $ 274,629 389,296 Income attributable to common unit holders - diluted $ 89,596 87,957 $ 274,629 389,296 Denominator: Weighted average common units outstanding for basic EPU 178,424 171,862 174,121 172,249 Weighted average common units outstanding for diluted EPU (1) 179,311 172,267 174,621 172,620 Income per common unit – basic $ 0.50 0.51 $ 1.58 2.26 Income per common unit – diluted $ 0.50 0.51 $ 1.57 2.26 (1) Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation The Company is a party to litigation and is subject to other disputes, in each case that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. On May 17, 2023, the Company announced its entry into an agreement to acquire UBP and shortly thereafter filed a registration statement (the “Registration Statement”) with the SEC containing a proxy statement/prospectus in connection with obtaining approval of the proposed acquisition by UBP stockholders. As previously disclosed in the Company's Form 10-Q for the second quarter of 2023, a complaint was filed in Connecticut state court in connection with the proposed acquisition by a purported UBP stockholder, which alleged that, in connection with the proposed acquisition, the UBP board of directors breached its fiduciary duties under applicable law and that the Registration Statement failed to disclose allegedly material information. The Complaint also alleged that Regency aided and abetted the alleged breaches of fiduciary duty, and that all defendants engaged in negligent misrepresentation and concealment in connection with the Registration Statement. The complaint sought various remedies, including, among other things, injunctive relief, damages and attorneys’ fees. In addition to the Complaint, certain other purported stockholders of UBP sent demand letters (the “Demands,” and together with the Complaint, the “Matters”) alleging deficiencies and/or omissions regarding the disclosures made in the Registration Statement. The Matters were resolved during the quarter to avoid additional litigation and associated costs. The resolution involved the claimants’ acknowledgment that their claims were mooted by additional information disclosed in a Form 8-K filed by UBP with the SEC on August 8, 2023. In exchange for appropriate releases and the dismissal of the Complaint, we also made payments to the claimants and their attorneys, in the aggregate, totaling an immaterial amount. Environmental The Company is subject to numerous environmental laws and regulations. With respect to impact on the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, older underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Comp any had $ 9.1 million and $ 9.4 million in letters of credit outstanding as of September 30, 2023 and December 31, 2022 , respectively. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Acquisition of Urstadt Biddle Properties Inc. | Acquisition of Urstadt Biddle Properties Inc. On May 17, 2023 , the Parent Company entered into an Agreement and Plan of Merger (the “merger agreement”) by and among the Parent Company, Hercules Merger Sub, LLC, a wholly owned subsidiary of the Parent Company (“Merger Sub”), Urstadt Biddle Properties Inc. (“UBP” or “Urstadt Biddle”), UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (“UB Sub I”), and UB Maryland II, Inc., a wholly owned subsidiary of UB Sub I (“UB Sub II”), pursuant to which, (a) UB Sub II merged with and into Urstadt Biddle (the “first merger”), with Urstadt Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I, and (b) following the first merger, UB Sub I merged with and into Merger Sub (the “second merger” and together with the first merger, the “mergers”), with Merger Sub being the surviving entity in the second merger. The combined company continues to trade under the ticker symbol “REG” on the National Association of Securities Dealers Automated Quotations (the “NASDAQ”). The closing of the mergers completed on August 18, 2023 and each share of Urstadt Biddle’s common stock, par value $ 0.01 per share (“Urstadt Biddle common stock”), class A common stock, par value $ 0.01 per share (“Urstadt Biddle Class A common stock” and, together with Urstadt Biddle common stock, the “Urstadt Biddle common shares”), 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock converted into one equivalent share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, on August 18, 2023, each share of UB Sub I’s common stock, par value $ 0.01 per share, and class A common stock, par value $ 0.01 per share, converted into 0.347 of a share of common stock, par value $ 0.01 per share, of common stock of the Parent Company, without interest and subject to certain adjustments, subject to limited exceptions set forth in the merger agreement, and each share of UB Sub I’s 6.25 % Series H Cumulative Redeemable Preferred Stock and 5.875 % Series K Cumulative Redeemable Preferred Stock converted into one share of newly issued Parent Company 6.25 % Series A Cumulative Redeemable Preferred Stock (“Parent Company Series A preferred stock”) and 5.875 % Series B Cumulative Redeemable Preferred Stock (“Parent Company Series B preferred stock”), respectively ( collectively referred to as the “Preferred Stock”) . |
Risks and Uncertainties | Risks and Uncertainties The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be influenced by current economic challenges, which impact their cost of doing business, including but not limited to the impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit. Additionally, macroeconomic and geopolitical risks, including the current wars in Ukraine, and involving Israel and Gaza, create challenges that may exacerbate current market conditions in the United States of America ("U.S.", "USA" or "United States"). The policies implemented by the U.S. government to address these issues, including raising interest rates, could result in adverse impacts on the U.S. economy, including a slowing of growth and potentially a recession, thereby impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. The potential impact of current economic challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. |
Consolidation | Consolidation The Company consolidates properties that are wholly-owned, and properties where it owns less than 100% but has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Parent Company The Parent Company has a single class of common stock outstanding and two series of preferred stock outstanding. Ownership of the Operating Partnership The Operating Partnership's capital includes the Common Units and the Preferred Units. As of September 30, 2023, the Parent Company owned approximately 99.4 % of the outstanding Common Units, with the remaining limited Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units. Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly, the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. |
