Investments in Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Method Investments [Table Text Block]

consist of the following (in thousands):



	December 31, 2014
	Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) ⁽¹⁾	40.00%	74	$	247,175	1,829,116	33,032	13,727
Columbia Regency Retail Partners, LLC (Columbia I) ⁽¹⁾	20.00%	10	15,916		199,427	7,173	1,431
Columbia Regency Partners II, LLC (Columbia II) ⁽¹⁾	20.00%	14	9,343		300,028	1,211	233
Cameron Village, LLC (Cameron)	30.00%	1	12,114		100,625	3,393	1,008
RegCal, LLC (RegCal) ⁽¹⁾	25.00%	7	13,354		149,457	4,012	966
Regency Retail Partners, LP (the Fund) ⁽²⁾	20.00%	—	—		—	171	27
US Regency Retail I, LLC (USAA) ⁽¹⁾	20.01%	8	806		115,660	2,872	567
Other investments in real estate partnerships	50.00%	6	34,459		113,189	27,602	13,311
Total investments in real estate partnerships		120	$	333,167	2,807,502	79,466	31,270

⁽¹⁾This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2014, the Company did not sell any properties to this real estate partnership.

⁽²⁾On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014.



	December 31, 2013
	Ownership	Number of Properties	Total Investment		Total Assets of the Partnership	Net Income of the Partnership	The Company's Share of Net Income of the Partnership
GRI - Regency, LLC (GRIR) ⁽¹⁾	40.00%	75	$	250,118	1,870,660	31,705	12,789
Macquarie CountryWide-Regency III, LLC (MCWR III) ⁽¹⁾⁽²⁾	—%	—	—		—	213	53
Columbia Regency Retail Partners, LLC (Columbia I) ⁽¹⁾	20.00%	10	16,735		204,759	8,605	1,727
Columbia Regency Partners II, LLC (Columbia II) ⁽¹⁾	20.00%	15	8,797		295,829	6,290	1,274
Cameron Village, LLC (Cameron)	30.00%	1	16,678		103,805	2,198	662
RegCal, LLC (RegCal) ⁽¹⁾	25.00%	8	15,576		159,255	1,300	332
Regency Retail Partners, LP (the Fund) ⁽³⁾	20.00%	—	1,793		9,325	9,234	7,749
US Regency Retail I, LLC (USAA) ⁽¹⁾	20.00%	8	1,391		118,865	2,387	487
BRE Throne Holdings, LLC (BRET) ⁽⁴⁾	—%	—	—		—	4,499	4,499
Other investments in real estate partnerships	50.00%	9	47,761		177,101	4,619	2,146
Total investments in real estate partnerships		126	$	358,849	2,939,599	71,050	31,718

⁽¹⁾This partnership agreement has a unilateral right for election to dissolve the partnership and receive a DIK upon liquidation; therefore, the Company has applied the Restricted Gain Method to determine the amount of gain recognized on property sales to this partnership. During 2013, the Company did not sell any properties to this real estate partnership.

⁽²⁾ As of December 31, 2012, our ownership interest in MCWR III was 24.95%. The liquidation of MCWR III was complete effective March 20, 2013.

⁽³⁾On August 13, 2013, the Fund sold 100% of its interest in its entire portfolio of shopping centers to a third party. The Fund was dissolved following the final distribution of proceeds made in 2014.

⁽⁴⁾ On October 23, 2013, the Company sold 100% of its interest in the BRET unconsolidated real estate partnership and received a capital distribution of $47.5 million, plus its share of the undistributed income of the partnership and an early redemption premium. Regency no longer has any interest in the BRET partnership.

In addition to earning its pro-rata share of net income or loss in each of these real estate partnerships, the Company received recurring, market-based fees for asset management, property management, and leasing, as well as fees for investment and financing services, totaling $23.0 million, $24.2 million, and $25.4 million for the years ended December 31, 2014, 2013, and 2012, respectively.

