Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Dispositions

The following table provides a summary of shopping centers disposed of during the three and nine months endedSeptember 30, 2013 and 2012 (in thousands):

		Three months ended September 30,			Nine months ended September 30,
		2013	2012		2013	2012
Net proceeds	$	48,999	—	$	131,633	39,200
Gain on sale of properties	$	16,052	—	$	27,462	8,605
Number of properties sold		4	—		8	4
Percent interest sold		100%	—%		100%	100%

One of the properties sold during the three months ended September 30, 2013 had a sales price of $15.2 million, with a cost basis of $7.9 million, and was financed by the Company issuing a note receivable for $14.9 million. The note is secured by a lien on the property and a guarantee by the purchaser and the purchaser's parent corporation and matures in January 2014. The note receivable is included in the Company's consolidated balance sheets, net of the deferred gain of $7.3 million, which will be recognized under the installment method when principal is paid no later than January 2014.

The following table provides a summary of revenues and expenses from properties included in discontinued operations, and those held for sale, for three and nine months endedSeptember 30, 2013 and 2012 (in thousands):

		Three months ended September 30,				Nine months ended September 30,
		2013	2012			2013	2012
Revenues	$	1,328	4,480		$	8,497	14,713
Operating expenses		662	2,675			4,301	8,883
Provision for impairment		—	—			—	4,500
Income tax benefit (1)		—	(6	)		—	(20	)
Operating income from discontinued operations	$	666	1,811		$	4,196	1,350

⁽¹⁾ The operating income and gain on sales of properties included in discontinued operations are reported net of income taxes, if the property is sold by Regency Realty Group, Inc., a wholly owned subsidiary of the Operating Partnership, which is a Taxable REIT subsidiary as defined by in Section 856(1) of the Internal Revenue Code.

Dispositions - Investments in Unconsolidated Real Estate Partnerships

During the three months ended September 30, 2013, the Company sold the portfolio of shopping centers owned by Regency Retail Partners, LP (the "Fund") together with two adjacent operating property phases wholly-owned by the Company, which are included above. The gain from sale of these properties is recognized within equity in income of investments in real estate partnerships in the accompanying consolidated statements of operations. The Fund will be liquidated following final distribution of proceeds.