x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FLORIDA (REGENCY CENTERS CORPORATION) | 59-3191743 | |
DELAWARE (REGENCY CENTERS, L.P) | 59-3429602 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Independent Drive, Suite 114 Jacksonville, Florida 32202 | (904) 598-7000 | |
(Address of principal executive offices) (zip code) | (Registrant's telephone number, including area code) |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o | Smaller reporting company | o |
Large accelerated filer | o | Accelerated filer | x | |
Non-accelerated filer | o | Smaller reporting company | o |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Item 6. | Exhibits |
• | should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; |
• | have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; |
• | may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and |
• | were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. |
32.1* | 18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation |
32.2* | 18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation |
** | Furnished herein. |
August 29, 2011 | REGENCY CENTERS CORPORATION and REGENCY CENTERS, L.P. | |
By: | /s/ Bruce M. Johnson Bruce M. Johnson, Executive Vice President, Chief Financial Officer (Principal Financial Officer), and Director | |
/s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer) |
Stock-Based Compensation Stock-Based Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below for the three and six months ended June 30, 2011 and 2010 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table reports stock option activity during the six months ended June 30, 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Option Activity [Table Text Block] | The following table presents information regarding non-vested option activity during the six months ended June 30, 2011:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | The following table reports non-vested restricted stock activity during the six months ended June 30, 2011:
|
Document and Entity Information
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Aug. 04, 2011
|
|
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2011 | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | REGENCY CENTERS CORP | |
Entity Central Index Key | 0000910606 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 89,905,971 | |
Partnership Interest [Member]
|
||
Entity Registrant Name | REGENCY CENTERS LP | |
Entity Central Index Key | 0001066247 | |
Entity Filer Category | Accelerated Filer |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
Discontinued Operations
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During the six months ended June 30, 2011, the Company did not sell any operating or development properties. During the six months ended June 30, 2010, the Company sold 100% of its ownership interest in one operating property and one property in development for net proceeds of $25.5 million. The combined operating income and gain on the sale of these properties were reclassified to discontinued operations. The revenues included in discontinued operations were approximately $626,000 for the six months ended June 30, 2010. 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 in Section 856(l) of the Internal Revenue Code. During the six months ended June 30, 2010, an immaterial amount of income tax expense was allocated to gain on sale of properties in development from discontinued operations. |
Discontinued Operations Discontinued Operations (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Revenue | $ 626,000 | |
Wholly Owned Properties [Member]
|
||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |
Proceeds from Sale of Real Estate | $ 25,500,000 |
Organization and Principles of Consolidation Organization and Principles of Consolidation (Details)
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Operations Commenced Date | 1993 |
Wholly Owned Properties [Member]
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of Real Estate Properties | 220 |
Unconsolidated Properties [Member]
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of Real Estate Properties | 147 |
Parent Company [Member]
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Parent Company, Ownership Percentage of Outstanding Common Partnership Units of Operating Partnership | 99.80% |
Stock-Based Compensation
