Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS CORPORATION | |
Entity Central Index Key | 0000910606 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | REG | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 169,862,160 | |
Entity File Number | 1-12298 | |
Entity Tax Identification Number | 59-3191743 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | FL | |
Partnership Interest [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | REGENCY CENTERS, L.P. | |
Entity Central Index Key | 0001066247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity File Number | 0-24763 | |
Entity Tax Identification Number | 59-3429602 | |
Entity Address, Address Line One | One Independent Drive | |
Entity Address, Address Line Two | Suite 114 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 598-7000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost | $ 11,082,484 | $ 11,101,858 |
Less: accumulated depreciation | 2,047,078 | 1,994,108 |
Real estate assets, net | 9,035,406 | 9,107,750 |
Investments in real estate partnerships | 484,425 | 467,155 |
Properties held for sale | 32,641 | 33,934 |
Cash, cash equivalents, and restricted cash, including $2,070 and $2,377 of restricted cash at March 31, 2021 and December 31, 2020, respectively | 139,320 | 378,450 |
Tenant and other receivables | 127,455 | 143,633 |
Deferred leasing costs, less accumulated amortization of $113,544 and $113,959 at March 31, 2021 and December 31, 2020, respectively | 66,138 | 67,910 |
Acquired lease intangible assets, less accumulated amortization of $292,402 and $284,880 at March 31, 2021 and December 31, 2020, respectively | 178,784 | 188,799 |
Right of use assets, net | 285,998 | 287,827 |
Other assets | 275,821 | 261,446 |
Total assets | 10,625,988 | 10,936,904 |
Less: accumulated depreciation | 2,047,078 | 1,994,108 |
Real estate assets, net | 9,035,406 | 9,107,750 |
Liabilities: | ||
Notes payable | 3,652,242 | 3,658,405 |
Unsecured credit facilities | 264,679 | |
Accounts payable and other liabilities | 285,320 | 302,361 |
Acquired lease intangible liabilities, less accumulated amortization of $152,783 and $145,966 at March 31, 2021 and December 31, 2020, respectively | 369,438 | 377,712 |
Lease liabilities | 219,107 | 220,390 |
Tenants’ security, escrow deposits and prepaid rent | 56,837 | 55,210 |
Total liabilities | 4,582,944 | 4,878,757 |
Commitments and contingencies | ||
Equity/Capital: | ||
Common stock, $0.01 par value per share, 220,000,000 shares authorized; 169,828,955 and 169,680,138 shares issued at March 31, 2021 and December 31, 2020, respectively | 1,698 | 1,697 |
Treasury stock at cost, 466,469 and 440,574 shares held at September 30, 2020 and December 31, 2019, respectively | (24,775) | (24,436) |
Additional paid-in-capital | 7,791,416 | 7,792,082 |
Accumulated other comprehensive loss | (12,512) | (18,625) |
Distributions in excess of net income | (1,786,196) | (1,765,806) |
Total stockholders’ equity | 5,969,631 | 5,984,912 |
Exchangeable operating partnership units, aggregate redemption value of $43,386 and $34,878 at March 31, 2021 and December 31, 2020, respectively | 35,667 | 35,727 |
Limited partners’ interests in consolidated partnerships | 37,746 | 37,508 |
Total noncontrolling interests | 73,413 | 73,235 |
Total equity | 6,043,044 | 6,058,147 |
Total equity | 6,043,044 | 6,058,147 |
Total liabilities and equity | 10,625,988 | 10,936,904 |
Partnership Interest [Member] | ||
Real Estate Investment Property, at Cost [Abstract] | ||
Real estate assets, at cost | 11,082,484 | 11,101,858 |
Less: accumulated depreciation | 2,047,078 | 1,994,108 |
Real estate assets, net | 9,035,406 | 9,107,750 |
Investments in real estate partnerships | 484,425 | 467,155 |
Properties held for sale | 32,641 | 33,934 |
Cash, cash equivalents, and restricted cash, including $2,070 and $2,377 of restricted cash at March 31, 2021 and December 31, 2020, respectively | 139,320 | 378,450 |
Tenant and other receivables | 127,455 | 143,633 |
Deferred leasing costs, less accumulated amortization of $113,544 and $113,959 at March 31, 2021 and December 31, 2020, respectively | 66,138 | 67,910 |
Acquired lease intangible assets, less accumulated amortization of $292,402 and $284,880 at March 31, 2021 and December 31, 2020, respectively | 178,784 | 188,799 |
Right of use assets, net | 285,998 | 287,827 |
Other assets | 275,821 | 261,446 |
Total assets | 10,625,988 | 10,936,904 |
Less: accumulated depreciation | 2,047,078 | 1,994,108 |
Real estate assets, net | 9,035,406 | 9,107,750 |
Liabilities: | ||
Notes payable | 3,652,242 | 3,658,405 |
Unsecured credit facilities | 264,679 | |
Accounts payable and other liabilities | 285,320 | 302,361 |
Acquired lease intangible liabilities, less accumulated amortization of $152,783 and $145,966 at March 31, 2021 and December 31, 2020, respectively | 369,438 | 377,712 |
Lease liabilities | 219,107 | 220,390 |
Tenants’ security, escrow deposits and prepaid rent | 56,837 | 55,210 |
Total liabilities | 4,582,944 | 4,878,757 |
Commitments and contingencies | ||
Equity/Capital: | ||
General partner; 169,677,302 and 167,571,218 units outstanding at September 30, 2020 and December 31, 2019, respectively | 5,982,143 | 6,003,537 |
Limited partners; 765,046 and 746,433 units outstanding at September?30, 2020 and December?31, 2019, respectively | 35,667 | 35,727 |
Accumulated other comprehensive loss | (12,512) | (18,625) |
Total partners’ capital | 6,005,298 | 6,020,639 |
Limited partners’ interests in consolidated partnerships | 37,746 | 37,508 |
Total capital | 6,043,044 | 6,058,147 |
Total capital | 6,043,044 | 6,058,147 |
Total liabilities and equity | $ 10,625,988 | $ 10,936,904 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalent | $ 2,070 | $ 2,377 |
Deferred costs accumulated amortization | 113,544 | 113,959 |
Accumulated amortization of acquired lease intangible assets | 292,402 | 284,880 |
Accumulated accretion of acquired lease intangible liabilities | $ 152,783 | $ 145,966 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 169,828,955 | 169,680,138 |
Treasury stock, shares held at cost | 467,999 | 459,828 |
Exchangeable operating partnership units aggregate redemption value | $ 43,386 | $ 34,878 |
Partnership Interest [Member] | ||
Restricted Cash and Cash Equivalent | 2,070 | 2,377 |
Deferred costs accumulated amortization | 113,544 | 113,959 |
Accumulated amortization of acquired lease intangible assets | 292,402 | 284,880 |
Accumulated accretion of acquired lease intangible liabilities | $ 152,783 | $ 145,966 |
General partner units, outstanding | 169,828,955 | 169,680,138 |
Limited partner units, outstanding | 765,046 | 765,046 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Lease income | $ 266,357 | $ 274,537 |
Other property income | 1,953 | 2,305 |
Management, transaction, and other fees | 6,393 | 6,816 |
Total revenues | 274,703 | 283,658 |
Operating expenses: | ||
Depreciation and amortization | 77,259 | 89,295 |
Operating and maintenance | 45,582 | 42,369 |
General and administrative | 21,287 | 13,705 |
Real estate taxes | 36,166 | 35,887 |
Other operating expenses | 698 | 1,337 |
Total operating expenses | 180,992 | 182,593 |
Other expense (income): | ||
Interest expense, net | 36,936 | 37,436 |
Goodwill impairment | 132,128 | |
Provision for impairment of real estate, net of tax | 784 | |
Gain on sale of real estate, net of tax | (11,698) | (38,005) |
Net investment (income) loss | (1,486) | 4,923 |
Total other expense (income) | 23,752 | 137,266 |
Income (loss) from operations before equity in income of investments in real estate partnerships | 69,959 | (36,201) |
Equity in income of investments in real estate partnerships | 11,666 | 11,418 |
Net income (loss) | 81,625 | (24,783) |
Noncontrolling interests: | ||
Exchangeable operating partnership units | (364) | 115 |
Limited partners’ interests in consolidated partnerships | (605) | (664) |
Income attributable to noncontrolling interests | (969) | (549) |
Net income attributable to common stockholders | $ 80,656 | $ (25,332) |
Income (loss) per common share - basic | $ 0.48 | $ (0.15) |
Income (loss) per common share - diluted | $ 0.47 | $ (0.15) |
Partnership Interest [Member] | ||
Revenues: | ||
Lease income | $ 266,357 | $ 274,537 |
Other property income | 1,953 | 2,305 |
Management, transaction, and other fees | 6,393 | 6,816 |
Total revenues | 274,703 | 283,658 |
Operating expenses: | ||
Depreciation and amortization | 77,259 | 89,295 |
Operating and maintenance | 45,582 | 42,369 |
General and administrative | 21,287 | 13,705 |
Real estate taxes | 36,166 | 35,887 |
Other operating expenses | 698 | 1,337 |
Total operating expenses | 180,992 | 182,593 |
Other expense (income): | ||
Interest expense, net | 36,936 | 37,436 |
Goodwill impairment | 132,128 | |
Provision for impairment of real estate, net of tax | 784 | |
Gain on sale of real estate, net of tax | (11,698) | (38,005) |
Net investment (income) loss | (1,486) | 4,923 |
Total other expense (income) | 23,752 | 137,266 |
Income (loss) from operations before equity in income of investments in real estate partnerships | 69,959 | (36,201) |
Equity in income of investments in real estate partnerships | 11,666 | 11,418 |
Net income (loss) | 81,625 | (24,783) |
Noncontrolling interests: | ||
Limited partners’ interests in consolidated partnerships | (605) | (664) |
Income attributable to noncontrolling interests | (605) | (664) |
Net income (loss) attributable to common unit holders | $ 81,020 | $ (25,447) |
Income (loss) per common share - basic | $ 0.48 | $ (0.15) |