Real Estate Partnerships | Real Estate Partnerships As of September 30, 2023, Regency held partial ownership interests in 120 properties through partnerships, of which 18 are consolidated. Regency's partners include institutional investors and real estate developers and/or operators (the "Partners" or "Limited Partners"). Regency has a variable interest in these entities through its equity interests, with Regency being the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be reached by general creditors of the Company. Similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) September 30, 2023 December 31, 2022 Assets Net real estate investments $ 256,750 107,725 Cash, cash equivalents and restricted cash 7,240 2,420 Liabilities Notes payable 33,733 4,188 Equity Limited partners' interests in consolidated partnerships 89,594 24,364 |
Revenues and Other Receivables | Revenues and Other Receivables Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2023 2022 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,591 3,224 $ 10,536 10,152 Asset management services Over time 1,623 1,680 4,900 5,105 Leasing services Point in time 889 729 2,703 2,895 Other fees Point in time 976 134 2,084 798 Total management, transaction, and other fees $ 7,079 5,767 $ 20,223 18,950 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $ 15.9 million and $ 16.4 million , as of September 30, 2023 and December 31, 2022 , respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. January 1, 2023 The adoption of this ASU did no t have a material impact on the Company’s financial position and/or results of operations. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) September 30, 2023 December 31, 2022 Assets Net real estate investments $ 256,750 107,725 Cash, cash equivalents and restricted cash 7,240 2,420 Liabilities Notes payable 33,733 4,188 Equity Limited partners' interests in consolidated partnerships 89,594 24,364 |
Revenues and Other Receivables | Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. Income within Management, transaction, and other fees on the Consolidated Statements of Operations is primarily from contracts with the Company's real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) Timing of satisfaction of performance obligations 2023 2022 2023 2022 Management, transaction, and other fees: Property management services Over time $ 3,591 3,224 $ 10,536 10,152 Asset management services Over time 1,623 1,680 4,900 5,105 Leasing services Point in time 889 729 2,703 2,895 Other fees Point in time 976 134 2,084 798 Total management, transaction, and other fees $ 7,079 5,767 $ 20,223 18,950 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recently adopted accounting pronouncements and impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted : ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related to activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The amendments in this update provide exceptions to the guidance in Topic 815 related to changes to the critical terms of a hedging relationship due to reference rate reform, which if criteria are met, provide such changes should not result in the dedesignation and redesignation of the hedging relationship. March 2020 through March 31, 2023 The Company has elected to apply the hedge accounting expedients and exceptions related to changes to the reference rate from LIBOR to SOFR in the Company's interest rate swaps, which it completed during the three months ended March 31, 2023. Application of these exceptions preserves the hedge designation of interest rate swaps and the related accounting and presentation consistent with past presentation. ASU 2021-08 , Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The amendments in this update require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination rather than at fair value on the acquisition date required by Topic 805. January 1, 2023 The adoption of this ASU did no t have a material impact on the Company’s financial position and/or results of operations. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Real Estate [Line Items] | |
Schedule of Business Acquisitions | The following tables detail the other properties acquired for the periods set forth below: (in thousands) Nine months ended September 30, 2023 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 5/1/2023 Sienna Phase 1 Houston, TX Development 75 % $ 2,695 — — — 5/18/2023 SunVet Holbrook, NY Development 99 % 24,140 — — — Total consolidated $ 26,835 — — — Unconsolidated 9/19/2023 Old Town Square Chicago, IL Operating 20 % 27,510 — 3,625 503 Total unconsolidated $ 27,510 — 3,625 503 Total property acquisitions $ 54,345 — 3,625 503 (in thousands) Nine months ended September 30, 2022 Date Purchased Property Name City/State Property Regency Ownership Purchase (1) Debt (1) Intangible (1) Intangible (1) Consolidated 3/1/2022 Glenwood Green Old Bridge, NJ Development 70 % $ 11,000 — — — 3/31/2022 Island Village Bainbridge Island, WA Operating 100 % 30,650 — 2,900 6,839 4/1/2022 Apple Valley (2) Apple Valley, MN Operating 100 % 34,070 — 4,773 490 4/1/2022 Cedar Commons (2) Minneapolis, MN Operating 100 % 29,330 — 4,369 58 4/1/2022 Corral Hollow (2) Tracy, CA Operating 100 % 40,600 — 3,410 74 4/1/2022 Shops at the Columbia (2) Washington, DC Operating 100 % 14,000 — 889 181 5/6/2022 Baederwood Shoppes Jenkintown, PA Operating 80 % 51,603 22,779 5,796 1,062 Total consolidated $ 211,253 22,779 22,137 8,704 Unconsolidated 3/25/2022 Naperville Plaza Naperville, IL Operating 20 % 52,380 22,074 4,336 814 6/24/2022 Baybrook East 1B Houston, TX Development 50 % 5,540 — — — Total unconsolidated $ 57,920 22,074 4,336 814 Total property acquisitions $ 269,173 44,853 26,473 9,518 (1) Amounts for purchase price and allocation are reflected at 100 %. (2) These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest. The basis allocated to Real estate assets was $ 93.2 million on a combined basis, including the Company's carry over basis related to its 25 % previously owned equity investment in the partnership. |
UBP Acquisition [Member] | |
Real Estate [Line Items] | |
Components of Purchase Price | the following table provides the components that make up the total purchase price for the UBP acquisition: (in thousands, except stock price) Purchase Price Shares of common stock issued for acquisition 13,568 Closing stock price on August 17, 2023 $ 61.03 Value of common stock issued for acquisition $ 828,025 Other adjustments ( 9,495 ) Total value of common stock issued $ 818,530 Debt repaid 39,266 Preferred stock issuance 225,000 Transaction costs 57,197 Other cash payments 68 Total purchase price $ 1,140,061 |
Schedule of Total Purchase Price Including Transaction Costs Capitalized and Allocated | The total purchase price, including direct transaction costs capitalized, was allocated as follows: (in thousands) Purchase Price Allocation Real estate assets $ 1,379,835 Investments in unconsolidated real estate partnerships 35,942 Real estate assets 1,415,777 Cash, accounts receivable and other assets 51,902 Lease intangible assets 128,663 Total assets acquired 1,596,342 Notes payable 284,706 Accounts payable, accrued expenses, and other liabilities 37,500 Lease intangible liabilities 69,583 Total liabilities assumed 391,789 Non-controlling interest 64,492 Total purchase price $ 1,140,061 |