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below for the three and six months ended June 30, 2011 and 2010 (in thousands):
The recorded amounts of stock-based compensation expense represent amortization of the grant date fair value of restricted stock awards over the respective vesting periods. Compensation expense specifically identifiable to development and leasing activities is capitalized and included above. There were no stock options granted during the six months ended June 30, 2011. The Company issues new shares to fulfill option exercises from its authorized shares available. The following table reports stock option activity during the six months ended June 30, 2011:
The following table presents information regarding non-vested option activity during the six months ended June 30, 2011:
The following table reports non-vested restricted stock activity during the six months ended June 30, 2011:
The weighted-average grant price for restricted stock granted during the six months ended June 30, 2011 was $41.79. The total intrinsic value of restricted stock vested during the six months ended June 30, 2011 was $7.5 million. As of June 30, 2011, there was $19.0 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Long-term Omnibus Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity and Comprehensive Income (Loss) of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital and Comprehensive Income (Loss) of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years, through 2014. The Company issues new restricted stock from its authorized shares available at the date of grant. |
Notes Payable and Unsecured Line of Credit
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable and Unsecured Line of Credit | Notes Payable and Unsecured Line of Credit The Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt and 8.2% of the secured debt of the Operating Partnership. Notes Payable Notes payable consist of mortgage loans secured by properties and unsecured public debt. Mortgage loans may be prepaid, but could be subject to yield maintenance premiums. Mortgage loans are generally due in monthly installments of principal and interest or interest only, and mature over various terms through 2022, whereas, interest on unsecured public debt is payable semi-annually and the debt matures over various terms through 2021. Fixed interest rates on mortgage loans range from 5.22% to 8.40% with a weighted average rate of 6.55%. Fixed interest rates on unsecured public debt range from 4.80% to 7.95% with a weighted average rate of 5.61%. As of June 30, 2011, the Company had two variable rate mortgage loans, one in the amount of $3.9 million with a variable interest rate equal to LIBOR plus 380 basis points maturing on October 1, 2014 and one construction loan with a current balance of $8.9 million with a variable interest rate of LIBOR plus 300 basis points maturing on September 2, 2011. On January 18, 2011, the Company paid the maturing balance of $161.7 million of 7.95% ten-year senior unsecured notes from proceeds from the unsecured line of credit. The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of June 30, 2011, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. Unsecured Line of Credit The Company has a $600.0 million unsecured line of credit (the “Line”) commitment under an agreement with Wells Fargo Bank and a syndicate of other banks that matures in February 2012. The Line has a variable interest rate of LIBOR plus 55 basis points and an annual facility fee of 15 basis points subject to Regency maintaining its corporate credit and senior unsecured ratings at BBB. The balance on the Line was $30.0 million and $10.0 million at June 30, 2011 and December 31, 2010, respectively. The Company has initiated discussions with its lender to enter into a new Line commitment and term, and expects to close on a new commitment prior to February 2012. The Company is required to comply with certain financial covenants as defined in the Credit Agreement such as Minimum Net Worth, Ratio of Total Liabilities to Gross Asset Value (“GAV”) and Ratio of Recourse Secured Indebtedness to GAV, Ratio of Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) to Fixed Charges, and other covenants customary with this type of unsecured financing. As of June 30, 2011, management of the Company believes it is in compliance with all financial covenants for the Line. The proceeds from the Line are used to finance the acquisition and development of real estate and for general working-capital purposes. The Company previously had a $113.8 million revolving credit facility under an agreement with Wells Fargo Bank and a syndicate of other banks that matured in February 2011. There was no balance outstanding at December 31, 2010 and the Company did not renew this facility when it matured in February 2011. The Company’s outstanding debt at June 30, 2011 and December 31, 2010 consists of the following (in thousands):