Income (loss) per common share - diluted | $ 0.47 | $ (0.15) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) | $ 81,625 | $ (24,783) |
Other comprehensive income (loss): | ||
Effective portion of change in fair value of derivative instruments | 5,810 | (16,079) |
Reclassification adjustment of derivative instruments included in net income (loss) | 1,035 | 1,425 |
Unrealized (loss) gain on available-for-sale debt securities | (285) | 15 |
Other comprehensive income (loss) | 6,560 | (14,639) |
Comprehensive income (loss) | 88,185 | (39,422) |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 969 | 549 |
Other comprehensive income (loss) attributable to noncontrolling interests | 447 | (1,105) |
Comprehensive income (loss) attributable to noncontrolling interests | 1,416 | (556) |
Comprehensive income (loss) attributable to the Company | 86,769 | (38,866) |
Partnership Interest [Member] | ||
Net income (loss) | 81,625 | (24,783) |
Other comprehensive income (loss): | ||
Effective portion of change in fair value of derivative instruments | 5,810 | (16,079) |
Reclassification adjustment of derivative instruments included in net income (loss) | 1,035 | 1,425 |
Unrealized (loss) gain on available-for-sale debt securities | (285) | 15 |
Other comprehensive income (loss) | 6,560 | (14,639) |
Comprehensive income (loss) | 88,185 | (39,422) |
Less: comprehensive income attributable to noncontrolling interests: | ||
Net income attributable to noncontrolling interests | 605 | 664 |
Other comprehensive income (loss) attributable to noncontrolling interests | 418 | (1,044) |
Comprehensive income (loss) attributable to noncontrolling interests | 1,023 | (380) |
Comprehensive income (loss) attributable to the Company | $ 87,162 | $ (39,042) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest Exchangeable Operating Partnership Units [Member] | Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2019 | $ 6,289,961 | $ 1,676 | $ (23,199) | $ 7,654,930 | $ (11,997) | $ (1,408,062) | $ 6,213,348 | $ 36,100 | $ 40,513 | $ 76,613 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (24,783) | (25,332) | (25,332) | (115) | 664 | 549 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) before reclassification | (16,064) | (14,938) | (14,938) | (67) | (1,059) | (1,126) | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,425 | 1,404 | 1,404 | 6 | 15 | 21 | ||||
Deferred compensation plan, net | (698) | 698 | ||||||||
Restricted stock issued, net of amortization | 3,764 | 1 | 3,763 | 3,764 | ||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (5,188) | (5,188) | (5,188) | |||||||
Common stock issued under dividend reinvestment plan | 379 | 379 | 379 | |||||||
Common stock issued, net of issuance costs | 125,773 | 19 | 125,754 | 125,773 | ||||||
Contributions from partners | 100 | 100 | 100 | |||||||
Issuance of exchangeable operating partnership units | 1,275 | 1,275 | 1,275 | |||||||
Distributions to partners | (1,164) | (1,164) | (1,164) | |||||||
Cash dividends declared - common stock/unit | (100,243) | (99,788) | (99,788) | (455) | (455) | |||||
Ending Balance at Mar. 31, 2020 | 6,275,235 | 1,696 | (23,897) | 7,780,336 | (25,531) | (1,533,182) | 6,199,422 | 36,744 | 39,069 | 75,813 |
Beginning balance at Dec. 31, 2020 | 6,058,147 | 1,697 | (24,436) | 7,792,082 | (18,625) | (1,765,806) | 5,984,912 | 35,727 | 37,508 | 73,235 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 81,625 | 80,656 | 80,656 | 364 | 605 | 969 | ||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) before reclassification | 5,525 | 5,162 | 5,162 | 25 | 338 | 363 | ||||
Amounts reclassified from accumulated other comprehensive loss | 1,035 | 951 | 951 | 4 | 80 | 84 | ||||
Deferred compensation plan, net | (339) | 339 | ||||||||
Restricted stock issued, net of amortization | 2,479 | 1 | 2,478 | 2,479 | ||||||
Common stock repurchased for taxes withheld for stock based compensation, net | (3,859) | (3,859) | (3,859) | |||||||
Common stock issued under dividend reinvestment plan | 376 | 376 | 376 | |||||||
Distributions to partners | (785) | (785) | (785) | |||||||
Cash dividends declared - common stock/unit | (101,499) | (101,046) | (101,046) | (453) | (453) | |||||
Ending Balance at Mar. 31, 2021 | $ 6,043,044 | $ 1,698 | $ (24,775) | $ 7,791,416 | $ (12,512) | $ (1,786,196) | $ 5,969,631 | $ 35,667 | $ 37,746 | $ 73,413 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock/unit per share | $ 0.595 | $ 0.595 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 81,625 | $ (24,783) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 77,259 | 89,295 | |
Amortization of deferred loan costs and debt premiums | 2,167 | 2,619 | |
(Accretion) and amortization of above and below market lease intangibles, net | (5,576) | (12,460) | |
Stock-based compensation, net of capitalization | 2,420 | 3,320 | |
Equity in income of investments in real estate partnerships | (11,666) | (11,418) | |
Gain on sale of real estate, net of tax | (11,698) | (38,005) | |
Provision for impairment of real estate, net of tax | 784 | $ (17,500) | |
Goodwill impairment | 132,128 | ||
Distribution of earnings from investments in real estate partnerships | 16,491 | 16,440 | |
Settlement of derivative instruments | (2,472) | ||
Deferred compensation expense | 1,139 | (4,328) | |
Realized and unrealized (gain) loss on investments | (1,354) | 4,923 | |
Changes in assets and liabilities: | |||
Tenant and other receivables | 15,760 | 18,569 | |
Deferred leasing costs | (1,907) | (1,352) | |
Other assets | (9,801) | (12,201) | |
Accounts payable and other liabilities | (14,716) | (27,498) | |
Tenants’ security, escrow deposits and prepaid rent | 1,691 | (10,355) | |
Net cash provided by operating activities | 139,362 | 125,678 | |
Cash flows from investing activities: | |||
Acquisition of operating real estate | (16,867) | ||
Advance deposits refunded on acquisition of operating real estate | 500 | 100 | |
Real estate development and capital improvements | (31,378) | (56,309) | |
Proceeds from sale of real estate investments | 53,859 | 103,522 | |
Issuance of notes receivable | (20) | (167) | |
Investments in real estate partnerships | (20,223) | (32,972) | |
Return of capital from investments in real estate partnerships | 3,283 | ||
Dividends on investment securities | 51 | 84 | |
Acquisition of investment securities | (8,136) | (4,392) | |
Proceeds from sale of investment securities | 8,834 | 4,448 | |
Net cash provided by (used in) investing activities | 6,770 | (2,553) | |
Cash flows from financing activities: | |||
Net proceeds from common stock issuance | 125,773 | ||
Repurchase of common shares in conjunction with equity award plans | (3,996) | (5,298) | |
Proceeds from sale of treasury stock | 96 | 49 | |
Distributions to limited partners in consolidated partnerships, net | (785) | (1,064) | |
Distributions to exchangeable operating partnership unit holders | (453) | (455) | |
Dividends paid to common stockholders | (100,580) | (99,409) | |
Proceeds from unsecured credit facilities | 610,000 | ||
Repayment of unsecured credit facilities | (265,000) | (125,000) | |
Repayment of notes payable | (3,962) | (3,891) | |
Scheduled principal payments | (3,114) | (2,547) | |
Payment of loan costs | (7,468) | ||
Net cash (used in) provided by financing activities | (385,262) | 498,158 | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (239,130) | 621,283 | |
Cash and cash equivalents and restricted cash at beginning of the period | 378,450 | 115,562 | 115,562 |
Cash and cash equivalents and restricted cash at end of the period | 139,320 | 736,845 | 378,450 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $849 and $1,175 in 2021 and 2020, respectively) | 44,276 | 47,912 | |
Cash (refunded) paid for income taxes, net | (101) | 317 | |
Supplemental disclosure of non-cash transactions: | |||
Acquisition of real estate previously held within investments in real estate partnerships | 5,986 | ||
Mortgage loan assumed with the acquisition of real estate | 16,359 | ||
Issuance of exchangeable operating partnership units | 1,275 | ||
Change in accrued capital expenditures | 874 | 4,942 | |
Common stock issued under dividend reinvestment plan | 376 | 379 | |
Stock-based compensation capitalized | 196 | 554 | |
Common stock and exchangeable operating partnership dividends declared but not paid | 101,500 | ||
Common stock issued for dividend reinvestment in trust | 274 | 265 | |
Contribution of stock awards into trust | 571 | 862 | |
Distribution of stock held in trust | 415 | 390 | |
Change in fair value of securities | 361 | 577 | |
Partnership Interest [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 81,625 | (24,783) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 77,259 | 89,295 | |
Amortization of deferred loan costs and debt premiums | 2,167 | 2,619 | |
(Accretion) and amortization of above and below market lease intangibles, net | (5,576) | (12,460) | |
Stock-based compensation, net of capitalization | 2,420 | 3,320 | |
Equity in income of investments in real estate partnerships | (11,666) | (11,418) | |
Gain on sale of real estate, net of tax | (11,698) | (38,005) | |
Provision for impairment of real estate, net of tax | 784 | ||
Goodwill impairment | 132,128 | ||
Distribution of earnings from investments in real estate partnerships | 16,491 | 16,440 | |
Settlement of derivative instruments | (2,472) | ||
Deferred compensation expense | 1,139 | (4,328) | |
Realized and unrealized (gain) loss on investments | (1,354) | 4,923 | |
Changes in assets and liabilities: | |||
Tenant and other receivables | 15,760 | 18,569 | |
Deferred leasing costs | (1,907) | (1,352) | |