Schedule of Weighted Average Amortization Period of Intangible Assets and Liabilities | The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the UBP acquisition: (in years) Weighted Average Amortization Period Assets: In-place leases 8.0 Above-market leases 7.0 Liabilities: Below-market leases 18.5 |
Property Dispositions (Tables)
Property Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended September 30, Nine months ended September 30, (in thousands, except number sold data) 2023 2022 2023 2022 Net proceeds from sale of real estate investments $ 6,593 859 $ 9,658 137,280 Gain on sale of real estate, net of tax 184 220 515 106,459 Number of operating properties sold — — — 1 Number of land parcels sold 2 1 3 4 Percent interest sold 100 % 100 % 100 % 100 % |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) September 30, 2023 December 31, 2022 Goodwill $ 167,062 167,062 Investments 48,304 54,581 Prepaid and other 54,476 28,615 Derivative assets 21,328 6,575 Furniture, fixtures, and equipment, net ("FF&E") 4,871 5,808 Deferred financing costs, net 3,438 5,156 Total other assets $ 299,479 267,797 |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below: (in thousands) Weighted Weighted September 30, 2023 December 31, 2022 Notes payable: Fixed rate mortgage loans 3.9 % 4.1 % $ 452,512 342,135 Variable rate mortgage loans (1) 4.1 % 4.1 % 287,922 136,246 Fixed rate unsecured debt 3.8 % 4.0 % 3,251,659 3,248,373 Total notes payable, net 3,992,093 3,726,754 Unsecured credit facilities: $ 1.25 Billion Line of Credit (the "Line") (2) 6.3 % 6.6 % 77,000 — Total unsecured credit facilities 77,000 — Total debt outstanding $ 4,069,093 3,726,754 (1) As of September 30, 2023, 14 of these 16 variable rate loans, representing $ 283.0 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 16 loans range from 2.5 % to 6.7 %. (2) The Line is scheduled to mature on March 23, 2025 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. |
Schedule of Maturities of Long-term Debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) September 30, 2023 Scheduled Principal Payments and Maturities by Year: Scheduled Mortgage Unsecured (1) Total 2023 (2) $ 4,154 — — 4,154 2024 12,934 133,809 250,000 396,743 2025 11,094 52,369 327,000 390,463 2026 11,426 134,850 200,000 346,276 2027 8,612 222,429 525,000 756,041 Beyond 5 Years 14,762 142,893 2,050,000 2,207,655 Unamortized debt premium/(discount) and issuance costs — ( 8,898 ) ( 23,341 ) ( 32,239 ) Total $ 62,982 677,452 3,328,659 4,069,093 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Maturity Notional Bank Pays Regency Pays September 30, 2023 December 31, 2022 12/1/22 3/17/25 24,000 SOFR 1.443 % 1,250 1,443 12/16/22 6/2/27 35,016 SOFR 2.261 % 2,485 2,158 1/17/23 (2) 8/15/24 13,134 SOFR 3.995 % 316 - 7/17/17 (2) 7/1/27 43,446 SOFR 1.498 % 4,341 - 9/21/16 (2) 10/1/26 8,856 SOFR 1.475 % 752 - 8/16/18 (2) 8/15/28 8,830 SOFR 4.830 % 505 - 3/18/19 (2) 4/1/29 23,193 SOFR 3.165 % 1,325 - 2/1/22 (2) 2/1/32 33,854 SOFR 3.053 % 6,508 - 1/3/23 (2) 7/1/29 11,008 SOFR 3.633 % 1,289 - 1/3/23 (2) 11/1/24 5,000 SOFR 3.705 % 163 - 2/24/23 12/31/26 15,390 SOFR 4.229 % 131 152 2/21/23 12/21/26 24,365 SOFR 1.684 % 2,061 1,939 9/19/23 9/19/28 31,000 SOFR 4.314 % 15 883 10/31/17 (2) 10/1/24 6,025 SOFR 2.334 % 187 - $ 21,328 6,575 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities . (2) Derivative instruments assumed as part of the UBP acquisitions. |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended September 30, Three months ended September 30, Three months ended September 30, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 4,606 7,069 Interest expense $ ( 2,161 ) 72 Interest expense, net $ 38,807 36,361 Nine months ended September 30, Nine months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 2023 2022 Interest rate swaps $ 7,327 20,473 Interest expense $ ( 5,302 ) 1,563 Interest expense, net $ 112,156 109,798 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Operating lease income Fixed and in-substance fixed lease income $ 235,489 215,077 $ 675,320 634,416 Variable lease income 77,901 70,473 233,019 210,390 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 8,118 5,484 22,734 16,786 Uncollectible straight-line rent (1) 49 3,612 2,149 8,517 Uncollectible amounts billable in lease income ( 636 ) 1,110 958 12,156 Total lease income $ 320,921 295,756 $ 934,180 882,265 (1) The amounts include straight-line rent adjustments associated with converting cash basis to accrual basis accounting for certain leases. |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets: (in thousands) September 30, 2023 December 31, 2022 Tenant receivables $ 28,792 31,486 Straight-line rent receivables 136,334 128,214 Other receivables (1) 34,313 29,163 Total tenant and other receivables $ 199,439 188,863 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Balance Sheet Fair Values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: September 30, 2023 December 31, 2022 (in thousands) Carrying Fair Value Carrying Fair Value Financial liabilities: Notes payable, net $ 3,992,093 3,588,977 3,726,754 3,333,378 Unsecured credit facilities $ 77,000 77,000 — — |
Summary of Assets and Liabilities Measured at Fair Value 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, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 33,881 33,881 — — Available-for-sale debt securities 14,423 — 14,423 — Interest rate derivatives 21,328 — 21,328 — Total $ 69,632 33,881 35,751 — Fair Value Measurements as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 40,089 40,089 — — Available-for-sale debt securities 14,492 — 14,492 — Interest rate derivatives 6,575 — 6,575 — Total $ 61,156 40,089 21,067 — |
Equity and Capital (Tables)
Equity and Capital (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Terms and Conditions of Preferred Stock Outstanding | Terms and conditions of the preferred stock outstanding are summarized as follows: Preferred Stock Outstanding as of September 30, 2023 Date of Issuance Shares Issued and Outstanding Liquidation Preference Distribution Rate Callable By Company Series A 8/18/2023 4,600,000 $ 115,000,000 6.250 % On demand Series B 8/18/2023 4,400,000 110,000,000 5.875 % On or after 10/1/2024 9,000,000 $ 225,000,000 |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per shar e: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Income attributable to common shareholders - basic $ 89,076 87,578 $ 273,139 387,602 Income attributable to common shareholders - diluted $ 89,076 87,578 $ 273,139 387,602 Denominator: Weighted average common shares outstanding for basic EPS 177,344 171,121 173,212 171,499 Weighted average common shares outstanding for diluted EPS (1) 178,231 171,525 173,711 171,870 Income per common share – basic $ 0.50 0.51 $ 1.58 2.26 Income per common share – diluted $ 0.50 0.51 $ 1.57 2.26 (1) Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per uni t ("EPU"): Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Income attributable to common unit holders - basic $ 89,596 87,957 $ 274,629 389,296 Income attributable to common unit holders - diluted $ 89,596 87,957 $ 274,629 389,296 Denominator: Weighted average common units outstanding for basic EPU 178,424 171,862 174,121 172,249 Weighted average common units outstanding for diluted EPU (1) 179,311 172,267 174,621 172,620 Income per common unit – basic $ 0.50 0.51 $ 1.58 2.26 Income per common unit – diluted $ 0.50 0.51 $ 1.57 2.26 (1) Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. |