As of June 30, 2011, scheduled principal payments and maturities on notes payable were as follows (in thousands):
(1) Includes unsecured public debt and the Line. The Line is included in 2012 maturities and matures in February 2012. |
Earnings per Share and Unit
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share and Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share and Unit | Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share for the periods ended June 30, 2011 and 2010, respectively (in thousands except per share data):
Income (Loss) allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and Exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. Weighted average Exchangeable Operating Partnership units outstanding for the three months ended June 30, 2011 and 2010 were 177,164 and 256,598, respectively. Weighted average Exchangeable Operating Partnership units outstanding for the six months ended June 30, 2011 and 2010 were 177,164 and 354,126, respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit for the periods ended June 30, 2011 and 2010, respectively (in thousands except per unit data):
|
Fair Value Measurements
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Trading Securities Held in Trust The Company has investments in marketable securities that are classified as trading securities held in trust on the accompanying Consolidated Balance Sheets. The fair value of the trading securities held in trust was determined using Level 1 quoted prices in active markets. The fair value of the trading securities held in trust was $23.3 million and $20.9 million at June 30, 2011 and December 31, 2010, respectively. Notes Payable The fair value of the Company's notes payable are estimated based on the current rates available to the Company for debt of the same terms and remaining maturities. Fixed rate loans assumed in connection with real estate acquisitions are recorded in the accompanying consolidated financial statements at fair value at the time the property is acquired including those loans assumed in distribution-in-kind liquidations. Each of these fair value measurements fall within Level 3 of the fair value hierarchy. Based on the estimates used by the Company, the fair value of notes payable was $2.2 billion at both June 30, 2011 and December 31, 2010. |
Equity and Capital, Repayment of Debt (Details) (Unsecured Debt [Member], USD $)
In Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Mar. 31, 2011
|
Jun. 30, 2011
|
|
Unsecured Debt [Member]
|
||
Extinguishment of Debt [Line Items] | ||
Repayments of Unsecured Debt | $ 161,700 | |
Debt Instrument, Maturity Date | Jan. 31, 2011 | Jan. 18, 2011 |
Income Taxes
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income tax expense (benefit) is included in other expenses in the accompanying Consolidated Statements of Operations and consists of the following for the three and six months ended June 30, 2011 and 2010 (in thousands):
|
Consolidated Statement of Equity and Comprehensive Income (Loss) (USD $)
In Thousands |
Parent Company [Member]
|
Parent Company [Member]
Preferred Stock [Member]
|
Parent Company [Member]
Common Stock [Member]
|
Parent Company [Member]
Treasury Stock [Member]
|
Parent Company [Member]
Additional Paid-in Capital [Member]
|
Parent Company [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Parent Company [Member]
Accumulated Distributions in Excess of Net Income [Member]
|
Parent Company [Member]
Total Stockholders' Equity [Member]
|
Parent Company [Member]
Noncontrolling Interests Preferred Units [Member]
|
Parent Company [Member]
Noncontrolling Interest Exchangeable Operating Partnership Units [Member]
|
Parent Company [Member]
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]
|
Parent Company [Member]
Total Noncontrolling Interests [Member]
|
Partnership Interest [Member]
|
Partnership Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Partnership Interest [Member]
Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships [Member]
|
Partnership Interest [Member]
Preferred Units, Class [Domain]
|
Partnership Interest [Member]
General Partner [Member]
|
Partnership Interest [Member]
Limited Partners' Capital Account, Class [Domain]
|
Partnership Interest [Member]
Partners Capital Total [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2009 | $ 1,930,606 | $ 275,000 | $ 815 | $ (16,509) | $ 2,024,883 | $ (49,973) | $ (371,837) | $ 1,862,379 | $ 49,158 | $ 7,321 | $ 11,748 | $ 68,227 | $ 1,930,606 | $ (49,973) | $ 11,748 | $ 49,158 | $ 1,912,352 | $ 7,321 | $ 1,918,858 |
Comprehensive Income: | |||||||||||||||||||
Net income | 31,143 | 0 | 0 | 0 | 0 | 0 | 28,985 | 28,985 | 1,862 | 121 | 175 | 2,158 | 31,143 | 0 | 175 | 1,862 | 28,985 | 121 | 30,968 |
Amortization of loss on derivative instruments | (1,756) | 0 | 0 | 0 | 0 | (1,752) | 0 | (1,752) | 0 | (4) | 0 | (4) | (1,756) | (1,752) | 0 | 0 | 0 | (4) | (1,756) |
Change In Fair Value Of Derivative Instruments Net Of Settlement | (25,789) | 0 | 0 | 0 | 0 | (25,729) | 0 | (25,729) | 0 | (60) | 0 | (60) | (25,789) | (25,729) | 0 | 0 | 0 | (60) | (25,789) |
Total comprehensive income | 7,110 | 5,008 | 2,102 | 7,110 | 6,935 | ||||||||||||||
Deferred compensation plan, net | (111) | 0 | 0 | (314) | 203 | 0 | 0 | (111) | 0 | 0 | 0 | 0 | 111 | 0 | 0 | 0 | 111 | 0 | 111 |
Restricted stock issued, net of amortization | 3,426 | 0 | 0 | 0 | 3,426 | 0 | 0 | 3,426 | 0 | 0 | 0 | 0 | |||||||
Common stock redeemed for taxes withheld for stock based compensation, net | (1,404) | 0 | 0 | 0 | (1,404) | 0 | 0 | (1,404) | 0 | 0 | 0 | 0 | |||||||
Common stock issued for dividend reinvestment plan | 1,314 | 0 | 1 | 0 | 1,313 | 0 | 0 | 1,314 | 0 | 0 | 0 | 0 | |||||||
Common stock issued for partnership units exchanged | 7,311 | 7,311 | |||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 0 | 0 | 3 | 0 | 7,308 | 0 | 0 | 7,311 | 0 | (7,311) | 0 | (7,311) | |||||||
Contributions from partners | 128 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 128 | 128 | 128 | 0 | 128 | 0 | 0 | 0 | 0 |
Distributions to partners | (1,212) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,212) | (1,212) | (77,076) | 0 | (1,212) | 0 | (75,574) | (290) | (75,864) |
Preferred unit distributions | (11,700) | 0 | 0 | (1,862) | (9,838) | 0 | (11,700) | ||||||||||||
Restricted stock issued by Parent Company, net of amortization | 3,426 | 0 | 0 | 0 | 3,426 | 0 | 3,426 | ||||||||||||
Common units issued as a result of common stock issued by Parent Company, net of repurchases | (90) | 0 | 0 | 0 | (90) | 0 | (90) | ||||||||||||
Common units exchanged for common stock of Parent Company | 0 | 0 | 0 | 0 | 7,311 | (7,311) | 0 | ||||||||||||
Cash dividends declared: | |||||||||||||||||||
Preferred stock/unit | (11,700) | 0 | 0 | 0 | 0 | 0 | (9,838) | (9,838) | (1,862) | 0 | 0 | (1,862) | |||||||
Common stock/unit ($.925 per share) | (75,864) | 0 | 0 | 0 | 0 | 0 | (75,574) | (75,574) | 0 | (290) | 0 | (290) | |||||||
Ending Balance at Jun. 30, 2010 | 1,852,293 | 275,000 | 819 | (16,823) | 2,035,729 | (73,950) | (428,264) | 1,792,511 | 49,158 | (215) | 10,839 | 59,782 | 1,852,293 | (73,950) | 10,839 | 49,158 | 1,866,461 | (215) | 1,841,454 |
Beginning balance at Mar. 31, 2010 | |||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||
Net income | 13,704 | 13,704 | |||||||||||||||||
Preferred unit distributions | (5,850) | ||||||||||||||||||
Ending Balance at Jun. 30, 2010 | 1,852,293 | 1,852,293 | |||||||||||||||||
Beginning balance at Dec. 31, 2010 | 1,744,402 | 275,000 | 819 | (16,175) | 2,039,612 | (80,885) | (533,194) | 1,685,177 | 49,158 | (762) | 10,829 | 59,225 | 1,744,402 | (80,885) | 10,829 | 49,158 | 1,766,062 | (762) | 1,733,573 |
Comprehensive Income: | |||||||||||||||||||
Net income | 27,067 | 0 | 0 | 0 | 0 | 0 | 24,884 | 24,884 | 1,862 | 50 | 271 | 2,183 | 27,067 | 0 | 271 | 1,862 | 24,884 | 50 | 26,796 |
Amortization of loss on derivative instruments | (4,733) | 0 | 0 | 0 | 0 | (4,723) | 0 | (4,723) | 0 | (10) | 0 | (10) | 4,733 | 4,723 | 0 | 0 | 0 | 10 | 4,733 |
Total comprehensive income | 31,800 | 29,607 | 2,193 | 31,800 | 31,529 | ||||||||||||||
Deferred compensation plan, net | 1,905 | 0 | 0 | 1,190 | 715 | 0 | 0 | 1,905 | 0 | 0 | 0 | 0 | (1,905) | 0 | 0 | 0 | (1,905) | 0 | (1,905) |
Restricted stock issued, net of amortization | 5,391 | 0 | 0 | 0 | 5,391 | 0 | 0 | 5,391 | 0 | 0 | 0 | 0 | |||||||