Other assets | (9,801) | (12,201) | |
Accounts payable and other liabilities | (14,716) | (27,498) | |
Tenants’ security, escrow deposits and prepaid rent | 1,691 | (10,355) | |
Net cash provided by operating activities | 139,362 | 125,678 | |
Cash flows from investing activities: | |||
Acquisition of operating real estate | (16,867) | ||
Advance deposits refunded on acquisition of operating real estate | 500 | 100 | |
Real estate development and capital improvements | (31,378) | (56,309) | |
Proceeds from sale of real estate investments | 53,859 | 103,522 | |
Issuance of notes receivable | (20) | (167) | |
Investments in real estate partnerships | (20,223) | (32,972) | |
Return of capital from investments in real estate partnerships | 3,283 | ||
Dividends on investment securities | 51 | 84 | |
Acquisition of investment securities | (8,136) | (4,392) | |
Proceeds from sale of investment securities | 8,834 | 4,448 | |
Net cash provided by (used in) investing activities | 6,770 | (2,553) | |
Cash flows from financing activities: | |||
Net proceeds from common stock issuance | 125,773 | ||
Repurchase of common shares in conjunction with equity award plans | (3,996) | (5,298) | |
Proceeds from sale of treasury stock | 96 | 49 | |
Distributions to limited partners in consolidated partnerships, net | (785) | (1,064) | |
Dividends paid to common stockholders | (101,033) | (99,864) | |
Proceeds from unsecured credit facilities | 610,000 | ||
Repayment of unsecured credit facilities | (265,000) | (125,000) | |
Repayment of notes payable | (3,962) | (3,891) | |
Scheduled principal payments | (3,114) | (2,547) | |
Payment of loan costs | (7,468) | ||
Net cash (used in) provided by financing activities | (385,262) | 498,158 | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (239,130) | 621,283 | |
Cash and cash equivalents and restricted cash at beginning of the period | 378,450 | 115,562 | 115,562 |
Cash and cash equivalents and restricted cash at end of the period | 139,320 | 736,845 | $ 378,450 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $849 and $1,175 in 2021 and 2020, respectively) | 44,276 | 47,912 | |
Cash (refunded) paid for income taxes, net | (101) | 317 | |
Supplemental disclosure of non-cash transactions: | |||
Acquisition of real estate previously held within investments in real estate partnerships | 5,986 | ||
Mortgage loan assumed with the acquisition of real estate | 16,359 | ||
Issuance of exchangeable operating partnership units | 1,275 | ||
Change in accrued capital expenditures | 874 | 4,942 | |
Common stock issued under dividend reinvestment plan | 376 | 379 | |
Stock-based compensation capitalized | 196 | 554 | |
Common stock and exchangeable operating partnership dividends declared but not paid | 101,500 | ||
Common stock issued for dividend reinvestment in trust | 274 | 265 | |
Contribution of stock awards into trust | 571 | 862 | |
Distribution of stock held in trust | 415 | 390 | |
Change in fair value of securities | $ 361 | $ 577 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized interest | $ 849 | $ 1,175 |
Partnership Interest [Member] | ||
Capitalized interest | $ 849 | $ 1,175 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Partner Capital Statement - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) | $ 81,625 | $ (24,783) |
Other comprehensive (loss) income | ||
Amounts reclassified from accumulated other comprehensive loss | 1,035 | 1,425 |
Contributions from partners | 100 | |
Issuance of exchangeable operating partnership units | 1,275 | |
Distributions to partners | (785) | (1,164) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 2,479 | 3,764 |
Partners Capital Total [Member] | ||
Net income (loss) | 80,656 | (25,332) |
Other comprehensive (loss) income | ||
Amounts reclassified from accumulated other comprehensive loss | 951 | 1,404 |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 2,479 | 3,764 |
Partnership Interest [Member] | ||
Beginning Balance | 6,058,147 | 6,289,961 |
Net income (loss) | 81,625 | (24,783) |
Other comprehensive (loss) income | ||
Other comprehensive (loss) income before reclassification | 5,525 | (16,064) |
Amounts reclassified from accumulated other comprehensive loss | 1,035 | 1,425 |
Contributions from partners | 100 | |
Issuance of exchangeable operating partnership units | 1,275 | |
Distributions to partners | (102,284) | (101,407) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 2,479 | 3,764 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 125,773 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (3,483) | (4,809) |
Ending Balance | 6,043,044 | 6,275,235 |
Partnership Interest [Member] | Partners Capital Total [Member] | ||
Beginning Balance | 6,020,639 | 6,249,448 |
Net income (loss) | 81,020 | (25,447) |
Other comprehensive (loss) income | ||
Other comprehensive (loss) income before reclassification | 5,187 | (15,005) |
Amounts reclassified from accumulated other comprehensive loss | 955 | 1,410 |
Issuance of exchangeable operating partnership units | 1,275 | |
Distributions to partners | (101,499) | (100,243) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 2,479 | 3,764 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 125,773 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (3,483) | (4,809) |
Ending Balance | 6,005,298 | 6,236,166 |
Partnership Interest [Member] | AOCI Attributable to Parent [Member] | ||
Beginning Balance | (18,625) | (11,997) |
Other comprehensive (loss) income | ||
Other comprehensive (loss) income before reclassification | 5,162 | (14,938) |
Amounts reclassified from accumulated other comprehensive loss | 951 | 1,404 |
Ending Balance | (12,512) | (25,531) |
Partnership Interest [Member] | Noncontrolling Interest [Member] | ||
Beginning Balance | 37,508 | 40,513 |
Net income (loss) | 605 | 664 |
Other comprehensive (loss) income | ||
Other comprehensive (loss) income before reclassification | 338 | (1,059) |
Amounts reclassified from accumulated other comprehensive loss | 80 | 15 |
Contributions from partners | 100 | |
Distributions to partners | (785) | (1,164) |
Ending Balance | 37,746 | 39,069 |
Partnership Interest [Member] | General Partner [Member] | ||
Beginning Balance | 6,003,537 | 6,225,345 |
Net income (loss) | 80,656 | (25,332) |
Other comprehensive (loss) income | ||
Distributions to partners | (101,046) | (99,788) |
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization | 2,479 | 3,764 |
Common units issued as a result of common stock issued by Parent Company, net of issuance costs | 125,773 | |
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances | (3,483) | (4,809) |
Ending Balance | 5,982,143 | 6,224,953 |
Partnership Interest [Member] | Limited Partner [Member] | ||
Beginning Balance | 35,727 | 36,100 |
Net income (loss) | 364 | (115) |
Other comprehensive (loss) income | ||
Other comprehensive (loss) income before reclassification | 25 | (67) |
Amounts reclassified from accumulated other comprehensive loss | 4 | 6 |
Issuance of exchangeable operating partnership units | 1,275 | |
Distributions to partners | (453) | (455) |
Ending Balance | $ 35,667 | $ 36,744 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies General Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company primarily engages in the ownership, management, leasing, acquisition, and development and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership, and its only liabilities are $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of March 31, 2021, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 293 properties and held partial interests in an additional 113 properties through unconsolidated Investments in real estate partnerships (also referred to as “joint ventures” or “investment partnerships”). The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature. COVID-19 Update The COVID-19 pandemic continues to create volatility and uncertainty in the Company’s business performance with particular impact to cash collections, tenant move outs, and new and renewal leasing volumes. The speed of the continued vaccine deployment and the timing of states and localities lifting mandated closures or capacity restrictions, has and will continue to influence the success of tenants. The Company actively monitors its cash collections amid the continuing pandemic. Collection experience since the pandemic began has been lower than historical pre-pandemic averages, but has increased since its low point in the second quarter of 2020 as businesses reopened in states that have lifted or reduced capacity restrictions. Collection rates are expected to remain lower than historical pre-pandemic averages for the foreseeable future until restrictions are significantly lifted and consumers return to in-store experiences. Although continuing to improve, tenants at centers in downtown business districts heavily reliant on employees returning to in-office work are trailing in recovery. Please also refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional discussion of the impact of the COVID-19 pandemic on the Company’s business including, without limitation, the Risk Factors discussed in Item 1A of Part I thereof. Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of March 31, 2021, the Parent Company owned approximately 99.6% of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Real Estate Partnerships As of March 31, 2021, Regency had a partial ownership interest in 123 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “limited partners”). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships for which it is the primary beneficiary and reports the limited partners’ interests as Noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2021 December 31, 2020 Assets Net real estate investments $ 127,513 127,240 Cash, cash equivalents and restricted cash 4,793 4,496 Liabilities Notes payable 6,349 6,340 Equity Limited partners’ interests in consolidated partnerships 28,534 28,685 Revenues and Other Receivables Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2021 2020 Management, transaction and other fees: Property management services Over time 3,771 3,879 Asset management services Over time 1,715 1,838 Leasing services Point in time 851 710 Other transaction fees Point in time 56 389 Total management, transaction, and other fees $ 6,393 6,816 The accounts receivable for management services, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $10.5 million and $9.9 million, as of March 31, 2021 and December 31, 2020, respectively. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes Notable changes and clarifications of potential impact include income-based franchise taxes being considered income tax, of which the Company has none, and interim period recognition of enacted changes in tax laws or rates, which is consistent with the Company’s existing practice. January 2021 The adoption of this standard did not have a material impact to the Company’s financial condition, results of operations, cash flows or related footnote disclosures. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Real Estate Investments | 2. Real Estate Investments The Company had no acquisitions of consolidated shopping centers during the three months ended March 31, 2021 as compared to those detailed in the table below for the three months ended March 31, 2020: (in thousands) Three months ended March 31, 2020 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/1/20 Country Walk Plaza (1) Miami, FL Operating 100% $ 39,625 16,359 3,294 2,452 (1 ) |
Property Dispositions
Property Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Property Dispositions | 3. Property Dispositions The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended March 31, (in thousands, except number sold data) 2021 2020 Net proceeds from sale of real estate investments $ 53,859 103,522 (1) Gain on sale of real estate, net of tax 11,698 38,005 Number of operating properties sold 4 2 Number of land parcels sold 1 1 Percent interest sold 100 % 100% (1) At March 31, 2021, the Company also had one operating property |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | 4. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) March 31, 2021 December 31, 2020 Goodwill, net $ 172,120 173,868 Investments 60,993 60,692 Prepaid and other 27,515 17,802 Furniture, fixtures, and equipment, net 6,026 6,560 Deferred financing costs, net 9,167 2,524 Total other assets $ 275,821 261,446 The following table presents the goodwill balances and activity during the year to date periods ended: March 31, 2021 December 31, 2020 (in thousands) Goodwill Accumulated Impairment Losses Total Goodwill Accumulated Impairment Losses Total Beginning of year balance $ 307,413 (133,545 ) 173,868 310,388 (2,954 ) 307,434 Goodwill allocated to Provision for impairment — — — — (132,179 ) (132,179 ) Goodwill allocated to Properties held for sale (1,306 ) — (1,306 ) (1,191 ) 1,191 — Goodwill associated with disposed reporting units: Goodwill allocated to Gain on sale of real estate (442 ) — (442 ) (1,784 ) 397 (1,387 ) End of period balance $ 305,665 (133,545 ) 172,120 307,413 (133,545 ) 173,868 As the Company identifies properties (“reporting units”) that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant. During 2020, the Company recognized $132.2 million of Goodwill impairment following the market disruptions of the COVID-19 pandemic, which was considered a triggering event requiring evaluation of reporting unit fair values for Goodwill impairment. Of the 269 reporting units with Goodwill, 87 were determined to have fair values lower than carrying value, resulting in $132.2 million of Goodwill impairment. |
Notes Payable and Unsecured Cre
Notes Payable and Unsecured Credit Facilities | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable and Unsecured Credit Facilities | 5. Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate March 31, 2021 December 31, 2020 Notes payable: Fixed rate mortgage loans 4.2% 4.0% $ 265,835 272,750 Variable rate mortgage loans (1) 2.8% 2.9% 145,702 146,046 Fixed rate unsecured debt 3.8% 4.0% 3,240,705 3,239,609 Total notes payable 3,652,242 3,658,405 Unsecured credit facilities: Line of Credit (the "Line") (2) 1.0% 1.4% — — Term loan (3) 2.0% 2.1% — 264,679 Total unsecured credit facilities — 264,679 Total debt outstanding $ 3,652,242 3,923,084 (1) Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. ( 3 ) Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021. Significant financing activity during 2021 includes: • During January 2021, the Company repaid in full the $265 million Term Loan and cash settled its related interest rate swap for $2.5 million. • On February 9, 2021, the Company entered into an Amended and Restated Credit Agreement, which among other items, i) retains a borrowing capacity of $1.25 billion, ii) includes a $125 million sublimit for swingline loans and $50 million available for issuance of letters of credits, iii) extends the maturity date to March 23, 2025 and iv) provides for two six-month extension options. The existing financial covenants under the Line remained unchanged. As of March 31, 2021, the Company has access to a remaining borrowing capacity of $1.2 billion. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2021 (2) $ 8,504 36,604 — 45,108 2022 11,389 5,848 — 17,237 2023 9,695 65,725 — 75,420 2024 4,849 90,742 250,000 345,591 2025 3,732 40,000 250,000 293,732 Beyond 5 Years 10,583 120,969 2,775,000 2,906,552 Unamortized debt premium/(discount) and issuance costs — 2,897 (34,295 ) (31,398 ) Total $ 48,752 362,785 3,240,705 3,652,242 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. The Company was in compliance as of March 31, 2021, with the financial and other covenants under its unsecured public and private placement debt and unsecured credit facilities, and expects to remain in compliance for the next twelve months and thereafter. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Date Maturity Date Notional Amount Receive Variable Rate of Pay Fixed Rate of March 31, 2021 December 31, 2020 8/1/16 1/5/22 (2) $ 265,000 1 Month LIBOR with Floor 1.053% $ — (2,472 ) 4/7/16 4/1/23 19,312 1 Month LIBOR 1.303% (413 ) (494 ) 12/1/16 11/1/23 32,220 1 Month LIBOR 1.490% (955 ) (1,181 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542% (834 ) (1,288 ) 6/2/17 6/2/27 36,449 1 Month LIBOR with Floor 2.366% (2,414 ) (3,856 ) $ (4,616 ) (9,291 ) (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 ) In January 2021, the Company These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of March 31, 2021, does not have any derivatives that are not designated as hedges. The changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Loss (“AOCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2021 2020 2021 2020 2021 2020 Interest rate swaps $ 5,810 (16,079 ) Interest expense $ 1,035 1,425 Interest expense, net $ 36,936 37,436 As of March 31, 2021, the Company expects approximately $3.7 million of accumulated comprehensive losses on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. Leases All of the Company’s leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for common area maintenance (“CAM”), real estate taxes, and insurance. Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents amounts tenants are contractually obligated to reimburse the Company for the tenants’ portion of actual Recoverable Costs incurred. Generally the Company’s leases provide for the tenants to reimburse the Company based on the tenants’ share of the actual costs incurred in proportion to the tenants’ share of leased space in the property. (ii) Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended March 31, 2021 2020 Operating lease income Fixed and in-substance fixed lease income $ 196,054 204,943 Variable lease income 64,067 64,668 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,996 12,880 Uncollectible straight line rent (2,035 ) (3,902 ) Uncollectible amounts billable in lease income 2,275 (4,052 ) Total lease income $ 266,357 274,537 Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date. At lease commencement, the Company generally expects that collectibility is probable due to the Company’s credit checks on tenants and other creditworthiness analysis undertaken before entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis. For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease income is determined not to be probable of collection. In additio n to the lease-specific collecti bility assessment performed under Topic 842, the Company also recognizes a general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical collection experience. COVID-19 Pandemic and Rent Concessions During 2020, in response to the pandemic and the resulting entry into agreements for rent concessions between tenants and landlords, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities could elect not to apply lease modification accounting with respect to such lease concessions, and instead, treat the concession as if it was a part of the existing contract and therefore continue to recognize the deferred rents in the period originally billed subject to separate collectibility assessments under Topic 842. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the right of the lessor or the obligations of the lessee. The Company has elected to treat concessions that satisfy this criteria as though the concession was part of the existing contract and therefore not treated like a lease modification. During the three months ended March 31, 2021, the Company experienced higher uncollectible lease income on current period billings compared to the three months ended March 31, 2020 when the Company was only seeing the first indications of the pandemic’s impact on tenants. However, this higher uncollectible lease income was offset by collections of prior period billings from our cash basis tenants resulting in a net positive impact of $2.3 million. The Company continues to negotiate with certain remaining tenants, which may result in further rent concessions as determined necessary and appropriate. Collectibility of these concessions generally includes consideration of the tenants’ business performance, ability to sustain their business in the current environment, as well as an assessment of their credit worthiness and ability to repay such amounts in the future. The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2021 December 31, 2020 Tenant receivables $ 21,630 $ 39,658 Straight-line rent receivables 87,180 86,615 Other receivables (1) 18,645 17,360 Total tenant and other receivables $ 127,455 $ 143,633 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: March 31, 2021 December 31, 2020 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 3,652,242 3,943,126 3,658,405 4,102,382 Unsecured credit facilities $ — — 264,679 265,226 The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of March 31, 2021 and December 31, 2020, respectively. These fair value measurements maximize the use of observable inputs which are classified within level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within Other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $0.4 million and unrealized losses of $5.4 million during the three months ended March 31, 2021 and 2020, respectively. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income. Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2021 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 $ 45,337 45,337 — — Available-for-sale debt securities 15,656 — 15,656 — Total $ 60,993 45,337 15,656 — Liabilities: Interest rate derivatives $ (4,616 ) — (4,616 ) — Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 44,986 44,986 — — Available-for-sale debt securities 15,706 — 15,706 — Total $ 60,692 44,986 15,706 — Liabilities: Interest rate derivatives $ (9,291 ) — (9,291 ) — There were no assets measured at fair value on a nonrecurring basis as of March 31, 2021. The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis as of December 31, 2020: Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 25,000 — 25,000 — (17,532 ) During 2020, the Company recognized a Provision for impairment of $17.5 million on an operating property held and used. |
Equity and Capital
Equity and Capital | 3 Months Ended |
Mar. 31, 2021 | |
Equity And Capital [Abstract] | |
Equity and Capital | 9. Equity and Capital Common Stock of the Parent Company Dividends Declared On May 5, 2021, our Board of Directors declared a common stock dividend of $0.595 per share, payable on July 6, 2021, to shareholders of record as of June 15, 2021. At the Market (“ATM”) Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. There were no shares issued under the ATM equity program during the three months ended March 31, 2021. As of March 31, 2021, all $500 million of common stock authorized under the ATM program remained available for issuance. Share Repurchase Program On February 3, 2021, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million shares of its outstanding common stock through open market purchases or in privately negotiated transactions. Any shares purchased, if not retired, will be treated as treasury shares. The program is set to expire on February 3, 2023, but may be modified or terminated at the discretion of the Board. The timing and actual number of shares purchased under the program depend upon marketplace conditions, liquidity needs, and other factors. Through March 31, 2021, no shares have been repurchased under this program. Common Units of the Operating Partnership Common units of the operating partnership are issued or redeemed and retired for each of the shares of Parent Company common stock issued or repurchased and retired, as described above. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation During the three months ended March 31, 2021, the Company granted 338,449 shares of restricted stock with a weighted-average grant-date fair value of $45.50 per share. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and records forfeitures as they occur. |
Non-Qualified Deferred Compensa
Non-Qualified Deferred Compensation Plan | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Non-Qualified Deferred Compensation Plan | 11. Non-Qualified Deferred Compensation Plan (“NQDCP”) The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) March 31, 2021 December 31, 2020 Location in Consolidated Balance Sheets Assets: Securities $ 41,054 40,964 Other assets Liabilities: Deferred compensation obligation $ 41,054 40,962 Accounts payable and other liabilities |
Earnings per Share and Unit
Earnings per Share and Unit | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share And Unit [Abstract] | |
Earnings per Share and Unit | 12. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Income (loss) attributable to common stockholders - basic $ 80,656 (25,332 ) Income (loss) attributable to common stockholders - diluted $ 80,656 (25,332 ) Denominator: Weighted average common shares outstanding for basic EPS 169,768 167,908 Weighted average common shares outstanding for diluted EPS (1) 170,006 167,908 Income (loss) per common share – basic $ 0.48 (0.15 ) Income (loss) per common share – diluted $ 0.47 (0.15 ) (1) Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the three months ended March 31, 2021 and 2020 was 765,046 for both periods. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Income (loss) attributable to common unit holders - basic $ 81,020 (25,447 ) Income (loss) attributable to common unit holders - diluted $ 81,020 (25,447 ) Denominator: Weighted average common units outstanding for basic EPU 170,533 168,673 Weighted average common units outstanding for diluted EPU (1) 170,771 168,673 Income (loss) per common unit – basic $ 0.48 (0.15 ) Income (loss) per common unit – diluted $ 0.47 (0.15 ) (1) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. However, no assurances can be given as to the outcome of any threatened or pending legal proceedings. Legal fees are expensed as incurred. Environmental The Company is subject to numerous environmental laws and regulations pertaining primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, and older underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contaminants; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of March 31, 2021 and December 31, 2020, the Company had $9.7 million |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidation | Consolidation The Company consolidates properties that are wholly-owned and properties where it owns less than 100%, but which it has control over the activities most important to the overall success of the partnership. Control is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities. Ownership of the Operating Partnership The Operating Partnership’s capital includes general and limited common Partnership Units. As of March 31, 2021, the Parent Company owned approximately 99.6% of the outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties (“Exchangeable operating partnership units” or “EOP units”). Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets. The Parent Company has evaluated the conditions as specified under Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity |
Real Estate Partnerships | Real Estate Partnerships As of March 31, 2021, Regency had a partial ownership interest in 123 properties through partnerships, of which 10 are consolidated. Regency's partners include institutional investors and other real estate developers and/or operators (the “Partners” or “limited partners”). Regency has a variable interest in these entities through its equity interests, with Regency the primary beneficiary in certain of these real estate partnerships. As such, Regency consolidates the partnerships for which it is the primary beneficiary and reports the limited partners’ interests as Noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not control, but has significant influence, Regency recognizes its investment in them using the equity method of accounting. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of the partnerships can only be settled by the assets of these partnerships or additional contributions by the partners. The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2021 December 31, 2020 Assets Net real estate investments $ 127,513 127,240 Cash, cash equivalents and restricted cash 4,793 4,496 Liabilities Notes payable 6,349 6,340 Equity Limited partners’ interests in consolidated partnerships 28,534 28,685 |