Organization and Significant _4
Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Aug. 18, 2023 $ / shares | May 17, 2023 | Sep. 30, 2023 USD ($) RetailShoppingCenter $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Unsecured public and private notes | $ | $ 200,000 | |||
Tenant and other receivables | $ | $ 199,439 | $ 188,863 | ||
Conversion of Stock, Description | The combined company continues to trade under the ticker symbol “REG” on the National Association of Securities Dealers Automated Quotations (the “NASDAQ”). The closing of the mergers completed on August 18, 2023 and each share of Urstadt Biddle’s common stock, par value $0.01 per share (“Urstadt Biddle common stock”), class A common stock, par value $0.01 per share (“Urstadt Biddle Class A common stock” and, together with Urstadt Biddle common stock, the “Urstadt Biddle common shares”), 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock converted into one equivalent share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, on August 18, 2023, each share of UB Sub I’s common stock, par value $0.01 per share, and class A common stock, par value $0.01 per share, converted into 0.347 of a share of common stock, par value $0.01 per share, of common stock of the Parent Company, without interest and subject to certain adjustments, subject to limited exceptions set forth in the merger agreement, and each share of UB Sub I’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred Stock (“Parent Company Series A preferred stock”) and 5.875% Series B Cumulative Redeemable Preferred Stock (“Parent Company Series B preferred stock”), respectively (collectively referred to as the “Preferred Stock”). | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | ||
Merger Agreement [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Merger agreement date | May 17, 2023 | |||
Merger One [Member] | Urstadt Biddle Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common stock, par value per share | 0.01 | |||
Merger One [Member] | Urstadt Biddle Class A common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common stock, par value per share | $ 0.01 | |||
Merger One [Member] | 6.25% Series H Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.25% | |||
Merger One [Member] | 5.875% Series K Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 5.875% | |||
Merger One [Member] | Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock conversion ratio | 1 | |||
Merger Two [Member] | Urstadt Biddle Class A common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common stock, par value per share | $ 0.01 | |||
Merger Two [Member] | UB Sub I common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common stock, par value per share | $ 0.01 | |||
Merger Two [Member] | 6.25% Series H Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.25% | |||
Merger Two [Member] | 5.875% Series K Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 5.875% | |||
Merger Two [Member] | Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock conversion ratio | 1 | |||
Merger Two [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.25% | |||
Merger Two [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Debt instrument interest rate stated percentage | 5.875% | |||
Merger Two [Member] | Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Stock conversion ratio | 0.347 | |||
UBP Acquisition [Member] | Common Stock [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Common stock, par value per share | $ 0.01 | |||
Management, transaction, and other fee [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Tenant and other receivables | $ | $ 15,900 | $ 16,400 | ||
Operating Partnership [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership percentage of outstanding common partnership units | 99.40% | |||
Wholly Owned Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 379 | |||
Partially Owned Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 120 | |||
Consolidated Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 18 | |||
Unconsolidated Properties [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of real estate properties | RetailShoppingCenter | 102 |
Organization and Significant _5
Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 12,381,414 | $ 10,860,220 |
Variable interest entity, consolidated, carrying amount, liabilities | 5,149,887 | 4,682,181 |
Noncontrolling interest in variable interest entity | 89,594 | 24,364 |
Variable Interest Entity, Primary Beneficiary [Member] | Notes Payable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, liabilities | 33,733 | 4,188 |
Variable Interest Entity, Primary Beneficiary [Member] | Net Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | 256,750 | 107,725 |
Variable Interest Entity, Primary Beneficiary [Member] | Cash, Cash Equivalents, and Restricted Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, carrying amount, assets | $ 7,240 | $ 2,420 |
Organization and Significant _6
Organization and Significant Accounting Policies - Components of Revenue Streams, Timing of Satisfying Performance Obligations, and Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | $ 7,079 | $ 5,767 | $ 20,223 | $ 18,950 |
Property management services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 3,591 | 3,224 | $ 10,536 | 10,152 |
Timing of satisfaction of performance obligations | Over time | |||
Asset management services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 1,623 | 1,680 | $ 4,900 | 5,105 |
Timing of satisfaction of performance obligations | Over time | |||
Leasing services [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | 889 | 729 | $ 2,703 | 2,895 |
Timing of satisfaction of performance obligations | Point in time | |||
Other fees [Member] | ||||
Schedule of management, transaction, and other fees [Line Items] | ||||
Management, transaction, and other fees | $ 976 | $ 134 | $ 2,084 | $ 798 |
Timing of satisfaction of performance obligations | Point in time |
Organization and Significant _7
Organization and Significant Accounting Policies - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) | 9 Months Ended |
Sep. 30, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Mar. 01, 2020 |
New Accounting Pronouncement or Change in Accounting Principle, Description | ASU 2020-04 |
ASU 2021-08 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Real Estate Investments (Detail
Real Estate Investments (Details) | Sep. 30, 2023 RetailShoppingCenter |