Common stock redeemed for taxes withheld for stock based compensation, net | (1,824) | 0 | 0 | 0 | (1,824) | 0 | 0 | (1,824) | 0 | 0 | 0 | 0 | |||||||
Common stock issued for dividend reinvestment plan | 562 | 0 | 0 | 0 | 562 | 0 | 0 | 562 | 0 | 0 | 0 | 0 | |||||||
Common stock issued for partnership units exchanged | 0 | 0 | |||||||||||||||||
Common stock issued for stock offerings, net of issuance costs | 215,369 | 0 | 80 | 0 | 215,289 | 0 | 0 | 215,369 | 0 | 0 | 0 | 0 | |||||||
Contributions from partners | 2,509 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,509 | 2,509 | 2,509 | 0 | 2,509 | 0 | 0 | 0 | 0 |
Distributions to partners | (810) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (810) | (810) | (79,720) | 0 | (810) | 0 | (78,750) | (160) | (78,910) |
Preferred unit distributions | (11,700) | 0 | 0 | (1,862) | (9,838) | 0 | (11,700) | ||||||||||||
Restricted stock issued by Parent Company, net of amortization | 5,391 | 0 | 0 | 0 | 5,391 | 0 | 5,391 | ||||||||||||
Common units issued as a result of common stock issued by Parent Company, net of repurchases | 214,107 | 0 | 0 | 0 | 214,107 | 0 | 214,107 | ||||||||||||
Cash dividends declared: | |||||||||||||||||||
Preferred stock/unit | (11,700) | 0 | 0 | 0 | 0 | 0 | (9,838) | (9,838) | (1,862) | 0 | 0 | (1,862) | |||||||
Common stock/unit ($.925 per share) | (78,910) | 0 | 0 | 0 | 0 | 0 | (78,750) | (78,750) | 0 | (160) | 0 | (160) | |||||||
Ending Balance at Jun. 30, 2011 | 1,908,694 | 275,000 | 899 | (14,985) | 2,259,745 | (76,162) | (596,898) | 1,847,599 | 49,158 | (862) | 12,799 | 61,095 | 1,908,694 | (76,162) | 12,799 | 49,158 | 1,923,761 | (862) | 1,895,895 |
Beginning balance at Mar. 31, 2011 | |||||||||||||||||||
Comprehensive Income: | |||||||||||||||||||
Net income | 18,937 | 18,937 | |||||||||||||||||
Preferred unit distributions | (5,850) | ||||||||||||||||||
Ending Balance at Jun. 30, 2011 | $ 1,908,694 | $ 1,908,694 |
Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Parent Company [Member]
|
||
Capitalized interest | $ 957 | $ 3,323 |
Partnership Interest [Member]
|
||
Capitalized interest | $ 957 | $ 3,323 |
Equity and Capital, Forward Equity Offering (Details) (USD $)
In Millions, except Share data in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Forward Contract Indexed to Issuer's Equity [Line Items] | |
Proceeds from Issuance or Sale of Equity | $ 215.4 |
Parent Company [Member]
|
|
Forward Contract Indexed to Issuer's Equity [Line Items] | |
Forward Contract Indexed to Issuer's Equity, Settlement Date or Dates | Mar. 09, 2011 |
Forward Contract Indexed to Issuer's Equity, Aggregate Shares Delivered | 8,000 |
Orgainization and Principles of Consolidation
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Principles of Consolidation General Regency Centers Corporation (the “Parent Company”) began its operations as a Real Estate Investment Trust (“REIT”) in 1993 and is the managing general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company currently owns approximately 99.8% of the outstanding common Partnership Units of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, and development of retail shopping centers through the Operating Partnership, and has no other assets or liabilities other than through its investment in the Operating Partnership. At June 30, 2011, the Parent Company, the Operating Partnership and their controlled subsidiaries on a consolidated basis (“the Company” or “Regency”) directly owned 220 retail shopping centers and held partial interests in an additional 147 retail shopping centers through investments in real estate partnerships (also referred to as joint ventures or co-investment partnerships). Estimates, Risks, and Uncertainties The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the carrying values of its investments in real estate including its shopping centers, properties in development and its investments in real estate partnerships, accounts receivable, net, and derivative instruments. Although the U.S. economy is recovering, economic conditions remain challenging, and therefore, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly, if economic conditions were to weaken. Consolidation The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. |
Income Taxes Income Taxes (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Income Tax Disclosure [Abstract] | ||||