Revenues and Other Receivables | Revenues and Other Receivables Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2021 2020 Management, transaction and other fees: Property management services Over time 3,771 3,879 Asset management services Over time 1,715 1,838 Leasing services Point in time 851 710 Other transaction fees Point in time 56 389 Total management, transaction, and other fees $ 6,393 6,816 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes Notable changes and clarifications of potential impact include income-based franchise taxes being considered income tax, of which the Company has none, and interim period recognition of enacted changes in tax laws or rates, which is consistent with the Company’s existing practice. January 2021 The adoption of this standard did not have a material impact to the Company’s financial condition, results of operations, cash flows or related footnote disclosures. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Schedule of Variable Interest Entities | The major classes of assets, liabilities, and non-controlling equity interests held by the Company's consolidated VIEs, exclusive of the Operating Partnership, are as follows: (in thousands) March 31, 2021 December 31, 2020 Assets Net real estate investments $ 127,513 127,240 Cash, cash equivalents and restricted cash 4,793 4,496 Liabilities Notes payable 6,349 6,340 Equity Limited partners’ interests in consolidated partnerships 28,534 28,685 |
Revenues and Other Receivables | Other property income includes incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. All income from contracts with the Company's real estate partnerships is included within Management, transaction and other fees on the Consolidated Statements of Operations. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts recognized are as follows: Three months ended March 31, (in thousands) Timing of satisfaction of performance obligations 2021 2020 Management, transaction and other fees: Property management services Over time 3,771 3,879 Asset management services Over time 1,715 1,838 Leasing services Point in time 851 710 Other transaction fees Point in time 56 389 Total management, transaction, and other fees $ 6,393 6,816 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes Notable changes and clarifications of potential impact include income-based franchise taxes being considered income tax, of which the Company has none, and interim period recognition of enacted changes in tax laws or rates, which is consistent with the Company’s existing practice. January 2021 The adoption of this standard did not have a material impact to the Company’s financial condition, results of operations, cash flows or related footnote disclosures. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of business acquisitions | The Company had no acquisitions of consolidated shopping centers during the three months ended March 31, 2021 as compared to those detailed in the table below for the three months ended March 31, 2020: (in thousands) Three months ended March 31, 2020 Date Purchased Property Name City/State Property Type Ownership Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 1/1/20 Country Walk Plaza (1) Miami, FL Operating 100% $ 39,625 16,359 3,294 2,452 (1 ) |
Property Dispositions (Tables)
Property Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Properties Disposed of | The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth below: Three months ended March 31, (in thousands, except number sold data) 2021 2020 Net proceeds from sale of real estate investments $ 53,859 103,522 (1) Gain on sale of real estate, net of tax 11,698 38,005 Number of operating properties sold 4 2 Number of land parcels sold 1 1 Percent interest sold 100 % 100% (1) |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the dates set forth below: (in thousands) March 31, 2021 December 31, 2020 Goodwill, net $ 172,120 173,868 Investments 60,993 60,692 Prepaid and other 27,515 17,802 Furniture, fixtures, and equipment, net 6,026 6,560 Deferred financing costs, net 9,167 2,524 Total other assets $ 275,821 261,446 |
Schedule of Goodwill | The following table presents the goodwill balances and activity during the year to date periods ended: March 31, 2021 December 31, 2020 (in thousands) Goodwill Accumulated Impairment Losses Total Goodwill Accumulated Impairment Losses Total Beginning of year balance $ 307,413 (133,545 ) 173,868 310,388 (2,954 ) 307,434 Goodwill allocated to Provision for impairment — — — — (132,179 ) (132,179 ) Goodwill allocated to Properties held for sale (1,306 ) — (1,306 ) (1,191 ) 1,191 — Goodwill associated with disposed reporting units: Goodwill allocated to Gain on sale of real estate (442 ) — (442 ) (1,784 ) 397 (1,387 ) End of period balance $ 305,665 (133,545 ) 172,120 307,413 (133,545 ) 173,868 |
Notes Payable and Unsecured C_2
Notes Payable and Unsecured Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs | The Company’s outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following: (in thousands) Weighted Average Contractual Rate Weighted Average Effective Rate March 31, 2021 December 31, 2020 Notes payable: Fixed rate mortgage loans 4.2% 4.0% $ 265,835 272,750 Variable rate mortgage loans (1) 2.8% 2.9% 145,702 146,046 Fixed rate unsecured debt 3.8% 4.0% 3,240,705 3,239,609 Total notes payable 3,652,242 3,658,405 Unsecured credit facilities: Line of Credit (the "Line") (2) 1.0% 1.4% — — Term loan (3) 2.0% 2.1% — 264,679 Total unsecured credit facilities — 264,679 Total debt outstanding $ 3,652,242 3,923,084 (1) Includes six mortgages with interest rates that vary on LIBOR based formulas. Four of these variable rate loans have interest rate swaps in place to fix the interest rates. The effective fixed rates of the loans range from 2.5% to 4.1%. (2) Weighted average effective rate for the Line is calculated based on a fully drawn Line balance. ( 3 ) Weighted average contractual and effective rates for the Term Loan are as of December 31, 2020, as the entire balance was repaid during January 2021. |
Schedule of maturities of long-term debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) March 31, 2021 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total 2021 (2) $ 8,504 36,604 — 45,108 2022 11,389 5,848 — 17,237 2023 9,695 65,725 — 75,420 2024 4,849 90,742 250,000 345,591 2025 3,732 40,000 250,000 293,732 Beyond 5 Years 10,583 120,969 2,775,000 2,906,552 Unamortized debt premium/(discount) and issuance costs — 2,897 (34,295 ) (31,398 ) Total $ 48,752 362,785 3,240,705 3,652,242 (1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments for the remainder of the year. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: Fair Value (in thousands) Assets (Liabilities) (1) Effective Date Maturity Date Notional Amount Receive Variable Rate of Pay Fixed Rate of March 31, 2021 December 31, 2020 8/1/16 1/5/22 (2) $ 265,000 1 Month LIBOR with Floor 1.053% $ — (2,472 ) 4/7/16 4/1/23 19,312 1 Month LIBOR 1.303% (413 ) (494 ) 12/1/16 11/1/23 32,220 1 Month LIBOR 1.490% (955 ) (1,181 ) 9/17/19 3/17/25 24,000 1 Month LIBOR 1.542% (834 ) (1,288 ) 6/2/17 6/2/27 36,449 1 Month LIBOR with Floor 2.366% (2,414 ) (3,856 ) $ (4,616 ) (9,291 ) (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 ) In January 2021, the Company |
Derivative Instruments, Gain (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Three months ended March 31, Three months ended March 31, Three months ended March 31, (in thousands) 2021 2020 2021 2020 2021 2020 Interest rate swaps $ 5,810 (16,079 ) Interest expense $ 1,035 1,425 Interest expense, net $ 36,936 37,436 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in ASC Topic 842: (in thousands) Three months ended March 31, 2021 2020 Operating lease income Fixed and in-substance fixed lease income $ 196,054 204,943 Variable lease income 64,067 64,668 Other lease related income, net: Above/below market rent and tenant rent inducement amortization, net 5,996 12,880 Uncollectible straight line rent (2,035 ) (3,902 ) Uncollectible amounts billable in lease income 2,275 (4,052 ) Total lease income $ 266,357 274,537 |
Components Of Tenant And Other Receivables | The following table represents the components of Tenant and other receivables in the accompanying Consolidated Balance Sheets: (in thousands) March 31, 2021 December 31, 2020 Tenant receivables $ 21,630 $ 39,658 Straight-line rent receivables 87,180 86,615 Other receivables (1) 18,645 17,360 Total tenant and other receivables $ 127,455 $ 143,633 (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of balance sheet fair values | All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except for the following: March 31, 2021 December 31, 2020 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial liabilities: Notes payable $ 3,652,242 3,943,126 3,658,405 4,102,382 Unsecured credit facilities $ — — 264,679 265,226 |
Summary of assets measured on recurring basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2021 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 $ 45,337 45,337 — — Available-for-sale debt securities 15,656 — 15,656 — Total $ 60,993 45,337 15,656 — Liabilities: Interest rate derivatives $ (4,616 ) — (4,616 ) — Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Balance (Level 1) (Level 2) (Level 3) Assets: Securities $ 44,986 44,986 — — Available-for-sale debt securities 15,706 — 15,706 — Total $ 60,692 44,986 15,706 — Liabilities: Interest rate derivatives $ (9,291 ) — (9,291 ) — |
Summary of assets measured on non-recurring basis | The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a nonrecurring basis as of December 31, 2020: Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Operating properties $ 25,000 — 25,000 — (17,532 ) |
Non-Qualified Deferred Compen_2