Partially Owned Properties [Member] | |
Real Estate [Line Items] | |
Number of real estate properties acquired | 120 |
Real Estate Investments - Compo
Real Estate Investments - Components of Purchase Price (Details) - UBP Acquisition [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Business Acquisition [Line Items] | |
Shares of common stock issued for acquisition | shares | 13,568 |
Closing stock price on August 17, 2023 | $ / shares | $ 61.03 |
Value of common stock issued for acquisition | $ 828,025 |
Other adjustments | (9,495) |
Total value of common stock issued | 818,530 |
Debt repaid | $ 39,266 |
Preferred stock issuance | shares | 225,000 |
Transaction costs | $ 57,197 |
Other cash payments | 68 |
Total purchase price | $ 1,140,061 |
Real Estate Investments - Sched
Real Estate Investments - Schedule of Total Purchase Price Including Transaction Costs Capitalized and Allocated (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Total liabilities assumed | $ 44,853 | |
UBP Acquisition [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||
Real estate assets | $ 1,379,835 | |
Investments in unconsolidated real estate partnerships | 35,942 | |
Real estate assets | 1,415,777 | |
Cash, accounts receivable and other assets | 51,902 | |
Lease intangible assets | 128,663 | |
Total assets acquired | 1,596,342 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Notes payable | 284,706 | |
Accounts payable, accrued expenses, and other liabilities | 37,500 | |
Lease intangible liabilities | 69,583 | |
Total liabilities assumed | 391,789 | |
Non-controlling interest | 64,492 | |
Total purchase price | $ 1,140,061 |
Real Estate Investments - Sch_2
Real Estate Investments - Schedule of Weighted Average Amortization Period of Intangible Assets and Liabilities (Details) - UBP Acquisition [Member] | 9 Months Ended |
Sep. 30, 2023 | |
Leases, Acquired-in-Place [Member] | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Below-Market Leases [Member] | |
Business Acquisition [Line Items] | |
Weighted Average Accretion Period of Intangible Liabilities | 18 years 6 months |
Real Estate Investments - Sch_3
Real Estate Investments - Schedule of Other Properties Acquired (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 54,345 | $ 269,173 |
Debt Assumed, Net of Discounts | 44,853 | |
Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | 26,835 | 211,253 |
Debt Assumed, Net of Discounts | 22,779 | |
Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Purchase Price | 27,510 | 57,920 |
Debt Assumed, Net of Discounts | 22,074 | |
Off-Market Favorable Lease [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,625 | 26,473 |
Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 22,137 | |
Off-Market Favorable Lease [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,625 | 4,336 |
Off-Market Lease, Unfavorable [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 503 | 9,518 |
Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 8,704 | |
Off-Market Lease, Unfavorable [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 503 | $ 814 |
Sienna Phase 1 [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | May 01, 2023 | |
Property Name | Sienna Phase 1 | |
City/State | Houston, TX | |
Ownership | 75% | |
Purchase Price | $ 2,695 | |
SunVet [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | May 18, 2023 | |
Property Name | SunVet | |
City/State | Holbrook, NY | |
Ownership | 99% | |
Purchase Price | $ 24,140 | |
Old Town Square [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Sep. 19, 2023 | |
Property Name | Old Town Square | |
City/State | Chicago, IL | |
Ownership | 20% | |
Purchase Price | $ 27,510 | |
Old Town Square [Member] | Off-Market Favorable Lease [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,625 | |
Old Town Square [Member] | Off-Market Lease, Unfavorable [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 503 | |
Glenwood Green [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 01, 2022 | |
Property Name | Glenwood Green | |
City/State | Old Bridge, NJ | |
Ownership | 70% | |
Purchase Price | $ 11,000 | |
Island Village [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 31, 2022 | |
Property Name | Island Village | |
City/State | Bainbridge Island, WA | |
Ownership | 100% | |
Purchase Price | $ 30,650 | |
Island Village [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 2,900 | |
Island Village [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 6,839 | |
Apple Valley [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | |
Property Name | Apple Valley | |
City/State | Apple Valley, MN | |
Ownership | 100% | |
Purchase Price | $ 34,070 | |
Apple Valley [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,773 | |
Apple Valley [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 490 | |
Cedar Commons [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | |
Property Name | Cedar Commons | |
City/State | Minneapolis, MN | |
Ownership | 100% | |
Purchase Price | $ 29,330 | |
Cedar Commons [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,369 | |
Cedar Commons [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 58 | |
Coral Hollow [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | |
Property Name | Corral Hollow | |
City/State | Tracy, CA | |
Ownership | 100% | |
Purchase Price | $ 40,600 | |
Coral Hollow [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 3,410 | |
Coral Hollow [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 74 | |
Shops at the Columbia [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Apr. 01, 2022 | |
Property Name | Shops at the Columbia | |
City/State | Washington, DC | |
Ownership | 100% | |
Purchase Price | $ 14,000 | |
Shops at the Columbia [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 889 | |
Shops at the Columbia [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 181 | |
Baederwood Shoppes [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | May 06, 2022 | |
Property Name | Baederwood Shoppes | |
City/State | Jenkintown, PA | |
Ownership | 80% | |
Purchase Price | $ 51,603 | |
Debt Assumed, Net of Discounts | 22,779 | |
Baederwood Shoppes [Member] | Off-Market Favorable Lease [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 5,796 | |
Baederwood Shoppes [Member] | Off-Market Lease, Unfavorable [Member] | Consolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 1,062 | |
Naperville Plaza [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Mar. 25, 2022 | |
Property Name | Naperville Plaza | |
City/State | Naperville, IL | |
Ownership | 20% | |
Purchase Price | $ 52,380 | |
Debt Assumed, Net of Discounts | 22,074 | |
Naperville Plaza [Member] | Off-Market Favorable Lease [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | 4,336 | |
Naperville Plaza [Member] | Off-Market Lease, Unfavorable [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Intangible Assets/Liabilities | $ 814 | |
Baybrook East 1B [Member] | Unconsolidated Properties [Member] | ||
Business Acquisition [Line Items] | ||
Date Purchased | Jun. 24, 2022 | |