Continuing Operations, Tax Effect of Continuing Operations | $ 217 | $ 74 | $ (1,597) | $ 81 |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 2 | 0 | 20 |
Total Income Tax Expense (Benefit) | $ 217 | $ 76 | $ (1,597) | $ 101 |
Fair Value Measurements (Details) (USD $)
|
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Parent Company [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities Held in Trust, Fair Value | $ 23,285,000 | $ 20,891,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading Securities Held in Trust, Fair Value | 23,285,000 | 20,891,000 |
Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 2,200,000,000 | $ 2,200,000,000 |
Non-Qualified Deferred Compensation Plan
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Non Qualified Deferred Compensation Plan [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Non-Qualified Deferred Compensation Plan The Company maintains a non-qualified deferred compensation plan (“NQDCP”). This plan allows select employees and directors to defer part or all of their salary, cash bonus, and restricted stock awards. Restricted stock awards that are designated to be deferred into the NQDCP upon vesting are classified as liabilities from the grant date through the vesting date. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The Company accounts for the NQDCP in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 710 and the restricted stock awards under Topic 718. The assets in the Rabbi trust remain subject to the claims of creditors of the Company and are not the property of the participant. The NQDCP allows participants to allocate their account balance among various investments, including several mutual funds and the Company's common stock. The assets of the Rabbi trust, exclusive of the shares of the Company's common stock, are classified as trading securities on the accompanying Consolidated Balance Sheets, and accordingly, realized and unrealized gains and losses are recognized within income from deferred compensation plan in the accompanying Consolidated Statements of Operations. Investments in shares of the Company's common stock are included, at cost, as treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of general partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participants' deferred compensation liability is included within accounts payable and other liabilities in the accompanying Consolidated Balance Sheets and was $37.3 million and $35.0 million at June 30, 2011 and December 31, 2010, respectively. Increases or decreases in the deferred compensation liability, including amounts attributable to participant investments in the shares of the Company's common stock, are recorded as general and administrative expense within the accompanying Consolidated Statements of Operations. Effective June 20, 2011, the Company amended its NQDCP such that participant account balances held in the Regency common stock fund including future deferrals of Regency common stock must remain allocated to the Regency common stock fund and may only be distributed to the participant in the form of Regency common stock upon termination from the plan. Additionally, participant account balances allocated to various diversified mutual funds are now prohibited from being allocated into the Regency common stock fund. As a result, changes in participant account balances related to the Regency common stock fund will be recorded directly within stockholders' equity rather than general and administrative expense. |
Real Estate Investments
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments On June 2, 2011, the Company acquired a shopping center for a purchase price of $11.0 million which included the assumption of $5.9 million in debt, recorded net of an approximately $310,000 debt premium. Acquired lease intangible assets and acquired lease intangible liabilities of $1.7 million and $2.6 million, respectively, were recorded for this acquisition. On May 4, 2011, the Company entered into an agreement with the DESCO Group ("DESCO") to redeem its entire 16.35% interest in Macquarie CountryWide-Regency-DESCO, LLC ("MCWR-DESCO"). The agreement allowed for a distribution-in-kind ("DIK") of the assets in the co-investment partnership. The assets were distributed as 100% ownership interests to DESCO and to Regency after a selection process, as provided for by the agreement. Regency