Non-Qualified Deferred Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations | The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: (in thousands) March 31, 2021 December 31, 2020 Location in Consolidated Balance Sheets Assets: Securities $ 41,054 40,964 Other assets Liabilities: Deferred compensation obligation $ 41,054 40,962 Accounts payable and other liabilities |
Earnings per Share and Unit (Ta
Earnings per Share and Unit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per share: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Income (loss) attributable to common stockholders - basic $ 80,656 (25,332 ) Income (loss) attributable to common stockholders - diluted $ 80,656 (25,332 ) Denominator: Weighted average common shares outstanding for basic EPS 169,768 167,908 Weighted average common shares outstanding for diluted EPS (1) 170,006 167,908 Income (loss) per common share – basic $ 0.48 (0.15 ) Income (loss) per common share – diluted $ 0.47 (0.15 ) (1) |
Partnership Interest [Member] | |
Schedule of earnings per share | The following summarizes the calculation of basic and diluted earnings per unit: Three months ended March 31, (in thousands, except per share data) 2021 2020 Numerator: Income (loss) attributable to common unit holders - basic $ 81,020 (25,447 ) Income (loss) attributable to common unit holders - diluted $ 81,020 (25,447 ) Denominator: Weighted average common units outstanding for basic EPU 170,533 168,673 Weighted average common units outstanding for diluted EPU (1) 170,771 168,673 Income (loss) per common unit – basic $ 0.48 (0.15 ) Income (loss) per common unit – diluted $ 0.47 (0.15 ) (1) |
Organization and Significant _4
Organization and Significant Accounting Policies - Organization and Principles of Consolidation (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)retail_shopping_center | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Unsecured public and private notes | $ | $ 200 |
Operating Partnership [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership percentage of outstanding common partnership units | 99.60% |
Wholly Owned Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 293 |
Unconsolidated Properties [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of real estate properties | 113 |
Organization and Significant _5
Organization and Significant Accounting Policies - Schedule of Variable Interest Entities (Details) $ in Thousands | Mar. 31, 2021USD ($)retail_shopping_center | Dec. 31, 2020USD ($) |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 10,625,988 | $ 10,936,904 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 4,582,944 | 4,878,757 |
Noncontrolling Interest in Variable Interest Entity | 28,534 | 28,685 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 6,349 | 6,340 |
Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 127,513 | 127,240 |
Cash and Cash Equivalents [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 4,793 | $ 4,496 |
Partially Owned Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of real estate properties | retail_shopping_center | 123 | |
Consolidated Properties [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of real estate properties | retail_shopping_center | 10 |
Organization and Significant _6
Organization and Significant Accounting Policies - Revenues and Tenant and Other Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of management, transaction, and other fees [Line Items] | |||
Management, transaction, and other fees | $ 6,393 | $ 6,816 | |
Tenant and other receivables | 127,455 | $ 143,633 | |
Management, transaction, and other fee [Member] | |||
Schedule of management, transaction, and other fees [Line Items] | |||
Tenant and other receivables | 10,500 | $ 9,900 | |
Property management services [Member] | |||
Schedule of management, transaction, and other fees [Line Items] | |||
Management, transaction, and other fees | 3,771 | 3,879 | |
Asset management services [Member] | |||
Schedule of management, transaction, and other fees [Line Items] | |||
Management, transaction, and other fees | 1,715 | 1,838 | |
Leasing services [Member] | |||
Schedule of management, transaction, and other fees [Line Items] | |||
Management, transaction, and other fees | 851 | 710 | |
Other transaction fees [Member] | |||
Schedule of management, transaction, and other fees [Line Items] | |||
Management, transaction, and other fees | $ 56 | $ 389 |
Real Estate Investments Busines
Real Estate Investments Business Acquisitions (Details) - Pablo Plaza [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Date Purchased | Jan. 1, 2020 |
Property Name | Country Walk Plaza (1) |
City/State | Miami, FL |
Ownership | 100.00% |
Purchase Price | $ 39,625 |
Debt Assumed, Net of Premiums | 16,359 |
Off-Market Favorable Lease [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets | 3,294 |
Off-Market Lease, Unfavorable [Member] | |
Business Acquisition [Line Items] | |
Intangible Assets | $ 2,452 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)property | Mar. 31, 2020USD ($)property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale of real estate investments | $ | $ 53,859 | $ 103,522 |
Gain on sale of real estate, net of tax | $ | $ 11,698 | $ 38,005 |
Operating Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold classified as held for sale | 1 | |
Wholly Owned Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Percent interest sold | 100.00% | 100.00% |
Operating Properties [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties sold | 4 | 2 |
Land [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties sold | 1 | 1 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | |||
Goodwill, net | $ 172,120 | $ 173,868 | $ 307,434 |
Investments | 60,993 | 60,692 | |
Prepaid and other | 27,515 | 17,802 | |
Furniture, fixtures, and equipment, net | 6,026 | 6,560 | |
Deferred financing costs, net | 9,167 | 2,524 | |
Total other assets | $ 275,821 | $ 261,446 |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill Gross, Beginning balance | $ 307,413 | $ 310,388 |
Goodwill Gross, allocated to Provision for impairment | 0 | 0 |
Goodwill Gross, allocated to Properties held for sale | (1,306) | (1,191) |
Goodwill, ending balance | 305,665 | 307,413 |
Goodwill, Accumulated Impairment Losses, Beginning balance | (133,545) | (2,954) |
Goodwill Accumulated Impairment Losses, allocated to Provision for impairment | 0 | (132,179) |
Goodwill Accumulated Impairment Losses, allocated to Properties held for sale | 0 | 1,191 |
Goodwill, Accumulated Impairment Losses, Ending balance | (133,545) | (133,545) |
Goodwill, Beginning balance | 173,868 | 307,434 |
Goodwill allocated to Provision for impairment | 0 | (132,179) |
Goodwill allocated to Properties held for sale | (1,306) | 0 |
Goodwill, Ending balance | 172,120 | 173,868 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Goodwill [Line Items] | ||
Goodwill Gross, allocated to Gain on sale of real estate | (442) | (1,784) |
Goodwill Accumulated Impairment Losses, allocated to Gain on sale of real estate | 0 | 397 |
Goodwill allocated to Gain on sale of real estate | $ (442) | $ (1,387) |
Other Assets (Details)
Other Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021Reportingunit | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Goodwill [Line Items] | |||
Goodwill, impairment loss | $ | $ 132,128 | ||
Accumulated Impairment Losses | Natural Disasters and Other Casualty Events [Member] | |||
Goodwill [Line Items] | |||
Goodwill, impairment loss | $ | $ 132,200 | ||
Accumulated Impairment Losses | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Natural Disasters and Other Casualty Events [Member] | |||
Goodwill [Line Items] | |||
Number of reporting units | Reportingunit | 269 | ||
Fair Value lower than carrying value | Reportingunit | 87 |
Schedule of Debt Net of Unamort
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,652,242 | $ 3,923,084 |
Fixed Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 4.20% | |
Debt, Weighted Average Effective Interest Rate | 4.00% | |
Long-term Debt | $ 265,835 | 272,750 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 3.80% | |
Debt, Weighted Average Effective Interest Rate | 4.00% | |
Long-term Debt | $ 3,240,705 | 3,239,609 |
Total credit facilities | 264,679 | |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,652,242 | 3,658,405 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 1.00% | |
Debt, Weighted Average Effective Interest Rate | 1.40% | |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 2.00% | |
Debt, Weighted Average Effective Interest Rate | 2.10% | |
Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facilities | 264,679 | |
London Interbank Offered Rate (LIBOR) [Member] | Variable Rate Mortgage Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Contractual Interest Rate | 2.80% | |
Debt, Weighted Average Effective Interest Rate | 2.90% | |
Long-term Debt | $ 145,702 | $ 146,046 |
Schedule of Debt Net of Unamo_2
Schedule of Debt Net of Unamortized Debt Premium (Discount) and Debt Issuance Costs (Parentheticals) (Details) - Variable Rate Mortgage Loans [Member] - London Interbank Offered Rate (LIBOR) [Member] | Mar. 31, 2021 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 2.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, effective fixed interest rate | 4.10% |
Notes Payable and Unsecured C_3
Notes Payable and Unsecured Credit Facilities Narrative (Details) - USD ($) | Feb. 09, 2021 | Jan. 31, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | |||
Line Of Credit Facility Maximum Borrowing Capacity | $ 1,200,000,000 | ||
Long-term Debt, Maturity Date | Mar. 23, 2025 | ||
Repayments of loan | $ 265,000,000 | ||