Property Name | Baybrook East 1B | |
City/State | Houston, TX | |
Ownership | 50% | |
Purchase Price | $ 5,540 |
Real Estate Investments - Sch_4
Real Estate Investments - Schedule of Other Properties Acquired (Parenthetical) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | ||
Percentage of purchase price and allocation | 100% | 100% |
Percentage of purchase price of property | 25% | |
RegCal, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of equity interest acquired | 25% | |
Business acquisition gross purchase price | $ 93.2 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Property | Sep. 30, 2022 USD ($) Property | Sep. 30, 2023 USD ($) Property | Sep. 30, 2022 USD ($) Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net proceeds from sale of real estate investments | $ | $ 6,593 | $ 859 | $ 9,658 | $ 137,280 |
Gain on sale of real estate, net of tax | $ | $ 184 | $ 220 | $ 515 | $ 106,459 |
Wholly Owned Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percent interest sold | 100% | 100% | 100% | 100% |
Operating Properties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties sold | Property | 1 | |||
Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties sold | Property | 2 | 1 | 3 | 4 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Goodwill | $ 167,062 | $ 167,062 |
Investments | 48,304 | 54,581 |
Prepaid and other | 54,476 | 28,615 |
Derivative assets | 21,328 | 6,575 |
Furniture, fixtures, and equipment, net ("FF&E") | 4,871 | 5,808 |
Deferred financing costs, net | 3,438 | 5,156 |
Total other assets | $ 299,479 | $ 267,797 |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,069,093 | $ 3,726,754 | |
Line of Credit | $ 77,000 | ||
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | 3.90% | ||
Debt, Weighted Average Effective Interest Rate | 4.10% | ||
Long-term Debt | $ 452,512 | 342,135 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | 3.80% | ||
Debt, Weighted Average Effective Interest Rate | 4% | ||
Long-term Debt | $ 3,251,659 | 3,248,373 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,992,093 | 3,726,754 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [1] | 6.30% | |
Debt, Weighted Average Effective Interest Rate | [1] | 6.60% | |
Line of Credit | [1] | $ 77,000 | |
SOFR [Member] | Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Contractual Interest Rate | [2] | 4.10% | |
Debt, Weighted Average Effective Interest Rate | [2] | 4.10% | |
Long-term Debt | [2] | $ 287,922 | $ 136,246 |
[1] The Line is scheduled to mature on March 23, 2025 . The Company has the option to extend the maturity for two additional six-month periods . Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate. As of September 30, 2023, 14 of these 16 variable rate loans, representing $ 283.0 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 16 loans range from 2.5 % to 6.7 %. |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities - Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,069,093 | $ 3,726,754 | |
Line of credit maximum amount | $ 1,250,000 | ||
Line of credit maturity date | Mar. 23, 2025 | ||
Line of credit extended maturity period | two additional six-month periods | ||
Variable Rate Mortgage Loans [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | $ 287,922 | $ 136,246 |
Variable Rate Mortgage Loans [Member] | SOFR [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 283,000 | ||
Variable Rate Mortgage Loans [Member] | Minimum [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective fixed interest rate | 2.50% | ||
Variable Rate Mortgage Loans [Member] | Maximum [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective fixed interest rate | 6.70% | ||
[1] As of September 30, 2023, 14 of these 16 variable rate loans, representing $ 283.0 million of debt in the aggregate, have interest rate swaps in place to mitigate interest rate fluctuation risk. Based on these swap agreements, the effective fixed rates of the 16 loans range from 2.5 % to 6.7 %. |
Notes Payable and Unsecured C_5
Notes Payable and Unsecured Credit Facilities - Additional Information (Details) $ in Thousands | Aug. 18, 2023 USD ($) Property | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,069,093 | $ 3,726,754 | |
Debt discount (premium) | $ 32,239 | ||
UBP [Member] | Fixed Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 130,000 | ||
Debt discount (premium) | $ 13,600 | ||
Number of operating Properties | Property | 11 | ||
UBP [Member] | Fixed Rate Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled maturity date | 2023-11 | ||
Debt instrument, effective fixed interest rate | 3.50% | ||
UBP [Member] | Fixed Rate Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled maturity date | 2037-06 | ||
Debt instrument, effective fixed interest rate | 5.60% | ||
UBP [Member] | Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 154,700 | ||
Debt discount (premium) | $ (1,100) | ||
Number of operating Properties | Property | 9 | ||
UBP [Member] | Variable Rate Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled maturity date | 2024-08 | ||
Debt instrument, effective fixed interest rate | 3.10% | ||
UBP [Member] | Variable Rate Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Scheduled maturity date | 2032-01 | ||
Debt instrument, effective fixed interest rate | 4.80% |
Notes Payable and Unsecured C_6
Notes Payable and Unsecured Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
2023 | [1] | $ 4,154 | |
2024 | 396,743 | ||
2025 | 390,463 | ||
2026 | 346,276 | ||
2027 | 756,041 | ||
Beyond 5 Years | 2,207,655 | ||
Unamortized debt premium/(discount) and issuance costs | (32,239) | ||
Total | 4,069,093 | $ 3,726,754 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total | 3,251,659 | $ 3,248,373 | |
Scheduled Principal Payments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2023 | [1] | 4,154 | |
2024 | 12,934 | ||
2025 | 11,094 | ||
2026 | 11,426 | ||
2027 | 8,612 | ||
Beyond 5 Years | 14,762 | ||
Total | 62,982 | ||
Mortgage Loan Maturities [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
2024 | 133,809 | ||
2025 | 52,369 | ||
2026 | 134,850 | ||
2027 | 222,429 | ||
Beyond 5 Years | 142,893 | ||
Unamortized debt premium/(discount) and issuance costs | (8,898) | ||
Total | 677,452 | ||
Unsecured Maturities [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [2] | 250,000 | |
2025 | [2] | 327,000 | |
2026 | [2] | 200,000 | |
2027 | [2] | 525,000 | |
Beyond 5 Years | [2] | 2,050,000 | |
Unamortized debt premium/(discount) and issuance costs | [2] | (23,341) | |
Total | [2] | $ 3,328,659 | |