selected four assets, all in the St. Louis market. The properties which the Company received through the DIK were recorded at the carrying value of the Company's equity investment of $18.8 million. Additionally, as part of the agreement, Regency received a $5.0 million disposition fee at closing on May 4, 2011 to buyout its asset, property, and leasing management contracts, and will receive $1.0 million for transition services it will continue to provide through 2011, of which approximately $250,000 has been recognized. At December 31, 2010, MCWR-DESCO owned 32 shopping centers, had total assets of $366.8 million and recorded a net loss of $4.9 million for the year ended and the Company's share of its total assets and net loss was $60.0 million and approximately $817,000, respectively. |
Income Taxes Income Taxes (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) is included in other expenses in the accompanying Consolidated Statements of Operations and consists of the following for the three and six months ended June 30, 2011 and 2010 (in thousands):
|
Notes Payable and Unsecured Line of Credit Notes Payable and Unsecured Line of Credit (Details) (USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2011
Partnership Interest [Member]
|
Jun. 30, 2010
Partnership Interest [Member]
|
Dec. 31, 2010
Partnership Interest [Member]
|
Jun. 30, 2011
Partnership Interest [Member]
Secured Debt [Member]
|
Jun. 30, 2011
Parent Company [Member]
|
Jun. 30, 2010
Parent Company [Member]
|
Dec. 31, 2010
Parent Company [Member]
|
Jun. 30, 2011
Scheduled Principal Payments [Member]
|
Jun. 30, 2011
Mortgage Loan Maturities [Member]
|
Jun. 30, 2011
Unsecured Maturities [Member]
|
Jun. 30, 2011
Notes Payable to Banks [Member]
|
Dec. 31, 2010
Notes Payable to Banks [Member]
|
Jun. 30, 2011
Fixed Rate Unsecured Loans [Member]
|
Dec. 31, 2010
Fixed Rate Unsecured Loans [Member]
|
Jun. 30, 2011
Fixed Rate Mortgage Loans [Member]
|
Dec. 31, 2010
Fixed Rate Mortgage Loans [Member]
|
Mar. 31, 2011
Unsecured Debt [Member]
|
Jun. 30, 2011
Unsecured Debt [Member]
|
Dec. 31, 2010
Unsecured Debt [Member]
|
Jun. 30, 2011
Unsecured Debt [Member]
General Loan [Member]
|
Jun. 30, 2011
Unsecured Debt [Member]
Construction Loans [Member]
|
Jun. 30, 2011
Secured Debt [Member]
|
Dec. 31, 2010
Line of Credit [Member]
|
Jun. 30, 2011
Line of Credit [Member]
Line of Credit Facility - Unsecured [Member]
|
Jun. 30, 2011
Line of Credit [Member]
Line of Credit Facility - Unsecured [Member]
|
Dec. 31, 2010
Line of Credit [Member]
Line of Credit Facility - Unsecured [Member]
|
Mar. 31, 2011
Line of Credit [Member]
Line of Credit Facility - Revolving [Member]
|
Feb. 28, 2011
Line of Credit [Member]
Line of Credit Facility - Revolving [Member]
|
Jun. 30, 2011
Variable Income Interest Rate [Member]
Construction Loans [Member]
|
||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||
Secured Debt, Percent Guaranteed by Parent Company | .0817 | |||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date Range, End | 2021 | 2022 | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.22% | 4.80% | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.40% | 7.95% | ||||||||||||||||||||||||||||||||
Debt, Weighted Average Interest Rate | 6.55% | 5.61% | ||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 3,900,000 | $ 8,900,000 | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate Terms | 7.95% ten-year senior | variable interest rate equal to LIBOR plus 380 basis points | variable interest rate of LIBOR plus 300 basis points | |||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 31, 2011 | Jan. 18, 2011 | Oct. 01, 2014 | Sep. 02, 2011 | ||||||||||||||||||||||||||||||
Repayments of Unsecured Debt | 161,691,000 | 0 | 161,691,000 | 0 | 161,700,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Unsecured, Annual Facility Fee | annual facility fee of 15 basis points | |||||||||||||||||||||||||||||||||
Line of Credit Facility, Unsecured, Interest Rate Description | variable interest rate of LIBOR plus 55 basis points | |||||||||||||||||||||||||||||||||
Line of Credit Facility, Revolving, Maximum Borrowing Capacity | 600,000,000 | 600,000,000 | 113,800,000 | |||||||||||||||||||||||||||||||
Line of Credit Facility, Revolving, Expiration Date | February 2012 | February 2011 | ||||||||||||||||||||||||||||||||
