Real Estate Investments

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Real Estate Investments

Real Estate Investments

Acquisitions

The following tables detail the shopping centers acquired or land acquired for development. The real estate operations acquired are not considered material to Company, individually or in the aggregate. Additionally, as of December 31, 2015, the Company had $2.3 million in deposits toward the potential acquisition of operating properties.

(in thousands)		Year ended December 31, 2015
Date Purchased	Property Name	City/State	Property Type	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
9/1/2015	University Commons	Boca Raton, FL	Operating	$	80,500	42,799	64,482	14,039
10/9/2015	CityLine Market Ph II	Dallas, TX	Development	2,157		—	—	—
12/29/2015	Northgate Ph II	Medford, OR	Development	4,000		—	—	—
Total property acquisitions				$	86,657	42,799	64,482	14,039

(in thousands)		Year ended December 31, 2014
Date Purchased	Property Name	City/State	Property Type	Purchase Price		Debt Assumed, Net of Premiums	Intangible Assets	Intangible Liabilities
1/31/2014	Persimmon Place	Dublin, CA	Development	$	14,200	—	—	—
2/14/2014	Shops at Mira Vista	Austin, TX	Operating	22,500		319	2,329	291
3/7/2014	Fairfield Portfolio (1)	Fairfield, CT	Operating	149,344		77,730	12,650	5,601
6/2/2014	Willow Oaks Crossing	Concord, NC	Development	3,342		—	—	—
7/15/2014	Clybourn Commons	Chicago, IL	Operating	19,000		—	1,686	3,298
9/10/2014	Belmont Chase	Ashburn, VA	Development	4,300		—	—	—
9/19/2014	CityLine Market	Dallas, TX	Development	4,913		—	—	—
10/24/2014	East San Marco (2)	Jacksonville, FL	Development	5,223		—	—	—
12/4/2014	The Village at La Floresta	Brea, CA	Development	6,750		—	—	—
12/16/2014	Indian Springs (3)	Houston, TX	Operating	53,156		25,138	3,867	1,612
Total property acquisitions				$	282,728	103,187	20,532	10,802

⁽¹⁾ On March 7, 2014, the Company acquired an 80% controlling interest in the Fairfield Portfolio, consisting of three operating properties located in Fairfield, CT. As a result of consolidation, the Company recorded the non-controlling interest of approximately $15.4 million at fair value.

⁽²⁾ On October 24, 2014, Regency acquired the remaining 50% interest and gained control of this previously unconsolidated investment in real estate partnership that owns land for development. The $5.2 million purchase price includes the consideration paid to purchase the other partners interest as well as Regency's carrying value in the partnership.

⁽³⁾ 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, of $14.1 million, and the carrying value of the Company's previously held equity interest. The fair value was measured based on an income approach, using rental growth rate of 3.0%, a discount rate of 7.0%, and a terminal cap rate of 6.1%.

The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from acquisitions during:

	Year ended December 31,
(in years)	2015	2014
Assets:
In-place leases	14.7	4.9
Above-market leases	12.3	3.9
Below-market ground leases	57.4	41.2
Liabilities:
Acquired lease intangible liabilities	18.1	12.7