[1] Reflects scheduled principal payments and maturities for the remainder of the year. In connection with the acquisition of UBP on August 18, 2023, the Company completed the following debt transactions: • Assumed fixed rate debt of $ 130.0 million in the aggregate (including a mark to market debt discount of $ 13.6 million) that collectively encumbers 11 operating properties, and includes one unsecured note. This indebtedness has scheduled maturity dates ranging from November 2023 to June 2037 , and accrue interest at rates ranging from 3.5 % to 5.6 % per annum. • Assumed variable rate debt of $ 154.7 million in the aggregate (including a mark to market debt premium of $ 1.1 million) that collectively encumbers 9 operating properties. This indebtedness has interest rate swaps in place to mitigate rate fluctuation risk. Based on these swap agreements, the effective fixed rates range from 3.1 % to 4.8 % per annum. The scheduled maturity dates range from August 2024 to January 2032 . Includes unsecured public and private debt and unsecured credit facilities. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 4,606 | $ 7,069 | $ 7,327 | $ 20,473 | ||
Amount reclassified from accumulated other comprehensive loss | $ (2,161) | $ 72 | $ (5,302) | $ 1,563 | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | ||
Interest Expense | $ 38,807 | $ 36,361 | $ 112,156 | $ 109,798 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7,800 | |||||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Derivative [Line Items] | ||||||
Assets (Liabilities) | [1] | 21,328 | $ 21,328 | $ 6,575 | ||
Derivative @ 1.443% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Dec. 01, 2022 | |||||
Derivative, Maturity Date | Mar. 17, 2025 | |||||
Derivative, Notional Amount | $ 24,000 | $ 24,000 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 1.443% | 1.443% | ||||
Assets (Liabilities) | [1] | $ 1,250 | $ 1,250 | 1,443 | ||
Derivative @ 2.261% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Dec. 16, 2022 | |||||
Derivative, Maturity Date | Jun. 02, 2027 | |||||
Derivative, Notional Amount | $ 35,016 | $ 35,016 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 2.261% | 2.261% | ||||
Assets (Liabilities) | [1] | $ 2,485 | $ 2,485 | 2,158 | ||
Derivative @ 3.995% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Jan. 17, 2023 | ||||
Derivative, Maturity Date | Aug. 15, 2024 | |||||
Derivative, Notional Amount | $ 13,134 | $ 13,134 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 3.995% | 3.995% | ||||
Assets (Liabilities) | [1] | $ 316 | $ 316 | |||
Derivative @ 1.498% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Jul. 17, 2017 | ||||
Derivative, Maturity Date | Jul. 01, 2027 | |||||
Derivative, Notional Amount | $ 43,446 | $ 43,446 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 1.498% | 1.498% | ||||
Assets (Liabilities) | [1] | $ 4,341 | $ 4,341 | |||
Derivative @ 1.475% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Sep. 21, 2016 | ||||
Derivative, Maturity Date | Oct. 01, 2026 | |||||
Derivative, Notional Amount | $ 8,856 | $ 8,856 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 1.475% | 1.475% | ||||
Assets (Liabilities) | [1] | $ 752 | $ 752 | |||
Derivative @ 4.830% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Aug. 16, 2018 | ||||
Derivative, Maturity Date | Aug. 15, 2028 | |||||
Derivative, Notional Amount | $ 8,830 | $ 8,830 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 4.83% | 4.83% | ||||
Assets (Liabilities) | [1] | $ 505 | $ 505 | |||
Derivative @ 3.165% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Mar. 18, 2019 | ||||
Derivative, Maturity Date | Apr. 01, 2029 | |||||
Derivative, Notional Amount | $ 23,193 | $ 23,193 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 3.165% | 3.165% | ||||
Assets (Liabilities) | [1] | $ 1,325 | $ 1,325 | |||
Derivative @ 3.053% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Feb. 01, 2022 | ||||
Derivative, Maturity Date | Feb. 01, 2032 | |||||
Derivative, Notional Amount | $ 33,854 | $ 33,854 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 3.053% | 3.053% | ||||
Assets (Liabilities) | [1] | $ 6,508 | $ 6,508 | |||
Derivative @ 3.633% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Jan. 03, 2023 | ||||
Derivative, Maturity Date | Jul. 01, 2029 | |||||
Derivative, Notional Amount | $ 11,008 | $ 11,008 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 3.633% | 3.633% | ||||
Assets (Liabilities) | [1] | $ 1,289 | $ 1,289 | |||
Derivative @ 3.705% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Jan. 03, 2023 | ||||
Derivative, Maturity Date | Nov. 01, 2024 | |||||
Derivative, Notional Amount | $ 5,000 | $ 5,000 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 3.705% | 3.705% | ||||
Assets (Liabilities) | [1] | $ 163 | $ 163 | |||
Derivative @ 4.229% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Feb. 24, 2023 | |||||
Derivative, Maturity Date | Dec. 31, 2026 | |||||
Derivative, Notional Amount | $ 15,390 | $ 15,390 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 4.229% | 4.229% | ||||
Assets (Liabilities) | [1] | $ 131 | $ 131 | 152 | ||
Derivative @ 1.684% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Feb. 21, 2023 | |||||
Derivative, Maturity Date | Dec. 21, 2026 | |||||
Derivative, Notional Amount | $ 24,365 | $ 24,365 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 1.684% | 1.684% | ||||
Assets (Liabilities) | [1] | $ 2,061 | $ 2,061 | 1,939 | ||
Derivative @ 4.314% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | Sep. 19, 2023 | |||||
Derivative, Maturity Date | Sep. 19, 2028 | |||||
Derivative, Notional Amount | $ 31,000 | $ 31,000 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 4.314% | 4.314% | ||||
Assets (Liabilities) | [1] | $ 15 | $ 15 | $ 883 | ||
Derivative @ 2.334% [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Inception Date | [2] | Oct. 31, 2017 | ||||
Derivative, Maturity Date | Oct. 01, 2024 | |||||
Derivative, Notional Amount | $ 6,025 | $ 6,025 | ||||
Derivative, Description of Variable Rate Basis | SOFR | |||||
Derivative, Fixed Interest Rate | 2.334% | 2.334% | ||||
Assets (Liabilities) | [1] | $ 187 | $ 187 | |||
[1] Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities Derivative instruments assumed as part of the UBP acquisitions. |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Operating Leased Assets [Line Items] | ||||||
Fixed and in-substance fixed lease income | $ 235,489 | $ 215,077 | $ 675,320 | $ 634,416 | ||
Variable lease income | 77,901 | 70,473 | 233,019 | 210,390 | ||
Uncollectible straight-line rent | [1] | 49 | 3,612 | 2,149 | 8,517 | |
Uncollectible amounts billable in lease income | (636) | 1,110 | 958 | 12,156 | ||
Total lease income | 320,921 | 295,756 | 934,180 | 882,265 | ||
Accounts and Notes Receivable, Net | 199,439 | 199,439 | $ 188,863 | |||
Straight-line rent receivables | 136,334 | 128,214 | ||||
Tenant Receivables [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | 28,792 | 28,792 | 31,486 | |||
Other Receivable [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Accounts and Notes Receivable, Net | [2] | 34,313 | 34,313 | $ 29,163 | ||
Lessor [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Above/below market rent and tenant rent inducement amortization, net | $ 8,118 | $ 5,484 | $ 22,734 | $ 16,786 | ||
[1] The amounts include straight-line rent adjustments associated with converting cash basis to accrual basis accounting for certain leases. Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable, net | $ 3,992,093 | $ 3,992,093 | $ 3,726,754 | ||