Long-term Debt, Amount Outstanding | 1,970,145,000 | 2,094,469,000 | 34,779,000 | 395,700,000 | 1,539,666,000 | [1] | 1,940,145,000 | 2,084,469,000 | 1,509,666,000 | 1,671,129,000 | 417,712,000 | 402,151,000 | 12,767,000 | 11,189,000 | ||||||||||||||||||||
Unsecured Line of Credit, Amount Outstanding | 30,000,000 | 10,000,000 | 30,000,000 | 10,000,000 | 0 | 30,000,000 | 30,000,000 | 10,000,000 | ||||||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||||||||||||||||||||||
2011 | 31,675,000 | 2,825,000 | 8,850,000 | 20,000,000 | [1] | |||||||||||||||||||||||||||||
2012 | 228,213,000 | 5,836,000 | 0 | 222,377,000 | [1] | |||||||||||||||||||||||||||||
2013 | 22,105,000 | 5,763,000 | 16,342,000 | 0 | [1] | |||||||||||||||||||||||||||||
2014 | 176,102,000 | 5,174,000 | 20,928,000 | 150,000,000 | [1] | |||||||||||||||||||||||||||||
2015 | 400,096,000 | 3,783,000 | 46,313,000 | 350,000,000 | [1] | |||||||||||||||||||||||||||||
Beyond 5 Years | 1,113,636,000 | 11,398,000 | 302,238,000 | 800,000,000 | [1] | |||||||||||||||||||||||||||||
Unamortized debt discounts (premiums) | $ (1,682,000) | $ 0 | $ 1,029,000 | $ (2,711,000) | [1] | |||||||||||||||||||||||||||||
|
Consolidated Statements of Operations (Parenthetical) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Parent Company [Member]
|
||||
Interest income | $ 587 | $ 640 | $ 1,188 | $ 1,315 |
Partnership Interest [Member]
|
||||
Interest income | $ 587 | $ 640 | $ 1,188 | $ 1,315 |
Notes Payable and Unsecured Line of Credit Notes Payable and Unsecured Line of Credit (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s outstanding debt at June 30, 2011 and December 31, 2010 consists of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | As of June 30, 2011, scheduled principal payments and maturities on notes payable were as follows (in thousands):
(1) Includes unsecured public debt and the Line. The Line is included in 2012 maturities and matures in February 2012. |
Earnings per Share and Unit Earnings per Share and Unit (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share and Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share for the periods ended June 30, 2011 and 2010, respectively (in thousands except per share data):
|
Consolidated Statement of Equity and Comprehensive Income (Loss) (Parenthetical) (Parent Company [Member], USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Parent Company [Member]
|
||
Common stock/unit per share | $ 0.925 | $ 0.925 |
Equity and Capital
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Equity and Capital [Abstract] | |
Equity and Capital | Equity and Capital Common Stock of the Parent Company On March 9, 2011, the Parent Company settled its forward sale agreements dated December 4, 2009 (the "Forward Equity Offering") with J.P. Morgan and Wells Fargo Securities by delivering an aggregate 8.0 million shares of common stock. Upon physical settlement of the Forward Equity Offering, the Company received net proceeds of approximately $215.4 million. The Company used a portion of the proceeds to repay the Line, which had been drawn upon to repay unsecured notes of $161.7 million that matured in January 2011. |
Non-Qualified Deferred Compensation Plan Non-Qualified Deferred Compensation Plan (Details) (USD $)
In Millions |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Non Qualified Deferred Compensation Plan [Abstract] | ||
Deferred Compensation Liability, Current and Noncurrent | $ 37.3 | $ 35.0 |
Commitments and Contingencies
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company estimates the cost associated with remediating all of its environmental obligations at June 30, 2011 and December 31, 2010 to be $2.7 million and $2.9 million, respectively, all of which has been accrued in accounts payable and other liabilities on the accompanying Consolidated Balance Sheets. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations; however, it can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million which reduces the credit availability under the Line. The Company also has stand alone letters of credit with other banks. These letters of credit are primarily issued as collateral to facilitate the construction of development projects. As of June 30, 2011 and December 31, 2010, the Company had $4.0 million and $5.3 million letters of credit outstanding, respectively. |
Commitments and Contingencies, Enviromental Loss (Details) (USD $)
In Millions |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 2.7 | $ 2.9 |