Cash paid relating to interest rate swap | $ 2,500,000 | ||
Accordion Feature | |||
Debt Instrument [Line Items] | |||
Line Of Credit Facility Maximum Borrowing Capacity | 1,250 | ||
Swing Loan | |||
Debt Instrument [Line Items] | |||
Line Of Credit Facility Maximum Borrowing Capacity | 125,000 | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Line Of Credit Facility Maximum Borrowing Capacity | $ 50,000 |
Notes Payable and Unsecured C_4
Notes Payable and Unsecured Credit Facilities Schedule of maturities of long-term debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 | $ 45,108 | |
2022 | 17,237 | |
2023 | 75,420 | |
2024 | 345,591 | |
2025 | 293,732 | |
Beyond 5 Years | 2,906,552 | |
Unamortized debt premium/(discount) and issuance costs | (31,398) | |
Total | 3,652,242 | $ 3,923,084 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total | 3,240,705 | $ 3,239,609 |
Scheduled Principal Payments [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 8,504 | |
2022 | 11,389 | |
2023 | 9,695 | |
2024 | 4,849 | |
2025 | 3,732 | |
Beyond 5 Years | 10,583 | |
Unamortized debt premium/(discount) and issuance costs | 0 | |
Total | 48,752 | |
Mortgage Loan Maturities | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 36,604 | |
2022 | 5,848 | |
2023 | 65,725 | |
2024 | 90,742 | |
2025 | 40,000 | |
Beyond 5 Years | 120,969 | |
Unamortized debt premium/(discount) and issuance costs | 2,897 | |
Total | 362,785 | |
Unsecured Maturities [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 250,000 | |
2025 | 250,000 | |
Beyond 5 Years | 2,775,000 | |
Unamortized debt premium/(discount) and issuance costs | (34,295) | |
Total | $ 3,240,705 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5,810 | $ (16,079) | |
Amount reclassified from accumulated other comprehensive loss | 1,035 | 1,425 | |
Interest Expense | 36,936 | $ 37,436 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 3,700 | ||
Fair Value, Measurements, Recurring [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | (4,616) | $ (9,291) | |
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | (4,616) | (9,291) | |
Interest Rate Cash Flow Hedge Derivative At Fair Value Net | $ (4,616) | (9,291) | |
Derivative @ 1.053% 265.000M [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Aug. 1, 2016 | ||
Derivative, Maturity Date | Jan. 5, 2022 | ||
Derivative, Notional Amount | $ 265,000 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||
Derivative, Fixed Interest Rate | 1.053% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | (2,472) | ||
Derivative @ 1.303% 19.678M [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Apr. 7, 2016 | ||
Derivative, Maturity Date | Apr. 1, 2023 | ||
Derivative, Notional Amount | $ 19,312 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.303% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (413) | (494) | |
Derivative @ 1.490% 32.809M [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Dec. 1, 2016 | ||
Derivative, Maturity Date | Nov. 1, 2023 | ||
Derivative, Notional Amount | $ 32,220 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.49% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (955) | (1,181) | |
Derivative @ 1.542% 24.000M [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Sep. 17, 2019 | ||
Derivative, Maturity Date | Mar. 17, 2025 | ||
Derivative, Notional Amount | $ 24,000 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR | ||
Derivative, Fixed Interest Rate | 1.542% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (834) | (1,288) | |
Derivative @ 2.366% 37.022M [Member] | |||
Derivative [Line Items] | |||
Derivative, Inception Date | Jun. 2, 2017 | ||
Derivative, Maturity Date | Jun. 2, 2027 | ||
Derivative, Notional Amount | $ 36,449 | ||
Derivative, Description of Variable Rate Basis | 1 Month LIBOR with Floor | ||
Derivative, Fixed Interest Rate | 2.366% | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ (2,414) | $ (3,856) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Parentheticals) (Details) $ in Thousands | 1 Months Ended |
Jan. 31, 2021USD ($) | |
Term Loan [Member] | Interest Rate Swap | |
Derivative [Line Items] | |
Repayments of unsecured debt | $ 265 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Operating Leased Assets [Line Items] | ||||
Fixed and in-substance fixed lease income | $ 196,054 | $ 204,943 | ||
Variable lease income | 64,067 | 64,668 | ||
Uncollectible straight line rent | (2,035) | (3,902) | ||
Uncollectible amounts billable in lease income | 2,275 | (4,052) | ||
Total lease income | 266,357 | 274,537 | ||
Uncollectible lease Income from cash basis tenants | 2,300 | |||
Accounts and Notes Receivable, Net | 127,455 | $ 143,633 | ||
Straight-line rent receivables | 87,180 | 86,615 | ||
Tenant Receivables [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | 21,630 | 39,658 | ||
Other Receivable [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Accounts and Notes Receivable, Net | [1] | 18,645 | $ 17,360 | |
Lessor [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Above/below market rent and tenant rent inducement amortization, net | $ 5,996 | $ 12,880 | ||
[1] | (1) Other receivables include construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction and other fee income. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 3,652,242 | $ 3,658,405 | |
Unsecured credit facilities | 264,679 | ||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 400 | $ (5,400) | |
Impairment of Real Estate | $ (784) | 17,500 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 45,337 | 44,986 | |
Available-for-sale Securities | 15,656 | 15,706 | |
Total | 60,993 | 60,692 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (4,616) | (9,291) | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating properties | 25,000 | ||
Impairment of Real Estate | (17,532) | ||
Fair Value Inputs Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable, Fair Value | 3,943,126 | 4,102,382 | |
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 15,656 | 15,706 | |
Total | 15,656 | 15,706 | |
Interest Rate Cash Flow Hedge Liability at Fair Value | (4,616) | (9,291) | |
Fair Value Inputs Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating properties | 25,000 | ||
Fair Value Inputs Level 2 [Member] | Unsecured Credit Facilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unsecured credit facilities, Fair Value | 265,226 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities, Trading, and Equity Securities, FV-NI | 45,337 | 44,986 | |
Total | $ 45,337 | $ 44,986 |
Equity and Capital - Common Sto
Equity and Capital - Common Stock (Details) - USD ($) | May 05, 2021 | Feb. 03, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Class of Stock [Line Items] | ||||
Common stock dividend declared, per share | $ 0.595 | $ 0.595 | ||
Common stock remaining available for Issuance | 500,000,000 | |||
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | |||
Stock Repurchase Program Expiration Date | Feb. 3, 2023 | |||
Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Value | $ 0 | |||
Equity Offering Program [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued under program | 0 | |||
Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Equity Issuances, Common Shares Authorized for Issuance | 500,000,000 | |||
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock dividend declared, per share | $ 0.595 | |||
Common stock, dividends payable date | Jul. 6, 2021 | |||
Common stock, dividends record date | Jun. 15, 2021 | |||
Common stock, dividends declared date | May 5, 2021 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 338,449 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 45.50 |
Non-Qualified Deferred Compen_3
Non-Qualified Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Securities | $ 41,054 | $ 40,964 |
Accounts Payable and Other Liabilities [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred compensation obligation | $ 41,054 | $ 40,962 |
Earnings per Share and Unit (De
Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Earnings Per Share Basic [Line Items] | |||
Income (loss) per common share - basic | $ 0.48 | $ (0.15) | |
Income (loss) per common share - diluted | $ 0.47 | $ (0.15) | |
Weighted Average Limited Partnership Units Outstanding, Basic | 765,046 | 765,046 | |
Continuing Operations | Parent Company | |||
Earnings Per Share Basic [Line Items] | |||
Income (loss) attributable to common stockholders - basic | $ 80,656 | $ (25,332) | |
Income (loss) attributable to common stockholders - diluted | $ 80,656 | $ (25,332) | |
Weighted average common shares/units outstanding for basic EPS/EPU | 169,768,000 | 167,908,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | [1] | 170,006,000 | 167,908,000 |
Income (loss) per common share - basic | $ 0.48 | $ (0.15) | |
Income (loss) per common share - diluted | $ 0.47 | $ (0.15) | |
Continuing Operations | Partnership Interest [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Income (loss) attributable to common stockholders - basic | $ 81,020 | $ (25,447) | |
Income (loss) attributable to common stockholders - diluted | $ 81,020 | $ (25,447) | |
Weighted average common shares/units outstanding for basic EPS/EPU | 170,533,000 | 168,673,000 | |
Weighted average common shares/units outstanding for diluted EPS/EPU | 170,771,000 | 168,673,000 | |
Income (loss) per common share - basic | $ 0.48 | $ (0.15) | |
Income (loss) per common share - diluted | $ 0.47 | $ (0.15) | |
[1] | The three months ended March 31, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Letters of Credit Outstanding, Amount | $ 9.7 | $ 9.7 |