Unsecured credit facilities | 77,000 | 77,000 | |||
Trading securities, unrealized holding gain (loss) | (1,000) | $ (1,000) | 2,400 | $ (9,500) | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities | 33,881 | 33,881 | 40,089 | ||
Available-for-sale debt securities | 14,423 | 14,423 | 14,492 | ||
Interest rate derivatives | 21,328 | 21,328 | 6,575 | ||
Total | 69,632 | 69,632 | 61,156 | ||
Fair Value Inputs Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable, net, Fair Value | 3,588,977 | 3,588,977 | 3,333,378 | ||
Unsecured credit facilities | 77,000 | 77,000 | |||
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 14,423 | 14,423 | 14,492 | ||
Interest rate derivatives | 21,328 | 21,328 | 6,575 | ||
Total | 35,751 | 35,751 | 21,067 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities | 33,881 | 33,881 | 40,089 | ||
Total | $ 33,881 | $ 33,881 | $ 40,089 |
Equity and Capital - Additional
Equity and Capital - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Nov. 02, 2023 | Sep. 25, 2023 | Feb. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 18, 2023 | Feb. 08, 2023 | |
Class of Stock [Line Items] | |||||||||
Common stock dividend declared, per share | $ 0.65 | $ 0.625 | $ 1.95 | $ 1.875 | |||||
Dividends declared date | Sep. 25, 2023 | ||||||||
Common stock remaining available for Issuance | 500,000,000 | 500,000,000 | |||||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||||||
Stock repurchase program expiration date | Feb. 07, 2025 | ||||||||
Stock repurchased and retired during period, value | $ (20,006,000) | $ (75,419,000) | |||||||
Exchangeable operating partnership units. | 338,704 | ||||||||
Issuance of exchangeable operating partnership units | $ 20,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock dividend declared, per share | $ 0.67 | ||||||||
Dividends payable date | Jan. 03, 2024 | ||||||||
Dividends record date | Dec. 14, 2023 | ||||||||
Dividends declared date | Nov. 02, 2023 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock repurchased and retired during period, value | $ (3,000) | $ (13,000) | |||||||
Issuance of exchangeable operating partnership, units | 3,340 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends payable date | Oct. 31, 2023 | ||||||||
Dividends record date | Oct. 16, 2023 | ||||||||
Preferred stock dividend per share paid | $ 0.390625 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends payable date | Oct. 31, 2023 | ||||||||
Dividends record date | Oct. 16, 2023 | ||||||||
Preferred stock dividend per share paid | $ 0.3672 | ||||||||
Series B Preferred Stock [Member] | UBP Acquisition [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Redeemable price per share | $ 25 | ||||||||
AOCI Attributable to Parent [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock repurchased and retired during period, shares | 349,519 | ||||||||
Stock repurchased and retired during period, value | $ 20,000,000 | ||||||||
Shares repurchased weighted average price per share | $ 57.22 | ||||||||
Stock repurchased remaining authorized value | $ 230,000,000 | $ 230,000,000 | |||||||
6.250% Series A Preferred Stock [Member] | Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends payable date | Jan. 31, 2024 | ||||||||
Dividends record date | Jan. 16, 2024 | ||||||||
Preferred stock dividend per share paid | $ 0.390625 | ||||||||
5.875% Series B Preferred Stock [Member] | Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends payable date | Jan. 31, 2024 | ||||||||
Dividends record date | Jan. 16, 2024 | ||||||||
Preferred stock dividend per share paid | $ 0.3672 | ||||||||
Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Equity issuances, common shares authorized for issuance | 500,000,000 | 500,000,000 |
Equity and Capital - Summary of
Equity and Capital - Summary of Terms and Conditions of Preferred Stock Outstanding (Details) - UBP Acquisition [Member] - Preferred Stock [Member] $ in Thousands | Sep. 30, 2023 USD ($) shares |
Class of Stock [Line Items] | |
Shares Issued and Outstanding | shares | 9,000,000 |
Liquidation Preference | $ | $ 225,000,000 |
Series A [Member] | |
Class of Stock [Line Items] | |
Date of Issuance | Aug. 18, 2023 |
Shares Issued and Outstanding | shares | 4,600,000 |
Liquidation Preference | $ | $ 115,000,000 |
Distribution Rate | 6.25% |
Series B [Member] | |
Class of Stock [Line Items] | |
Date of Issuance | Aug. 18, 2023 |
Shares Issued and Outstanding | shares | 4,400,000 |
Liquidation Preference | $ | $ 110,000,000 |
Distribution Rate | 5.875% |
Callable By Company | Oct. 01, 2024 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 301,099 |
Weighted-average grant-date fair value (in dollars per share) | $ / shares | $ 68.29 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Earnings Per Share Basic [Line Items] | |||||
Income attributable to common shareholders/unit holders - basic | $ 89,076 | $ 87,578 | $ 273,139 | $ 387,602 | |
Income per common share - basic | $ 0.50 | $ 0.51 | $ 1.58 | $ 2.26 | |
Income per common share - diluted | $ 0.5 | $ 0.51 | $ 1.57 | $ 2.26 | |
Weighted Average Limited Partnership Units Outstanding, Basic | 1,080,101 | 741,433 | 909,527 | 750,671 | |
Continuing Operations [Member] | Parent Company [Member] | |||||
Earnings Per Share Basic [Line Items] | |||||
Income attributable to common shareholders/unit holders - basic | $ 89,076 | $ 87,578 | $ 273,139 | $ 387,602 | |
Income attributable to common shareholders/unit holders - diluted | $ 89,076 | $ 87,578 | $ 273,139 | $ 387,602 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 177,344,000 | 171,121,000 | 173,212,000 | 171,499,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1] | 178,231,000 | 171,525,000 | 173,711,000 | 171,870,000 |
Income per common share - basic | $ 0.50 | $ 0.51 | $ 1.58 | $ 2.26 | |
Income per common share - diluted | $ 0.50 | $ 0.51 | $ 1.57 | $ 2.26 | |
Continuing Operations [Member] | Partnership Interest [Member] | |||||
Earnings Per Share Basic [Line Items] | |||||
Income attributable to common shareholders/unit holders - basic | $ 89,596 | $ 87,957 | $ 274,629 | $ 389,296 | |
Income attributable to common shareholders/unit holders - diluted | $ 89,596 | $ 87,957 | $ 274,629 | $ 389,296 | |
Weighted average common shares/units outstanding for basic EPS/EPU | 178,424,000 | 171,862,000 | 174,121,000 | 172,249,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [2] | 179,311,000 | 172,267,000 | 174,621,000 | 172,620,000 |
Income per common share - basic | $ 0.50 | $ 0.51 | $ 1.58 | $ 2.26 | |
Income per common share - diluted | $ 0.50 | $ 0.51 | $ 1.57 | $ 2.26 | |
[1] Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. Includes the dilutive impact of unvested restricted stock and assumed conversion of convertible units. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | May 17, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | ||
Letters of Credit Outstanding, Amount | $ 9.1 | $ 9.4 | |
Merger Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Merger agreement date | May 17, 2023 |