The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows (in thousands):



	December 31,
	2014		2013

Investments in real estate, net	$	2,620,583	2,742,591
Acquired lease intangible assets, net	50,763		52,350
Other assets	136,156		144,658
Total assets	$	2,807,502	2,939,599

Notes payable	$	1,462,790	1,519,943
Acquired lease intangible liabilities, net	28,991		31,148
Other liabilities	67,093		66,829
Capital - Regency	442,050		468,099
Capital - Third parties	806,578		853,580
Total liabilities and capital	$	2,807,502	2,939,599

The following table reconciles the Company's capital in unconsolidated partnerships to the Company's investments in real estate partnerships (in thousands):



	December 31,
	2014			2013
Capital - Regency	$	442,050		468,099
add: Investment in Indian Springs at Woodlands, Ltd. ⁽¹⁾	—			4,094
less: Impairment	(1,300		)	(5,880	)
less: Ownership percentage or Restricted Gain Method deferral	(29,380		)	(29,261	)
less: Net book equity in excess of purchase price	(78,203		)	(78,203	)
Investments in real estate partnerships	$	333,167		358,849

⁽¹⁾On December 16, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns a single operating property. As the operating property constitutes a business, acquisition of control was accounted for as a step acquisition and the net assets acquired were recognized at fair value. A gain of $18.3 million was recognized upon remeasurement as the difference between the fair value and carrying value of the Company's previously held equity interest, using an income approach to measure fair value.

The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows (in thousands):



	Year ended December 31,
	2014			2013		2012
Total revenues	$	361,103		378,670		387,908
Operating expenses:
Depreciation and amortization	117,780			125,363		128,946
Operating and maintenance	55,216			55,423		55,394
General and administrative	5,503			7,385		7,549
Real estate taxes	42,380			45,451		46,395
Other operating expenses	2,234			1,725		3,521
Total operating expenses	223,113			235,347		241,805
Other expense (income):
Interest expense, net	84,155			95,505		104,694
Gain on sale of real estate	(28,856		)	(15,695	)	(40,437	)
Provision for impairment	2,123			—		3,775
Early extinguishment of debt	114			(1,780	)	967
Preferred return on equity investment	—			(4,499	)	(2,211	)
Other expense (income)	988			(1,258	)	51
Total other expense (income)	58,524			72,273		66,839
Net income of the Partnership	$	79,466		71,050		79,264
The Company's share of net income of the Partnership	$	31,270		31,718		23,807

Notes Payable

As of December 31, 2014, scheduled principal repayments on notes payable of the investments in real estate partnerships were as follows (in thousands):



Scheduled Principal Payments by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities	Total		Regency’s Pro-Rata Share
2015	$	19,685	59,803		—	79,488		24,292
2016	17,135		305,076		—	322,211		113,155
2017	17,517		77,385		21,460	116,362		26,214
2018	18,696		67,021		—	85,717		27,655
2019	17,934		65,939		—	83,873		21,618
Beyond 5 Years	34,827		741,622		—	776,449		294,463
Unamortized debt premiums (discounts), net	—		(1,310	)	—	(1,310	)	(617	)
Total notes payable	$	125,794	1,315,536		21,460	1,462,790		506,780

These loans are all non-recourse and Regency's proportionate share was $506.8 million at December 31, 2014. Maturities will be repaid from proceeds from refinancing and partner capital contributions. The Company is obligated to contribute its pro-rata share to fund maturities if the loans are not refinanced. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call.

Business dispositions unconsolidated co-investment partnership [Table Text Block]

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of through our unconsolidated co-investment partnerships during the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):



	2014		2013	2012
Proceeds from sale of real estate investments	$	88,106	145,295	119,275
Gain on sale of real estate	$	28,856	15,695	40,437
The Company's share of gain on sale of real estate	$	13,615	3,847	8,962
Number of operating properties sold	6		15	7
Number of land out-parcels sold	2		3	1

Corporate Joint Venture [Member]

Schedule of Equity Method Investments [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated co-investment partnerships (in thousands):

Year ended December 31, 2014

Date Purchased

Property Name

City/State

Property Type

Co-investment Partner

Ownership %

Purchase Price

Debt Assumed, Net of Premiums

Intangible Assets

Intangible Liabilities

12/30/2014

Broadway

Seattle, WA

Operating

Columbia II

20.00%

43,000

—

7,604

3,487

Total property acquisitions